基于我国“碳达峰、碳中和”的战略背景，新能源和新型电力系统快速发展，推动了电气设备的更新和性能提升，检测平台和检测技术也在不断地更新迭代。作为以技术为核心竞争力的电气设备检测企业，领先的试验检测技术是企业保持竞争优势的关键。因此，企业需要充足的营运资金来引进高端技术人才，加大研发队伍建设力度，提升公司的研发创新能力。基于此，拓宽筹资渠道，引进外来资金是电气设备检测行业未来发展的关键所在。伴随着科创板注册制改革和分拆新规的出台，企业在满足一定规模和业务条件的情况下，可以分拆子公司到科创板上市。近年来，越来越多企业通过分拆上市来筹集资金，实现业务聚焦，优化资源配置，促进均衡化发展。

在此基础上，本文以中国西电分拆西高院上市为例，研究其分拆的动因、路径和效应。首先，从外部和内部两个层面，分析中国西电分拆西高院上市的动因。其次，通过对不同分拆路径的比较，探究中国西电分拆西高院的路径选择的合理性。在此基础上，从市场效应、财务绩效、创新绩效和其他层面效应等多个方面，研究西高院分拆上市的效应。基于市场角度，通过事件研究法、股价分析、市盈率对比等对市场的反应进行分析；基于财务角度，从偿债、营运和盈利三个方面对财务效果进行了研究；基于创新角度，主要从创新环境、创新投入、技术水平和创新产出等方面综合分析了企业的创新绩效；基于其他层面，从企业的投融资能力和对员工产生的激励作用两个方面进行了研究。

通过上述研究，本文得出以下结论：在动因层面上，一方面，获得国家产业政策支持、把握行业发展新契机、落实央企深化改革的要求是推动中国西电分拆西高院上市的外部动因；另一方面，优化业务架构、拓展融资渠道、降低信息不对称是推动西高院分拆上市的内部动因。在路径层面上，第一，中国西电为了满足融资需求且与西高院保持产业链的互补关系，选择以股权切离的方式将西高院分拆出来；第二，在直接IPO和借壳上市两种方式中，通过直接IPO融资，既减轻融资压力，又树立了公司良好的形象；第三，考虑到公司的科创性质，在上海证券交易所科创版上市，可以得到政策的支持，实现公司的价值释放。在效应层面上，第一，在完成分拆后母公司累计超额收益率呈现波动上升的趋势，市场反应较好；上市后三个月内子公司的股价处于稳定态势，且高于首次公开发行价格，市场认可度较高；分拆上市后母子公司的市盈率略微下降后均有所回升。第二，经过比较研究，西高院在上市之后，其偿债能力与营运能力都有了一定的提高。但是，由于受到外部行业因素的影响及募集资金对子公司盈利指标的稀释，子公司的盈利能力未得到明显提高；第三，在创新绩效方面，通过对子公司创新指标的具体分析，发现其分拆上市后研发创新能力有所提高；第四，其他层面如投融资能力、员工激励作用方面也得到明显改善。

Based on the strategic background of China's “carbon peak, carbon neutral”, the rapid development of new energy and new power systems has driven the updating and performance improvement of electrical equipment, and the testing platform and testing technology are also constantly being updated and iterated. As an electrical equipment testing enterprise with technology as its core competitiveness, leading test and inspection technology is the key to maintain its competitive advantage. Therefore, the enterprise needs sufficient working capital to introduce high-end technical talents, increase the construction of the R&D team, and enhance the company's R&D and innovation capability. Based on this, broadening financing channels and introducing foreign capital is the key to the future development of the electrical equipment testing industry. Along with the reform of the registration system of the Science and Innovation Board and the introduction of the new rules on spin-offs, enterprises can spin off subsidiaries to be listed on the Science and Innovation Board under the condition of meeting certain scale and business conditions.Recently, enterprises have raised funds through spin-offs to achieve business focus, optimize resource allocation and promote balanced development.

On this basis, this paper takes the example of China XD Group's spin-off of XIHARI for listing to study the motivation, path and effect of its spin-off. Firstly, the motivation of China XD Group's spin-off of XIHARI for listing is analyzed from both external and internal levels. Second, through the comparison of different spin-off paths, we explore the rationality of the path choice of China XD Group's spin-off of XIHARI. On this basis, the effects of the XIHARI spin-off are examined from various aspects, including market effects, financial performance, innovation performance and other dimensions. Based on the market perspective, the event study method, stock price analysis method, price-earnings ratio comparison and other methods were used to analyze the market reaction; based on the financial perspective, the financial effect was studied from three aspects, namely debt service, operation and profitability; based on the innovation perspective, the innovation performance of the enterprise was comprehensively analyzed mainly from the aspects of innovation environment, innovation input, technology level and innovation output; based on other dimensions, from the enterprise's investment and financing ability and the incentive effect on employees are studied.

Through the above research, this paper draws some conclusions: at the motivation level, obtaining the support of the national industrial policy, grasping the new opportunities of industry development, and implementing the requirements of deepening the reform of the central enterprises are the external motivations for the spin-off of XIHARI by China XD Group;Also, optimizing the business structure, expanding the financing channels, and reducing the asymmetry of the information are the internal motivations for the spin-off of XIHARI. At the path level, firstly, in order to meet the financing needs and maintain the complementary relationship of industry chain with XIHARI, China XD Group chose to spin off XIHARI by equity cut-off; secondly, among direct IPO and shell listing, financing through direct IPO not only reduces the financing pressure, but also establishes a good image of the company; thirdly, considering the company's nature as a science-based company, listing in the science-based version of Shanghai Stock Exchange can receive policy support and realize the release of the company's value. At the effect level, first, the cumulative abnormal return of the parent company shows a fluctuating upward trend after the spin-off, and the market response is good. The stock price of the subsidiary remains stable within three months after listing and is higher than the initial public offering price, indicating a high level of market recognition. The price-earnings ratios of both the parent and subsidiary companies slightly declined initially but then rebounded. Second, through comparative research, it is found that after listing, XIHARI has seen certain improvements in its debt-paying ability and operational capacity. However, due to the influence of external industry factors and the dilution of the subsidiary's profit indicators by the raised funds, the subsidiary's profitability has not been significantly enhanced. Third, in terms of innovation performance, through a detailed analysis of the subsidiary's innovation indicators, it is discovered that its R&D and innovation capabilities have improved after the spin-off and listing. Fourth, in other aspects such as investment and financing capabilities and employee incentives, there have also been notable improvements.

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