重组模式ppt课件

1、公司重组 2主要重组方式业务出卖Sell-off / Divestiture 资产互换Asset Exchange,or Swap 分立Spin-off 股权切离Equity Carve-out 定向股票Targeted StockLBO/MBO：回购股票，私有化 重组目的：获取股票市场重新信任 参考书:3以改善公司治理和产权改革为目的的重组(LBO/MBO，改善鼓励以提高运营效率为目的的重组(业务流程优化重组，提高运营效率)基于产能过度的重组(退出过度才干，限制恶性竞争)基于资本市场估价理念偏好变化的重组(业务收益的风险构造重组，匹配投资者的风险收益偏好)基于监管规那么，改善上市公司融资功能

2、的重组(资产置换，买壳)4一. 为什么重组?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 , 添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)。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 Est

3、ablishment-Level Dataresource-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

4、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添加信息披露，使投资分析家和股票市场所理估价。72.公司不同业务增长才干和增长潜力差别甚大，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。83. 公司下属业务遭到股票市场的追捧程度不同。某些业务的概念和生长潜力为股票市场特别追捧。处理方案：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。 处理方案：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，产生了负面的管理鼓励效果；或者内部管理职责

5、不清，企业之间权益冲突，添加管理本钱和管理控制问题，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，运营本钱高昂，管理层浪费公司自在现金流，外部公众投资者无可奈何。 处理方案：LBO/MBO二. 主要重组方式13业务出卖Sell-off / Divestiture 出卖资产/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15RecapitalizationRecapitalizations are a method of selling a company that can

6、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 commo

7、n 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

8、/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

9、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甲公司不同部门表示图20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%在公司分立之后的公司构造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

10、, 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

11、 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

12、 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

13、 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 busi

14、ness, 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

15、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.28股权切离Equity Carve-out 将业务单元经

16、过IPO出卖部分股权，获得现金，依然坚持控制权29Equity 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 a majority interest in the new co

17、mpany,30Thermo电子公司买卖大事记月/年事件1/80在公开发售中售出585000股库存股票，价格为27.25美元/股。5/83将Thermedics公司的80000股以8美元/股的价格出售给Venrock Associates。6/83Thermedics公司发售750000股的新股，价格为9.5美元/股，在8/83年完成。5/85Thermedics出售373000股库存股票，价格为12.5美元/股。9/85Thermo Analytical公司（已更名为Thermo Environmental)发售1350000股新股，价格为7美元/股，在11/85年完成。9/85将Tecog

18、en公司（已更名为Thermo Power)的250000股以4.44美元/股的价格出售给Venrock Associates。6/86Thermo Process Systems公司（已更名为Thermo TerraTech)以及Thermo Instrument Systems公司分别发售1000000股和1500000股的新股，价格分别为6美元/股和8美元/股，在8/86年完成。5/87Tecogen公司（已更名为Thermo Power)发售1500000股的新股，价格为8.5美元/股，在6/87年完成。10/88Thermo CardioSystems公司（Thermedics公司的

19、子公司）发售1800000股的新股，价格为8.5美元/股，在1/89年完成。4/90将200000股股票出售给Crescent Ltd.，价格为29.35美元/股5/90将Thermo Energy Systems公司的1125000股股票以7.75美元/股的价格出售给未公开的投资者。3132注：指数计算从公司第一次股权切离买卖的1983年8月10日开场，假设当天投资者用100美圆购买了Thermo电子公司股票、按照市值平均计算的与公司规模接近的行业公司价值和规范普尔500指数。股票价钱经过复权。数据来源：Bloomberg、S&P33惠普业务分拆美林证券知名分析师米卢诺维奇建议惠普分拆打印机

20、或PC部门，以鼓励投资者的自信心，提升低迷的股价。在过去一年中，美林是惠普的投行业务顾问。米卢诺维奇以为，公司长期低迷的股价阐明，惠普尚未完全获得投资者的自信心。从2001年9月4日公司宣布与康柏并购案以来，股票价钱下跌了8%，而同期规范普尔500指数仅下降了一个百分点。 股票市场表现不佳的缘由: 惠普目前在产品市场处于受挤压形状: 高端的电脑硬件与效力有IBM竞争，低端市局面临着戴尔的要挟。而且，戴尔曾经进入了打印机市场，将要挟惠普的传统领地。 34“惠普打印机业务在业界的位置无人可及，对于新兴印刷市场的开辟非常胜利，且目前在书籍报刊领域仍有具有宽广的市场增长空间。但米卢诺维奇同时以为，如今

21、思索分拆正是时机。当惠普的PC业绩不佳时，图像与打印设备曾经是公司稳定的利润来源。惠普过去不断用打印机业务的丰厚报答来填补PC业务的亏损。随着PC产业的复苏，需求趋于稳定，惠普PC硬件业务已延续两年盈利。2002年扭亏为盈，2003年惠普PC带来的每股净收益为37美分，估计2004年可达50美分。 35米卢诺维奇建议：“选择一，如PC业务可以自给自足，分拆打印机业务可充分表达公司价值；选择二，假设PC业务入不敷出，那么应分拆PC部门，防止拖累图像打印业务。 惠普公司不置可否，“公司置信目前的业务组合是正确的，有才干支持公司的稳定增长和盈利。 36定向股票(Targeted Stock /Tra

22、cking Stocks ) 37CorporationCorporationsExisting CommonStockBusinessABusinessBCorporationsExisting DebtValuation based onperformance of bothBusiness A and BVoting power(6)(5)(4)(3) (1)What is Targeted Stock (2)38(6)(5)(4)(3) (1)What is Targeted Stock (2)CorporationCorporationsTargeted StockABusiness

23、ABusinessBCorporationsExisting DebtValuation basedon performanceof Business ASharedVotingpowerCorporationsTargeted StockBValuation basedon performanceof Business B39Tracking stocks represent shares that are still joined at the hip to the parent (there is no legal separation of the assets or liabilit

24、ies). The parent and tracking stock operate under one management team and one board of directors, even though the tracking stock finances are reported separately from the parent. 40An option for future restructuringA targeted business may bespun off,sold in a public offering, ordivestedat any time a

25、t the companys option.41Advantages of Tracking stocks over spin-offs (to the issuer) Always a tax-free procedure and if either of the two units were losing money, the earnings from one would offset the losses of the other for tax purposes. Borrowing costs for the tracker are usually lower because it relies on its parent has higher credit rating. Overhead costs are lower than if the two were separate. If synergies exist between the parent and the tracker, there are added benefits.42the biggest reason for issuing tracking stock is the potential to goose the parents stoc