公司重组的管理模式

公司重组公司重组 2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?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)基于监管规那么，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，Dell51.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):82-110.6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 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 enough financial resources to do so.BELEN VILLALONGA,2001,Harvard University.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。82.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。93.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104.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。115.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；或者内部管理职责不清，企业之间权利冲突，增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126.公司股权分散，管理层与股东利益严重不一致，经营本钱高昂，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16Recapitalization-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.17 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.18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19分立Spin-off 20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.21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结构22 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 23 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 companys existing shareholders or sold.24 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.25 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 shareholders holdings,since it might be valued at little or nothing as part of the current corporate whole.26 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.27 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 Spin-offs 28 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.29 August 10,2000,Energy marketer Enron Corp has announced it has no plans to spin off its broadband communications business as a separate company,.30股权切离Equity Carve-out 将业务单元通过IPO出售局部股权，获得现金，仍然保持控制权31 Equity 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 company,32Thermo电子公司交易大事记月/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Tecogen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。3334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美元购置了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&P35惠普业务分拆惠普业务分拆 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，以鼓励投资者的信心，提升低迷的股价。在过去一部门，以鼓励投资者的信心，提升低迷的股价。在过去一年中，美林是惠普的投行业务参谋。年中，美林是惠普的投行业务参谋。米卢诺维奇认为，公司长期低迷的股价说明，惠普尚未完米卢诺维奇认为，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。从全取得投资者的信心。从2001年年9月月4日公司宣布与康柏并日公司宣布与康柏并购案以来，股票价格下跌了购案以来，股票价格下跌了8%，而同期标准普尔，而同期标准普尔500指数指数仅下降了一个百分点。仅下降了一个百分点。股票市场表现不佳的原因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惠普目前在产品市场处于受挤压状态状态:高端的电脑硬件与效劳有高端的电脑硬件与效劳有IBM竞争，低端市场面临着竞争，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。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。维奇同时认为，现在考虑分拆正是时机。当惠普的当惠普的PC业绩不佳时，图像与打印设备曾经是业绩不佳时，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务的丰厚回报来填补PC业务的亏损。业务的亏损。随着随着PC产业的复苏，需求趋于稳定，惠普产业的复苏，需求趋于稳定，惠普PC硬件硬件业务已连续两年盈利。业务已连续两年盈利。2002年扭亏为盈，年扭亏为盈，2003年年惠普惠普PC带来的每股净收益为带来的每股净收益为37美分，预计美分，预计2004年年可达可达50美分。美分。37 米卢诺维奇建议：米卢诺维奇建议：“选择一，如选择一，如PC业务业务可以自给自足，分拆打印机业务可充分可以自给自足，分拆打印机业务可充分表达公司价值；选择二，如果表达公司价值；选择二，如果PC业务入业务入不敷出，那么应分拆不敷出，那么应分拆PC部门，防止拖累部门，防止拖累图像打印业务。图像打印业务。惠普公司不置可否，惠普公司不置可否，“公司相信目前的公司相信目前的业务组合是正确的，有能力支持公司的业务组合是正确的，有能力支持公司的稳定增长和盈利。稳定增长和盈利。38定向股票(Targeted Stock/Tracking Stocks)39CorporationCorporationsExisting CommonStockBusinessABusinessBCorporationsExisting DebtValuation based onperformance of bothBusiness A and BVoting power(6)(5)(4)(3)(1)What is Targeted Stock (2)40(6)(5)(4)(3)(1)What is Targeted Stock (2)CorporationCorporationsTargeted StockABusinessABusinessBCorporationsExisting DebtValuation basedon performanceof Business ASharedVotingpowerCorporationsTargeted StockBValuation basedon performanceof Business B41 Tracking stocks represent shares that are still joined at the hip to the parent(there is no legal separation of the assets or liabilities).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.42 An option for future restructuringA targeted business may be spun off,sold in a public offering,or divestedat any time at the companys option.43Advantages 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.44 the biggest reason for issuing tracking stock is the potential to goose the parents stock price.Companies often feel that Wall Street analysts and investors incorrectly value captive subsidiaries that are overshadowed by the parent.So investment bankers tell them that the creation of a tracking stock highlights pure-plays that can be valued higher by the market.45 Tracking deals are least favorite restructuring technique.Tracking stocks have inferior shareholder rights and the potential for serious conflict of interest issues.We believe the biggest drawback with tracking issues is that they are immune from takeovers.46474849 AT&T shareholders approve wireless tracking stock Posted March 16,2000,the creation of a tracking stock that will reflect the economic performance of AT&Ts wireless services businesses.MCI Worldcom Considers Issuing Tracking Stock Posted February 13,2000 50Major spin-offs,carve-outs,and tracking stocks51.52