Business Essay代寫:Corporate Restructuring Strategies
Business Essay代寫-企業(yè)重組戰(zhàn)略。本文是一篇留學(xué)生Business Essay寫作范文，主要內(nèi)容是講述公司重組是重新設(shè)計公司一個或多個方面的過程。重組公司的過程可能會因許多不同的因素而實施，例如將公司定位為更具競爭力，在當(dāng)前不利的經(jīng)濟(jì)環(huán)境中生存，或使公司朝著全新的方向前進(jìn)。以下是一些例子，說明為什么會發(fā)生公司重組，以及這對公司意味著什么。下面就一起來看一下這篇Business Essay范文的具體內(nèi)容
Corporate restructuring is the process of redesigning one or more aspects of a company. The process of reorganizing a company may be implemented due to a number of different factors, such as positioning the company to be more competitive, survive a currently adverse economic climate, or poise the corporation to move in an entirely new direction. Here are some examples of why corporate restructuring may take place and what it can mean for the company.
In general, the idea of corporate restructuring is to allow the company to continue functioning in some manner. Even when corporate raiders break up the company and leave behind a shell of the original structure, there is still usually a hope, what remains can function well enough for a new buyer to purchase the diminished corporation and return it to profitability.
總的來說，公司重組的目的是讓公司以某種方式繼續(xù)運(yùn)作。即使當(dāng)企業(yè)掠奪者將公司拆散，留下一個原有結(jié)構(gòu)的外殼時，通常仍有希望，剩下的東西能夠正常運(yùn)作，讓新買家購買被削弱的公司并使其恢復(fù)盈利。
Purpose of Corporate Restructuring –公司重組的目的
To enhance the share holder value, The company should continuously evaluate its:為了提高股東價值，公司應(yīng)持續(xù)評估其
Portfolio of businesses,業(yè)務(wù)組合
Capital mix,資本組合
Ownership &所有權(quán)，以及
Asset arrangements to find opportunities to increase the share holder’s value.資產(chǎn)安排，以尋找增加股東價值的機(jī)會。
To focus on asset utilization and profitable investment opportunities.關(guān)注資產(chǎn)利用率和有利可圖的投資機(jī)會。
To reorganize or divest less profitable or loss making businesses/products.重組或剝離利潤較低或虧損的業(yè)務(wù)/產(chǎn)品。
The company can also enhance value through capital Restructuring, it can innovate securities that help to reduce cost of capital.該公司還可以通過資本重組提高價值，它可以創(chuàng)新有助于降低資本成本的證券。
Corporate Restructuring entails a range of activities including financial restructuring and organization restructuring.公司重組涉及一系列活動，包括財務(wù)重組和組織重組。
1. Financial Restructuring 財務(wù)重組
Financial restructuring is the reorganization of the financial assets and liabilities of a corporation in order to create the most beneficial financial environment for the company. The process of financial restructuring is often associated with corporate restructuring, in that restructuring the general function and composition of the company is likely to impact the financial health of the corporation. When completed, this reordering of corporate assets and liabilities can help the company to remain competitive, even in a depressed economy.
財務(wù)重組是對公司的財務(wù)資產(chǎn)和負(fù)債進(jìn)行重組，以便為公司創(chuàng)造最有利的財務(wù)環(huán)境。財務(wù)重組過程通常與公司重組相關(guān)，因為重組公司的一般職能和組成可能會影響公司的財務(wù)健康。一旦完成，公司資產(chǎn)和負(fù)債的重新排序可以幫助公司保持競爭力，即使在經(jīng)濟(jì)低迷的情況下也是如此。
Just about every business goes through a phase of financial restructuring at one time or another. In some cases, the process of restructuring takes place as a means of allocating resources for a new marketing campaign or the launch of a new product line. When this happens, the restructure is often viewed as a sign that the company is financially stable and has set goals for future growth and expansion.
幾乎每個企業(yè)都會在某個時候經(jīng)歷一個財務(wù)重組階段。在某些情況下，重組過程是為新的營銷活動或新產(chǎn)品線的推出分配資源的一種方式。當(dāng)這種情況發(fā)生時，重組通常被視為公司財務(wù)穩(wěn)定的標(biāo)志，并為未來的增長和擴(kuò)張設(shè)定了目標(biāo)。
Need For Financial Restructuring 財務(wù)重組需求
The process of financial restructuring may be undertaken as a means of eliminating waste from the operations of the company.財務(wù)重組過程可作為消除公司運(yùn)營浪費(fèi)的一種手段。
For example, the restructuring effort may find that two divisions or departments of the company perform related functions and in some cases duplicate efforts. Rather than continue to use financial resources to fund the operation of both departments, their efforts are combined. This helps to reduce costs without impairing the ability of the company to still achieve the same ends in a timely manner
例如，重組工作可能會發(fā)現(xiàn)公司的兩個部門或部門履行相關(guān)職能，在某些情況下會重復(fù)工作。與其繼續(xù)使用財政資源為兩個部門的運(yùn)作提供資金，不如將它們的努力結(jié)合起來。這有助于降低成本，同時不影響公司及時實現(xiàn)相同目標(biāo)的能力
In some cases, financial restructuring is a strategy that must take place in order for the company to continue operations. This is especially true when sales decline and the corporation no longer generates a consistent net profit. A financial restructuring may include a review of the costs associated with each sector of the business and identify ways to cut costs and increase the net profit. The restructuring may also call for the reduction or suspension of production facilities that are obsolete or currently produce goods that are not selling well and are scheduled to be phased out.
在某些情況下，財務(wù)重組是公司繼續(xù)運(yùn)營所必須采取的戰(zhàn)略。當(dāng)銷售額下降，公司不再產(chǎn)生穩(wěn)定的凈利潤時，情況尤其如此。財務(wù)重組可能包括審查與每個業(yè)務(wù)部門相關(guān)的成本，并確定降低成本和增加凈利潤的方法。重組還可能要求減少或暫停陳舊的生產(chǎn)設(shè)施，或目前生產(chǎn)的商品銷售不佳，計劃逐步淘汰。
Financial restructuring also take place in response to a drop in sales, due to a sluggish economy or temporary concerns about the economy in general. When this happens, the corporation may need to reorder finances as a means of keeping the company operational through this rough time. Costs may be cut by combining divisions or departments, reassigning responsibilities and eliminating personnel, or scaling back production at various facilities owned by the company. With this type of corporate restructuring, the focus is on survival in a difficult market rather than on expanding the company to meet growing consumer demand.
由于經(jīng)濟(jì)低迷或?qū)傮w經(jīng)濟(jì)的暫時擔(dān)憂，銷售下降也會導(dǎo)致金融重組。當(dāng)這種情況發(fā)生時，公司可能需要重新安排財務(wù)，以保持公司在這段艱難時期的運(yùn)營。可以通過合并部門或部門、重新分配職責(zé)、裁減人員或縮減公司擁有的各種設(shè)施的生產(chǎn)規(guī)模來削減成本。通過這種類型的公司重組，重點是在困難的市場中生存，而不是擴(kuò)大公司以滿足不斷增長的消費(fèi)者需求。
All businesses must pay attention to matters of finance in order to remain operational and to also hopefully grow over time. From this perspective, financial restructuring can be seen as a tool that can ensure the corporation is making the most efficient use of available resources and thus generating the highest amount of net profit possible within the current set economic environment.
所有企業(yè)都必須關(guān)注財務(wù)問題，以保持運(yùn)營，并希望隨著時間的推移不斷增長。從這個角度來看，財務(wù)重組可以被視為一種工具，它可以確保公司最有效地利用現(xiàn)有資源，從而在當(dāng)前既定的經(jīng)濟(jì)環(huán)境下產(chǎn)生盡可能高的凈利潤。
2. Organizational Restructuring 組織結(jié)構(gòu)調(diào)整
In organizational restructuring, the focus is on management and internal corporate governance structures. Organizational restructuring has become a very common practice amongst the firms in order to match the growing competition of the market. This makes the firms to change the organizational structure of the company for the betterment of the business.
在組織重組中，重點是管理和內(nèi)部公司治理結(jié)構(gòu)。為了適應(yīng)日益激烈的市場競爭，組織重組已成為企業(yè)間的一種普遍做法。這使得公司為了改善業(yè)務(wù)而改變公司的組織結(jié)構(gòu)。
Need For Organization Restructuring 組織重組的需要
New skills and capabilities are needed to meet current or expected operational requirements.需要新的技能和能力來滿足當(dāng)前或預(yù)期的運(yùn)營需求。
Accountability for results are not clearly communicated and measurable resulting in subjective and biased performance appraisals.結(jié)果問責(zé)制沒有明確傳達(dá)和衡量，導(dǎo)致主觀和有偏見的績效評估。
Parts of the organization are significantly over or under staffed.該組織的部分人員嚴(yán)重過剩或不足。
Organizational communications are inconsistent, fragmented, and inefficient.組織溝通不一致、支離破碎、效率低下。
Technology and/or innovation are creating changes in workflow and production processes.技術(shù)和/或創(chuàng)新正在改變工作流程和生產(chǎn)流程。
Significant staffing increases or decreases are contemplated.預(yù)計將大幅增加或減少人員配置。
Personnel retention and turnover is a significant problem.人員保留和流動是一個重大問題。
Workforce productivity is stagnant or deteriorating.勞動力生產(chǎn)力停滯或惡化。
Morale is deteriorating.士氣正在惡化。
Some of the most common features of organizational restructures are:組織結(jié)構(gòu)調(diào)整的一些最常見特征是：
Regrouping of business: This involves the firms regrouping their existing business into fewer business units. The management then handles theses lesser number of compact and strategic business units in an easier and better way that ensures the business to earn profit.
業(yè)務(wù)重組：這涉及企業(yè)將現(xiàn)有業(yè)務(wù)重組為較少的業(yè)務(wù)部門。然后，管理層以更簡單、更好的方式處理這些數(shù)量較少的緊湊型和戰(zhàn)略性業(yè)務(wù)部門，以確保業(yè)務(wù)獲得利潤。
Downsizing: Often companies may need to retrench the surplus manpower of the business. For that purpose offering voluntary retirement schemes (VRS) is the most useful tool taken by the firms for downsizing the business’s workforce.
裁員：通常公司可能需要削減企業(yè)的剩余人力。為此，提供自愿退休計劃是企業(yè)縮減企業(yè)勞動力最有用的工具。
Decentralization: In order to enhance the organizational response to the developments in dynamic environment, the firms go for decentralization. This involves reducing the layers of management in the business so that the people at lower hierarchy are benefited.
權(quán)力下放：為了加強(qiáng)組織對動態(tài)環(huán)境發(fā)展的反應(yīng)，公司采取權(quán)力下放。這涉及到減少企業(yè)中的管理層，從而使較低層級的人員受益。
Outsourcing: Outsourcing is another measure of organizational restructuring that reduces the manpower and transfers the fixed costs of the company to variable costs.
外包：外包是組織重組的另一種措施，它減少了人力，并將公司的固定成本轉(zhuǎn)化為可變成本。
Enterprise Resource Planning: Enterprise resource planning is an integrated management information system that is enterprise-wide and computer-base. This management system enables the business management to understand any situation in faster and better way. The advancement of the information technology enhances the planning of a business.
企業(yè)資源規(guī)劃：企業(yè)資源規(guī)劃是一個企業(yè)范圍和計算機(jī)基礎(chǔ)的集成管理信息系統(tǒng)。該管理系統(tǒng)使業(yè)務(wù)管理人員能夠更快、更好地了解任何情況。信息技術(shù)的進(jìn)步增強(qiáng)了企業(yè)的規(guī)劃。
Business Process Engineering: It involves redesigning the business process so that the business maximizes the operation and value added content of the business while minimizing everything else.
業(yè)務(wù)流程工程：它涉及重新設(shè)計業(yè)務(wù)流程，使業(yè)務(wù)最大限度地實現(xiàn)業(yè)務(wù)的運(yùn)營和增值內(nèi)容，同時最小化其他一切。
Total Quality Management: The businesses now have started to realize that an outside certification for the quality of the product helps to get a good will in the market. Quality improvement is also necessary to improve the customer service and reduce the cost of the business.
全面質(zhì)量管理：企業(yè)現(xiàn)在已經(jīng)開始意識到，產(chǎn)品質(zhì)量的外部認(rèn)證有助于在市場上獲得良好的意愿。質(zhì)量改進(jìn)對于改善客戶服務(wù)和降低業(yè)務(wù)成本也是必要的。
VARIOUS STRATEGIES FOR BUSINESS RESTRUCTURING 企業(yè)重組的各種策略
Smart sizing: It is the process of reducing the size of a company by laying off employees on the basis of incompetence and inefficiency.
智能調(diào)整：這是一個基于無能和效率低下而裁員以縮小公司規(guī)模的過程。
Some Examples 一些示例
Acquisitions: HLL took over TOMCO.收購：HLL接管了TOMCO
Diversification: Videocon group is diversified into power projects, oil exploration and basic telecom services.多元化：Videocon集團(tuán)多元化經(jīng)營電力項目、石油勘探和基礎(chǔ)電信服務(wù)。
Merger: Asea and Brown Boveri came together to form ABB.合并：Asea和Brown Boveri合并成立ABB。
Strategic alliances: Siemens India has got a Strategic alliance with Bharati Telecom for marketing of its EPABX.戰(zhàn)略聯(lián)盟：西門子印度公司與Bharati Telecom就其EPABX的營銷達(dá)成戰(zhàn)略聯(lián)盟。
Expansion: Siemens is expanding its medical electronics division- a new factory for medical electronics is already come up in Goa.擴(kuò)張：西門子正在擴(kuò)張其醫(yī)療電子部門——一家新的醫(yī)療電子工廠已經(jīng)在果阿建立。
Networking: It refers to the process of breaking companies into smaller independant business units for significant improvement in productivity and flexibility. The phenomenon is predominant in South Korea, where big companies like Samsung, Hyundai and Daewoo are breaking themselves up into smaller units. These firms convert their managers into entrepreneurs.
網(wǎng)絡(luò)：它是指將公司拆分為較小的獨(dú)立業(yè)務(wù)部門，以顯著提高生產(chǎn)力和靈活性的過程。這種現(xiàn)象在韓國很普遍，三星、現(xiàn)代和大宇等大公司正在將自己拆分成更小的部門。這些公司將他們的經(jīng)理轉(zhuǎn)變?yōu)槠髽I(yè)家。
Virtual Corporation: It is a company that has taken steps to turn itself inside out. Rather than having managers and staff sitting INSIDE in their offices moving papers from in basket to out basket, a virtual corporation kicks the employees outside, sending them to work in customer’s offices and plants, determining what the customer needs and wants, then reshaping the corporate products and services to the customer’s exact needs. This is a futuristic concept wherein companies will be edgeless, adaptable and perpetually changing. The centrepiece of the business revolution is a new kind of product called a “Virtual Product” Some of the these products already exist, camcorders create instant movies, personal computers and laser printers have made instant desktop publishing a reality. And for all these we can obtain cash instantly at ATMs.
虛擬公司：這是一家已經(jīng)采取措施徹底改變自己的公司。虛擬公司不是讓經(jīng)理和員工坐在辦公室里把文件從一個籃子里搬到另一個籃子外，而是把員工踢到外面，讓他們在客戶的辦公室和工廠工作，確定客戶的需求和需求，然后根據(jù)客戶的確切需求重塑公司產(chǎn)品和服務(wù)。這是一個未來主義的概念，在這個概念中，公司將是無邊緣的、適應(yīng)性強(qiáng)的，并且永遠(yuǎn)在改變。商業(yè)革命的核心是一種被稱為“虛擬產(chǎn)品”的新型產(chǎn)品。這些產(chǎn)品中的一些已經(jīng)存在，攝錄機(jī)制作即時電影，個人電腦和激光打印機(jī)使即時桌面出版成為現(xiàn)實。對于所有這些，我們可以在自動取款機(jī)上立即獲得現(xiàn)金。
Verticalization: It refers to regrouping of management functions for particular functions for a particular product range to achieve higher accountability and transparency. Siemens in 1990 moved from a “function-oriented” structure to a vertical “entrepreneur-oriented” structure embracing size business and three support divisions.
垂直化：指為特定產(chǎn)品系列的特定職能重新組合管理職能，以實現(xiàn)更高的問責(zé)制和透明度。1990年，西門子從“功能導(dǎo)向”結(jié)構(gòu)轉(zhuǎn)變?yōu)榇怪钡摹捌髽I(yè)家導(dǎo)向”結(jié)構(gòu)，包括規(guī)模業(yè)務(wù)和三個支持部門。
Delayering- Flat organization: In the post world war period the demand for goods was ever increasing. Main objective of the corporations was production and capacity build up to meet the demand. The classical, pyramidal structure was well suited to this high growth environment. This structure was scalable and the corporations could immediately translate their growth plans into action by adding workers at the bottom layer and filling in the management layers. But the price paid in the whole process was much higher. The overall process became complicated; number of middle managers and functional managers grew making the coordination of various functions complex. Senior/top management was alienated from the front-line people as well as the end users of the product or sen/ice. Decision-making became slower. Hence, a need is felt to attack the unproductive, bulky and sluggish network of white-collar staff. A powerful strategy would be to remove the layers of senior and middle management i.e. making the organization structure flat.
扁平化組織：在戰(zhàn)后時期，對商品的需求不斷增加。公司的主要目標(biāo)是生產(chǎn)和能力建設(shè)，以滿足需求。經(jīng)典的金字塔結(jié)構(gòu)非常適合這種高生長環(huán)境。這種結(jié)構(gòu)是可擴(kuò)展的，企業(yè)可以通過在底層增加工人和填補(bǔ)管理層，立即將其增長計劃轉(zhuǎn)化為行動。但在整個過程中付出的代價要高得多。整個過程變得復(fù)雜；中層經(jīng)理和職能經(jīng)理的數(shù)量不斷增加，使得各種職能的協(xié)調(diào)變得復(fù)雜。高級/高級管理人員與一線人員以及產(chǎn)品或服務(wù)的最終用戶疏遠(yuǎn)。決策變得更加緩慢。因此，人們感到有必要打擊白領(lǐng)員工的低效、龐大和緩慢的網(wǎng)絡(luò)。一個強(qiáng)有力的策略是去除高層和中層管理層，即使組織結(jié)構(gòu)扁平化。
The perspective of organizational restructuring may be different for the employees. When a company goes for the organizational restructuring, it often leads to reducing the manpower and hence meaning that people are losing their jobs. This may decrease the morale of employee in a large manner. Hence many firms provide strategies on career transitioning and outplacement support to their existing employees for an easy transition to their next job.
對于員工來說，組織重組的視角可能有所不同。當(dāng)一家公司進(jìn)行組織重組時，往往會導(dǎo)致人力減少，從而意味著人們正在失去工作。這可能會在很大程度上降低員工的士氣。因此，許多公司為現(xiàn)有員工提供職業(yè)轉(zhuǎn)型和再就業(yè)支持策略，以便輕松過渡到下一份工作。
The important methods of Corporate Restructuring are:公司重組的重要方法有：
Joint ventures 合資企業(yè)
Sell off and spin off 出售和分拆
Divestitures 撤資剝離
Equity carve out 股權(quán)分割
Leveraged buy outs (LBO)杠桿收購
Management buy outs 管理層收購
1. Joint Ventures 合資企業(yè)
Joint ventures are new enterprises owned by two or more participants. They are typically formed for special purposes for a limited duration. It is a combination of subsets of assets contributed by two (or more) business entities for a specific business purpose and a limited duration. Each of the venture partners continues to exist as a separate firm, and the joint venture represents a new business enterprise. It is a contract to work together for a period of time each participant expects to gain from the activity but also must make a contribution.
合資企業(yè)是由兩個或更多參與者擁有的新企業(yè)。它們通常在有限的時間內(nèi)用于特殊目的。它是兩個（或多個）業(yè)務(wù)實體為特定業(yè)務(wù)目的和有限期限貢獻(xiàn)的資產(chǎn)子集的組合。每個合資伙伴繼續(xù)作為一個獨(dú)立的公司存在，而合資企業(yè)代表著一個新的商業(yè)企業(yè)。這是一份合同，在一段時間內(nèi)，每個參與者都希望從活動中獲益，但也必須做出貢獻(xiàn)。
For Example:例如
GM-Toyota JV: GM hoped to gain new experience in the management techniques of the Japanese in building high-quality, low-cost compact & subcompact cars. Whereas, Toyota was seeking to learn from the management traditions that had made GE the no. 1 auto producer in the world and In addition to learn how to operate an auto company in the environment under the conditions in the US, dealing with contractors, suppliers, and workers.
通用汽車-豐田合資公司：通用汽車希望在日本制造高質(zhì)量、低成本緊湊型和微型汽車的管理技術(shù)方面獲得新的經(jīng)驗。然而，豐田正試圖學(xué)習(xí)使通用電氣成為世界第一汽車制造商的管理傳統(tǒng)，并學(xué)習(xí)如何在美國的環(huán)境下經(jīng)營汽車公司，與承包商、供應(yīng)商和工人打交道。
DCM group and Daewoo motors entered in to JV to form DCM DAEWOO Ltd. to manufacture automobiles in India.
DCM集團(tuán)和大宇電機(jī)加入合資公司，成立DCM大宇有限公司，在印度制造汽車。
2. Spin-off 分拆
Spinoffs are a way to get rid of underperforming or non-core business divisions that can drag down profits.
分拆是一種擺脫業(yè)績不佳或非核心業(yè)務(wù)部門的方法，這些部門可能會拖累利潤。
Process of spin-off 分拆過程
The company decides to spin off a business division.公司決定分拆一個業(yè)務(wù)部門。
The parent company files the necessary paperwork with the Securities and Exchange Board of India (SEBI).母公司向印度證券交易委員會（SEBI）提交必要的文件。
The spinoff becomes a company of its own and must also file paperwork with the SEBI.分拆公司成為自己的公司，還必須向SEBI提交文件。
Shares in the new company are distributed to parent company shareholders.新公司的股份分配給母公司股東。
The spinoff company goes public.這家分拆公司上市了。
Notice that the spinoff shares are distributed to the parent company shareholders. There are two reasons why this creates value:請注意，分拆股份分配給母公司股東。這創(chuàng)造價值的原因有兩個：
Parent company shareholders rarely want anything to do with the new spinoff. After all, it’s an underperforming division that was cut off to improve the bottom line. As a result, many new shareholders sell immediately after the new company goes public.
母公司股東很少希望與新的分拆有任何關(guān)系。畢竟，這是一個表現(xiàn)不佳的部門，為了提高利潤而被裁掉。因此，許多新股東在新公司上市后立即出售。
Large institutions are often forbidden to hold shares in spinoffs due to the smaller market capitalization, increased risk, or poor financials of the new company. Therefore, many large institutions automatically sell their shares immediately after the new company goes public.
由于新公司的市值較小、風(fēng)險增加或財務(wù)狀況不佳，大型機(jī)構(gòu)通常被禁止持有分拆股票。因此，許多大型機(jī)構(gòu)在新公司上市后立即自動出售其股票。
There is no money transaction in spin-off. The transaction is treated as stock dividend & tax free exchange.分拆中沒有貨幣交易。該交易被視為股票股息和免稅交易。
Split-off:易股式重組
Is a transaction in which some, but not all, parent company shareholders receive shares in a subsidiary, in return for relinquishing their parent company’s share. In other words some parent company shareholders receive the subsidiary’s shares in return for which they must give up their parent company shares
是一種交易，在該交易中，部分（但不是全部）母公司股東獲得子公司的股份，作為放棄母公司股份的回報。換句話說，一些母公司股東獲得子公司的股份作為回報，他們必須放棄母公司的股份
Feature of split-offs is that a portion of existing shareholders receives stock in a subsidiary in exchange for parent company stock.
分拆的特點是一部分現(xiàn)有股東持有子公司的股票，以換取母公司的股票。
Split-up:析產(chǎn)分股
Is a transaction in which a company spins off all of its subsidiaries to its shareholders & ceases to exist.是指公司將其所有子公司分拆給股東并不再存在的交易。
The entire firm is broken up in a series of spin-offs.整個公司在一系列的分拆中解體了。
The parent no longer exists and 父項公司不再存在，并且
Only the new offspring survive.只有新的后代存活下來
In a split-up, a company is split up into two or more independent companies. As a sequel, the parent company disappears as a corporate entity and in its place two or more separate companies emerge.
在拆分中，一家公司被拆分為兩個或多個獨(dú)立的公司。隨后，母公司作為一個法人實體消失，取而代之的是兩個或多個獨(dú)立的公司。
3. Divestures 撤資剝離
Divesture is a transaction through which a firm sells a portion of its assets or a division to another company. It involves selling some of the assets or division for cash or securities to a third party which is an outsider.
撤資剝離是一家公司將其部分資產(chǎn)或部門出售給另一家公司的交易。它涉及將部分資產(chǎn)或部門出售給作為局外人的第三方，以換取現(xiàn)金或證券。
Divestiture is a form of contraction for the selling company. means of expansion for the purchasing company. It represents the sale of a segment of a company (assets, a product line, a subsidiary) to a third party for cash and or securities.
撤資剝離是銷售公司的一種收縮形式。采購公司的擴(kuò)張手段。它代表將公司的某一部分（資產(chǎn)、產(chǎn)品線、子公司）出售給第三方以獲取現(xiàn)金和/或證券。
Mergers, assets purchase and takeovers lead to expansion in some way or the other. They are based on the principle of synergy which says 2 + 2 = 5! , divestiture on the other hand is based on the principle of “anergy” which says 5 – 3 = 3!.
兼并、資產(chǎn)購買和收購以某種方式導(dǎo)致擴(kuò)張。它們基于協(xié)同原理，即2+2=5，另一方面，剝離是基于“無能”原則，即5–3=3！。
Among the various methods of divestiture, the most important ones are partial sell-off, demerger (spin-off & split off) and equity carve out. Some scholars define divestiture rather narrowly as partial sell off and some scholars define divestiture more broadly to include partial sell offs, demergers and so on.
在各種剝離方法中，最重要的是部分拋售、分拆（分拆和分拆）和股權(quán)分割。一些學(xué)者將剝離定義為部分出售，而一些學(xué)者則將剝離定義得更寬泛，包括部分出售、分拆等。
Motives:動機(jī)
Change of focus or corporate strategy 焦點或公司戰(zhàn)略的變化
Unit unprofitable can mistake 公司不盈利可能會出錯
Sale to pay off leveraged finance 出售以償還杠桿融資
Antitrust 反壟斷的
Need cash 需要現(xiàn)金
Defend against takeover 防范收購
Good price.價格不錯
4. Equity Carve-Out 股權(quán)分割
A transaction in which a parent firm offers some of a subsidiaries common stock to the general public, to bring in a cash infusion to the parent without loss of control.
母公司向公眾提供部分子公司普通股，以在不喪失控制權(quán)的情況下向母公司注入現(xiàn)金的交易。
In other words equity carve outs are those in which some of a subsidiaries shares are offered for a sale to the general public, bringing an infusion of cash to the parent firm without loss of control. Equity carve out is also a means of reducing their exposure to a riskier line of business and to boost shareholders value.
換言之，股權(quán)分拆是指將子公司的部分股份出售給公眾，為母公司注入現(xiàn)金而不喪失控制權(quán)。股權(quán)分拆也是減少他們在風(fēng)險較高的業(yè)務(wù)領(lǐng)域的風(fēng)險敞口并提高股東價值的一種手段。
5. Leveraged Buyout 杠桿收購
A buyout is a transaction in which a person, group of people, or organization buys a company or a controlling share in the stock of a company. Buyouts great and small occur all over the world on a daily basis.
收購是一個人、一群人或組織購買一家公司或一家公司的控股股份的交易。世界各地每天都會發(fā)生大大小小的收購。
Buyouts can also be negotiated with people or companies on the outside. For example, a large candy company might buy out smaller candy companies with the goal of cornering the market more effectively and purchasing new brands which it can use to increase its customer base. Likewise, a company which makes widgets might decide to buy a company which makes thingamabobs in order to expand its operations, using an establishing company as a base rather than trying to start from scratch.
收購也可以與外部人士或公司進(jìn)行談判。例如，一家大型糖果公司可能會收購規(guī)模較小的糖果公司，目的是更有效地占領(lǐng)市場，并購買新品牌，以增加其客戶群。同樣，一家生產(chǎn)小部件的公司可能會決定購買一家生產(chǎn)thingamabobs的公司，以擴(kuò)大其業(yè)務(wù)，以一家老牌公司為基礎(chǔ)，而不是試圖從頭開始。
6. Management buyout 管理層收購
In this case, management of the company buys the company, and they may be joined by employees in the venture. This practice is sometimes questioned because management can have unfair advantages in negotiations, and could potentially manipulate the value of the company in order to bring down the purchase price for themselves. On the other hand, for employees and management, the possibility of being able to buy out their employers in the future may serve as an incentive to make the company strong.
在這種情況下，公司的管理層收購了公司，他們可能會被合資企業(yè)的員工加入。這種做法有時會受到質(zhì)疑，因為管理層在談判中可能具有不公平的優(yōu)勢，并可能操縱公司的價值，從而降低自己的收購價格。另一方面，對于員工和管理層來說，未來能夠買斷雇主的可能性可能會激勵公司變得強(qiáng)大。
It occurs when a company’s managers buy or acquire a large part of the company. The goal of an MBO may be to strengthen the managers’ interest in the success of the company.
當(dāng)一家公司的經(jīng)理購買或收購公司的大部分股份時，就會發(fā)生這種情況。MBO的目標(biāo)可能是加強(qiáng)管理者對公司成功的興趣。
Purpose of Management buyouts 管理層收購的目的
From management point of view may be:從管理角度來看，可能是：
To save their jobs, either if the business has been scheduled for closure or if an outside purchaser would bring in its own management team.為了保住他們的工作，無論是在企業(yè)計劃關(guān)閉的情況下，還是在外部采購商引入自己的管理團(tuán)隊的情況下。
To maximize the financial benefits they receive from the success they bring to the company by taking the profits for themselves.從他們?yōu)楣編淼某晒χ蝎@得的經(jīng)濟(jì)利益最大化，將利潤據(jù)為己有。
To ward off aggressive buyers.以避開咄咄逼人的買家。
The goal of an MBO may be to strengthen the manager’s interest in the success of the company. Key considerations in MBO are fairness to shareholders price, the future business plan, and legal and tax issues.MBO的目標(biāo)可能是加強(qiáng)管理者對公司成功的興趣。MBO的主要考慮因素是對股東價格的公平性、未來的商業(yè)計劃以及法律和稅務(wù)問題。
Benefits of Management buyouts 管理層收購的好處
It provides an excellent opportunity for management of undervalued co’s to realize the intrinsic value of the company.這為低估值公司的管理提供了實現(xiàn)公司內(nèi)在價值的絕佳機(jī)會。
Lower agency cost: cost associated with conflict of interest between owners and managers.降低代理成本：與所有者和管理者之間的利益沖突相關(guān)的成本。
Source of tax savings: since interest payments are tax deductible, pushing up gearing rations to fund a management buyout can provide large tax covers.稅收節(jié)省的來源：由于利息支付可以免稅，提高杠桿比率以資助管理層收購可以提供大量的稅收保障。
Conclusion: 結(jié)論
Restructuring strategies encompasses enhancing economy and improving efficiency. When a company wants to grow or survive in a competitive environment, it needs to restructure itself and focus on its competitive advantage. Thus, the merger and acquisition strategies have been conceived to improve general economic well-being of all those who are, directly or indirectly, connected with the corporate sector. The intension of buy back is visualized as to support share value during periods of temporary weakness, survival and to prevent takeover bids.
重組戰(zhàn)略包括增強(qiáng)經(jīng)濟(jì)和提高效率。當(dāng)一家公司想要在競爭環(huán)境中成長或生存時，它需要重組自身并專注于競爭優(yōu)勢。因此，兼并和收購戰(zhàn)略旨在改善所有直接或間接與公司部門有聯(lián)系的人的總體經(jīng)濟(jì)福祉。回購的意圖被視為在暫時疲軟、生存期內(nèi)支持股票價值，并防止收購出價。本站提供各國各專業(yè)Essay代寫或?qū)懽髦笇?dǎo)服務(wù)，如有需要可咨詢本平臺。
