长虹美菱分拆上市中科美菱的价值创造路径探究

An Exploration of the Value Creation Path of Zhongke Meiling via Equity Carve-Out from Changhong Meiling

摘要: 随着多元化扩张负面效应凸显，分拆上市这一资本运营方式已成为企业回归主业、提升治理与估值的重要选择。本文以长虹美菱分拆上市中科美菱为例，采用经济增加值(EVA)法评估其分拆上市价值创造效果，并从融资、经营与治理效应三个维度探究分拆上市的价值创造路径。分析发现：长虹美菱基于实现市值重估、满足融资需求、突出主业优势、优化公司治理的动因分拆上市中科美菱。分拆上市后，长虹美菱通过融资、经营和治理三维路径的协同作用，有效提升了企业价值。

Abstract: As the negative effects of diversified expansion become more apparent, equity carve-out has become an important option for companies to return to their core businesses, improve governance, and enhance valuations. This paper takes the equity carve-out of Changhong Meiling’s subsidiary, Zhongke Meiling, as an example, using the Economic Value Added (EVA) method to assess the value creation effect of the equity carve-out. It also explores the value creation path of the equity carve-out from three dimensions: financing, operations, and governance. The analysis reveals that Changhong Meiling carved out Zhongke Meiling based on the motivations of achieving market value revaluation, meeting financing needs, highlighting core business advantages, and optimizing corporate governance. After the equity carve-out, Changhong Meiling effectively enhanced its enterprise value through the synergistic effects of financing, operations, and governance.