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　　当X≥0时，X+X2>X恒成立，
　　因此当X≥0时，Ф′（X）>0恒成立，即Ф（X）为单调增函数，
　　又Ф（0）=0。
　　综上Ф（X）=F（X+X2）-F(X)-F（X2）>0在X>0时恒成立，
　　令X=X1≠0
　　则F（X1+X2）>F（X1）+F（X2）。
　　
　　Mechanism Of Value Creation During Equity Carve?out On Domestic GEB
　　LIU Yong?ze，TANG Da?peng，YU Kun，JIA Xing?fei
　　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: carving?out; IPO; value creation; asset reorganization; GEM; listed companies; capital operation; capital market

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