数字化转型背景下企业集团分拆上市的价值创造路径研究——以海康威视“1 + N”战略分拆为例

Research on the Value Creation Path of Enterprise Group Spin-Off in the Context of Digital Transformation—A Case Study of Hikvision’s “1 + N” Strategic Spin-Off

摘要: 数字化转型背景下，企业通过分拆数字业务深化企业信息化布局、优化资源配置，成为提升竞争力的重要战略。本文以海康威视分拆萤石网络与海康机器人为案例，基于资源基础理论与归核化战略，构建价值创造分析框架。研究发现：分拆上市通过经营路径实现业务聚焦与资源优化，通过融资路径拓宽融资渠道、提升市场估值，通过治理路径强化激励、提升组织效能，三条路径协同推动企业价值提升。二者独立化实现了技术与资本精准投入，强化创新分工，有效激发组织活力。研究为数字化时代企业调整业务边界提供了有益启示。

Abstract: In the context of digital transformation, enterprises are deepening their enterprise informationization and optimizing resource allocation through the spin-off of digital businesses, which has become an important strategy for enhancing competitiveness. Taking Hikvision’s spin-offs of Ezviz and Hikrobot as case studies, this paper constructs a value creation analytical framework based on resource-based theory and refocusing strategy. The research finds that spin-offs drive enterprise value enhancement through three synergistic paths: the operational path achieves business focus and resource optimization, the financing path broadens financing channels and improves market valuation, and the governance path strengthens incentives and enhances organizational effectiveness. The independence of these two entities enables precise investment in technology and capital, reinforces innovation division of labor, and effectively stimulates organizational vitality. This study provides beneficial insights for enterprises to adjust business boundaries in the digital era.