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研究生:康美雪
研究生(外文):Mei-Husueh Kang
論文名稱:國內上市櫃公司從事企業分割之探討
論文名稱(外文):A Study on Taiwan Listed Companies’ Spin-Off Activities
指導教授:邱顯比邱顯比引用關係
指導教授(外文):Shean-Bii Chiu
學位類別:碩士
校院名稱:國立臺灣大學
系所名稱:財務金融組
學門:商業及管理學門
學類:財務金融學類
論文種類:學術論文
論文出版年:2009
畢業學年度:97
語文別:中文
論文頁數:120
中文關鍵詞:企業分割母子分割兄弟分割事件研究法股價效應追蹤股
外文關鍵詞:corporate restructuringcarve-out divisionspin-off divisionevent study methodstock price effecttracking stocks.
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企業組織重整為企業面對產業結構快速變遷及激烈競爭之經營環境下,為提高企業價值及創造股東權益最大化,從而達成永續經營之主要經營策略手段之一。本研究論述之重點即以台灣公佈實施「企業併購法」後,國內企業依法令規範所採母子分割與兄弟分割之比較,及企業因應法令修訂、產業及經營環境改變、企業組織發展、公司員工、股東及債權人權利之考量與分割所產生之股價效應等。
本研究先就91~97年間國內企業從事分割之案例,比較其分割目的、分割方法等,並以事件研究法分析企業公告分割前後所產生之股價效應予以歸納;同時以本身之實務經驗,從分割程序、稅賦及會計等面向,來探討企業進行分割時所面臨之問題及應注意事項;另再以個案之實地訪談與分析,了解企業進行分割之決策時,所遭遇之困難及解決之道等,以為日後國內企業執行分割策略時之考量。
依事件研究法分析企業公告分割前後所產生之股價效應,研究發現國內外企業公告分割之股價效應有所差異,依Schipper and Smith(1983)、Hite and Owers(1983)及Krishnaswami and Subramaniam(1999)之研究發現,企業分割公告日時會有2.84%或3.8%之異常收益且具有統計上之顯著性,並以公告日前後一天效益最大,高達3.28%且具統計上之顯著性;相較於本研究發現國內企業公告分割時產生,1.異常報酬較低;2.出現異常報酬之期間短(約3天,即事件日前一天∼事件日後一天);3.且異常報酬及累積異常報酬並未達統計上之顯著水準;主要係由於1.國內引進企業重組工具時間不如國外運作已久;2.國內企業重組工具及市場認知度均未成熟;3.國外分割案例多將ROI較低之部門分拆出去,進而改善母公司體質,相較於國內分割出ROI較高之部門之不同;4.國外分割出之事業單位可立即掛牌交易,但國內分割後之子公司須耗時一年多時間才得掛牌,使其回饋於母公司之效益無法及時反應;致使未如國外文獻之研究結果,於企業公告分割之時具有較高之異常報酬及統計上之顯著性。
依現行國內之法令規範與企業經營環境,本研究歸納出之結論為:”分割”係於國內日趨成熟之企業經營環境下,為提供國內企業更有效運用資源,提高經營績效之主要工具之一。在此同時並對於欲從事分割之企業,提供以下之建議:(一)事前規劃之重要性,須審慎評估分割之目的、企業核心價值與各事業群之發展方向、並考慮當前經濟與產業情勢及法令規範等,做為分割方法之選擇依據;(二)分割後之營運重點,即對於分割受讓公司獨立性之收放及須定期檢視分割後之效益是否符合原先規劃。另對於主管機關提供幾點看法與建議:(一)增加企業重組工具,例如追蹤股,以提升國內企業經營環境得與國際接軌,從而提高競爭力;(二)法條規範應具體可行,例如兄弟分割時外資與投信股東依法不能投資未上市櫃股票所遭遇之窘境,又如企業分割重組後改型為投資控股公司,受限於現行法令規定,致使無法善用重組工具,均為猶待改善之例。
As business operations remain heavily impacted by rapid changes within industry structure and ever-increasing competition, “Corporate Restructuring”, enhances a company’s value and maximizes shareholder equity. Corporate Restructuring has become one of the main business strategies to ensure sustainable operation. This study investigates and compares the differences between “carve-out” and “spin-off” divisions undertaken by Taiwan’s domestic enterprises after the implementation of “Merger and Acquisition Law” in Taiwan. The focus has been placed upon how these companies react to the enactment of the law and how they respond to changes within the operating environment. Organizational development, the consideration of interest among staff, shareholders, creditors, and the effect on stock prices associated with the spin-off are all examined.
This study looks into spin-off cases for domestic enterprises from 2002 through 2008 and compares the purpose as well as the method involved with these cases. Event study method is used to analyze the variation of stock price before and after the spin-off. Based on the practical experience of the business operation, the author investigates the issues frequently encountered during the spin-off process and highlights matters that require special attention, especially on the facets of spin-off procedures, taxation and accounting. This is followed by field visits and two individual case interviews. The purpose of these visits and interviews are to thoroughly understand the difficulties encountered in a spin-off and the countermeasures sought to resolve them, with the hope the finding can serve as a strategy reference for future spin-offs in Taiwan’s domestic enterprises.
The event study method was utilized in this study to investigate the effects of spin-offs on the stock price of an enterprise immediately before and after the public announcement of the spin-off. It is found that the effect on Taiwan’s domestic enterprises is different from the counterpart of foreign enterprises. According to studies conducted by Schipper and Smith (1983), Hite and Owers (1983) and Krishnaswami and Subramaniam (1999), an abnormal return rate of 2.84% or 3.8% with statistical significance of difference was found on the announcement date of the spin-off. Contrast to the finding in foreign enterprises, this study points out the following characteristics of a spin-off announcement on Taiwan’s domestic enterprises: (1) lower abnormal return; (2) shorter duration for the abnormal return (roughly three days, i.e. from the day right before the announcement to the 2nd day after the announcement); and (3) the abnormal return and accumulated abnormal return do not demonstrate sufficient statistical significance. Subsequent analysis shows that these characteristics are due to several reasons, including (1) Corporate restructuring tools that were recently introduced into Taiwan’s domestic enterprises; (2) Corporate restructuring tools and their market recognition are not mature in Taiwan; (3) Contrary to the common practice of foreign enterprises who spin off divisions with lower ROI in order to improve the finance of the parent companies, Taiwan’s domestic enterprises frequently spins off divisions with higher ROI; and (4) Contrast to foreign countries where trading of subsidiaries stock in the market is permitted immediately after the spin-off, the subsidiaries of Taiwan’s enterprises have to wait for at least one year before their stocks can be publicly traded. As a result, the financial benefit of the spin-off cannot be timely fed back to the parent company.
This study concludes that a Spin-off can be considered as one of the vital means to provide domestic enterprises with a more effective way to utilize resources, as well as to enhance operating efficiencies under an increasingly mature operating environment in Taiwan. The following recommendations are made for local enterprises that intend to undertake a spin-off:
1) Planning ahead: When a spin-off method is to be selected, it is necessary to cautiously assess the main purpose of the spin-off and how it will impact the core values of the company, the future development of each business group and the conformance with the current economic situations and legal regulations.
2) Postmortem review: It is equally important to conduct periodic reviews on critical indices after a spin-off. For example, the extent of independence granted to the spin-off company and whether the efficacy of the spin-off conforms to the original planning should be reviewed.
In addition, the following recommendations are provided to government authorities:
1) More tools for Corporate restructuring, such as tracking stocks is necessary. This should be available to Taiwan’s domestic enterprises so that the business operating environment can be geared to meet international practices, in addition to better securing the competitiveness of local companies.
2) Make government regulations more specific and feasible. For instance, foreign investors and venture capital shareholders are prohibited from investing in non-IPO stocks in carve-out cases. Investment holding companies are also restrained from making active use of the restructuring tools due to the restrictions of existing regulations. These remain areas for future improvement.
目 錄
口試委員會審定書……………………………………………… I
誌謝……………………………………………………………… Ⅱ
中文摘要………………………………………………………… Ⅲ
英文摘要………………………………………………………… Ⅴ
目錄……………………………………………………………… Ⅷ
圖目錄…………………………………………………………… Ⅹ
表目錄…………………………………………………………… XII
第一章 緒論…………………………………………………… 1
第一節、研究動機與目的…………………………………… 1
第二節、研究範圍與方法…………………………………… 2
第三節、論文架構…………………………………………… 2
第四節、研究流程…………………………………………… 4
第二章 文獻探討……………………………………………… 5
(一)企業分割的目的與動機……………………………… 5
(二)企業分割的效益……………………………………… 8
第三章 企業分割之目的、方法與股價效應………………… 12
第一節、企業分割之目的…………………………………… 12
第二節、企業分割之方法…………………………………… 26
第三節、企業分割之股價效應……………………………… 34
第四章 企業分割之程序、稅賦、會計實務面應注意事項… 60
第一節、企業分割程序實務面應注意事項………………… 60
第二節、會計、稅賦實務面應注意事項…………………… 67
第五章 個案分析……………………………………………… 73
第一節、凌陽科技…………………………………………… 73
第二節、和桐公司…………………………………………… 86
第六章 結論與建議…………………………………………… 96
第一節、結論.………………………………………………… 96
第二節、建議.………………………………………………… 103
參考文獻………………………………………………………… 106
附錄……………………………………………………………… 110
附件一 91~97年上市櫃公司公告分割案件明細表……… 110
一、中文部分
(一)法規
1.中華民國公司法
2.證券交易法
3.企業併購法
4.土地稅法
5.促進產業升級條例
6.台灣證券交易所股份有限公司營業細則
7.台灣證券交易所股份有限公司投控股公司申請股票上市審查準則
8.證券投資信託基金管理辦法
9.華僑及外國人申請投資國內證券說明資料
10.財團法人中華民國證券櫃檯買賣中心證券商營業處所買賣有價證券業務規則
11.網際網路業製造業及技術服務業購置設備或技術適用投資抵減辦法
12.公司研究與發展及人才培訓支出適用投資抵減辦法
(二)其他
1.凌陽科技96年年報;公開說明書85~96年度經會計師查核簽證之財務報告。
2.聯發科85~96年度經會計師查核簽證之財務報告。
3.和桐公司92~93年年報;91~96年度經會計師查核簽證之財務報告。
4.公開資訊觀測站http://newmops.tse.com.tw
5.臺灣證券交易所http://twse.com.tw
6.證券櫃檯買賣中心http://www.otc.org.tw
7.證券暨期貨法令判解查詢系統http://www.selaw.com.tw
8.李宜靜,2006年6月,「企業分割與創造價值關聯性之探討-以遠東紡織公司為例」,私立東吳大學會計學系,碩士論文。
9.李宇玲,2007年7月,「分割策略應用於解決多角化問題之研究以個案公司為例」,國立臺灣大學管理學院,碩士論文。
10.黃郁卿,2005年6月,「企業分割策略效益-以閎暉公司為個案探討」,國立政治大學經營管理碩士學程財管組,碩士論文。
11.劉醇正,2006年6月,「以價值鏈模式探討企業價值分割-以友訊科技公司為例」,屏東科技大學企業管理系碩士班,碩士論文。

二、英文部分
1.Alchian, Armen A. and Harold Demsetz (1972), “Production, information costs, and economic organization,” American Economic Review 62, (December), 777-795.
2.Aron, D., (1991), “Using the capital market as a monitor: Corporate spin-offs in an agency framework,” the Rand Journal of Economics 22, 505-518.
3.Berger, Philip G. and Eil Ofek, (1995), “Diversification’s effect on firm value,” Journal of Financial Economics 37,39-65.
4.Chemmanur, Thomas J. and Kose John (1996), “Optimal incorporation, structure of debt contracts, and limitedrecourseproject financing,” Journal of Financial Intermediation 5, 372-408.
5.Chemmanur, Thomas J. and An Yan (2001), “Corporate control contests and the disciplining effect of spin-offs:a theory of performance and value improvements in spin-offs,” Journal of Financial Economics 72, 259-290
6.Chemmanur, Thomas J. and An Yan (2002), “Corporate Control Contests and the Disciplining Effect of Spin-offs: ATheory of Performance and Value Improvements in Spin-offs Current,” Version: January 2002
7.Coase, Ronald H. (1937), “The Nature of the Firm,” Economica 4 (November), 386–405.
8.Daley, L., Vikas Mehrotra and Ranjini Sivakumar (1997), “Corporate focus and value creation: Evidence fromspin-offs,” Journal of Financial Economics 45, 257-281
9.Danielva, Anna N. (2008), “Tracking Stock or Spin-off? Determinants of Choice,” Financial Management March 22 2008,4-8
10.Desai, H., Jain, P., (1999), “Firm performance and focus: Long-run stock market performance followingspin-offs,” Journal of Financial Economics 54, 75-101.
11.Hite, Gailen and James E. Owers, (1983), “Security Price Reactions Around Corporate Spin-Off,” Journal of Financial Economics, 12(4),409-436
12.Jensen, M.J., and W.H. Meckling (1976), “Theory of the Firm: Managerial Behavior, Agency Cost, and Ownership Structure,” Journal of Financial Economics 3, 305 - 360.
13.Krishnaswami, S., and Venkat Subramaniam (1999), “Information asymmetry, valuation, and the corporate spinoffdecision,” Journal of Financial Economics 53, 73-112
14.Liedgren, G., Josefin Olofsson and Sofie Zetterlund, (2008), “Spin-off Performance,” Urban Osterlund. Jonkoping May, 25
15.Lord, D. M., Stanley W, Mandel and Jeffrey D. Wager, (2002), “Spinning Out a Star,” Harvard Business Review, 116
16.Miles, James A. and J. Randall Woolridge (1999), “Spin-Offs and Equity Carve-Outs,” Financial Executives Reserch Foundation(Morristown, NJ)
17.Myers, Stewart C. and Nicholas S. Majluf (1984), “Corporate financing and investment decisions when firms have information that investors do not have,” Journal of Financial Economics 13, 187– 221.
18.Nanda, Vikram K. and M.P. Narayanan (1999), “Disentangling value: Financing needs, firm scope and divestures,” Journal of Financial Intermediation 8, 174-204.
19.Schipper, K. and Abbie Smith (1983), “Effects of recontracting on shareholder wealth: the case of voluntary spin-offs,” Journal of Financial Economics 12, 437-467.
20.Weston, J. F., Juan A. Siu and Brian A. Johnson, (2001), “Takeovers, Restructuring, and Corporate Governance,” (3E)吳清松(2004)譯, 383-384
21.Williamson, Oliver E. (1979), "Transaction Cost Economics: The Governance of Contractual Relations," Journal of Law and Economics, .233-261.
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