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https://ah.lib.nccu.edu.tw/handle/140.119/76249| 題名: | 企業分割對資本成本之影響性分析 The Impacts of Corporate Divestitures on Capital Cost |
作者: | 郭馨檥 | 貢獻者: | 林靖<br>何靜嫺 郭馨檥 |
關鍵詞: | 企業分割 資本成本 Corporate Divestitures Capital Cost |
日期: | 2014 | 上傳時間: | 1-七月-2015 | 摘要: | 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：\r\n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。 | 參考文獻: | 李小鹤 (2012), 资本成本在企业融资决策中的应用. 价值工程, 31(11), 118-119.\r\n常石磊, 宋鲁蒙,和 宋梅彦 (2010), 我国上市公司资本成本研究. 企业导报, (11), 52-52.\r\n康美雪 (2009), 國內上市櫃公司從事企業分割之探討. 臺灣大學財務金融組學位論文, 1-120.\r\n劉昶靜 (2004),分割活動對公司經營績效的影響.國立高雄第一科技大學財務理碩士論文.\r\n黃偉綺 (2008),股權分割與公司分割對經營績效的影響.私立銘傳大學國際企業所碩士論文.\r\n邱俐錦 (2009),資產分割後的經營績效:公司治理的角色.國立高雄大學財金管理系碩士論文.\r\n李政娟 (2012), 企業分割動機與經營績效之研究. 國立中央大學財務金融系碩士論文.\r\n江雪鈴 (2006), 公司分割策略之研究. 國立台灣科技大學財務金融所碩士論文.\r\nAllen, J. 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資料來源: | http://thesis.lib.nccu.edu.tw/record/#G0102258032 | 資料類型: | thesis |
| Appears in Collections: | 學位論文 |
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