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1、Corporate Assets Restructuring公司资产重组,Corporate assets Restructuring and Ownership Relationships公司资产重组与所有权关系,Spin-Offs公司分立（拆分上市）,Company owns or creates a subsidiary whose shares are distributed on a pro rata basis to shareholders of parent company 公司拥有或创建子公司，其股份由母公司股东按比例持有。Subsidiary becomes publicl
2、y owned corporation 子公司成为公众持股公司,Parent company often will retain from 10%to under 20%of shares of the new subsidiary 母公司通常保留新设子公司10%20%的股份。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-out 在公司分立首次公开发行中，通常有20%的
3、新股出售这种交易称之为股权分离。,Event return studies of spin-offs 分立对收益的影响Significant positive 3-5%abnormal return to parent shareholders 分立对母公司股东产生35%的超额收益。Size of announcement effect positively related to size of spin-off 分立公告效应与公司分立的程度成正比。Spin-offs to avoid regulation experienced abnormal returns of 5-6%as comp
4、ared to 2-3%for the remainder of the sample 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No adverse effect on bondholders 对公司债券持有者没有负面影响。,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 effects disap
5、pear 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 for positive abno
6、rmal returns 进一步参与后续重组的公司获得超额收益。,Performance studies of spin-offs 公司分立绩效研究Bregman Annualized returns were 31.8%,18 points better than S&P 500 年平均收益率为31.8，高于标准普尔500指数18个百分点。Karen and Eric WruckSpin-offs outperformed overall stock market分立公司表现优于股票市场的总体表现。Few spectacular performances dominated results分
7、立公司的业绩表现特别突出的很少。Forbes study财富杂志研究表明Combined stock performance of parent and spin-off母公司和分立子公司的总体股价表现40%did better than S&P 500 有40优于S&P 500指数的表现60%underperformed 有60表现不佳,Anslinger,Klepper,and Subramaniam(1999)Sample of 12 spin-offs achieved returns over a two-year period of 26.9%compared to 17.2%fo
8、r 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 low 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。Re
9、sults should be related to industry peers 分立结果与同行业前景有关。,Tax aspects of spin-offs 公司分立的税收Spin-off qualify for tax-exempt status if parent company own 80%of voting subsidiary stock 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资格。Spin-off transactions 公司分立的业务处理Companies spin off with two classes of stock 公司分立中的两类股票Pare
10、nt sells nonvoting class of stock in public offering and then spins off voting stock tax free 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。Parent can do an equity carve-out of 20%of the voting stock,spin off 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。,Compan
11、ies create new subsidiary 公司新设立子公司Parent company creates subsidiary母公司创建子公司Subsidiary has two classes of shares:Class A non-voting,Class B voting 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Parent company owns all B shares母公司持有所有的B股Parent company distribute A shares to its shareholders 母公司股东分散持有子公司A股Parent company
12、may have option to buy back proportion of subsidiarys stock it does not now own 对于母公司有权回购发行在外的子公司股份。Parent company is not required to buy back shares or to put more money into subsidiary 母公司没有子公司股权回购义务，或追加投资义务。Creation of subsidiary allows parent to separate risk of subsidiary business from its core
13、 operations shareholders decide whether to increase or decrease their own risk 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。,Equity Carve-Outs股权分离,Equity carve-out is an IPO of some portion of the common stock of a wholly owned subsidiary 股权分离是指子公司部分普通股进行首次公开发行。Also referred as“split-off IPOs”也称为“分立首次公开
14、发行”。Resembles seasoned equity offering of the parent in that cash is received from a public sale of equity 与母公司股票再发行类似，其资金来源于公开销售股票。,Other changes when subsidiary equity is“carved out”子公司股权分离时引起的其他变化IPO of common stock of subsidiary initiates public trading in a new and distinct set of equity claims
15、 on assets of subsidiary 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。Management system for operating the assets is likely to be restructured 资产运营管理系统可能需要重构。Public market value for operations of subsidiary becomes established 建立子公司运营的公开市场价值Financial reports are issued on the subsidiary operations 根据子公司的运营状况
16、编制财务报告,Equity carve-outs can be used by a firm to raise equity funds directly related to the operation of a particular segment or industry 股权分割可用于公司为特定项目或行业的运行直接筹集股权资金。Equity carve-outs also used as first step in spin-off and split-ups 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。,Comparison to spin-off 与公司分立对比Si
17、milar to voluntary spin-off in that it results in subsidiarys equity claims traded separately from the equity claims on the parent entity 股权分离与公司自愿分立相似，二者均导致子公司独立于母公司进行资产索取权交易。Differences区别In spin-off a distribution is made pro rata to shareholders of parent firm as dividend;in equity-carve-out,stoc
18、k of subsidiary is sold in public markets for cash which is received by parent 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。In 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
19、subsidiary assets and operations 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。,Comparison to divestitures与资产剥离比较Similar in that cash is received相同点在于均获得资金Differences区别Divestiture is usually to another company 资产剥离通常是将资产出售给另外的公司。Control over assets sold is relinquished by parent-seller
20、 and trading of subsidiary is not initiated 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。,Transaction examples 实际案例GM-DelphiIn August 1998,the GM board of directors voted to separate Delphi from GM 98年8月，GM董事会决定将Delphi从GM中分立出来。In February 1999,Delphi completed its IPO of 100,000,000 shares of common(17.7%equity ca
21、rve-out)while GM held remaining 465,000,000(82.3%)of Delphis outstanding stock 99年2月，Delphi成功发行1亿股普通股（分离股权17.7%），GM持有Delphi其余的股权，占Delphi总股本的82.3%。In April 1999,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 comm
22、on stock 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。Remaining 12,435,000 of GMs shares were contributed to the General Motors Welfare Benefit Trust GM公司其余的股份1243.5万股由GNWBT持有。Delphi became a fully independent,publicly traded company(split-up)after the spin-off 公司分立后，Delphi 成为完全
23、独立的公开营运的公司。,DuPont-ConocoDuPont bought Conoco in 1981 DuPont公司于1981年收购ConocoOn May 12,1998,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 shar
24、es 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 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 st
25、ock was identical to class A stock except that each share carried 5 votes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 D
26、uPonts shareholders to choose whether they wanted to invest in 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。,Carve-out event returns股权分离收益Market reaction not easily predictable since equity carve-outs have characteristics in common with spin-offs,divestitures,and
27、 seasoned equity issues 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，故市场反应不易预测。Spin-offs abnormal returns to parent firm of 2-3%on average 公司分立母公司平均超额收益2-3Divestitures gains to selling firm of 1-2%on average 资产剥离资产售出公司平均盈利1-2%Seasoned equity issues negative residuals of 2-3%on announcement 再次发行股票公告后，2-3%的负收益Event
28、returns+2-+5%股权分离收益2-5%,Performance studies of carve-outs 股权分离的绩效研究Vijh(1999)Compared performance of carve-outs to several benchmarks carve-outs did not underperform benchmarks 相对于股权分离的绩效评估标准，其业绩表现均优于标准。Carve-outs earned an annual raw return of 14.3%during first three years contrast to poor performa
29、nce of IPOs which have annual return of 3.4%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。Average initial listing-day returns for carve-outs of 6.2%,with median of 2.5%much smaller than 15.4%for IPOs 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。,Possible performance explanations股权分离绩效的解释Parent firms
30、 tend to be relatively unfocused carve-outs are an opportunity to improve focus 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。Subsidiaries gain partial freedom to pursue own activities 子公司赢得部分自主权来从事自身的业务活动。Allen(1998)Examined performance of equity carve-outs at Thermo Electron在TE公司调查股权分离的绩效。Thermo Electron has
31、 performed well since program implementation TE公司自分离计划成功完成后，运转良好。$100 invested in firm in 1983 would have appreciated to$1,667 by end of 1995 公司1983年投资的100元到1995年底增值为1667元。Contrast to industry index which grew to$524,and S&P 500 which grew to$381 相对工业指数，增长524元，相对S&P 500 增长381元。,Tracking Stock追踪股,Tra
32、cking stocks are separate classes of common stock of parent corporation 追踪股是母公司普通股的分离类型。First issued in 1984 by GM in connection with its acquisition of EDS 1984年GM公司在收购EDS公司时首次发行追踪股Also known as letter stock,targeted stock,and designer stocks 也称为存信股，目标股或设计股,Companys business operations are split in
33、to two or more common equity claims,but businesses remain as wholly owned segments of single parent 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。Each tracking stock is regarded as common stock of consolidated company and not of subsidiary 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。Tracking stock company is usually assigne
34、d its own distinctive name 追踪股公司常常具有极具特色的名字。,Tracking stock trades separately from parent company so that dividends paid to shareholders can be based on cash flows of tracking company alone 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。Compensation of tracking companys managers can be based on financial results
35、 and stock price of tracking stock 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。80%of firms issuing tracking stocks use a dividend process but some firms use the issuance of tracking stock as a source of cash 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。,Comparison to dual-class stock and spin-offs对比双重投票权股票和公司分立Dual-class s
36、tocks双重投票权股票In 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 dividends 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。Tracking stock has same voting rights as shareholders who hold stock in parent 追踪股
37、与母公司股票持有股东具有同样的表决权。,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 directors and shareholders who can vote for board of their separate company
38、 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，分立公司是独立实体。In tracking stock,board of parent continues to control activities of
39、 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。,Benefits and limitations优点与局限性Benefits 优点Tax-free issuance 免税发行追踪股票Financial markets can value different businesses based on their own performance 金融市场可以根据不同行业自身的业绩对其进行估价。Analysts coverage likely to be improved完善分析家的业务范围Stock-based management incentiv
40、e programs can be related to each tracking business unit 基于股票的管理激励项目与追踪业务相联系。Investors are provided with quasi-pure play opportunities 为投资者提供绝佳的投资机会。Increase flexibility in raising equity capital 增加筹集权益资本的灵活性。Provides alternative types of acquisition currency。提供收购资金的其他选择方式。,Limitations局限性Tracking st
41、ock subsidiary is generally subject to will of parent通常，追踪股票子公司要服从母公司的意愿。Potential conflict of interest over cost allocations or other internal transfer transactions 在成本分配或其他内部转让交易方面存在潜在的利益冲突。Tracking stock subsidiary may command less takeover interest because of blurred relationship with parent由于同母
42、公司的关系不明确，发行追踪股票成立的子公司可能获得有限的接管利益。,Price performance股价表现Main determinant is economic characteristics of businesses in which tracking stock subsidiary have been established通过发行追踪股票成立的子公司，其股价主要的决定性因素是该公司所从事行业的经济特性。Combined parent/tracking stock performance has been,with exceptions,superior to performan
43、ce of their peer groups综合母公司和追踪股的股价表现，其总体表现反而优于各自的表现。,Split-Ups 新设分立,Companies split into two or more parts 母公司分裂成两个或更多的公司。Accomplished usually by initial carve-outs,followed by spin-offs of individual parts 通常伴随着初始股权分离，随后是各个公司的分立。,Examples案例Hewlett-Packard and Agilent 惠普和安捷伦公司Bring more focus 引起市场关
44、注Avoid overlap of capabilities 避免能力的重复AT&T restructuring AT&T 公司资产重组Avoid conflicts from AT&Ts role as supplier and competitor in long distance business 避免与公司在长途业务中作为供应者和竞争者的角色相冲突。Improve valuation multiples for core business 提高主营业务价值ITT Corp 美国国际电话电信公司 Attempt to improve share price 努力提高股价Separate poor performers 分离不良资产Resulted in takeover 导致接管,
