讲义第三部分--公司资产重组.ppt

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 publicly 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3~5%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 compared 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 disappear 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 abnormal 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 SP 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 Wruck Spin-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%