公司重組的管理模式(存儲版)
【正文】 thing as part of the current corporate whole. 26? SpinOffs often result in a higher aggregate value for the constituent pieces. Many diversified panies 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 spinoff es 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 Spinoffs 28? March 1, 2023, Lucent Technologies Inc. announced it would spinoff three businesses its PBX, or pany switchboard, operations。93. 公司下屬業(yè)務受到股票市場的追捧程度不同。此時，無重組的外部壓力和內(nèi)在要求。 解決方案：大股東回購，甚至退市，不受股票市場評價。5/83 將 Thermedics公司的 80000股以 8美元 /股的價格出售給 Venrock Associates。4/90 將 202300股股票出售給 Crescent Ltd.，價格為 /股5/90 將 Thermo Energy Systems公司的 1125000股股票以 /股的價格出售給未公開的投資者。而且，戴爾已經(jīng)進入了打印機市場，將威脅惠普的傳統(tǒng)領地。 ” ? 惠普公司不置可否， “公司相信目前的業(yè)務組合是正確的，有能力支持公司的穩(wěn)定增長和盈利?；萜者^去一直用打印機業(yè)務的豐厚回報來填補 PC業(yè)務的虧損。在過去一年中，美林是惠普的投行業(yè)務顧問。9/85 將 Tecogen公司（已更名為 Thermo Power)的 250000股以 /股的價格出售給 Venrock Associates。s existing shareholders or sold. 24? Why Spinoff? Unrelated businesses may be separated. For example, a diversified pany may have a fast growing software or Inter business that is largely ignored or not valued by the market because it is a small part of a large pany. The fast growing division would likely garner a richer valuation (P/E multiple) as a standalone business. 25? Highly diversified panies (conglomerates) often trade at a discount (reflecting the forced purchase of unwanted businesses. Thus, the spinoff of such a business could enhance the total value of the parent shareholder39。8大，資本增值風格和風險不一致，使價值型和增長型投資者均不認同，股票市場對公司股票價值產(chǎn)生 discount。 MicroSoft， Dell51. 公司組合的多元化業(yè)務未上市，沒有象專業(yè)化上市公司那樣公開披露信息，信息不充分 ,而 Analyst Specialization , 增加了投資分析家和投資者對公司估值難度 ,導致 Conglomerate Stock Breakups/股票市場低估 (Discount)。11，缺乏透明度，產(chǎn)生了負面的管理激勵效果；或
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