chapter-1-corporate-restructuring

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1、Chapter1Processbywhichafirmdoesananalysisofitselfandalterswhatitowesandowns,refocusesitselftospecifictaskofperformanceimprovementsInvolvesactivitiestomakemorebalancedandprofitableCorporateRestructuringGivinganewstructuretorebuild/rearrange.”Thus,CorporateRestructuringisastructureddecisio

2、n-makingexerciseundertakentoevaluatethecurrentendowmentsofcompany,andfinetuningtheavailableskills,machinery,andtechnologytomeetthechallengesoftomorrow.TheOxfordDictionary,2007RestructuringInvolvesRenegotiationoflaborcontractstoreduceoverheadRefinancingofcorporatedebttoreduceinterestpayme

3、ntsAmajorpublicrelationscampaigntorepositionthecompanywithconsumersForfeitureofallorpartoftheownershipsharebypre-restructuringstockholders(iftheremainderrepresentsonlyafractionoftheoriginalfirm,itistermedastub).Retentionofcorporatemanagementsometimes"staybonus"paymentsorequitygrantsSaleo

4、funderutilizedassets,suchaspatentsorbrandsOutsourcingofoperationssuchaspayrollandtechnicalsupporttoamoreefficientthirdpartyMovingofoperationssuchasmanufacturingtolower-costlocationsReorganizationoffunctionssuchassales,marketinganddistributionRestructuringInvolvesAlfredP.SloanJr.:“Thestra

5、tegicaimofabusinessistoearnareturnoncapitalandifinanyparticularcase,thereturninthelongrunisnotsatisfactory,thenthedeficiencyshouldbecorrectedortheactivityabandonedforamorefavourableone.”CorporateRestructuring–TheConceptualFrameworkProf.BowmanandSingh:Restructuringexercisesisinducedbythes

6、imultaneityofchangesintheproductandthecapitalmarkets.Changesintheproductmarketsstemlargelyfromdomesticandforeigncompetition,acceleratedtechnologicalchange,andthecompetitivepressuresfacedintheglobalmarkets.Changesincapitalmarketsoriginatefromnewdebtinstruments,newtoleranceforincreasedleve

7、lofdebtinthecapitalstructureofthefirm,andinstitutionalinnovationsandaggressiveness.CorporateRestructuring–TheConceptualFrameworkRobertK.Muller:Thechangingcultureandimageofthecompanyarethemostimportantrationaleinfluencingrestructuring.Healsostatesthathumandimensionisimpera