Please use this identifier to cite or link to this item: https://ah.nccu.edu.tw/handle/140.119/76249


Title: 企業分割對資本成本之影響性分析
The Impacts of Corporate Divestitures on Capital Cost
Authors: 郭馨檥
Contributors: 林靖
何靜嫺

郭馨檥
Keywords: 企業分割
資本成本
Corporate Divestitures
Capital Cost
Date: 2014
Issue Date: 2015-07-01 15:00:15 (UTC+8)
Abstract: 目前國內外撤資的企業分割研究中,大部分是針對企業宣告分割及實際分割之後,觀察其經營績效或研究是否存在累積異常報酬,完全沒有針對『取得資金的成本面(資金成本)』的相關研究,因此,本研究決定首次以撤資的企業分割為背景,去探討台灣2001~2014年之間企業的資本成本的變動及相關性。透過資本成本中三個主要概念(企業融資及企業投資決策、一般投資者對企業的投資決策、企業經營獲利)來進行解釋。本研究針對三項議題的具體結論如下:
第一、研究母公司在分割後,公司負債比例下降與否影響資本成本。根據本研究的結果證明,公司「負債比例下降者」的資本成本會比「負債比例相同或上升」的資本成本低,因此,當母公司希望降低內部的資本成本時,可以讓公司的負債比例下降,來達到降低公司向銀行或投資者的借貸成本。第二、研究母公司在分割後,資本成本在分割前後的變化。根據本研究的結果證明,資本成本在分割之後會上升,因此,若公司想藉由分割部門來降低公司內部的資本成本或融資成本,分割部門並不是一項恰當的策略。第三、研究以資產分割(Spin-offs)方式分割部門的母公司,資本成本在分割前後的變化。根據本研究的結果證明,部分研究結果為顯著的正相關( 、 ),但部分的結果卻為顯著的負相關( ),在不同資本成本的應用之下,有了完全相反的結果。
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Description: 碩士
國立政治大學
經濟學系
102258032
103
Source URI: http://thesis.lib.nccu.edu.tw/record/#G0102258032
Data Type: thesis
Appears in Collections:[經濟學系] 學位論文

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