摘要
论文题目：分拆上市对公司绩效的影响——以雅居乐分拆雅生活服务为例
论文类型：案例分析
专业方向：投资管理
摘要
分拆上市是指已上市母公司分拆其控制的子公司单独上市的行为。 90
年代大规模的企业在低成本扩张的吸引下进行多元化经营，导致行业间出
现竞争加剧、产能过剩，分拆上市作为收缩性重组方式能够减少母子公司
业务之间产生的负协同效应。
2018和 2019年迎来房地产分拆物业上市的热潮，2020年 8月国家首
次提及房企融资的“三条红线”，分拆可以快速的增加资产负债表中的资产
及所有者权益，改善企业的负债率，自此房企分拆上市事件愈来愈密集。物
业公司通过上市能够筹集资金，扩大业务规模，获取增值服务所带来的收
益，提高社会知名度，从而增强物业子公司的竞争力，进而提高整个集团的
在股价和财务上的表现。
本文结合理论梳理和案例研究，对雅居乐分拆雅生活上市的案例进行
分析。首先，通过文献梳理总结分拆上市的动因及对母子公司绩效产生影
响的路径，结合所选案例的实际情况进一步确定分拆上市对企业产生影响
的机理。其次，通过事件分析法研究分拆上市短期内对母公司在资本市场
上表现的影响。最后，通过 EVA分析法、财务指标对母子公司的表现进行
纵向分析，对比分拆上市前后的指标变化；选取与雅居乐分拆前后主营业
务相似的上市公司的相关数据，运用全局主成分分析法进行横向分析，以
分析雅居乐分拆物业上市对比行业的表现情况。
通过研究得到以下结论：分拆上市短期内提升了母子公司的财务绩效，
但长期来看对母公司绩效提升的影响不明显。分拆上市能够同时拓宽母子
公司融资渠道，母公司能够通过将子公司股票作为标的进行融资活动。分
拆上市后，在资金增加的基础上企业扩大收并购的速度过快导致了一定的
负面影响。综合以上分析，本文提出以下建议：一是房企应在衡量对业绩的
预期的基础上开展分拆活动。二是投资者需要用长远的眼光看待公司的发
展，不以短期的表现评判企业。
关键词：分拆上市；EVA分析法；全局主成分分析法
I

Abstract
Abstract
Spin-off listing refers to the act of a listed parent company splitting off its
controlled subsidiaries and listing separately. In the 1990s, large-scale enterprises
diversified under the attraction of low-cost expansion, resulting in intensified
competition and excess capacity between industries. As a contrastive
restructuring method, spin-off and listing can reduce the negative synergies
between parent and subsidiary businesses.
2018 and 2019 witnessed the boom of real estate spin-off and listing. In
August 2020, China first mentioned the "three red lines" for financing of real
estate enterprises. Spin-off can rapidly increase the assets and owner's equity in
the balance sheet and improve the debt ratio of enterprises. Through listing,
property companies can raise funds, expand business scale, gain benefits from
value-added services, and improve social visibility, thus enhancing the
competitiveness of property subsidiaries, and thus improving the stock price and
financial performance of the whole group.
In this paper, combined with theoretical analysis and case study, analysis the
case of Agile A-Living spin-off listed. Firstly, through literature review, the
motivation of spin-off listing and the path of its impact on the performance of
parent and subsidiary companies are summarized, and the mechanism of spin-off
listing's impact on enterprises is further determined based on the actual situation
of selected cases. Secondly, the influence of spin-off listing on the parent
company's performance in the capital market in the short term is studied by event
analysis method. Finally, longitudinal analysis is made on the performance of the
parent and subsidiary company through EVA analysis and financial indicators,
and the index changes before and after the split listing. The paper selects relevant
data of listed companies with similar main business before and after Agile's spin-
off, and uses global principal component analysis method to conduct horizontal
analysis to analyze the performance of Agile's spin-off property listing
comparison industry.
Through the research, the following conclusions can be drawn: the spin-off
listing improves the financial performance of the parent company in the short
term, but has no significant impact on the parent company's performance
II

Abstract
improvement in the long term. Spin-off listing can broaden the financing
channels of parent and subsidiary companies at the same time, and the parent
company can conduct financing activities by taking subsidiary stocks as the target.
After separation and listing, on the basis of capital increase, enterprises expand
the acquisition speed too fast, resulting in a certain negative impact. Based on the
above analysis, this paper puts forward the following suggestions: First, housing
enterprises should carry out spin-off activities on the basis of measuring the
expected performance. Second, investors need to take a long-term view of the
company's development and not judge it based on short-term performance.
Key Words: Spin-off Listing; EVAAnalysis; Factor Analysis
III
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