tích cực tác động đến giá trị của công ty. Schipper và Smith báo cáo đó, trên trung bình, cổ đông nhận được thêm một sự trở lại 2,84% do sự đánh đổi spin, và điều này làm tăng trở lại thêm sự phân chia tách là một tỷ lệ phần trăm lớn hơn của Trong điều kiện của giá trị đồng USD, giá trị của cha mẹ làm tăng giá trị của bộ phận tách. | Creating and Measuring the Value of Private Firms 25 positively impact the value of the firm. Schipper and Smith report that on average shareholders receive an extra percent return because of spin-offs and this additional return increases as the spun division is a larger percentage of the In terms of dollar value the value of the parent increases by the value of spun division. For example if the value of parent prior to the spin-off is 100 and the value of the spun division is 10 then the post-spin-off value of the parent is 110. Equity Carve-Outs An equity carve-out is the sale of an equity interest in a subsidiary of a firm. A new legal entity is created whose shareholders may not own equity in the firm of the divesting parent. This new entity has its own management team and is run as a separate and distinct business. The parent may not necessarily retain control of the carve-out but the divesting parent receives a cash payment that typically exceeds the implied equity value when the carve-out was part of the parent. Unlike a spin-off an equity carve-out produces cash for the parent since it sells a percentage of the equity shares in the new firm to investors and retains the remainder. After the transaction is complete the shareholders of the parent have reduced their ownership in the carved-out division. In contrast a spin-off strategy leaves the parent firm shareholders with the same interest in the spun division as they had before the spin-off. A private firm can easily accomplish an equity carve-out. While divisions of a parent are typically carved out when the parent is a public firm because of the smaller size of private firms divisional carve-outs would generally not be practical. However there is no reason why a particular product line or a segment of a division could not form the basis of an equity carve-out. In this case the private firm would form a new entity and then sell shares. Figure shows how an equity carve-out works. Like .
