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| 分拆上市提高企业估值的原因分析 摘 要：近年来，许多中概股企业采取借壳上市回归A股。本文选取的研究对象药明康德则是选取独特的“一拆三”的路径回归国内资本市场的。本文在已有的研究基础上，从其回归的路径、动因以及回归后的财务指标和企业估值的变化出发，对分拆上市提高企业估值的缘由进行剖析，并分析其“一拆三”上市战略的优势。经过研究发现药明康德在分拆上市前后企业估值有了明显提升，这可能是由于其独特的回归路径，加之企业经营者的经营管理，同时受益于国内资本市场的政策。经过对财务指标的研究能够发现，分拆上市有利于企业发展，主要体现在其盈利、偿债和成长能力的提升。本文的研究结果可以为后续中概股企业的回归提供参考。 关键词：中概股回归；分拆上市；企业估值 An Analysis of the Reasons for Increasing the Valuation of Enterprises by Spin-off Listing -- Take Wuxi AppTec as an Example Abstract: In recent years,many Chinese concept companies have chosen backdoor listing to return to A shares. The research object selected in this paper is the unique "one split three" path to return to the domestic capital market. On the basis of the existing research,this paper analyzes the reasons for the spin-off listing to improve the enterprise valuation and analyzes the advantages of the "one split three" listing strategy from the perspective of its regression path and motivation, as well as the changes of financial indicators and enterprise valuation after the regression. Through the research, it is found that the enterprise valuation of Wuxi Apptec has been significantly improved after its spin-off and listing.This may be due to its unique regression path,coupled with the management of business operators, while benefiting from domestic capital market policies. Through the study of financial indicators,it can be found that the spin-off is beneficial to the development of enterprises, mainly reflected in the improvement of their profitability, debt repayment and frowth ability. The findings of this paper can provide reference for the subsequent regression of Chinese concept enterprises. Keywords: Spin-off Listing; Business Valuation; Chinese Stock Returns 正文目录 4 一、绪论 4 （一）研究背景和意义 4 （二）研究内容与目的 5 （三）研究方法与结构安排 6 二、文献综述 6 （一）相关概念界定 6 （二）分拆上市的路径选择及动因 7 （三）分拆上市对企业估值的影响 7 （四）文献评述 8 三、药明康德案例介绍 8 （一）公司概况 8 （二）行业概况 9 （三）药明康德回归路径概述 10 （四）药明康德回归动因分析 12 四、药明康德案例分析 12 （一）用相对估值法分析企业估值 13 （二）分析企业估值提高的原因 14 （三）药明康德分拆上市后财务指标分析 16 五、结论与启示 16 （一）结论 17 （二）展望 18 |
