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在我国,企业资产重组的方式中,兼并—收购的形式相对多一些,但对于分拆还比较陌生,特别是上市公司的分拆上市在国内市场尚无先例。因此,上市公司如何利用分拆进行再融资目前只能进行理论探讨。而在国外,分拆的运用非常普遍,它不仅流行于美国等发达国家的证券市场,而且也盛行于香港等一些新兴而又逐步步人成熟的资本市场。香港证券市场上企业的分拆活动一直比较活跃。1996年,香港证券市场增加上市公司49家,其中有10家就是通过分拆形成的。分拆形成的上市公司,由于能够分享母公司现成的信誉,获得较高的发行价与上市市盈率,所以其筹集资金额通常要高于普通的新上市公司。因此,分拆能否成为继配股、增发、可转换债券之后上市公司再融资的又一重要手段呢?
In our country, the form of merger-acquisition is relatively more, but it is still relatively unfamiliar to the spin-off. Especially the spin-off of listed companies is not precedent in the domestic market. Therefore, the listed companies how to use spin-off refinancing can only be theoretical discussion. In foreign countries, the spin-off is very popular. It is popular not only in the securities markets of developed countries such as the United States, but also in some emerging and gradually mature capital markets such as Hong Kong. Spin-off of enterprises in Hong Kong's securities market has been relatively active. In 1996, 49 listed public companies were added to the securities market in Hong Kong, of which 10 were formed through the spin-off. The spin-out of listed companies, because they can share the existing reputation of the parent company to obtain a higher issue price and the market price-earnings ratio, so the amount of funds raised usually higher than ordinary new public companies. Therefore, the spin-off can become after the placement, issuance, convertible bonds after the refinancing of listed companies another important means?