我国上市公司分拆上市的市场反应研究：基于东北高速的案例分析

随着我国资本市场的不断完善和发展,分拆上市越来越成为我国资产重组的重要方式,发展和完善我国上市公司分拆上市对我国资本市场的建设具有重要的意义。本文首先探讨了上市公司分拆上市的经济动机和分拆上市的市场表现以及我国上市公司分拆上市的发展路径,并以东北高速的案例采用事件研究法进行了分析,最后从监管机构和上市公司两个层面提出相关建议。     

上市公司分拆上市的财务效应简析

在国外成熟资本市场,分拆上市作为一种金融创新工具已成为许多企业高速扩张的重要手段。在中国,随着青岛天桥和同仁堂分别分拆青岛环宇和同仁堂科技在中国香港创业板上市,分拆上市也逐步成为中国内地资本市场新的投资热点。文章就分拆上市的相关财务效应作简要分析。     

上市公司分拆上市的财务效应简析

在国外成熟资本市场,分拆上市作为一种金融创新工具已成为许多企业高速扩张的重要手段。在中国,随着青岛天桥和同仁堂分别分拆青岛环宇和同仁堂科技在中国香港创业板上市,分拆上市也逐步成为中国内地资本市场新的投资热点。文章就分拆上市的相关财务效应作简要分析。     

国有商业银行整体上市与分拆上市的可行性比较

国有商业银行的上市方案主要包括整体上市和分拆上市等。整体上市和分拆上市各有优劣，前者可以确保国有银行的完整性，后者则有利于解决政企分开、减轻股票市场面临的压力等。综合分析，分拆上市是一种比较可行的办法。     

现阶段不宜提倡分拆上市

在刚刚过去的4月份里,分拆上市成为股市关注的热门话题。证监会允许符合条件的境内上市公司分拆子公司到创业板上市,而同方股份等公司也积极响应,拟分拆子公司到创业板上市。主板公司为什么要分拆子公司到创业板上市?在目前创业板估值明显偏高的情况下,不排除分拆上市是以最大化圈钱为目的。因此,在现阶段,监管部门对分拆上市应保持谨慎的态度。     

康恩贝分拆佐力药业上市案例分析

本文通过了解康恩贝分拆佐力药业上市的过程,并运用专业知识分别对两家公司分拆后的财务数据进行分析,从中发现分拆上市对康恩贝和佐力药业产生的影响,最后在此基础上得出相应的结论并提出相关的建议。     

分拆上市：国有商业银行改革的现实选择

与国内外同业相比，我国国有商业银行具有高风险、低效率、低资产质量的特点，原因在于产权不清造成的所有者缺位和委托一代理危机，解决问题的出路是通过股份制改造最终实现上市，但就证券市场的容量、运行环境和市场秩序、银行自身的地区差异和准备工作以及经济体制改革的稳健原则而言，在短期内都不可能实现整体上市，因而分拆上市不仅具有现实可行性，而且日益迫切，分拆上市的方式有部分机构和单一产品上市等，在解决了上市动机、内部核算和利益分配以及母公司和子公司之间的关系等问题后，参照中移动和中联通的模式，逐步推行上市并最终实现整体上市是当前国有商业银行股份制改造的惟一出路。     

上市公司分拆上市时机选择与市场反应——基于电能实业的案例分析

本文系统分析了上市公司分拆上市的时机选择与市场反应的关系。首先,介绍分拆上市的三个经典理论:信息不对称假说、资产剥离价值假说和期权理论。随后,基于电能实力分拆港灯上市进行案例分析,同时,辅以另两个采用类似时机选择策略的往年案例加以补充说明分拆效果。最后,得出结论 :在市场高位时进行分拆会带来较为正面的市场反应。     

上市公司分拆上市的股价效应探究

从投资者预期与公司专业化经营两个角度分析了上市公司分拆上市的短期股价效应，并以2018年12月—2021年12月中国发布分拆预案或筹备公告的93家上市公司为样本，使用事件研究法对股价效应进行实证检验，在此基础上对超额收益率进行了回归分析。实证结果显示，分拆上市公告会在事件日附近产生较为显著的正向异常收益率，但该效应持续时间较短；母公司信息披露越多且分拆上市确定性越强，异常收益率会有越好的表现；当母公司与子公司分属不同的行业进行分拆时，会有更高的异常收益率；当子公司盈利能力越强时，会有更高的异常收益率。上市公司应充分权衡分拆上市的利弊，以分拆上市的动因与绩效为导向，科学有效地分拆；监管层应加大审查力度，进一步完善分拆上市相关法规，科学指引上市公司分拆。     

中国企业整体上市问题研究

"整体上市"是相对于"分拆上市"而言的。通过整体上市与分拆上市的比较,阐明了整体上市的优势。论述了整体上市的基本模式及存在的问题,并提出解决这些问题的措施,以期对中国企业的整体上市有所借鉴。     

为金融资产流动提供交易平台

北京产权交易所（以下简称北交所）集团代表北京市政府逐步完成了北京要素市场的布局,先后投资控股或参股了中国技术交易所、中国林权交易所、北京环境交易所、北京石油交易所、北京黄金交易中心,北京国际矿业权交易所、北京金融资产交易所、北京金马甲产权网络有限公司等产权交易平台。被业界称作“中国产权市场上的领军人物”的该集团董事长、...     

The Emergence of Equity Investment in Developing Countries: Overview

Equity flows to developing countries have increased sharplyin recent years. Foreign equity investment can be beneficialto developing countries because of its risk-sharing characteristicsand effects on resource mobilization and allocation. Empiricalevidence shows that the stock markets of developing countrieshave become more, although not fully, integrated with worldfinancial markets, and this increased integration implies alower risk-adjusted cost of capital. Constraints to furtherincreasing the flows and expanding the benefits are macroinstability,poorly functioning stock markets, and insufficiently open financialmarkets. Empirical evidence does not support the view that equityflows are more volatile than other types of capital flows orthat equity flows have a negative impact on the volatility ofstock prices.     

Uncovered Equity Parity and rebalancing in international portfolios

Portfolio rebalancing is a key driver of the Uncovered Equity Parity (UEP) condition. According to UEP, when foreign equity holdings outperform domestic holdings, domestic investors are exposed to higher exchange rate exposure and hence repatriate some of the foreign equity to decrease their exchange rate risk. By doing so, foreign currency is sold, leading to foreign currency depreciation. We examine the relationship between U.S. investors' portfolio reallocations and returns and find some evidence consistent with UEP: Portfolio shifts are related to past returns in the underlying equity markets. But we argue that a motive other than reducing currency risk exposure is likely behind this rebalancing. In particular, U.S. investors rebalance away from equity markets that recently performed well and move into equity markets just prior to relatively strong performance, suggesting tactical reallocations to increase returns rather than reduce risk.     

Explaining when developing countries liberalize their financial equity markets

This paper is the first to explain when countries opened their financial equity markets and is the first to explain financial liberalization using a large sample of developing countries. We test several novel hypotheses. We find that equity markets are opened earlier in countries that trade more with developed countries and that have more developed financial markets. Equity markets are opened earlier in democracies, especially if the country's leader is a civilian. Our other findings are consistent with the literature, which has found greater financial market openness in countries receiving more FDI, in richer countries, and in democracies.     

WEBS,SPDRs, and country funds: an analysis of international cointegration

Prior empirical studies analyzing linkages between international equity markets have suffered because suitable real-world financial instruments representing national equity markets were not available for trading. In March 1996, World Equity Benchmark Shares (WEBS) began trading on the American Stock Exchange. WEBS are open-end index funds that trade like closed-end index funds; they are designed to closely track the international indices developed by Morgan Stanley Capital International. This study utilizes WEBS along with Standard & Poor’s Depository Receipts (SPDRs) to avoid the previously encountered problems associated with nonsynchronous trading, fluctuating foreign exchange rates, non-liquidity, trading restrictions, and index replication. Results indicate that substantial pairwise cointegration exists among the 18 market indices as well as between individual closed-end country funds and their own-country WEBS. In addition, Granger causality tests indicate the existence of short-term causal relationships, suggesting market inefficiencies and the possibility of short-run arbitrage opportunities.     

Measuring equity market integration using uncorrelated information flows: Tokyo,London and New York

Equity markets do not pass all overnight information into prices instantly at the opening of trade. We adjust open-to-close return series for non-instantaneous information absorption and then use adjusted series to measure integration among three major equity markets. Because the adjusted daytime return series are uncorrelated, we can accurately measure the size, and identify the sources, of transmissions. Overnight news, as represented by foreign open-to-close returns, explains 13% of opening price variation (close-to-open returns) in New York, 14% in Tokyo and 30% in London. For New York and Tokyo, the largest influences come from the market that trades immediately prior (London and New York respectively) whereas opening price variation in London is linked closer with New York than Tokyo. Foreign volatility spillovers are also significant, and subject to asymmetric effects.     

Long-term international diversification of equities

Equity investors exhibit home bias although they can reduce risk with diversified global portfolios. We studied 118 years of data for 21 developed markets to investigate international diversification benefits for long-horizon equity investors. Investing equal proportions in all the markets would have increased Sharpe ratios only for investors in countries with low domestic ratios. Optimal global portfolios would have significantly increased Sharpe ratios for investors in all the countries. Allocating equal proportions to five optimal countries would have provided most of the maximum potential benefits of international diversification. Investors in countries with lower domestic Sharpe ratios would have benefited more from international diversification, primarily through risk reduction.     

Equity market liberalization and corporate governance

Equity market liberalizations open up domestic stock markets to foreign investors. A puzzle in the literature is why developing countries exhibit relatively small financial impacts associated with liberalizations. We use cross-firm variation in corporate governance at the time of the official liberalization of the equity market in Korea to test whether governance can explain the extent to which firms benefit when countries liberalize. The results show that better-governed firms experience significantly greater stock price increases upon equity market liberalization. Following the liberalization in Korea, foreign ownership in firms with strong corporate governance was significantly higher than that in firms with weak governance. Better-governed firms also exhibit higher rates of physical capital accumulation after liberalization.     

USING EXCHANGE-TRADED EQUITY FLEX PUT OPTIONS IN CORPORATE STOCK REPURCHASE PROGRAMS

Casual evidence suggests that as many as 10% of the companies repurchasing their stock over the past decade have used the sale of puts on the company's stock as part of the repurchase program. This article describes a new instrument for such corporate stock buybacks recently introduced by the American Stock Exchange: Equity Flex puts on the issuer's stock. When and if the puts are exercised, the company's shares are retired—often on better terms and with better cash flow timing than the company could achieve with a conventional stock repurchase program.
To date, such stock repurchase programs have been conducted primarily using over-the-counter put options. The new Equity Flex puts promise to eliminate the relative advantages of OTC transactions and offer stock repurchasers better pricing and increased liquidity. Use of exchange markets can also help overcome any reluctance a financial officer might have to rely on prices offered by a single dealer.     

Equity Market Liberalization in Emerging Markets

Equity market liberalizations, if effective, lead to important changes in both the financial and real sectors as the economy becomes integrated into world capital markets. The study of market integration is complicated because one can liberalize in many ways and many countries have taken different routes. To study the effectiveness of particular liberalization policies, the sequencing of liberalizations, and the impact on the real economy, systematic methods must be developed to date the liberalization of emerging equity markets. We provide a synthesis of the current methods and show the impact of liberalization on the real sector.