臺灣博碩士論文加值系統

本研究主要於亞太市場企業分割由1995年1月至2013年12月的資料來探討跨產業分割（聚焦分割）與同產業（非聚焦分割）宣告對股價的影響及企業在分割後之短期與長期股價表現與經營績效變化。結果顯示在宣告分割當日亞太市場企業1.63%的正異常報酬，而在宣告前後三日累積異常報酬有2.84%的正異常報酬，雖然聚焦分割在短期表現不如非聚焦分割，但兩者的表現還是有統計顯著。另外亞太市場分割後的營運表現不如美國及歐洲市場結果，同產業分割的企業（非聚焦分割）會利用重整策略創造比跨產業分割（聚焦分割）的股票價值來的更高。

This paper investigates the effect of corporate focus on firm valuation by examining the spinoffs in Asia-Pacific countries. There are spinoffs in the sample period from January 1995 through December 2013. The empirical result shows a significantly positive abnormal return of 1.63% on the announcement day of spinoffs. Both of own- and cross-industry spinoffs have positive market reactions, and the former has a higher abnormal return than the latter. Moreover, the operating performance of spinoffs is not improved. These results are inconsistent with the findings from the U.S. or European markets, and suggest that owned-industry spinoffs are related to corporate restructuring strategies and these strategies can create stock value more than the value induced by improvement in corporate focus.

ABSTRACT (in Chinese)i
ABSTRACT (in English)ii
ACKNOWLEDGEMENT iii
CONTENTS iv
LIST OF TABLES vi
CHAPTER 1 INTRODUCTION 1
CHAPTER 2 LITERATURE REVIEWS 6
2.1 Motivate and Reason on Equity Spinoffs 6
2.1.1 Corporate Focus 6
2.1.2 Asymmetric Infomation 7
2.1.3 Managerial Incentive 8
2.1.4 Wealth Transfer 9
2.2 Market Valuation and Accounting Performance effects 9
2.2.1 Short term stock price effects and long-term stock price effects 9
2.2.2 Operating Performance effect 11
CHAPTER 3 DATA AND METHOLOGY 13
3.1 Data 13
3.2 Methodology 16
3.2.1 Short-run parent’s spinoffs announcement abnormal return 16
3.2.2 Long-run parent’s spinoffs announcement abnormal return 17
3.2.3 Accounting performance change following spinoffs (ROA)19
CHAPTER 4 RESULTS AND DISCUSSION 23
4.1 Short-term stock performance 23
4.2 Long-term stock performance 28
4.3 Post Spinoffs Operating Performance 31
CHAPTER 5 CONCLUSIONS 56
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