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Title:ALI PODJETNI SPIN-OFFI USTVARJAJO ALI UNIČUJEJO VREDNOST ZA PODJETJA
Authors:ID Žalik, Dejan (Author)
ID Jagrič, Timotej (Mentor) More about this mentor... New window
Files:.pdf MAG_Zalik_Dejan_2015.pdf (872,40 KB)
MD5: 6EB920199F0E4E0669AE6B87FC4C38C7
 
Language:Slovenian
Work type:Master's thesis/paper
Typology:2.09 - Master's Thesis
Organization:EPF - Faculty of Business and Economics
Abstract:Globalni razvoj trga in hkratne spremembe v poslovnem okolju silijo podjetja, da se nenehno prilagajajo poslovnim in strukturnim spremembam. Ena izmed oblik prilagajanja spremembam so podjetni spin-offi. Poenostavljeno povedano gre za odsvojitev nezdravega dela podjetja od zdravih ali obratno oziroma izločitev tistega specifičnega dela podjetja, za katerega se pričakuje, da bo bolje posloval, če bo na svojem. Z analizo vzorca poslovnih spin-offov na globalni ravni iz obdobja štirinajstih let preverimo, ali takšne poslovne poteze v povprečju ustvarjajo vrednost za podjetja oziroma njihove lastnike. S pomočjo tržnih kapitalizacij različnih podjetij, ki predstavljajo vrednost podjetja v različnih trenutkih okoli dogodka, opazujemo, kakšen je razvoj vrednosti pred in po dogodku. V analizo vključimo tržne indekse in njihove vrednosti, ki naj bi predstavljali splošno gibanje gospodarskega okolja v omenjenem časovnem obdobju. To storimo zato, da odstranimo povečanje ali zmanjšanje vrednosti, ki naj ne bi bila posledica spin-off poteze temveč drugih dejavnikov. Dobljeno vrednost, iz katere je odstranjen ta splošni razvoj, poimenujemo intrinzična vrednost. V nalogi pridemo do pozitivnih rezultatov, ki so v skladu s podobnimi študijami. Z analizo prikazujemo, da vrednost oziroma tržna kapitalizacija po 180-ih dneh od zaključitve v povprečju zraste za 5.1 odstotek. Iz te vrednosti je že odštet splošen razvoj trga, ki se je v istem obdobju v povprečju povečal za 4 odstotke.
Keywords:spin-off, ustvarjanje vrednosti s poslovnimi potezami, intrinzična vrednost, kvantitativna analiza
Place of publishing:Maribor
Publisher:[D. Žalik]
Year of publishing:2015
PID:20.500.12556/DKUM-47507-c0e679a2-c907-d176-3abc-2dc13e195fb8 New window
UDC:005.336.1
COBISS.SI-ID:11989020 New window
NUK URN:URN:SI:UM:DK:QANL8XPY
Publication date in DKUM:20.05.2015
Views:1478
Downloads:249
Metadata:XML DC-XML DC-RDF
Categories:EPF
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Secondary language

Language:English
Title:DO CORPORATE SPIN-OFFS CREATE OR DESTROY VALUE
Abstract:Global market development and the simultaneous changes in corporate environments are driving companies into ongoing structural and business adaptations to these changes. One of those changes are corporate spin-offs which, with the most basic description, are the separation of unhealthy parts from the healthy ones (or vice versa) or the extraction of something specific which is believed to be better off if on its own. We analyze shareholder value creation through spin-offs with a sample of transactions on a global scale in a period of fourteen years. We use market capitalizations for different companies, which represent company value in different time moments to see how value is developing around the spin-off moment. We include market indexes which serve as market proxies to determine the general market development around the spin-off moment. We do this to remove this development from our analysis in order to get a pure value, that is not influenced by general market movement. We name this value the intrinsic value. We find positive results in our analysis that are in line with previous studies. In the analysis we show that during a 180-days time window after the transaction is completed, the value increases for 5.1 percent on average. The general market development, which was 4 percent for the same time frame, is already removed from this value.
Keywords:spin-off, value creation through corporate actions, intrinsic value, quantitative analysis


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