企业收缩性资本运营方法的比较与选择

Comparison and Choice of the Methods of Enterprises'Shrinking Capital Operation

企业收缩性资本运营方法主要包括剥离、分立、股权切离、定向股以及切离加分立 ;它们之间既有共同点 ,又有差异 ;企业在进行收缩性资本运营时 ,应该在考虑公司现金需要、公司控制需要、股东潜在税负、如何保护公司债券持有人利益的基础上 。

The methods of enterprises` shrinking capital operations mainly comprise divestiture, spin off, equity carve out, tracking stock and spinout. There exist both common points and differences among them. Before carrying out shrinking capital operations, an enterprise can select the best suitable method after considering its need for cash, its desire for control, potential tax liability to its stockholders and protecting bondholders.