摘要
近年来，我国经济发展迅速，不少企业通过多元化战略不断壮大。随着企业
旗下业务板块不断的增多，出现了诸如管理效率下降，资源分配不均，市场估值
偏低等问题。为缓解以上问题，分拆上市顺势受到越来越多的关注。2019年3
月，我国出台规定允许公司分拆至科创板上市。2019年12月，明确相应的实施
细则。政策的明朗，使得国内有分拆计划的企业拥有更多的选择。对于医药行业
而言，随着医改不断深入，居民对医疗健康的要求提升等，行业竞争愈发激烈，
急需结构转型，提升创新水平。在这样的背景下，很多药企对于分拆上市的需求
增加。此外，分拆上市对于企业的效果影响还有待明确，需要进一步的探究。因
而，选择复星医药分拆复宏汉霖上市成功的案例，对其进行动因和效果的详细分
析，仍然具有很大的研究意义。
本文选用复星医药分拆复宏汉霖上市为研究对象，通过对案例过程的梳理，
从融资需求、战略布局、集团估值、香港新规四个角度分析出分拆的动因；采用
事件研究法、EVA指标法、财务指标分析法等，从公司治理、市场价值、财务指
标三个方面分析分拆的效果，得出结论：资金需求是分拆上市的核心动因；分拆
上市有助于完善公司治理，提高管理效率；分拆上市后，公司短期市场反应向好，
长期市场价值持续提升；分拆上市有助于改善公司的财务绩效。
基于以上结论，获得如下启示：第一，选择有潜力的资产进行分拆，才能提
升集团整体价值；第二，选择合适的分拆方案，做出最适合企业长期发展的决策；
第三，分拆上市要从公司战略出发，发挥协同效应，实现企业后续良好发展；第
四，要持续完善信息披露制度，对存在的关联交易和做出的不竞争承诺及时进行
公示。
关键词：
分拆上市；复星医药；复宏汉霖；分拆动因；效果分析
I

Abstract
In recent years, China's economy has developed rapidly and many companies
have grown through diversification strategies. With the increasing number of business
segments under the enterprises, problems such as decreasing management efficiency,
uneven distribution of resources and low market valuation have emerged. In order to
alleviate the above problems, spin-offs have received increasing attention. in March
2019,China issued regulations allowing companies to spin off and list on the science
and technology innovation board. in December 2019, the corresponding
implementation rules were clarified. The clarity of the policy has given domestic
companies with spin-off plans more options. For the pharmaceutical industry, as
medical reform continues to deepen and residents' requirements for medical and
health care increase, etc., the industry competition is becoming more and more fierce,
and there is an urgent need for structural transformation and improvement of
innovation level. Against this backdrop, there is an increased demand from many
pharmaceutical companies for spin-off listings. In addition, the effect of the spin-off
on the company is yet to be clarified and needs to be further explored. Therefore, the
case of Fosun Pharmaceutical's successful spin-off of Fuhong Henlius is still of great
research significance for detailed analysis of its motivations and effects.
In this paper, we use the case study approach to explore the motivations and
effects of the spin-off of Fosun Pharmaceuticals.Through a review of the case process,
the motivation for the spin-off was analysed from four perspectives: financing needs,
strategic layout, group valuation and Hong Kong's new regulations; the effects of the
spin-off were analysed from three aspects: corporate governance, market value and
financial indicators, , using the event study method, EVA indicator method and
financial indicator analysis method, and conclusions were drawn: financing needs
were the core motivation for the spin-off; the spin-off helped improve corporate
governance and management efficiency; after the spin-off, the short-term market
response of the company was good, and the long-term market value continued to
improve； The spin-off helped to improve the financial performance of the company.
II
。。。以下略