注册制下企业分拆上市的动因与绩效研究——以上海电气为例
摘要
上市公司将子公司分拆后上市融资是欧美市场中常见的资本运作手段，但因
制度发展不健全，直至 2019年随注册制推行后，A股分拆细则的出台才拉开我
国分拆上市快速发展的序幕。自政策出台以来，截至 2021年 12月已有超 90家
企业发布分拆预案，其必定会给资本市场带来较大影响，因此对于分拆上市的深
入研究具有重要的理论和现实意义。
注册制改革和分拆上市实施细则为资本市场发展提供了新的机会，注册制的
试点降低了企业上市的实际门槛，拓宽了融资渠道，分拆细则的出台则是为境内
分拆提供了政策上的引导鼓励，二者共同作用下才为企业快速分拆至科创板或创
业板上升融资提供了政策机遇。为考察分拆上市政策的改革效果，本文对上海电
气分拆电气风电至科创板上市进行案例研究。因多元化经营，上海电气面对“双
碳”目标带来的风电发展良机，很难集中保障高竞争高研发投入的风电业务的资
金需求，而注册制和分拆细则的实施为其分拆电气风电上市提供了制度条件。
研究发现，分拆上市消除了多元化折价，实现了风电业务的高估值，并缓解
了资金约束；分拆上市通过改善管理层激励、提升决策灵活性和业务积极性来提
升研发产出和改进经营状况，由此多维度提升了子公司的竞争力，最终使得子公
司业绩显著改善，母公司股东财富显著增长；分拆使电气风电具备独立性，在上
海电气的系列风险事件发生时虽股价短暂承压，但经营状况不受影响。本案例证
实，注册制与分拆细则带来的制度松绑，使多元化公司能通过分拆上市激活子公
司的发展潜力，由此提升了资本市场资源配置效率。
根据案例研究结果，本文提出以下建议：第一，多元化经营的母公司在遇到
资源配置不合理等情况导致的经营困境时，有理由将子业务进行分拆上市，子公
司当然也要提高资金利用效率，提升核心竞争力；第二，国内分拆上市模式单一、
分拆标准单一，政策的灵活性可进一步改善，以释放企业资本优化的潜能，促进
资本市场资源进一步有效配置；第三，投资者对于分拆上市企业的甄别需更加谨
慎，业务的优质与否才是决定公司长期发展的关键因素。
关键词：注册制；分拆细则；分拆上市；行业竞争；绩效分析
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注册制下企业分拆上市的动因与绩效研究——以上海电气为例
Abstract
It is a common capital operation method in European and American markets for
listed companies to go public after splitting their subsidiaries. However, due to the
imperfect market development, it was not until 2019, when the registration-based IPO
system was implemented, that the introduction of detailed rules for carve-off started the
rapid developmentof China'scarve-out. SinceDecember 2021,more than90
enterprises have released the carve-out plan, which is bound to bring great impact on
the capital market. Therefore, in-depth research on carve-out has important theoretical
and practical significance.
The comingof IPO registrationsystem andcarve-out rulesprovides new
opportunity for the development of China’s capital markets. The registration-based IPO
system reduces the actual threshold for enterprises to go public and broadens the
financing channels. The detailed rules for carve-out provide policy guidance and
encouragement for domestic carve-out. The joint action provides policy opportunities
for enterprises to quickly carve-out to the Science and Technology Innovation Board or
GEM for financing. To study the effect of these policy changes, the paper selects the
equity carve-out of Shanghai Electric Group (SSG) to do a case study. As operating in
diversified businesses, SSG cannot ensure its subsidiary (Electric Wind Power, EWP)
‘s money demand in researching and producing wind turbine generator system when
the development of the industry is accelerated by the ‘double-carbon’ object of the
government and the industry is becoming increasingly competitive. The new IPO
registration system and carve-outs policies enable SSG to do an equity carve-out, let
EWP become an independent company and IPO in the Science and Technology
Innovation Board.
Our study shows that, the carve-out eliminates the diversification discount and
realizes the high valuation of EWP, and therefore alleviates the financing constraints;
As carve-out promotes the management incentive of subsidiary andthe efficiency of
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注册制下企业分拆上市的动因与绩效研究——以上海电气为例
decision-making, the operatingstate and R&D output both improves significantly as
well as the competitive strength of EWP, and thus finally leads to a better business
performance and an increase of shareholder wealth; The carve-out lets the subsidiary
operate independently and thus unaffected in the risk events of SSG, although the stock
price gets short-term pressure. In sum, our case study proves that, the new IPO
registration system and carve-out rules untie the institutional constraints, sothat
diversified companies can activate the development of subsidiaries by carve-outs, and
thus enhance the efficiency of capital allocation.
Based on the results of the case study, this paper puts forward the following
suggestions: first, when the diversified companies encountered the business difficulties
caused by the unreasonable allocation of resources, it is rational to carve-out. Of course,
the subsidiary companies should improve the utilizationefficiency of funds and
enhance core competitiveness; Second, the domestic carve-out listing model is single,
the policy flexibility can be further improved, in order to release the potential of
enterprise capital optimization, promote the further effective allocation of capital
market resources; Third, investors need to be more careful about the screening of carve-
out listed companies, because the qualityof the business is the key factorthat
determines the long-term development of the company.
Keywords: IPO registration system; carve-out rules; equity carve-out; industry
competition; performance analysis
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