企業重組的主要模式(ppt 52頁)

企業重組的主要模式目錄：
一、為什麼重組?
二、主要重組模式

企業重組的主要模式內容提要：
成長型企業業務專一，企業價值增加來自增加主業或相關業務投資，外部公眾股東與內部控股股東利益一致。此時，無重組的外部壓力和內在要求。
1. 公司組合的多元化業務未上市，沒有象專業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)。
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.
多元化企業市值: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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