【作者】 刘璐；

【导师】 李日昱；

【作者基本信息】 东北财经大学 ， 会计硕士（专业学位）， 2024， 硕士

【摘要】 我国资本市场在持续发展和改进的过程中,不断迈向规范化和成熟化的目标。我国资本市场呈现出积极的发展态势,逐步建立起更加健全和成熟的运行机制,以及更为规范和有效的监管体系。随着市场的变化,企业之间的市场竞争日益激烈,对企业的资源配置决策提出了更高的要求。因此,越来越多的公司开始认可分拆上市这一资本运作方式。这种方式得到市场的广泛认可,因为它能够适应不断变化的市场环境。在分拆上市中,公司能够更好地进行资源配置,以更好地满足市场需求。这种资本运作方式的采用,为企业提供了更大的灵活性和竞争优势。企业分拆上市是一种重要的收缩性资产重组方式,目的是将企业的部分资产或业务独立上市,以缓解企业多元化经营中协同效应不利的情况,同时协助母公司和子公司优化资源配置,提升企业的价值。这一战略旨在通过将特定业务领域或资产独立上市,使企业更加专注和灵活地运营各自的业务,进而实现资源的最优配置,提高整体企业的绩效和竞争力。在2019年,中国证监会颁布了一项具有里程碑意义的规定一一《上市公司分拆所属子公司境内上市试点若干规定》。这项规定的问世,犹如一颗投入湖中的石子,激起了层层涟漪,引领了我国分拆上市的新一轮热潮。其重要性不言而喻,不仅为上市公司提供了新的资本运作路径,更是对我国股市的深入改革与发展注入了新的活力。这一规定填补了国内分拆上市制度的空白,并明确了分拆上市的条件、信息披露和决策程序等七个方面。自那时起,国内资本市场掀起了“A拆A”的浪潮,许多公司纷纷表达了分拆子公司上市的意愿。这一举措为企业提供了更多机会和选择,同时也促进了资本市场的活跃度和发展。注册制试点的实施降低了企业上市的难度,拓宽了企业的融资渠道;同时,分拆上市的相关政策规定为国内企业的分拆行为提供了有力的政策支撑。这两大因素的完美结合,不仅简化了企业分拆上市的流程,更为其融资活动开辟了新的市场契机,为企业的发展注入了强大的动力。这样的变化为企业提供了更多的融资机会,同时也促进了市场的活跃度和发展。此外,2021年主要针对于中小型企业服务的北交所成立,其成立象征着我国多层次资本市场结构的初步完善,同时又给了想要分拆子公司,但是子公司规模不大的公司提供了新的分拆子公司上市路径。不少处于中小型企业规模的子公司想要上市可以进入北交所市场来达到融资、提升企业价值的目的,因此在分拆上市这一概念越演越烈的情况下,北交所也在不断发展完善,分拆上市不只有“A拆A”这一股浪潮,“A拆北”可能成为不少上市公司分拆子公司的新选择。因此,本文以西部材料分拆天力复合至北交所为研究对象,根据其上市方式,先将子公司挂牌于新三板,而后在北交所成立后,抓住北交所的定位与时机,成功让子公司登陆北交所,以此为研究对象,探索其分拆至北交所的动因,与成功上市后为母子公司带来的经济后果,并对可能存在的关键风险进行分析,给出相关的建议,为有“A拆北”这一动向的公司提供部分参考。本文通过采用文献研究法、案例研究法和事件研究法对西部材料分拆天力复合上市这一案例进行深入分析。首先,本文基于“分拆上市”“北交所”这两个热门概念词为研究背景、阐述本文对“A拆北”的研究意义、方法和内容,并回顾了国内外关于分拆上市的研究成果包括分拆上市的动因和其带来的经济后果,由于本文案例公司分拆步骤为先挂牌于新三板,而后上市北交所,部分涉及到转板概念,因此进一步又回顾了关于国内外多层次资本市场概念以及转板概念的研究。其次,从宏观上概括了我国分拆上市制度的发展和国内分拆上市的路径,由宏观到微观,介绍本文案例公司西部材料和天力复合的基本概况,和其分拆过程。然后,对本文的案例公司进行深入分析,提出其分拆动因,主要为内外部动因相结合,促使案例公司选择了分拆至北交所这一路径。接着,对于分拆成功后的经济后果进行分析,从市场效果和财务效果来分析分拆是否给母子公司带来了有益的帮助,并且根据对于分拆过程和经济后果的分析,提出可能存在的关键性风险。最后得出结论和建议,一是机遇部分程度上决定了效率,抓住时机,选择合适的分拆路径有利于帮助母子公司提升分拆效率,节约分拆发生的成本;二是并非所有子公司都适合分拆,要选择核心竞争力强、有发展潜力的子公司,并且分拆后持续关注子公司的经营能力,有助于母子公司的长期发展;三是从市场监管角度,要进一步完善分拆细则,强化对分拆上市的监管力度,防范以“分拆”为幌子进行非法资本运作和圈钱行为的风险,维护市场的公平、透明和稳定运行,保护投资者的合法权益。本文的创新之处在于一是在案例选择方面选择有色金属行业的案例公司以“A拆北”这条分拆路径作为研究对象,来分析分拆至北交所的动因以及经济后果;二是研究内容方面,将分拆上市与转板相结合,来分析企业选择北交所的动因。更多还原

【Abstract】 During the continuous development and improvement process,China’s capital market is steadily advancing towards standardization and maturity.The capital market in China demonstrates a positive development trend,gradually establishing a more sound and mature operational mechanism,as well as a more regulated and effective regulatory system.Spin-off listing serves as a significant approach for companies to undertake asset restructuring through contraction-based strategies.It aims to independently list a portion of the company’s assets or business on the securities market,alleviate the negative synergistic effects in diversified operations,optimize resource allocation between parent and subsidiary companies,and enhance enterprise value.In 2019,CSRC issued the pilot regulations for spin-off listings.This regulation filled the institutional gap for domestic spin-off listings,clarified seven conditions for spin-off listings,information disclosure requirements,and decision-making procedures.Since then,a wave of "A spins off A" has swept the domestic capital market,with many companies expressing their intention to list their subsidiary companies through spin-offs.The combination of these factors has created new market opportunities for spin-off listings.Furthermore,the establishment of the Beijing Stock Exchange in 2021,mainly serving small and medium-sized enterprises,symbolizes the initial improvement of China’s multi-tiered capital market structure.It also provides a new path for companies with small-scale subsidiaries that want to spin them off.Many subsidiary companies of small and medium-sized enterprises aim to enter the Beijing Stock Exchange market to achieve financing and enhance enterprise value.Therefore,with the increasing popularity of spin-off listings,the Beijing Stock Exchange is continuously developing and improving.It is not only a wave of "A spins off A," but "A spins off Beijing Stock Exchange" may become a new choice for many listed companies to spin off their subsidiaries.This paper takes the spin-off listing of West Materials merging with Tianli Composite and listing on the Beijing Stock Exchange as the research object.Based on its listing method,the subsidiary company is first listed on the New Third Board(National Equities Exchange and Quotations),and then,with the establishment of the Beijing Stock Exchange,seizes the positioning and opportunity of the Beijing Stock Exchange to successfully list the subsidiary company there.The paper explores the motives for the spin-off listing on the Beijing Stock Exchange and the economic consequences for the parent and subsidiary companies after a successful listing.It also analyzes the key risks that may exist and provides relevant recommendations as partial reference for companies considering the trend of "A spins off Beijing Stock Exchange."This paper conducts in-depth analysis of the case of West Materials spinning off Tianli Composite and listing on the Beijing Stock Exchange using literature research,case study,and event study methods.Firstly,based on the popular concepts of "spinoff listing" and the "Beijing Stock Exchange," the paper explains the research significance,methods,and content of studying "A spins off Beijing Stock Exchange,"and reviews the research achievements on spin-off listings,including the motives behind spin-off listings and the economic consequences they bring.Since the spin-off process of the case company in this paper involves listing on the Beijing Stock Exchange after being listed on the New Third Board,which relates to the concept of transfer listing,the paper further reviews the research on the concepts of domestic and foreign multi-tiered capital markets and transfer listing.Secondly,it summarizes the development of China’s spin-off listing system and the domestic path of spin-off listings from a macro perspective.From macro to micro,it introduces the basic profile of the case company,West Materials,and Tianli Composite,and their spin-off process.Then,it conducts an in-depth analysis of the case company,presenting the motives for the spin-off listing,mainly driven by a combination of internal and external factors,which led the case company to choose the path of spin-off listing on the Beijing Stock Exchange.Subsequently,it analyzes the economic consequences after a successful spin-off listing,examining both market effects and financial effects to determine whether the spin-off has brought beneficial assistance to the parent and subsidiary companies.Based on the analysis of the spin-off process and economic consequences,it identifies key risks that may exist.Finally,conclusions and recommendations are drawn.Firstly,opportunities to some extent determine efficiency.Seizing the opportunity and choosing the appropriate spin-off path can help improve the efficiency of spin-offs and save the costs involved.Secondly,not all subsidiary companies are suitable for spin-offs.It is important to select subsidiary companies with strong core competitiveness and development potential,as this increases the likelihood of successful spin-offs and contributes to the subsidiary company’s post-listing development,enhancing the reputation and enterprise value of the parent and subsidiary companies.Conversely,it may have adverse effects.Thirdly,attention should be paid to related-party transactions.As a result,spin-off listings have gained recognition as a capital operation method among market participants.Spin-off listing represents a significant method utilized by companies to execute asset restructuring through contraction-oriented strategies.It involves independently listing a portion of the company’s assets or business on the securities market,mitigating negative synergistic effects in diversified operations,optimizing resource allocation between parent and subsidiary companies,and enhancing enterprise value.The release of the "Trial Measures for the Domestic Listing of Subsidiaries of Listed Companies" by the China Securities Regulatory Commission(CSRC)in 2019 triggered a wave of spin-off listings in China.This regulation filled the institutional gap for domestic spin-off listings and provided clear conditions,information disclosure requirements,and decision-making procedures.Since then,the domestic capital market has witnessed a surge in "A spins off A" cases,with many companies expressing their intention to list subsidiary companies through spin-offs.Additionally,the establishment of the Beijing Stock Exchange in 2021,primarily serving small and medium-sized enterprises,represents an initial improvement in China’s multi-tiered capital market structure.It has provided a new avenue for companies with smallscale subsidiaries to pursue spin-off listings.Many small and medium-sized subsidiary companies aim to enter the Beijing Stock Exchange market to achieve financing and enhance enterprise value.Thus,alongside the growing popularity of spin-off listings,the Beijing Stock Exchange continues to develop and improve.It is not just a wave of "A spins off A," but "A spins off Beijing Stock Exchange" may become a new choice for many listed companies aiming to spin off their subsidiaries.This study focuses on the spin-off listing of West Materials merging with Tianli Composite and subsequently listing on the Beijing Stock Exchange.It explores the motives behind the spin-off listing on the Beijing Stock Exchange and the economic consequences for the parent and subsidiary companies after a successful listing.The study also analyzes potential key risks and provides relevant recommendations as a point of reference for companies considering the "A spins off Beijing Stock Exchange" trend.The research methodology employed in this study includes literature research,case study,and event study methods.The study begins by discussing the research significance,methods,and content related to the popular concepts of "spin-off listing" and the "Beijing Stock Exchange." It reviews previous research on spin-off listings,including the motives behind such listings and their economic consequences.As the case company in this study initially lists on the New Third Board before listing on the Beijing Stock Exchange,involving the concept of transfer listing,the study also reviews research on multi-tiered capital markets and transfer listing,both domestically and internationally.The study then provides a macro-level overview of the development of China’s spin-off listing system and the domestic path of spin-off listings.It introduces the basic profile of the case company,West Materials,and Tianli Composite,along with their spin-off process,progressing from a macro to micro perspective.The study conducts an in-depth analysis of the case company,identifying the motives behind the spin-off listing,primarily driven by a combination of internal and external factors that led the case company to choose the path of spin-off listing on the Beijing Stock Exchange.Subsequently,it analyzes the economic consequences after a successful spin-off listing,considering both market effects and financial effects to determine the benefits for the parent and subsidiary companies.Based on the analysis of the spinoff process and economic consequences,the study identifies potential key risks.Finally,conclusions and recommendations are drawn.The study emphasizes the importance of seizing opportunities and selecting suitable subsidiary companies with strong core competitiveness and development potential for spin-off listings.It also highlights the need to pay attention to related-party transactions.Overall,this study provides insights and recommendations for companies considering the "A spins off Beijing Stock Exchange" trend.The innovation of this paper lies in two aspects.Firstly,in terms of case selection,it focuses on a company in the non-ferrous metal industry as a case study,specifically exploring the spin-off listing with listing on the Beijing Stock Exchange as a spin-off pathway.It analyzes the motives and economic consequences of spin-off listing on the Beijing Stock Exchange.Secondly,in terms of research content,it combines spin-off listing with transfer listing,analyzing the motives behind companies choosing the Beijing Stock Exchange as their listing destination.更多还原