公司重组
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》
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• 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)
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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
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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 , 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.
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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
Data”resource-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
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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。
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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。
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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
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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。
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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
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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
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二. 主要重组模式
业务出售（Sell-off /
Divestiture）
出售资产/业务获得现金
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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
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Recapitalization-
• 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.
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• 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.
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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
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分立（Spin-off）
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部门A
占公司利润比例：%
平均行业市盈率：10
部门B
占公司利润比例：%
平均行业市盈率：8
部门C
占公司利润比例：%
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
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甲公司甲公司
税后收入：税后收入：88万元万元
占原公司收入比例：占原公司收入比例：80%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
21
• 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
22
• 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 company's
existing shareholders or sold.
23
• 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.
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• 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 shareholder's holdings,
since it might be valued at little or nothing
as part of the current corporate whole.
25
• 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.
26
• 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
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• 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.
28
• August 10, 2000, Energy marketer Enron
Corp has announced it has no plans to spin
off its broadband communications business
as a separate company,
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股权切离（Equity Carve-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
30
• 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,
31
Thermo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。
6/83 Thermedics公司发售750000股的新股，价格为美元/股，在8/83年完成。
5/85 Thermedics出售373000股库存股票，价格为美元/股。
9/85 Thermo 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股以美元/股的价格出售给Venrock Associates。
6/86 Thermo 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。
5/87 Tecogen公司（已更名为Thermo Power)发售1500000股的新股，价格为美元/股，在6/87年完成。
10/88 Thermo CardioSystems公司（Thermedics公司的子公司）发售1800000股的新股，价格为美元/股，在
1/89年完成。
4/90 将200000股股票出售给Crescent Ltd.，价格为美元/股
5/90 将Thermo Energy Systems公司的1125000股股票以美元/股的价格出售给未公开的投资者。
32
33
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 34
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。
35
• “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。
36
• 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。”
37
定向股票
(Targeted Stock /Tracking Stocks
)
38
Corporation
Corporation’s
Existing Common
Stock
Business
A
Business
B
Corporation’s
Existing Debt
Valuation based on
performance of both
Business A and B
Voting power
(6)(5)(4)(3) (1) What is Targeted Stock (2)
39
(6)(5)(4)(3) (1) What is Targeted Stock (2)
Corporation
Corporation’s
Targeted Stock
A
Business
A
Business
B
Corporation’s
Existing Debt
Valuation based
on performance
of Business A
Shared
Voting
power
Corporation’s
Targeted Stock
B
Valuation based
on performance
of Business B
40
• 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.
41
• An option for future restructuring
A targeted business may be
– spun off,
– sold in a public offering, or
– divested
at any time at the company’s option.
42
Advantages 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.
43
• the biggest reason for issuing tracking stock
is the potential to goose the parent‘s 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.
44
• 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.
45
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48
• 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&T's
wireless services businesses.
• MCI Worldcom Considers Issuing Tracking
Stock Posted February 13, 2000
49
Major spin-offs, carve-outs, and tracking
stocks
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