藉由企業分割創造價值：以電信產業為例

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賴信夫(Hsin-Fu Lai ) 查詢紙本館藏

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財務管理研究所

論文名稱

藉由企業分割創造價值：以電信產業為例
(Creating Value through Corporate Spin-offs: Evidences from Telecommunication Industry)

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摘要(中)

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。

摘要(英)

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.

關鍵字(中)

★ 事件研究法
★ 企業分割
★ 價值動因
★ 電信產業

關鍵字(英)

★ event study
★ spin-off
★ telecommunication industry
★ value driver

論文目次

Contents
Chapter I. Introduction1
1.Motivation1
2. Purposes of this study2
3 Composition of this Study2
4. Research Flow Chart3
Chapter II. Telecommunication Industry and Spin-offs4
1. Industry Overview4
2. Spin-offs in Telecommunication Industry4
Chapter III. Literature Review and Theoretical Structure6
1. Benefits of spin-off:6
2. Conglomerate Wave and Theories8
3. Value Discount of a Diversification conglomerate9
4. Focus and Divestiture10
Chapter IV. Research Methodology14
1. Research Model15
2. Samples16
3. Event study17
4. Variables and Hypotheses20
Chapter V. Empirical Results26
1. Event Study26
2. Descriptive Statistics27
3. Sensitivity Tests29
4. Multivariate Analysis34
Chapter .VI Conclusions38
References40
Figures
Figure1-1.Research Flow Chart3
Figure4-1 Reconstruction & Evaluations Methods14
Figure4-2. Research Model15
Figure4-3 Dimensions and Variables20
Tables
Table3-1: Summarized Table of Related Literature12
Table4-1 Summary of Hypotheses and Variables24
Table5-1 Spin-off announcement CAR26
Table5-2: Descriptive Statistics of Spin-off Firms and Non-Spin-off Firms28
Table5-3: Announcement Period Abnormal Return classified by Decomposition of ROA30
Table5-4: Announcement Period Abnormal Return classified by Managerial Characteristics30
Table5-5: Announcement Period Abnormal Return classified by Financial Characteristics32
Table5-6: Announcement Period Abnormal Return classified by Correction of An Error33
Table5-7: Announcement Period Abnormal Return classified by Market Expectation33
Table5-8: Announcement Period Abnormal Return classified by Relatedness of Parent and Subsidiary34
Table5-9: Multivariate Results35

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指導教授

鄭漢鐔(Hann-Tarn Jeng)

審核日期

2001-6-29

推文