公司重组模式.ppt

公司重组,2,主要重组方式一览,业务出售（Sell-off/Divestiture）资产互换（AssetExchange,orSwap）换股（Split-off/up）分立（Spin-off）股权切离（EquityCarve-out）定向股票（TargetedStock）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AnalystSpecialization,增加了投资分析家和投资者对公司估值难度,导致ConglomerateStockBreakups/股票市场低估(Discount)。Gilson,S.C.,P.M.Healy,ChristopherF.Noe,andK.G.Palepu.AnalystSpecializationandConglomerateStockBreakups.JournalofAccountingResearch39,no.3(December2001).Gilson,S.C.AnalystsandInformationGaps:LessonsFromtheUALBuyout.FinancialAnalystsJournal56,no.6(November/December2000):82-110.,6,多元化企业市值:DiscountorPremium?,diversifiedfirmstradeatasignificantpremium.“DiversificationDiscountorPremium?NewevidencefromBITSEstablishment-LevelData”resource-basedtheoryofdiversificationaswellinthatfirmsaremorelikelytodiversifywhenfacedwithopportunitiesforexploitingpotentialsynergiesandwhentheyhaveenoughfinancialresourcestodoso.BELENVILLALONGA,2001,HarvardUniversity,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。,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。解决方案：LBO/MBO,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（AssetExchange）,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-,Recapitalizationsareamethodofsellingacompanythatcantakevariousforms.Generally,theyareaccomplishedbytherepurchaseofamajorityofthecommonstockbyeitheracompanyorathirdpartyinexchangeforcashorsecurities.,17,Inthecontextofapubliccompany,thetransactioniscommonlystructuredasthesaleorrepurchaseof90%ofthecommonstockratherthananoutrightpurchaseinordertoavoidtraditionalpurchaseaccountingtreatmentandresultinggoodwillamortization.Theequitythatisremainingaftertherecapitalizationisoftentermedastub.,18,19,分立（Spin-off）,20,21,22,Purespin-off:aparentcompanydistributes100%ofitsownershipinterestsinasubsidiaryoperationasadividendtoitsexistingshareholders.Afterthespin-off,therearetwoseparate,publiclyheldfirmsthathaveexactly,23,Spin-offscantakemanyformsbuttheendresultisthesame:Acorporationtakesasubsidiary,division,orpartofitsbusinessandseparatesitfromtheparentcompanybycreatinganew,independent,free-standingcompany.Inmostcases,sharesofthenewentityaredistributedtotheparentcompanysexistingshareholdersorsold.,24,WhySpin-off?Unrelatedbusinessesmaybeseparated.Forexample,adiversifiedcompanymayhaveafastgrowingsoftwareorInternetbusinessthatislargelyignoredornotvaluedbythemarketbecauseitisasmallpartofalargecompany.Thefastgrowingdivisionwouldlikelygarnerarichervaluation(P/Emultiple)asastand-alonebusiness.,25,Highlydiversifiedcompanies(conglomerates)oftentradeatadiscount(reflectingtheforcedpurchaseofunwantedbusinesses.Thus,thespin-offofsuchabusinesscouldenhancethetotalvalueoftheparentshareholdersholdings,sinceitmightbevaluedatlittleornothingaspartofthecurrentcorporatewhole.,26,Spin-Offsoftenresultinahigheraggregatevaluefortheconstituentpieces.Manydiversifiedcompaniesareelectingtospinoffpartsoftheirbusiness,findingthatthisrestructuringtechniquecancreatesignificantvalueforshareholders.,27,Sometimes,themotivationforaspin-offcomesfromthedesiretoseparateapoororunderperformingbusinesssothatanuntarnishedgoodbusinesscanshinethroughtoinvestors.PortfolioManagementforCorporateSpin-offs,28,March1,2000,LucentTechnologiesInc.announceditwouldspinoffthreebusinesses-itsPBX,orcompanyswitchboard,operations;Systimax,whichmakescablingsystemsforcorporatecampuses;anditslocal-areanetwork,orLAN-based,databusiness.,29,August10,2000,EnergymarketerEnronCorphasannouncedithasnoplanstospinoffitsbroadbandcommunicationsbusinessasaseparatecompany,30,股权切离（EquityCarve-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,EquityCarve-outs(PartialSpin-Off)theparentcorporationsellstothepublicaninterestoflessthan20%inthenewsubsidiaryinaSECregisteredpublicoffering(IPO)forcashproceeds.Often,anIPOinwhichtheparentcompanyretainsamajorityinterestinthenewcompany,32,Thermo电子公司交易大事记,33,34,注：指数计算从公司第一次股权切离交易的1983年8月10日开始，假设当天投资者用100美元购买了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标准普尔500指数。股票价格经过复权。数据来源：Bloomberg、S&P,35,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或PC部门，以激励投资者的信心，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。米卢诺维奇认为，公司长期低迷的股价说明，惠普尚未完全取得投资者的信心。从2001年9月4日公司宣布与康柏并购案以来，股票价格下跌了8%，而同期标准普尔500指数仅下降了一个百分点。股票市场表现不佳的原因:惠普目前在产品市场处于受挤压状态:高端的电脑硬件与服务有IBM竞争，低端市场面临着戴尔的威胁。而且，戴尔已经进入了打印机市场，将威胁惠普的传统领地。,36,“惠普打印机业务在业界的地位无人可及，对于新兴印刷市场的开拓非常成功，且目前在书籍报刊领域仍有具有广阔的市场增长空间。”但米卢诺维奇同时认为，现在考虑分拆正是时机。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。惠普过去一直用打印机业务的丰厚回报来填补PC业务的亏损。随着PC产业的复苏，需求趋于稳定，惠普PC硬件业务已连续两年盈利。2002年扭亏为盈，2003年惠普PC带来的每股净收益为37美分，预计2004年可达50美分。,37,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体现公司价值；选择二，如果PC业务入不敷出，则应分拆PC部门，避免拖累图像打印业务。”惠普公司不置可否，“公司相信目前的业务组合是正确的，有能力支持公司的稳定增长和盈利。”,38,定向股票(TargetedStock/TrackingStocks),39,Corporation,CorporationsExistingCommonStock,BusinessA,BusinessB,CorporationsExistingDebt,ValuationbasedonperformanceofbothBusinessAandB,Votingpower,(6),(5),(4),(3),(1),WhatisTargetedStock(2),40,(6),(5),(4),(3),(1),WhatisTargetedStock(2),Corporation,CorporationsTargetedStockA,BusinessA,BusinessB,CorporationsExistingDebt,ValuationbasedonperformanceofBusinessA,SharedVotingpower,CorporationsTargetedStockB,ValuationbasedonperformanceofBusinessB,41,Trackingstocksrepresentsharesthatarestilljoinedatthehiptotheparent(thereisnolegalseparationoftheassetsorliabilities).Theparentandtrackingstockoperateunderonemanagementteamandoneboardofdirectors,eventhoughthetrackingstockfinancesarereportedseparatelyfromtheparent.,42,AnoptionforfuturerestructuringAtargetedbusinessmaybespunoff,soldinapublicoffering,ordivestedatanytimeatthecompanysoption.,43,AdvantagesofTrackingstocksoverspin-offs(totheissuer),Alwaysatax-freeprocedureandifeitherofthetwounitswerelosingmoney,theearningsfromonewouldoffsetthelossesoftheotherfortaxpurposes.Borrowingcostsforthetrackerareusuallylowerbecauseitreliesonitsparenthashighercreditrating.Overheadcostsarelowerthanifthetwowereseparate.Ifsynergiesexistbetweentheparentandthetracker,thereareaddedbenefits.,44,thebiggestreasonforissuingtrackingstockisthepotentialtogoosetheparentsstockprice.Companiesoftenfeeltha