上市公司分拆子公司上市动因及经济后果研究

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中图分类号：F832.51 文献标识码：A 文章编号：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，中国证监会发布了《上市公司分拆所属子公司境内上市试点若干规定》，有效地弥补了A股市场在分拆上市领域长期以来存在的制度性缺失，标志着A股市场正式开启了境内企业分拆上市的通道。（剩余8574字）