指公司通过发行新公司的股票，将公司分支机构或部门从公司中拆离出去的行为。母公司股东按原来持股数量比例获得新公司的股票，总价值基本不变。

The separation of a subsidiary or division of a corporation from its parent by issuing shares in a new corporate entity. Shareowners in the parent receive shares in the new company in proportion to their original holding and the total value remains approximately the same.