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題名 公司治理對台灣上市櫃公司從事上下游分割之宣告效果影響探討
A Study on the Effect of Corporate Governance on Spin-off Affairs of Taiwan Listed Companies作者 謝惇鋒 貢獻者 屠美亞
謝惇鋒關鍵詞 公司分割
上下游分割
公司治理
Spin-offs
vertical spin-offs
corporate governance日期 2012 上傳時間 2-Mar-2015 10:07:41 (UTC+8) 摘要 本研究以民國91年至民國101年台灣進行公司分割之上市櫃公司為研究對象，探討市場對於企業宣告從事上下游分割之反應，以及公司治理對此反應之影響。研究結果顯示：一、台灣公司宣告分割期間，異常報酬並不明顯。二、分割後母子公司在產業鏈中具上下游關係者，其累積異常報酬較不具上下游關係者差。三、內部人持股比例高、財務槓桿高，對分割之宣告效果有負面影響。 可見台灣許多企業雖期望透過公司分割落實代工與品牌分家，然而市場對於這些分割活動未必能給予正面評價。同時，內部人對對公司控制力大或者公司財務槓桿高，在宣告分割時小股東以及債權人可能擔心此分割活動將損及其利益。
This study examines the effect of companies declaring their spin-offs and the impact of corporate governance variables on the effect with Taiwan listed spin-off companies during year 2002 to 2012 as samples. The empirical results can be summarized as below:1. There is no significant abnormal returns (AR) while Taiwan companies declaring their spin-offs.2. Spin-offs that parent companies and its subsidiaries are suppliers and downstream customers have lower abnormal returns.3. “High insider shareholding percentage” and “high financial leverage” have negative impact on the effect of spin-offs declaring.According, although many Taiwan companies intend to separate their brand and OEM/ODM business through spin-offs, it is not necessary to result in positive effects on their share prices. Meanwhile, minority shareholders and creditors might worry about the spin-off affairs damage their benefit if the insiders have large control power to the companies or the companies have high financial leverages.參考文獻 1. 王文宇，2001，「公司分割法制之研究－兼論金融控股公司法之分割規定」，月旦法學，第73期。2. 王泰銓，1998，「歐洲事業法」，五南圖書，p.203。3. 沈中華，李建然，2000， 「事件研究：財務與會計實證研究必備」，華泰文化事業公司。4. 林育廷、林靖揚、王致棠、朱俊銘、潘彥州，2002，「公司分割－問題研究與實例探討」，元照出版公司。5. 林卦緣，2006，「 母子公司的關係強弱對於分割後母公司長短期績效的影響-以臺灣上市櫃公司為例」，國立政治大學財務管理研究所碩士論文。6. 洪美滿，2008，「撤銷公司分割動機與效果：由公司分割與撤銷分割間股價反應關係來探討」，國立成功大學國際企業研究所碩博士班碩士論文。7. 洪連盛，2005，「我國上市公司分割行為與分割宣告效果之研究」，國立政治大學會計研究所碩士論文。8. 郭櫻枝、李文智、蔡彥卿，2004，「企業分割策略之研究-以康師傅分割飲料事業個案為例」，證交資料，第511 期，P.9-10。9. 郭櫻枝、李文智、蔡彥卿，2005，「企業價值鏈分割與策略聯盟個案研究:以裕隆汽車為例(上)」，會計研究月刊，第239 期。10. 葉銀華、李存修與柯承恩，2002，「公司治理與評等系統」，商智文化，P.33。11. 劉子瑜，2012，「公司治理、企業分割與公司短長期績效關係之探討」，中原大學企業管理研究所碩士論文。12. 賴慧真，2005，「國內上市公司撤資活動對經營績效影響之研究」，銘傳大學國際企業學系碩士班碩士論文。13. 簡歆怡，2005，「公司分割上市制度探討及申設過程宣告效果之研究」，銘傳大學管理研究所碩士班在職專班碩士論文。14. Allen, J. W. and J. J. McConnell, 1998, "Equity Crave-outs and Managerial Discretion", Journal of Finance, Vol. 53, pp.163-186.15. Brown, S. J. and Jerold B. Warner, 1980, “Measuring Security Price Performance”, Journal of Financial Economics, Vol. 8, pp. 205-25816. Charles W. L. Hill, Gareth R. Jones, 2004, "strategic management theory:an integrated approach", Boston, Mass.17. Chen, H.L. and Guo, R.J., 2005, "On Corporate Divestiture", Review of Quantitative Finance and Accounting, Vol. 24, pp. 399-421.18. Chemmanur, T. J. and Yan, A., 2004, "Atheory of Corporate Spin-offs", Journal of Financial Economics, Vol. 72, pp. 259-290.19. Cornell, J., M. C. Minichiello and K. P. Hare, 2002, "Spin-off Research", Spin-off Advisor, LLC, Vol. 6, pp.1-32.20. Cusatis, P.J., Miles, J.A., and Woolridge, R.J., 1993, "Restructuring through spin-offs", Journal of Financial Economics, Vol. 33, pp. 293-311.21. Desai, H. and P. C. Jain, 1999, "Firm performance and focus: long-run stock market performance following spin-offs", Journal of Financial Economics, vol.54, pp.75-101.22. G. Bennett Stewart, David M. Glassman, 1988, "The Motives and Methods of Corporate Restructuring Part I", Journal of Applied Corporate Finance, 1, pp.79-88.23. Jeffery, H.D., P. Kale and H. Singh, 2004, 「聯盟或併購」, HARVARD BUSINESS REVIEW中文版, pp. 100-102.24.Johnson, S.A., D.P. Klein, and V.L. Thibodeaux, 1996, "The Effects of Spin-offs on Corporate Investment and Performance", Journal of Financial Research, vol. 19(2), pp. 293-307.25. Kimberly, E. Frank and J. W. Harden, 2004, Corporate Restructurings: A Comparison of Equity Craves-outs and Spin-offs, Journal of Business Finance & Accounting, Vol. 28, No. 3&4, pp.503-529.26. Krishnaswami, S., Subramaniam, V., 1999, "Information Asymmetry, Valuation, and the Corporate Spin-off Decision", Journal of Financial Economics, Vol. 53, pp. 73-112.27. Kose John, Eli Ofek, 1995, “Asset Sales and Increase in Focus”, Journal of Financial Economics, Vo;.37, pp.105-126.28. Maxwell, W. F., Rao, R. P., 2003. “ Do Spin-offs Expropriate Wealth From29. Bondholders?”, Journal of Finance, Vol. 58(5), pp. 2087-2108.30. Michael A. Hitt, R. Duane Ireland, and Robert E. Hoskisson, 2003, Strategic Management: Competitiveness and Globalization, Concepts and Cases (5th ed.), South-Western College Pub.31. Michael, D. L.,S. W. Mandel and J. D. Wager， 2002, 「分割明星事業 」，HARVARD BUSINESS REVIEW中文版，p.113-121.32. Miles, J. A., and J. D. Rosenfeld, 1983, "The effect of voluntary spin-off announcements on shareholder wealth", Journal of Finance, vol. 38, pp. 1597 -1606.33. Patrick, C., J. A. Miles and J. R. Woolridge, 1993, "Restructuring Through Spinoffs:The Stock Market Evidence", Journal of Financial Economics, Vol. 33, No., pp.293-312.34. Patrick, J. C., J. A. Miles and J. R. Woolridge, 1994, "Some New Evidence That Spinoffs Create Value", Journal of Applied Corporate Finance, pp.100-107.35. Richard M. Cieri, Lyle G. Ganske & Heather Lennox, 1999, "Breaking Up is Hard to Do: Avoiding the Solvency-Related Pitfalls in Spin-offs", The Business Lawyer, Vol.54, pp.534.36. Seoungpil, A. and D. J. Denis, 2004, "Internal capital markets and investment policy:evidence from corporate spinoffs", Journal of Financial Economics, Vol.71, pp.489-516.37. Veld, C. and Y. V. Veld-Merkoulova, 2004, "Do spin-offs really create value? The European case", Journal of Banking & Finance, vol.28 , pp.1111-1135.38. Weston, J.F., Siu, J. A. & Johnson, B.A. 2001, Takeovers, Restructuring, and Corporate Governance (3rd ed.). New Jersey: Prentice Hall. 描述 碩士
國立政治大學
企業管理研究所
96355052
101資料來源 http://thesis.lib.nccu.edu.tw/record/#G0096355052 資料類型 thesis dc.contributor.advisor 屠美亞 zh_TW dc.contributor.author (Authors) 謝惇鋒 zh_TW dc.creator (作者) 謝惇鋒 zh_TW dc.date (日期) 2012 en_US dc.date.accessioned 2-Mar-2015 10:07:41 (UTC+8) - dc.date.available 2-Mar-2015 10:07:41 (UTC+8) - dc.date.issued (上傳時間) 2-Mar-2015 10:07:41 (UTC+8) - dc.identifier (Other Identifiers) G0096355052 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/73534 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 企業管理研究所 zh_TW dc.description (描述) 96355052 zh_TW dc.description (描述) 101 zh_TW dc.description.abstract (摘要) 本研究以民國91年至民國101年台灣進行公司分割之上市櫃公司為研究對象，探討市場對於企業宣告從事上下游分割之反應，以及公司治理對此反應之影響。研究結果顯示：一、台灣公司宣告分割期間，異常報酬並不明顯。二、分割後母子公司在產業鏈中具上下游關係者，其累積異常報酬較不具上下游關係者差。三、內部人持股比例高、財務槓桿高，對分割之宣告效果有負面影響。 可見台灣許多企業雖期望透過公司分割落實代工與品牌分家，然而市場對於這些分割活動未必能給予正面評價。同時，內部人對對公司控制力大或者公司財務槓桿高，在宣告分割時小股東以及債權人可能擔心此分割活動將損及其利益。 zh_TW dc.description.abstract (摘要) This study examines the effect of companies declaring their spin-offs and the impact of corporate governance variables on the effect with Taiwan listed spin-off companies during year 2002 to 2012 as samples. The empirical results can be summarized as below:1. There is no significant abnormal returns (AR) while Taiwan companies declaring their spin-offs.2. Spin-offs that parent companies and its subsidiaries are suppliers and downstream customers have lower abnormal returns.3. “High insider shareholding percentage” and “high financial leverage” have negative impact on the effect of spin-offs declaring.According, although many Taiwan companies intend to separate their brand and OEM/ODM business through spin-offs, it is not necessary to result in positive effects on their share prices. Meanwhile, minority shareholders and creditors might worry about the spin-off affairs damage their benefit if the insiders have large control power to the companies or the companies have high financial leverages. en_US dc.description.tableofcontents 第一章 緒論 1第一節 研究背景與動機 1第二節 研究目的 3第三節 研究架構 4第二章 文獻探討 6第一節 公司分割之定義 6第二節 公司分割之動機 9第三節 公司分割之類型 15第四節 公司分割的潛在風險 20第五節 企業分割中的公司治理問題 21第六節 公司分割之實證研究 22第三章 研究方法 25第一節 研究假說 25第二節 分析方法 28第四章 實證結果與分析 32第一節 樣本特性 32第二節 事件研究結果 36第三節 迴歸分析結果 39第五章 結論與建議 44第一節 結論 44第二節 研究限制 46第三節 建議 48參考文獻.. 49 zh_TW dc.format.extent 719530 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0096355052 en_US dc.subject (關鍵詞) 公司分割 zh_TW dc.subject (關鍵詞) 上下游分割 zh_TW dc.subject (關鍵詞) 公司治理 zh_TW dc.subject (關鍵詞) Spin-offs en_US dc.subject (關鍵詞) vertical spin-offs en_US dc.subject (關鍵詞) corporate governance en_US dc.title (題名) 公司治理對台灣上市櫃公司從事上下游分割之宣告效果影響探討 zh_TW dc.title (題名) A Study on the Effect of Corporate Governance on Spin-off Affairs of Taiwan Listed Companies en_US dc.type (資料類型) thesis en dc.relation.reference (參考文獻) 1. 王文宇，2001，「公司分割法制之研究－兼論金融控股公司法之分割規定」，月旦法學，第73期。2. 王泰銓，1998，「歐洲事業法」，五南圖書，p.203。3. 沈中華，李建然，2000， 「事件研究：財務與會計實證研究必備」，華泰文化事業公司。4. 林育廷、林靖揚、王致棠、朱俊銘、潘彥州，2002，「公司分割－問題研究與實例探討」，元照出版公司。5. 林卦緣，2006，「 母子公司的關係強弱對於分割後母公司長短期績效的影響-以臺灣上市櫃公司為例」，國立政治大學財務管理研究所碩士論文。6. 洪美滿，2008，「撤銷公司分割動機與效果：由公司分割與撤銷分割間股價反應關係來探討」，國立成功大學國際企業研究所碩博士班碩士論文。7. 洪連盛，2005，「我國上市公司分割行為與分割宣告效果之研究」，國立政治大學會計研究所碩士論文。8. 郭櫻枝、李文智、蔡彥卿，2004，「企業分割策略之研究-以康師傅分割飲料事業個案為例」，證交資料，第511 期，P.9-10。9. 郭櫻枝、李文智、蔡彥卿，2005，「企業價值鏈分割與策略聯盟個案研究:以裕隆汽車為例(上)」，會計研究月刊，第239 期。10. 葉銀華、李存修與柯承恩，2002，「公司治理與評等系統」，商智文化，P.33。11. 劉子瑜，2012，「公司治理、企業分割與公司短長期績效關係之探討」，中原大學企業管理研究所碩士論文。12. 賴慧真，2005，「國內上市公司撤資活動對經營績效影響之研究」，銘傳大學國際企業學系碩士班碩士論文。13. 簡歆怡，2005，「公司分割上市制度探討及申設過程宣告效果之研究」，銘傳大學管理研究所碩士班在職專班碩士論文。14. Allen, J. W. and J. J. McConnell, 1998, "Equity Crave-outs and Managerial Discretion", Journal of Finance, Vol. 53, pp.163-186.15. Brown, S. J. and Jerold B. Warner, 1980, “Measuring Security Price Performance”, Journal of Financial Economics, Vol. 8, pp. 205-25816. Charles W. L. Hill, Gareth R. Jones, 2004, "strategic management theory:an integrated approach", Boston, Mass.17. Chen, H.L. and Guo, R.J., 2005, "On Corporate Divestiture", Review of Quantitative Finance and Accounting, Vol. 24, pp. 399-421.18. Chemmanur, T. J. and Yan, A., 2004, "Atheory of Corporate Spin-offs", Journal of Financial Economics, Vol. 72, pp. 259-290.19. Cornell, J., M. C. Minichiello and K. P. Hare, 2002, "Spin-off Research", Spin-off Advisor, LLC, Vol. 6, pp.1-32.20. Cusatis, P.J., Miles, J.A., and Woolridge, R.J., 1993, "Restructuring through spin-offs", Journal of Financial Economics, Vol. 33, pp. 293-311.21. Desai, H. and P. C. Jain, 1999, "Firm performance and focus: long-run stock market performance following spin-offs", Journal of Financial Economics, vol.54, pp.75-101.22. G. Bennett Stewart, David M. Glassman, 1988, "The Motives and Methods of Corporate Restructuring Part I", Journal of Applied Corporate Finance, 1, pp.79-88.23. Jeffery, H.D., P. Kale and H. Singh, 2004, 「聯盟或併購」, HARVARD BUSINESS REVIEW中文版, pp. 100-102.24.Johnson, S.A., D.P. Klein, and V.L. Thibodeaux, 1996, "The Effects of Spin-offs on Corporate Investment and Performance", Journal of Financial Research, vol. 19(2), pp. 293-307.25. Kimberly, E. Frank and J. W. Harden, 2004, Corporate Restructurings: A Comparison of Equity Craves-outs and Spin-offs, Journal of Business Finance & Accounting, Vol. 28, No. 3&4, pp.503-529.26. Krishnaswami, S., Subramaniam, V., 1999, "Information Asymmetry, Valuation, and the Corporate Spin-off Decision", Journal of Financial Economics, Vol. 53, pp. 73-112.27. Kose John, Eli Ofek, 1995, “Asset Sales and Increase in Focus”, Journal of Financial Economics, Vo;.37, pp.105-126.28. Maxwell, W. F., Rao, R. P., 2003. “ Do Spin-offs Expropriate Wealth From29. Bondholders?”, Journal of Finance, Vol. 58(5), pp. 2087-2108.30. Michael A. Hitt, R. Duane Ireland, and Robert E. Hoskisson, 2003, Strategic Management: Competitiveness and Globalization, Concepts and Cases (5th ed.), South-Western College Pub.31. Michael, D. L.,S. W. Mandel and J. D. Wager， 2002, 「分割明星事業 」，HARVARD BUSINESS REVIEW中文版，p.113-121.32. Miles, J. A., and J. D. Rosenfeld, 1983, "The effect of voluntary spin-off announcements on shareholder wealth", Journal of Finance, vol. 38, pp. 1597 -1606.33. Patrick, C., J. A. Miles and J. R. Woolridge, 1993, "Restructuring Through Spinoffs:The Stock Market Evidence", Journal of Financial Economics, Vol. 33, No., pp.293-312.34. Patrick, J. C., J. A. Miles and J. R. Woolridge, 1994, "Some New Evidence That Spinoffs Create Value", Journal of Applied Corporate Finance, pp.100-107.35. Richard M. Cieri, Lyle G. Ganske & Heather Lennox, 1999, "Breaking Up is Hard to Do: Avoiding the Solvency-Related Pitfalls in Spin-offs", The Business Lawyer, Vol.54, pp.534.36. Seoungpil, A. and D. J. Denis, 2004, "Internal capital markets and investment policy:evidence from corporate spinoffs", Journal of Financial Economics, Vol.71, pp.489-516.37. Veld, C. and Y. V. Veld-Merkoulova, 2004, "Do spin-offs really create value? The European case", Journal of Banking & Finance, vol.28 , pp.1111-1135.38. Weston, J.F., Siu, J. A. & Johnson, B.A. 2001, Takeovers, Restructuring, and Corporate Governance (3rd ed.). New Jersey: Prentice Hall. zh_TW
