上市公司分拆子公司上市動因及經(jīng)濟后果研究

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中圖分類號：F832.51 文獻標識碼：A 文章編號：1004-0714（2025）04-0081-05

Research on the Motivationand Economic Consequences of Subsidiaries Going Public in the Spin Off of Listed Companies

YUANYuting （HubeiUniversityofTechnology，43oo7o，Wuhan，Hubei，China）

Abstract：Since the establishment ofthe A-share domestic spin off listing system in China‘s capital market in 2019，many A-sharelisted companies have activelyresponded by choosing tospinoffeligible subsidiaries forlisting.However，there is currentlylittle research on the motives and economic consequences of spin off listing.Therefore， taking Xiamen Tungsten Industry as an example，this paper deeply analyzes the reasons forichoosing the Science and Technology Innovation Board as thelisting location during its spin off listing process，and comprehensively analyzes the motives for the spin off listing based on the perspectives of both the parent company Xiamen Tungsten Industry and its subsidiary Xiamen Tungsten New Energy.In addition，the economic effects of the spin offlistingand its impact onthe development of the main businessof the parent and subsidiary companieswereexplored.Itwas found that the spinofflisting not onlysignificantlyalleviatedthefinancial pressureonboththe parentand subsidiary companies，butalso promoted both parties to fo cus moreonthe development of their main business，layinga solid foundationfor thelong-term stabledevelopment of both partiesinthe future.

Keywords：Spin Off Listing;Science and Technology Innovation Board; Xiamen Tungsten Industry;Xiamen Tungsten New Energy;Listed Company

一、引言

2019年12月，中國證監(jiān)會發(fā)布了《上市公司分拆所屬子公司境內(nèi)上市試點若干規(guī)定》，有效地彌補了A股市場在分拆上市領(lǐng)域長期以來存在的制度性缺失，標志著A股市場正式開啟了境內(nèi)企業(yè)分拆上市的通道。（剩余8574字）