公司重组模式
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通常措施：资产/业务重组，分为不同的专 业板块
11
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。 解决方案：LBO/MBO
12
二. 主要重组模式
业务出售（Sell-off / Divestiture）
出售资产/业务获得现金
14
25
• Spin-Offs often result in a higher aggregate value for the constituent pieces. Many diversified companies are electing to spin off parts of their business, finding that this restructuring technique can create significant value for shareholders.
• 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)
3
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
4
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)。
17
公司名稱
怡和汔車 五豐行 森拿美集團 恒基發展 運通泰 南順食品 夌電物業 格蘭酒店 保華德祥 新亞置業 鵬利保險 太平協和 嘉里建設 上實藥業 太平地氈 豐德麗 聯邦地產 晉利地產
提出私有化
業務
時間
27/6/2000
車
28/12/2000
食品
28/11/2001
車
6/11/2002
地產
24/12/2002
19
甲公司不同部门示意图
部门A 占公司利润比例：16.3% 平均行业市盈率：10
部门B 占公司利润比例：16.3% 平均行业市盈率：8
部门C 占公司利润比例：16.3% 平均行业市盈率：12
部门D 占公司利润比例：20% 平均行业市盈率：25
部门E 占公司利润比例：30% 平均行业市盈率：10
20
• 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 opportunities for exploiting potential synergies and when they have enough financial resources to do so.
酒樓/的士
8/4/2002
食品
10/2/2002
地產
30/8/2002
酒店
12/2002
建築
21/2/2003
地產
3/5/2003
保險
19/5/2003
地產
23/4/2003
地產
22/5/2003
藥業
21/5/2003
地氈
31/3/2003
地產
24/1/2003
地產
21/5/2003
地產
18
分立（Spin-off）
24
• Highly diversified companies (conglomerates) often trade at a discount (reflecting the "forced" purchase of unwanted businesses. Thus, the spin-off of such a business could enhance the total value of the parent shareholder's holdings, since it might be valued at little or nothing as part of the current corporate whole.
在公司分立之后的公司结构
甲公司 税后收入：8万元 占原公司收入比例：80%
D公司 税后收入：2万元 占原公司收入比例：20%
21
• Pure spin-off: a parent company distributes 100% of its ownership interests in a subsidiary operation as a dividend to its existing shareholders. After the spin-off, there are two separate, publicly held firms that have exactly
公司重组
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》 2
• 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)
8
Βιβλιοθήκη Baidu
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
9
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。
10
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。
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
15
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 stock by either a company or a third party in exchange for cash or securities.
26
• 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 through to investors.
• Portfolio Management for Corporate Spinoffs
27
• 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-based, data business.
• Gilson, S. C. "Analysts and Information Gaps: Lessons From the UAL Buyout." Financial Analysts Journal 56, no. 6 (November/December 2000): 82-110.
5
多元化企业市值:Discount or Premium?
16
• 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 treatment and resulting goodwill amortization. The equity that is remaining after the recapitalization is often termed a stub.
BELEN VILLALONGA, 2001, Harvard University
6
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。
7
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。
23
• 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 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.
22
• 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 company. In most cases, shares of the new entity are distributed to the parent company's existing shareholders or sold.
• Gilson, S. 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).
11
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。 解决方案：LBO/MBO
12
二. 主要重组模式
业务出售（Sell-off / Divestiture）
出售资产/业务获得现金
14
25
• Spin-Offs often result in a higher aggregate value for the constituent pieces. Many diversified companies are electing to spin off parts of their business, finding that this restructuring technique can create significant value for shareholders.
• 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)
3
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
4
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)。
17
公司名稱
怡和汔車 五豐行 森拿美集團 恒基發展 運通泰 南順食品 夌電物業 格蘭酒店 保華德祥 新亞置業 鵬利保險 太平協和 嘉里建設 上實藥業 太平地氈 豐德麗 聯邦地產 晉利地產
提出私有化
業務
時間
27/6/2000
車
28/12/2000
食品
28/11/2001
車
6/11/2002
地產
24/12/2002
19
甲公司不同部门示意图
部门A 占公司利润比例：16.3% 平均行业市盈率：10
部门B 占公司利润比例：16.3% 平均行业市盈率：8
部门C 占公司利润比例：16.3% 平均行业市盈率：12
部门D 占公司利润比例：20% 平均行业市盈率：25
部门E 占公司利润比例：30% 平均行业市盈率：10
20
• 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 opportunities for exploiting potential synergies and when they have enough financial resources to do so.
酒樓/的士
8/4/2002
食品
10/2/2002
地產
30/8/2002
酒店
12/2002
建築
21/2/2003
地產
3/5/2003
保險
19/5/2003
地產
23/4/2003
地產
22/5/2003
藥業
21/5/2003
地氈
31/3/2003
地產
24/1/2003
地產
21/5/2003
地產
18
分立（Spin-off）
24
• Highly diversified companies (conglomerates) often trade at a discount (reflecting the "forced" purchase of unwanted businesses. Thus, the spin-off of such a business could enhance the total value of the parent shareholder's holdings, since it might be valued at little or nothing as part of the current corporate whole.
在公司分立之后的公司结构
甲公司 税后收入：8万元 占原公司收入比例：80%
D公司 税后收入：2万元 占原公司收入比例：20%
21
• Pure spin-off: a parent company distributes 100% of its ownership interests in a subsidiary operation as a dividend to its existing shareholders. After the spin-off, there are two separate, publicly held firms that have exactly
公司重组
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》 2
• 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)
8
Βιβλιοθήκη Baidu
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
9
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。
10
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。
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
15
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 stock by either a company or a third party in exchange for cash or securities.
26
• 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 through to investors.
• Portfolio Management for Corporate Spinoffs
27
• 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-based, data business.
• Gilson, S. C. "Analysts and Information Gaps: Lessons From the UAL Buyout." Financial Analysts Journal 56, no. 6 (November/December 2000): 82-110.
5
多元化企业市值:Discount or Premium?
16
• 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 treatment and resulting goodwill amortization. The equity that is remaining after the recapitalization is often termed a stub.
BELEN VILLALONGA, 2001, Harvard University
6
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。
7
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。
23
• 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 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.
22
• 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 company. In most cases, shares of the new entity are distributed to the parent company's existing shareholders or sold.
• Gilson, S. 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).