The Effect of Split-offs in Corporate Reorganization
The Effect of Split-offs in Corporate Reorganization
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分立对公司重组的影响
DOI：
10.11207/aaostrans.11.1_216
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发表时间：
2022
期刊：
影响因子：
--
通讯作者：
朝岡大輔
中科院分区：
文献类型：
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作者：
丸山峻; 島貫智行;上司のソーシャル・サポートがヒューマン サービス系プロフェッショナルの抑うつに 与える影響：サポート種類の視点から;中村 吉明;Ryosuke Omuro and Yuki Torida;李 澤建;古田克利;朝岡大輔
分拆是资产剥离的一种形式，即母公司将被剥离子公司的股票分配给其股东，以换取股东持有的母公司股票，其效果是同时执行资产剥离和价值相当于被剥离子公司的股票回购，同时还实现股东通过选择母公司和子公司的股票进行自我选择。由于股票回购是一种越来越受欢迎的支付方式，沿着股息支付，因此值得以与分拆相同的方式为分拆引入免税条款，分拆是母公司向股东分发子公司股票作为免税股息的另一种形式。
Split-offs, a form of divestiture whereby a parent firm distributes the stock of a divested subsidiary to its shareholders in exchange for their stock holdings in the parent, has the effect of simultaneously executing a divestiture and a share repurchase equivalent in value to the divested subsidiary, while also effecting self-selection by shareholders through their choice of stocks from the parent and the subsidiary. Since share repurchases are an increasingly popular avenue for payouts along with dividend payments, it is worthwhile to introduce tax-free provisions for split-offs in an equivalent manner to those for spin-offs, another form whereby a parent distributes subsidiary stock as tax-free dividends to its shareholders.