When they're not creating large companies from smaller ones, corporate finance compacts do the reverse and split up companies through spin-offs, carve-outs or tracking stocks.

他们不得不从较小的创建大型公司，公司财务契约做相反，分公司通过分拆，分拆或跟踪股票。

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In addition, unlike in America, most of the biggest Internet companies are spin-offs from established firms.

ECONOMIST: Internet investing

The biggest newcomers immediately land on the list by way of initial public offerings or spin-offs of major subsidiaries of their former parent companies, who are also on our list.

FORBES: The World's Biggest Companies

Although the conglomerate discount is not usually as extreme as that, its sharp increase in the past year is one of the main reasons companies are regaining their enthusiasm for spin-offs, says Carsten Stendevad of Citigroup.

ECONOMIST: Breaking up companies is back in fashion