企业重组的主要模式(ppt 52页)

企业重组的主要模式目录：
一、为什么重组?
二、主要重组模式

 

企业重组的主要模式内容提要：
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。
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.
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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