Because of their remarkable history of financial success, corporate spin-offs are the subject of perennial interest and investigation. We critically review quantitative and case-based research to determine the conditions under which a spin-off divestiture provides beneficial results for the conglomerate, the newly independent subsidiary, and the stockholders. The shared goal of spin-off researchers is to understand the rationale for the financial success that spin-off firms and their newly disconnected conglomerates experience. Our review and synthesis of the findings include 30 years of academic research by scholars in strategic and business management, commercial research by independent researchers and consulting firms, and IRS and US Treasury documents that detail when a spin-off qualifies for a corporate tax-free exchange. Our central finding is that spin-offs, conglomerates, and stockholders benefit from tax-free divestiture and subsequent refocusing by the companies. The article explains the breadth of spin-off divestitures and the benefits of their success in the US. These results center on helping decision-makers recognize the situational factors that support the choice of a spin-off strategy.

由于其非凡的财务成功历史，公司分拆是长期关注和调查的主题。我们严格审查定量和基于案例的研究，以确定分拆资产剥离为企业集团、新独立子公司和股东带来有益结果的条件。分拆研究人员的共同目标是了解分拆公司及其新分离的企业集团所经历的财务成功的基本原理。我们对调查结果的审查和综合包括战略和商业管理学者 30 年的学术研究、独立研究人员和咨询公司的商业研究，以及美国国税局和美国财政部的文件，这些文件详细说明了分拆何时有资格获得公司免税交换。我们的核心发现是，分拆公司、企业集团和股东受益于免税资产剥离和公司随后的重新聚焦。这篇文章解释了分拆资产剥离的广度以及它们在美国取得成功的好处。这些结果集中在帮助决策者识别支持选择衍生战略的情境因素。