TOM 在 线 分 拆 上 市 案 例 分 析Equity Carve-out: The Case of Tom.申 请 人 : 王 京 川指 导 老 师:朱 武 祥 教 授二 零 零 四 年 十 一 月摘要：本文在综述西方金融经济学关于公司分拆上市动机与效果讨论成果的基础上，比较深化地分析了创业板上市公司TOM 集团将子公司TOM 在线分拆在创业版和美国NASDAQ同时上市的行为。包括分拆过程、动因，以与对企业进展和市场价值的影响。本文分析结果验证了西方金融经济学关于分拆行为的理论和实证结果。当公司部某项业务被埋没在母公司中，而股票市场追捧该业务时，实行股权切离方式，可以筹集大量资金，增强被分拆业务管理层的激励，提高该业务的经营效率，而且还可以明显改善信息披露，增加股东价值。本文的讨论结果对其他企业有借鉴作用。关键字：分拆上市 行为公司金融 TOMAbstract：This paper illustrates the underlining reasons and actual results of equity carve-out in the studies of corporate finance filed. On the basis of these studies, the paper illustrates the case of Tom Online in great depth. Tom Online was carved out from parent group Tom Group and was listed on both HKGEM and NASDAQ in US. This paper covers the carve-out process, reasons and impacts to corporate development and market value.The analysis and studies of this paper approves the carve-out theories and actual results in the studies of corporate finance field. When a part of the company is hidden by the umbrella and this part of business is the “hot property”, to carve out it and make it public will bring a large amount of capital, give the incentives to the management team, increase the efficiency and improve the news flow process, thus increasing shareholder value. The analysis and studies of this paper will provide experiences and thinking points for other corporate. Key words: Equity Carve-out Behavioral, Corporate Finance, Tom online1.1 引 言1.1.1 分拆上市概念与在成熟市场进展状况2024年3 ...
