自1998年住房体制改革至今已有22年的时间，中国房地产市场从飞速发展的“黄 金时代”，逐步回归理性进入平稳增长的“白银时代”。伴随着行业销量见顶和“房住不炒” 政策的压力，以房地产为主业的企业纷纷开启了战略转型的探索之路。而曾被冠以“费 力不赚钱”的物业管理行业却乘着城镇化持续推进、存量房时代到来的东风，借着互联 网+概念向物业行业渗透带来的转型机遇与广阔前景，成为房企多元化发展路上的一匹 黑马。2014年6月30日，彩生活被成功分拆上市（01778.HK），以我国物业第一股的 身份，扣开了港交所的大门，上市仅三天，市值突破55亿元，反超母公司花样年控股 52亿元总市值，成功地引领物业管理行业站在了资本的风口上，掀起了房企巨头们分拆 物业板块抢滩资本市场上市的热潮。 作为我国首家成功上市且上市地点为香港的内地物业企业，彩生活的成功经历及其 分拆上市的模式为广大学者分析和研究物业板块分拆上市提供了现实依据，有助于我国 的学者研究分拆上市为物业企业带来的影响，具有较好的研究价值。同时也为其他地产 公司分拆物业板块上市提供了参考的样本。 本文基于信息不对称理论、融资效应理论、归核化理论及管理层激励理论，采用文 献研究法、案例分析法和事件研究法，力求揭示花样年控股分拆彩生活上市的真实动机， 并从市场反应、财务绩效、非财务绩效三个方面剖析分拆上市行为对彩生活的绩效影响。 本文主要结论为：第一，彩生活分拆上市的主要动机是扩大彩生活的融资渠道，满 足企业大规模收购及社区服务平台搭建所需要的大量资金。第二，基于信息不对称理论、 股权激励理论以及归核化理论，彩生活分拆上市的重要动机包括：有利于增加集团的整 体价值，提升母子公司各自的核心竞争力，以及优化管理层激励机制及监督机制等。第 三，基于资本市场的反应可知，分拆上市为彩生活及母公司带来了短期的财富效应。第 四，基于财务绩效分析可知，分拆上市后，彩生活的财务绩效呈现昙花一现，并不具有 持续性。分拆上市对企业经营业绩只起到催化剂的作用，而企业如何自身情况及战略规 划，合理有效利用现有资源，不断提升经营效率，创造新业绩增长点，才是其提升经营 业绩的关键。第五，基于非财务绩效分析可知，分拆上市为彩生活带来了品牌价值的提 升，并使董事、高管们薪酬得到了大幅提升。 关键词：分拆上市；市场价值；财务绩效；非财务绩效 II Abstract It has been 22 years since the housing system reform in 1998. China's real estate market has gradually returned to the rational and stable growth "Silver Age" from the "Golden Age" of rapid development. With the pressure of the industry's top sales volume and the policy of "real estate is not speculation", enterprises with real estate as their main business have started the exploration road of strategic transformation. The property management industry, once labelled as "hard work and no money", is riding on the eastward trend of urbanization and the coming of the stock housing era. It has become a dark horse on the road of diversified development of real estate companies through the opportunities to transformation brought by the infiltration of "Internet Plus" and broad prospects. On June 30, 2014, Colour Life Services Group Co., Limited（Colour Life Services Group for short）was successfully carved out and listed (01778. HK). As the first share of property management industry in China, Colour Life Services Group opened the door of the Hong Kong stock exchange. It got a market value of more than 5.5 billion yuan which surpassed its parent company Fantasia Holdings Group Co., Limited’s market value of 5.2 billion yuan only on the 3rd day of being listed. It has successfully led the property management industry to stand on the draught of capital, and set off the upsurge of the real estate giants to carve out the property management sector and get listed on the capital market. As the first Chinese mainland property management enterprise that has been carved out and listed successfully in Hongkong, Colour Life Services Group’s success experience and the mode of carve-out have provided a practical basis for the majority of scholars to analyze and study the carve-out of the property management sector, which is also helpful for the scholars in China to study the impact to the property management companies brought by the new method of carve outs. At the same time, it also provides a reference sample for other real estate companies to carve out the property management sector. This paper is based on the information asymmetry theory, financing theory, refocusing theory and corporate governance theory, and uses literature research, case analysis and event research methods to reveal the real motivation of Colour Life Services Group’s has been carved out, and explore the performance of this carve-out to Colour Life Services Group. The main conclusions of this paper are as follows. Firstly, the main motivation of the carve-out of Colour Life Services Group is to expand the financing channels of colorful life, and meet the needs of large-scale acquisition of enterprises and the construction of III community service platform. Secondly, based on the information asymmetry theory, equity incentive theory and refocusing theory, the important motivations of Colour Life Services Group carve-out include: it is conducive to increase the overall value of the group, enhance the core competitiveness of parent and subsidiary companies, and optimize the incentive mechanism and supervision mechanism of management. Thirdly, based on the response of capital market, carve-out has brought short-term wealth effect to Colour Life Services Group and its parent company. Fourthly, after the carve-out and listing, the financial performance of Colour Life Services Group is short-lived and does not have sustainability. Carve-out and listing can only act as a catalyst for the business performance of enterprises. How to make rational and effective use of existing resources, continuously improve operational efficiency and create new growth points of performance is the key to improve business performance. Fifthly, based on the analysis of non-financial performance, it can be seen that the carve-out and listing has brought brand value improvement to Colour Life Services Group and greatly increased the remuneration of directors and executive. Key words: Carve-out; Market value; Financial performance; Non-financial performance IV 目 录 摘要 .......................... I ABSTRACT ....................... II 目 录 .......................... IV 图表清单 ...................... VII 第一章 绪论 ................... 1 1.1 研究背景与研究意义 ........ 1 1.1.1研究背景 ...................... 1 1.1.2 研究意义 ..................... 2 1.2 文献综述 ............................ 2 1.2.1 分拆上市的动机 ......... 3 1.2.2 分拆上市的短期绩效影响 ........................ 4 1.2.3 分拆上市的长期绩效影响 ........................ 5 1.2.4 概括性评论 ................. 6 1.3 研究的内容与方法 ............ 7 1.3.1 研究内容 ..................... 7 1.3.2 研究方法 ..................... 9 第二章 概念界定与理论基础 .... 10 2.1 重要概念界定 .................. 10 2.1.1 分拆上市概念的界定 .............................. 10 2.1.2 绩效及组织绩效评价的相关概念 .......... 11 2.2 分拆上市的理论基础 ...... 12 2.2.1 信息不对称理论 ....... 12 2.2.2 融资效应理论 ........... 12 2.2.3 核心化战略理论 ....... 12 2.2.4 管理层激励理论 ....... 13 2.3 本章小结 .......................... 14 第三章 案例介绍 .............. 15 V 3.1 相关企业及行业介绍 ...... 15 3.1.1 子公司彩生活简介 ... 15 3.1.2 母公司花样年控股简介 .......................... 16 3.1.3 彩生活所属行业介绍 .............................. 17 3.2 彩生活分拆上市的过程介绍 ......................... 22 3.2.1 分拆上市地点的选择 .............................. 22 3.2.2 分拆上市前的资产重组 .......................... 22 3.2.3 分拆上市要求及彩生活上市流程 .......... 27 3.3 本章小结 .......................... 33 第四章 案例分析 .............. 34 4.1 彩生活分拆上市的动机 .. 34 4.1.1 提升彩生活的企业价值 .......................... 34 4.1.2 缓解融资约束 ........... 35 4.1.3 管理层激励 ............... 36 4.1.4 专业化经营打造核心竞争力 .................. 36 4.2 基于资本市场的绩效分析 ............................. 37 4.2.1 分拆上市后的股价波动 .......................... 37 4.2.2 超额累计收益率分析 .............................. 38 4.3 基于财务指标的绩效分析