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    Please use this identifier to cite or link to this item: http://ir.lib.ncu.edu.tw/handle/987654321/65106

    Title: 公司分割策略對經營績效影響之研究 -以石油與天然氣產業為例;Spins-off strategy on the company′s operating performance: A case of oil and gas industry
    Authors: 林日凱;Lin,Jih-kai
    Contributors: 企業管理學系
    Keywords: 石油產業;動態資料包絡分析;公司分割;經營效率;Oil industry;Dynamic DEA;Spin off;Corporation division;Operating efficiency
    Date: 2014-07-15
    Issue Date: 2014-10-15 14:40:42 (UTC+8)
    Publisher: 國立中央大學
    Abstract: 併購與分割同樣屬於公司層級的策略,併購的策略一向被媒體大眾所關注,不但併購案數量較多,而且相關的研究文獻也較多,分割策略相對的就沒那麼受到注目。過去的學者對於分割的研究多著重在個案的探討和異常報酬的發生,以單一產業內的分割公司經營效率的研究尚未有人進行探討。本研究試圖進行探索式研究,以石油與天然氣產業為研究對象,欲了解在同樣的產業下有分割的公司是否經營效率比未進行分割的公司更為優異。
    ;M & A strategy and spin-off strategy also belonging to the company-level strategy, mergers and acquisitions strategy has always been of concern to the public media, not only the large number of mergers and acquisitions, but also more relevant research literature, spin-off strategies are not so opposed to the limelight. Past scholars study focuses on case studies and cumulative average abnormal return. Spin-off operating efficiency studies to explore yet someone within an industry. This study attempts to conduct exploratory research to the oil and gas industry as the research object, I want to know in the same industry have spun off over whether the company is not operating efficiently spin off the company more excellent.
      In the oil and gas industry, due to(because of) the characteristics of the industry, mostly having international companies or state-owned enterprises. It is attractive for the large-scale company to spin off. In this research, the final samples are 8 spin-off companies and 56 companies which is not spin-off. Research method is data envelopment analysis. The empirical results show the spin-off company′s relatively poor performance in terms of efficiency. The result might be because the motivation for the companies to take spin-off strategy is trying to improve the poor management efficiency, and the gain of efficiency by taking the spin-off will reduce over time. Furthermore, it has different situation in the different business cycle. When the business cycle is prosperous, the spin-off companies have better operating efficiency. Otherwise, it have poorer efficiency in the economic depression. Oil and gas industry are subject to cyclical industries, the industry can be explained as the result of this focus.
    Appears in Collections:[企業管理研究所] 博碩士論文

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