讲义第三部分--公司资产重组ppt课件

1、12Corporate assets Restructuring and Ownership Relationships公司资产重组与所有权关系3Spin-Offs公司分立拆分上市）nCompany owns or creates a subsidiary whose shares are distributed on a pro rata basis to shareholders of parent companyn 公司拥有或创建子公司，其股份由母公司股东按比例持有。nSubsidiary becomes publicly owned corporationn 子公司成为公众持股公司4n

2、 Parent company often will retain from 10% to under 20% of shares of the new subsidiaryn 母公司通常保留新设子公司10%20%的股份。n Spin-off often follows the initial sale of up to 20% of the shares in an initial public offering (IPO) transaction known as an equity carve-outn 在公司分立首次公开发行中，通常有20%的新股出售这种交易称之为股权分离。5n Eve

3、nt return studies of spin-offsn 分立对收益的影响n Significant positive 3-5% abnormal return to parent shareholdersn 分立对母公司股东产生35%的超额收益。n Size of announcement effect positively related to size of spin-offn 分立公告效应与公司分立的程度成正比。n Spin-offs to avoid regulation experienced abnormal returns of 5-6% as compared to 2

4、-3% for the remainder of the samplen 与通常2-3%情况相比避免规制的分立会有5-6%的超额收益n No adverse effect on bondholdersn 对公司债券持有者没有负面影响。6- Tax effects税收效应- No positive abnormal returns for taxable spin-offs- 纳税型公司分立，没有明显的超额收益。- Positive abnormal returns for nontaxable- 非纳税型公司分立，有超额收益。- Controlling for size, tax effect

5、s disappear- 控制分立的程度，税收效应消失。- Both spin-offs and their parents are more frequently involved in subsequent takeovers- 母公司和子公司分立后，会更多地涉及后续的重组。- Firms which engage in no further restructuring activity earn only normal returns- 没有进一步进行重组活动的公司仅仅获取正常收益。- Firms which engage in subsequent takeovers account

6、for positive abnormal returns- 进一步参与后续重组的公司获得超额收益。7n Performance studies of spin-offsn 公司分立绩效研究n Bregman n Annualized returns were 31.8%, 18 points better than S&P 500 n 年平均收益率为31.8，高于标准普尔500指数18个百分点。n Karen and Eric Wruckn Spin-offs outperformed overall stock marketn 分立公司表现优于股票市场的总体表现。n Few spe

7、ctacular performances dominated resultsn 分立公司的业绩表现特别突出的很少。n Forbes study杂志研究表明n Combined stock performance of parent and spin-offn 母公司和分立子公司的总体股价表现n 40% did better than S&P 500 有40优于S&P 500指数的表现n 60% underperformed 有60表现不佳8- Anslinger, Klepper, and Subramaniam (2019)- Sample of 12 spin-offs

8、achieved returns over a two-year period of 26.9% compared to 17.2% for the S&P 500 - 12个分立公司样本两年来获得26.9的总收益，而标准普耳500指数收益为17.2。- 8 spin-offs underperformed index- 8个分立公司样本表现差于市场指数。- Mixed results may reflect characteristics of industries- 综合结果反映了行业特征- Firms in industries with excess capacity or l

9、ow sales growth underperform broader indexes - 生产能力过剩或销售增长率低的行业，其中的公司业绩表现较市场指数相差很大。- Results should be related to industry peers - 分立结果与同行业前景有关。9nTax aspects of spin-offs 公司分立的税收nSpin-off qualify for tax-exempt status if parent company own 80% of voting subsidiary stockn 若母公司拥有子公司80的表决权股票，则分立的子公司有免税

10、资格。nSpin-off transactions 公司分立的业务处理nCompanies spin off with two classes of stockn 公司分立中的两类股票nParent sells nonvoting class of stock in public offering and then spins off voting stock tax freen 母公司在公开发行股票时出售没有表决权的股票，分立公司有表决权的股票免税。nParent can do an equity carve-out of 20% of the voting stock, spin off

11、remainder and entire spin-off transaction is tax free母公司可以对20有表决权的股票进行股权分割，其余的进行分立处理，整个分立交易免税。10uCompanies create new subsidiary 公司新设立子公司uParent company creates subsidiary母公司创建子公司uSubsidiary has two classes of shares: Class A non-voting, Class B votingu 子公司有两种类型的股份：没有表决权的A股，有表决权的B股uParent company ow

12、ns all B shares母公司持有所有的B股uParent company distribute A shares to its shareholdersu 母公司股东分散持有子公司A股uParent company may have option to buy back proportion of subsidiarys stock it does not now ownu 对于母公司有权回购发行在外的子公司股份。uParent company is not required to buy back shares or to put more money into subsidiary

13、u 母公司没有子公司股权回购义务，或追加投资义务。uCreation of subsidiary allows parent to separate risk of subsidiary business from its core operations shareholders decide whether to increase or decrease their own risku 新设分立子公司有助于母公司分散主营业务风险，股东有权决定是否通过分立减少自身风险。11Equity Carve-Outs股权分离n Equity carve-out is an IPO of some por

14、tion of the common stock of a wholly owned subsidiaryn 股权分离是指子公司部分普通股进行首次公开发行。n Also referred as “split-off IPOs”n 也称为“分立首次公开发行”。n Resembles seasoned equity offering of the parent in that cash is received from a public sale of equityn 与母公司股票再发行类似，其资金来源于公开销售股票。12n Other changes when subsidiary equity

15、 is “carved out”n 子公司股权分离时引起的其他变化n IPO of common stock of subsidiary initiates public trading in a new and distinct set of equity claims on assets of subsidiaryn 子公司普通股首次公开发售针对子公司资产进行新的明确的股票索取权的公开交易。n Management system for operating the assets is likely to be restructuredn 资产运营管理系统可能需要重构。n Public ma

16、rket value for operations of subsidiary becomes establishedn 建立子公司运营的公开市场价值n Financial reports are issued on the subsidiary operationsn 根据子公司的运营状况编制财务报告13n Equity carve-outs can be used by a firm to raise equity funds directly related to the operation of a particular segment or industryn 股权分割可用于公司为特

17、定项目或行业的运行直接筹集股权资金。n Equity carve-outs also used as first step in spin-off and split-upsn 股权分割也常常是公司分立和新设分立母公司清算解散的第一步。14n Comparison to spin-off 与公司分立对比n Similar to voluntary spin-off in that it results in subsidiarys equity claims traded separately from the equity claims on the parent entityn 股权分离与

18、公司自愿分立相似，二者均导致子公司独立于母公司进行资产索取权交易。n Differences区别n In spin-off a distribution is made pro rata to shareholders of parent firm as dividend; in equity-carve-out, stock of subsidiary is sold in public markets for cash which is received by parentn 公司分立时，股息按母公司股东的持股比例分配；股权分离时，子公司的股份公开市场出售，所得资金由母公司获得。n In

19、spin-off, parent firm no longer has control over subsidiary assets; in carve-out, parent generally sells only minority interest in subsidiary and maintains control over subsidiary assets and operationsn 在公司分立中，母公司不再控制子公司的资产；而股权分离中，母公司通常仅出售子公司的少数股权，并持续控制子公司的资产和运作。15nComparison to divestitures与资产剥离比较n

20、Similar in that cash is received相同点在于均获得资金nDifferences区别nDivestiture is usually to another companyn 资产剥离通常是将资产出售给另外的公司。nControl over assets sold is relinquished by parent-seller and trading of subsidiary is not initiatedn 母公司出售方放弃了售出资产的控制权，不构成发起子公司的交易。16n Transaction examples 实际案例n GM-Delphin In Aug

21、ust 2019, the GM board of directors voted to separate Delphi from GMn 98年8月，GM董事会决定将Delphi从GM中分立出来。n In February 2019, Delphi completed its IPO of 100,000,000 shares of common (17.7% equity carve-out) while GM held remaining 465,000,000 (82.3%) of Delphis outstanding stockn 99年2月，Delphi成功发行1亿股普通股分离股

22、权17.7%），GM持有Delphi其余的股权，占Delphi总股本的82.3%。n In April 2019, board of directors approved spin-off of 452,565,000 of GMs Delphi shares through a dividend of 0.7 shares of Delphi for one share of GM common stockn 99年4月，公司董事会同意分割GM持有的Delphi 股4.52565亿股，通过每10股Delphi 换7股GM的股权置换方式实现。n Remaining 12,435,000 of

23、GMs shares were contributed to the General Motors Welfare Benefit Trustn GM公司其余的股份1243.5万股由GNWBT持有。n Delphi became a fully independent, publicly traded company (split-up) after the spin-off n 公司分立后，Delphi 成为完全独立的公开营运的公司。17- DuPont-Conoco- DuPont bought Conoco in 1981 DuPont公司于1981年收购Conoco- On May 1

24、2, 2019, DuPont announced it would divest itself of 20% of its Conoco oil subsidiary and subsequently spin-off remainder- 98年5月12日，DuPont 宣布剥离所持有的Conoco石油公司20的股权，随后对其余的进行公司分立。- In initial IPO, DuPont sold 150 million A shares which carried one vote- 首次新股发行中，DuPont出售了150000000股A股，每股含一票表决权。- Spin-off

25、of remainder of Conoco was accomplished by a share exchange in which for each share of DuPont stock, holder could receive 2.95 shares of class B stock of Conoco- 其余的Conoco 股份分立通过股权置换实现，即DuPont股每股持有者能够持有2.95股 Conoco股B股。- Class B stock was identical to class A stock except that each share carried 5 vo

26、tes除了A股每股带有5票表决权外，A股与B股在其他方面相同。- GM paid Delphis shares as a dividend; to obtain Conoco shares, DuPont shareholders had to exchange their DuPont shares- GM支付Delphi股作为股利；DuPont股东为获得Conoco股，必须以其DuPont股进行交换。- Share exchange method allowed DuPonts shareholders to choose whether they wanted to invest in

27、the chemical industry versus petroleum industry- 股权置换方式允许DuPont的股东选择是投资于化工行业还是石油行业。18n Carve-out event returns股权分离收益n Market reaction not easily predictable since equity carve-outs have characteristics in common with spin-offs, divestitures, and seasoned equity issuesn 由于股权分离具有公司分立、资产剥离和股票再发行等相同的特点，

28、故市场反应不易预测。n Spin-offs abnormal returns to parent firm of 2- 3% on averagen 公司分立母公司平均超额收益2-3n Divestitures gains to selling firm of 1-2% on averagen 资产剥离资产售出公司平均盈利1-2% n Seasoned equity issues negative residuals of 2-3% on announcementn 再次发行股票公告后，2-3%的负收益n Event returns +2 - +5%n 股权分离收益2-5% 19n Perfo

29、rmance studies of carve-outsn 股权分离的绩效研究n Vijh (2019)n Compared performance of carve-outs to several benchmarks carve-outs did not underperform benchmarksn 相对于股权分离的绩效评估标准，其业绩表现均优于标准。n Carve-outs earned an annual raw return of 14.3% during first three years contrast to poor performance of IPOs which h

30、ave annual return of 3.4%n 股权分离在前三年内可以获得14.3的年收益率对比新股发行，其表现仅为3.4的年收益率。n Average initial listing-day returns for carve-outs of 6.2%, with median of 2.5% much smaller than 15.4% for IPOsn 股权分离公司初始上市日的平均收益率为6.2，一般为2.5% 比首次发行新股的15.4收益率小很多。20uPossible performance explanations股权分离绩效的解释uParent firms tend t

31、o be relatively unfocused carve-outs are an opportunity to improve focusu 母公司相对趋于经营分散化，股权分离是改善投资分散，促进主业突出的良机。uSubsidiaries gain partial freedom to pursue own activities u 子公司赢得部分自主权来从事自身的业务活动。uAllen (2019)uExamined performance of equity carve-outs at Thermo Electron在TE公司调查股权分离的绩效。uThermo Electron ha

32、s performed well since program implementation u TE公司自分离计划成功完成后，运转良好。u$100 invested in firm in 1983 would have appreciated to $1,667 by end of 2019 u 公司1983年投资的100元到2019年底增值为1667元。uContrast to industry index which grew to $524, and S&P 500 which grew to $381u 相对工业指数，增长524元，相对S&P 500 增长381元。21

33、 Tracking Stock追踪股n Tracking stocks are separate classes of common stock of parent corporationn 追踪股是母公司普通股的分离类型。n First issued in 1984 by GM in connection with its acquisition of EDSn 1984年GM公司在收购EDS公司时首次发行追踪股n Also known as letter stock, targeted stock, and designer stocksn 也称为存信股，目标股或设计股22n Compan

34、ys business operations are split into two or more common equity claims, but businesses remain as wholly owned segments of single parentn 公司的业务运作分为两个或更多个资产，但是总体上仍是母公司所属的各个部分。n Each tracking stock is regarded as common stock of consolidated company and not of subsidiaryn 每一支追踪股被视为原有公司的普通股，而不是子公司的普通股。n

35、 Tracking stock company is usually assigned its own distinctive namen 追踪股公司常常具有极具特色的名字。23n Tracking stock trades separately from parent company so that dividends paid to shareholders can be based on cash flows of tracking company alonen 追踪股公司独立于母公司开展业务，所以单独依据其现金流向股东支付股息。n Compensation of tracking co

36、mpanys managers can be based on financial results and stock price of tracking stockn 追踪股公司经理人的报酬依据追踪股的股价和公司的财务状况确定。n 80% of firms issuing tracking stocks use a dividend process but some firms use the issuance of tracking stock as a source of cashn 发行追踪股的公司80%是为了利用股息，但也有一部分公司是为了获取资金。24nComparison to

37、dual-class stock and spin-offs对比双重投票权股票和公司分立nDual-class stocks双重投票权股票nIn dual-class stocks, class A generally has one vote per share versus five or more per share for class B, but class A has higher allocations of dividendsn 在双重投票权股票中，A股相对B股通常每股有一票表决权，而B股每股有五票或更多的表决权，但A股的股息分配较高。nTracking stock has s

38、ame voting rights as shareholders who hold stock in parentn 追踪股与母公司股票持有股东具有同样的表决权。25- Spin-off 公司分立- Similar to spin-off in that financial results of parent and subsidiary are reported separately- 与公司分立类似，母公司和子公司分别编制各自的财务报告。- Different in that spin-off is a separate entity with its own board of dire

39、ctors and shareholders who can vote for board of their separate company but not for the parent- 区别在于，分立公司是一个有自己的董事会和股东的独立实体，其股东只对本公司有表决权，而对母公司没有表决权。- In spin-off, initial assignment of assets and other relationships are defined, thereafter they are independent entities- 公司分立时，初始资产和其他关系是确定的，但公司成立之后，分

40、立公司是独立实体。- In tracking stock, board of parent continues to control activities of tracking segment 在发行追踪股票的重组中，母公司董事会继续控制追踪部分的活动。26n Benefits and limitations优点与局限性n Benefits 优点n Tax-free issuance 免税发行追踪股票n Financial markets can value different businesses based on their own performancen 金融市场可以根据不同行业自身

41、的业绩对其进行估价。n Analysts coverage likely to be improved完善分析家的业务范围n Stock-based management incentive programs can be related to each tracking business unitn 基于股票的管理激励项目与追踪业务相联系。n Investors are provided with quasi-pure play opportunitiesn 为投资者提供绝佳的投资机会。n Increase flexibility in raising equity capitaln 增加筹集权益资本的灵活性。n Provides alternative types of a