本研究希望透過控制產業別，進而提供企業分割的價值動因，俾使吾人能對此一企業再造過程有更深入瞭解。企業利用組織架構再造增加企業價值，其方式有：資產分割（spin-offs）、權益分割（equity carve-outs）、發行追蹤股（tracking stocks）、收購與合併（mergers & acquisitions）。本研究的研究對象是世界各地從事過資產分割的電信公司以及電信設備製造商。利用事件研究法（event study）計算出母公司子公司分割宣告日的累積異常報酬率（cumulative abnormal return）；並且將異常報酬率的來源分為五個構面：經營效率、財務健全度、市場認同度、修正錯誤假說以及母子企業是否屬於同一產業。實證結果發現在此五項構面中，在經營績效、財務強度以及母子產業是否屬於同一產業為企業分割活動中的主要價值動因。 The purposes of this study are to investigate the value drivers of spin-offs and provide insight on the issue of spin-offs. There are four typical ways of undertaking corporate reconstruction to increase firm value: mergers and acquisitions, equity carve-outs, tracking stocks and spin-offs. We gather data of firms undertaking spin-offs in the global telecommunication industry between 1992 and 2000; which composed of sixty-five companies in eight countries around the world. This study applies the event study methodology to analyze the spin-off announcement effect on the stock price. Furthermore, this study employs spin-off cumulative abnormal return (CAR) as dependent variable and selects five dimensions of explanatory variables to capture the source of value: managerial efficiency, financial strength, market expectation, correction of error and cross-industry spin-off. The empirical results suggest that managerial efficiency, financial strength, and cross-industry spin-off are key value drivers of corporate spin-offs.
