¡¡¡¡µ±X≥0ʱ£¬X+X2>Xºã³ÉÁ¢£¬
¡¡¡¡Òò´Ëµ±X≥0ʱ£¬§¶′£¨X£©>0ºã³ÉÁ¢£¬¼´§¶£¨X£©Îªµ¥µ÷Ôöº¯Êý£¬
¡¡¡¡ÓÖ§¶£¨0£©=0¡£
¡¡¡¡×ÛÉϧ¶£¨X£©=F£¨X+X2£©-F(X)-F£¨X2£©>0ÔÚX>0ʱºã³ÉÁ¢£¬
¡¡¡¡ÁîX=X1≠0
¡¡¡¡ÔòF£¨X1+X2£©>F£¨X1£©+F£¨X2£©¡£
¡¡¡¡
¡¡¡¡Mechanism Of Value Creation During Equity Carveª²out On Domestic GEB
¡¡¡¡LIU Yongª²ze£¬TANG Daª²peng£¬YU Kun£¬JIA Xingª²fei
¡¡¡¡Abstract: The process of domestic listed companies listing on the GEM is divided into two stages, one is carving out assets and the other is IPO. The change of transaction and organization costs before and after the carving out shows that the efficiency of the whole company is improved. The value creation mechanism after carving out and IPO is mainly reflected in the increased information disclosure, reevaluation of the growth value of asset group in a growth business and the independence of growth business.
¡¡¡¡Key Words: carvingª²out; IPO; value creation; asset reorganization; GEM; listed companies; capital operation; capital market

(ÔðÈα༭£ºÄÏÔÁÂÛÎÄÖÐÐÄ)תÌùÓÚÄÏÔÁÂÛÎÄÖÐÐÄ: http://www.nylw.net(ÄÏÔÁÂÛÎÄÖÐÐÄ__´úд´ú·¢ÂÛÎÄ_±ÏÒµÂÛÎÄ´øд_¹ãÖÝÖ°³ÆÂÛÎÄ´ú·¢_¹ãÖÝÂÛÎÄÍø£©