作为资本市场优化资源配置的重要手段之一，上市公司可以选择分拆子公司上市，或独立部分业务上市，从而提升专业化经营水平，优化重组内部结构，促进企业的科技创新，加速行业与产业的结构调整。当前，分拆上市可以解决上市公司的诸多经营方面的问题，如调整业务架构、拓展融资渠道、完善激励机制，从而不断提升企业集团的整体价值。证监会于2019年发布“分拆新规”，又于2022年1月5日发布《上市公司分拆规则（试行）》，对分拆条件、信息披露、实施流程等细节问题作出了明确要求，层次更加清晰，指导意义更强。分拆上市能否提高原有上市公司的价值，分拆新规是否利好公司价值提升，其影响机理是什么，值得在理论上进行深入研究。本文首先列举了影响分拆上市对上市公司价值创造影响的因素，并从缓解融资压力、提高经营效率和完善信息披露三方面出发，论证分拆上市对上市公司价值创造的影响机理；其次，本文基于2000年至今所有A股上市公司的分拆上市案例，通过实证研究进行检验，论证了上市公司的分拆上市行为在长期可以提升企业集团的整体价值，且分拆新规的施行能够使该价值创造效应更加明显；最后，本文讨论了分拆上市价值创造效应的作用机制，并找出分拆新规能够促进该效应的原因。在作用机制方面，分拆上市通过缓解融资压力、提高经营效率和完善信息披露，使上市公司企业价值不断提升。本文的研究一方面丰富了分拆上市对企业价值创造影响的相关理论，另一方面检验了分拆新规的实际效果，为上市公司的资本运营决策提供了新思路，有利于相关上市公司更好地使用分拆上市这一手段，使今后监管层在为分拆上市制定法律法规时，更加有据可循，也使A股市场的分拆上市行为收获更加良好的效果，切实服务好公司战略的发展。

Spin-off and listing can rationally allocate resources. For listed companies, they have two ways, that is, they can spin off their subsidiaries, and they can have an independent part of their business, thereby improving the level of specialized operations, optimizing and restructuring the internal structure, promoting technological innovation of enterprises, and accelerating structural adjustment of industries and industries. Currently, splitting up and listing can solve many operational issues of listed companies, such as adjusting business structures, expanding financing channels, and improving incentive mechanisms, thereby continuously enhancing the overall value of enterprise groups. The CSRC issued the "New Rules for Spin-Off" in 2019 and the "Rules for Spin-Off of Listed Companies (for Trial Implementation)" on January 5, 2022, which set clear requirements for detailed issues such as spin-off conditions, information disclosure, and implementation processes, with clearer levels and stronger guidance. Whether the spin-off listing can improve the value of existing listed companies, whether the new rules of spin-off are beneficial to the promotion of company value, and what is the impact mechanism? It is worth in-depth research in theory.This article first lists the factors that affect the value creation of listed companies through spinoffs, starting from three aspects: alleviating financing pressure, improving operational efficiency, and improving information disclosure, this paper explain how to enhance the value of the company theoretically; Secondly, based on the case studies of all A-share listed companies‘ spinoffs since 2000, this article conducts empirical research to test and demonstrate that the spinoffs of listed companies can enhance the overall value of enterprise groups in the long term, and the implementation of the new spinoffs regulations can make the value creation effect more obvious; Finally, this article specifically explained, the spin-off listing is through which path to create value. In terms of the mechanism, spin-off listing can continuously enhance the corporate value of listed companies by alleviating financing pressure, improving operational efficiency, and improving information disclosure.This study not only expands the theoretical basis of the spin-off listing, but also tests the practical effect of the new spin-off rules, provides new ideas for listed companies‘ capital operation decision-making, helps relevant listed companies better use the method of split listing. It has laid A foundation for the formulation of laws and regulations by the regulators, and also made the spin-off and listing of the A-share market have a better effect, which effectively serves the future development of the company.