class10重组模式(投资银行学清华大学朱武祥)(53页PPT).pptx

1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)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，Dell41.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.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/December 2000):82-110.5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 opportunities for exploiting potential synergies and when they have enoughfinancial resources to do so.BELEN VILLALONGA,2001,Harvard University6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72.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discount83.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94.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105.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116.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/MBO12二.主要重组模式13业务出售（Sell-off/Divestiture）出售资产/业务获得现金14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15Recapitalization-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.16In 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.17公司名稱提出私有化業務時間怡和汔車27/6/2000車五豐行28/12/2000食品森拿美集團28/11/2001車恒基發展6/11/2002地產運通泰24/12/2002酒樓/的士南順食品8/4/2002食品夌電物業10/2/2002地產格蘭酒店30/8/2002酒店保華德祥12/2002建築新亞置業21/2/2003地產鵬利保險3/5/2003保險太平協和19/5/2003地產嘉里建設23/4/2003地產上實藥業22/5/2003藥業太平地氈21/5/2003地氈豐德麗31/3/2003地產聯邦地產24/1/2003地產晉利地產21/5/2003地產18分立（Spin-off）19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甲公司不同部门示意图20甲公司甲公司税后收入：税后收入：88万元万元占原公司收入比例：占原公司收入比例：80%80%在公司分立之后的公司结构21Pure 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 22Spin-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 companys existing shareholders or sold.23Why 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.24Highly 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 shareholders holdings,since it might be valued at little or nothing as part of the current corporate whole.25Spin-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.26Sometimes,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 Spin-offs 27March 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.28August 10,2000,Energy marketer Enron Corp has announced it has no plans to spin off its broadband communications business as a separate company,29股权切离（Equity Carve-out）将业务单元通过IPO出售。