《企业重组的主要模式.ppt》由会员分享，可在线阅读，更多相关《企业重组的主要模式.ppt（52页珍藏版）》请在金锄头文库上搜索。
1、1,公司重组,2,主要重组方式一览,业务出售（Sell-off / Divestiture） 资产互换（Asset Exchange,or Swap） 换股（Split-off/up） 分立（Spin-off） 股权切离（Equity Carve-out） 定向股票（Targeted Stock） LBO/MBO：回购股票，私有化 重组目的：获取股票市场重新信任 参考:接管、重组与公司治理,3,以改善公司治理和产权改革为目的的重组(LBO/MBO，改善激励 以提高经营效率为目的的重组(业务流程优化重组，提高经营效率) 基于产能过度的重组(退出过度能力，限制恶性竞争) 基于资本市场估价理念偏好变
2、化的重组(业务收益的风险结构重组，匹配投资者的风险收益偏好) 基于监管规则，改善上市公司融资功能的重组(资产置换，买壳),4,一. 为什么重组?,成长型企业业务专一，企业价值增加来自增加主业或相关业务投资，外部公众股东与内部控股股东利益一致。此时，无重组的外部压力和内在要求。MicroSoft，Dell,5,1. 公司组合的多元化业务未上市，没有象专业化上市公司那样公开披露信息，信息不充分,而Analyst Specialization , 增加了投资分析家和投资者对公司估值难度,导致Conglomerate Stock Breakups/股票市场低估(Discount)。 Gilson, S
3、. C., P. M. Healy, Christopher F. Noe, and K. G. Palepu. “Analyst Specialization and Conglomerate Stock Breakups.“ Journal of Accounting Research 39, no. 3 (December 2001). Gilson, S. C. “Analysts and Information Gaps: Lessons From the UAL Buyout.“ Financial Analysts Journal 56, no. 6 (November/Dece
4、mber 2000): 82-110.,6,多元化企业市值:Discount or Premium?,diversified firms trade at a significant premium. “Diversification Discount or Premium? New evidence from BITS Establishment-Level Data”resource-based theory of diversification as well in that firms are more likely to diversify when faced with oppor
5、tunities for exploiting potential synergies and when they have enough financial resources to do so. BELEN VILLALONGA, 2001, Harvard University,7,产业组织学家和金融经济学家之间,以及金融 经济学家之间尚无一致结论。 措施：对未上市的业务单元象上市公司那样 增加信息披露，使投资分析家和股票市场合 理估价。,8,2.公司不同业务增长能力和增长潜力差异甚大，资本增值风格和风险不一致，使价值型和增长型投资者均不认同，股票市场对公司股票价值产生discount。
6、,9,3. 公司下属业务受到股票市场的追捧程度不同。某些业务的概念和成长潜力为股票市场特别追捧。 解决方案：股权切离,10,4. 股票市场估价理念变化，Valuation/Pricing 处于低谷，公司股票价值显著低估。 解决方案：大股东回购，甚至退市，不受股票市场评价。,11,5.公司多元化之间存在交叉补贴，缺乏透明度，产生了负面的管理激励效果；或者内部管理职责不清，企业之间权利冲突，增加管理成本和管理控制问题，运作低效。 通常措施：资产/业务重组，分为不同的专业板块,12,6.公司股权分散，管理层与股东利益严重不一致，经营成本高昂，管理层浪费公司自由现金流，外部公众投资者无可奈何。 解决方
7、案：LBO/MBO,13,二. 主要重组模式,14,业务出售（Sell-off / Divestiture）,出售资产/业务获得现金,15,资产互换（Asset Exchange）,通用电气将欧洲家电业务与法国汤普逊公司医疗器械业务互换,16,Recapitalization-,Recapitalizations are a method of selling a company that can take various forms. Generally, they are accomplished by the repurchase of a majority of the common
8、stock by either a company or a third party in exchange for cash or securities.,17,In the context of a public company, the transaction is commonly structured as the sale or repurchase of 90% of the common stock rather than an outright purchase in order to avoid traditional purchase accounting treatme
9、nt and resulting goodwill amortization. The equity that is remaining after the recapitalization is often termed a stub.,18,19,分立（Spin-off）,20,21,22,Pure spin-off: a parent company distributes 100% of its ownership interests in a subsidiary operation as a dividend to its existing shareholders. After
10、the spin-off, there are two separate, publicly held firms that have exactly,23,Spin-offs can take many forms but the end result is the same: A corporation takes a subsidiary, division, or part of its business and separates it from the parent company by creating a new, independent, free-standing comp
11、any. In most cases, shares of the new entity are distributed to the parent companys existing shareholders or sold.,24,Why Spin-off? Unrelated businesses may be separated. For example, a diversified company may have a fast growing software or Internet business that is largely ignored or not valued by
12、 the market because it is a small part of a large company. The fast growing division would likely garner a richer valuation (P/E multiple) as a stand-alone business.,25,Highly diversified companies (conglomerates) often trade at a discount (reflecting the “forced“ purchase of unwanted businesses. Th
13、us, the spin-off of such a business could enhance the total value of the parent shareholders holdings, since it might be valued at little or nothing as part of the current corporate whole.,26,Spin-Offs often result in a higher aggregate value for the constituent pieces. Many diversified companies ar
14、e electing to spin off parts of their business, finding that this restructuring technique can create significant value for shareholders.,27,Sometimes, the motivation for a spin-off comes from the desire to separate a “poor“ or underperforming business so that an untarnished “good“ business can shine
15、 through to investors. Portfolio Management for Corporate Spin-offs,28,March 1, 2000, Lucent Technologies Inc. announced it would spinoff three businesses - its PBX, or company switchboard, operations; Systimax, which makes cabling systems for corporate campuses; and its local-area network, or LAN-b
16、ased, data business.,29,August 10, 2000, Energy marketer Enron Corp has announced it has no plans to spin off its broadband communications business as a separate company,30,股权切离（Equity Carve-out）,将业务单元通过IPO出售部分股权，获得现金，仍然保持控制权,31,Equity Carve-outs (Partial Spin-Off) the parent corporation sells to the public an interest of less than 20% in the new subsidiary in a SEC registered public offering (IPO) for cash proceeds. Often, an IPO in which the parent company retains
