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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-Jul-2015 15:00:15 (UTC+8) 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： 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. 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. 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. 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. 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. 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. 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. 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. Allen, J. W., and McConnell, J. J. (1998). Equity carve-outs and managerial discretion. The Journal of Finance, 53(1), 163-186. Allen, J. W., Lummer, S. L., McConnell, J. J., and Reed, D. K. (1995). Can takeover losses explain spin-off gains? Journal of Financial and Quantitative analysis, 30(04), 465-485. Berry, H. (2013). When do firms divest foreign operations?. Organization Science, 24(1), 246-261. Botosan, C. A., and Plumlee, M. A. (2005). Assessing alternative proxies for the expected risk premium. The Accounting Review, 80(1), 21-53. Botosan, C. A., Plumlee, M. A., and Wen, H. (2011). The relation between expected returns, realized returns, and firm risk characteristics*.Contemporary Accounting Research, 28(4), 1085-1122. Claus, J., and Thomas, J. (2001). Equity premia as low as three percent? Evidence from analysts` earnings forecasts for domestic and international stock markets. The Journal of Finance, 56(5), 1629-1666. Comment, R., and Jarrell, G. A. (1995). Corporate focus and stock returns. Journal of Financial Economics, 37(1), 67-87. Chemmanur, T. J., and Paeglis, I. (2001). Why issue tracking stock? Insights from a comparison with spin‐offs and carve‐outs. Journal of Applied Corporate Finance, 14(2), 102-114. Chen, P. F., and Zhang, G. (2007). Segment profitability, misvaluation, and corporate divestment. The Accounting Review, 82(1), 1-26. Daley, L., Mehrotra, V., and Sivakumar, R. (1997). Corporate focus and value creation evidence from spinoffs. Journal of Financial Economics, 45(2), 257-281. Easton, P. D. (2004). PE ratios, PEG ratios, and estimating the implied expected rate of return on equity capital. The Accounting Review, 79(1), 73-95. El Ghoul, S., Guedhami, O., Kwok, C. C., and Mishra, D. R. (2011). Does corporate social responsibility affect the cost of capital?. Journal of Banking and Finance, 35(9), 2388-2406. Fernandes, N. (2014). Finance for Executives: A Practical Guide for Managers. NPVPublishing. Frank, K. E., and Harden, J. W. (2001). Corporate Restructurings: A Comparison of Equity Carve‐outs and Spin‐offs. Journal of Business Finance & Accounting,28(3‐4), 503-529. Gebhardt, W. R., Lee, C., and Swaminathan, B. (2001). Toward an implied cost of capital. Journal of accounting research, 39(1), 135-176. Goss, A., and Roberts, G. S. (2011). The impact of corporate social responsibility on the cost of bank loans. Journal of Banking and Finance, 35(7), 1794-1810. Groth, J. C., and Anderson, R. C. (1997). The cost of capital: perspectives for managers. Management Decision, 35(6), 474-482. Gertner, R., Powers, E., and Scharfstein, D. (2002). Learning about Internal Capital Markets from Corporate Spin‐offs. The Journal of Finance, 57(6), 2479-2506. Hand, J. R., and Skantz, T. R. (1999). The market-timing characteristics of equity carve-outs. Available at SSRN 164008. Hite, G. L., Owers, J. E., and Rogers, R. C. (1987). The market for interfirm asset sales: Partial sell-offs and total liquidations. Journal of Financial Economics, 18(2), 229-252. Jain, P. C. (1985). The effect of voluntary sell‐off announcements on shareholder wealth. The Journal of Finance, 40(1), 209-224. John, K., and E. Ofek, (1995). Asset sales and increase in focus, Journal of Financial Economics 37, 105-126. Krishnaswami, S., and Subramaniam, V. (1999). Information asymmetry, valuation, and the corporate spin-off decision. Journal of Financial Economics,53(1), 73-112. Karpavicius, S. (2014). The Cost of Capital and Optimal Financing Policy in a Dynamic Setting. Available at SSRN 2219082. Koziol, C. (2014). A simple correction of the WACC discount rate for default risk and bankruptcy costs. Review of Quantitative Finance and Accounting, 42(4), 653-666. Lang, L., Poulsen, A., and Stulz, R. (1995). Asset sales, firm performance, and the agency costs of managerial discretion. Journal of Financial Economics, 37(1), 3-37. Lin, F. L., and Chang, T. (2011). Does debt affect firm value in Taiwan? A panel threshold regression analysis. Applied Economics, 43(1), 117-128. Miles, J. A., and Ezzell, J. R. (1980). The weighted average cost of capital, perfect capital markets, and project life: a clarification. Journal of Financial and Quantitative Analysis, 15(03), 719-730. Miller, M. H., and Modigliani, F. (1966). Some estimates of the cost of capital to the electric utility industry, 1954-57. The American Economic Review, 333-391. Mulherin, J. H., and Boone, A. L. (2000). Comparing acquisitions and divestitures. Journal of Corporate Finance, 6(2), 117-139. Madura, J., and Nixon, T. D. (2002). The long-term performance of parent and units following equity carve-outs. Applied Financial Economics, 12(3), 171-181. Michaely, R., and Shaw, W. H. (1995). The choice of going public: Spin-offs vs. carve-outs. Financial Management, 5-21. Nanda, V. (1991). On the Good News in Equity Carve‐Outs. The Journal of Finance, 46(5), 1717-1737. Ohlson, J. A., and Juettner-Nauroth, B. E. (2005). Expected EPS and EPS growth as determinantsof value. Review of Accounting Studies, 10(2-3), 349-365. Prezas, A. P., Tarimcilar, M., and Vasudevan, G. K. (2000). The Pricing of Equity Carve‐Outs. Financial Review, 35(4), 123-138. Reverte, C. (2012). The impact of better corporate social responsibility disclosure on the cost of equity capital. Corporate Social Responsibility and Environmental Management, 19(5), 253-272. Slovin, M. B., Johnson, S. A., and Glascock, J. L. (1992). Firm size and the information content of bank loan announcements. Journal of Banking and Finance, 16(6), 1057-1071. Schipper, K., and Smith, A. (1986). A comparison of equity carve-outs and seasoned equity offerings: Share price effects and corporate restructuring. Journal of Financial Economics, 15(1), 153-186. Veld, C., and Veld-Merkoulova, Y. V. (2004). Do spin-offs really create value? The European case. Journal of Banking and Finance, 28(5), 1111-1135. Vélez-Pareja, I., and Tham, J. (2009). A note on the weighted average cost of capital WACC. Revista de Administração Mackenzie (RAM), 10(6). Vijh, A. M. (1999). Long-term returns from equity carveouts. Journal of Financial Economics, 51(2), 273-308. 描述 碩士
國立政治大學
經濟學系
102258032
103資料來源 http://thesis.lib.nccu.edu.tw/record/#G0102258032 資料類型 thesis dc.contributor.advisor 林靖<br>何靜嫺 zh_TW dc.contributor.author (Authors) 郭馨檥 zh_TW dc.creator (作者) 郭馨檥 zh_TW dc.date (日期) 2014 en_US dc.date.accessioned 1-Jul-2015 15:00:15 (UTC+8) - dc.date.available 1-Jul-2015 15:00:15 (UTC+8) - dc.date.issued (上傳時間) 1-Jul-2015 15:00:15 (UTC+8) - dc.identifier (Other Identifiers) G0102258032 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/76249 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 經濟學系 zh_TW dc.description (描述) 102258032 zh_TW dc.description (描述) 103 zh_TW dc.description.abstract (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： 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。 zh_TW dc.description.tableofcontents 謝辭 i 摘要 ii 目錄 iii 表目錄 iv 圖目錄 v 1. 緒論 1 1.1 研究動機 1 1.2 研究目的 2 1.3 研究流程與架構 4 2. 文獻回顧 5 2.1 分割模式 5 2.2 分割的共同原因 7 2.3 分割的個別原因 9 2.4 資本成本的探討 11 3. 研究假說 14 4. 實證研究 18 4.1 樣本研究期間與資料來源 18 4.2 變數定義 25 4.3 實證模型 34 4.4 實證結果 35 4.5 穩健性檢定 43 5 結論 48 5.1 研究結論 48 5.2 研究限制 52 參考文獻 53 zh_TW dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0102258032 en_US dc.subject (關鍵詞) 企業分割 zh_TW dc.subject (關鍵詞) 資本成本 zh_TW dc.subject (關鍵詞) Corporate Divestitures en_US dc.subject (關鍵詞) Capital Cost en_US dc.title (題名) 企業分割對資本成本之影響性分析 zh_TW dc.title (題名) The Impacts of Corporate Divestitures on Capital Cost en_US dc.type (資料類型) thesis en dc.relation.reference (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. 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. 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. 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. 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. 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. 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. 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. Allen, J. W., and McConnell, J. J. (1998). Equity carve-outs and managerial discretion. The Journal of Finance, 53(1), 163-186. Allen, J. W., Lummer, S. L., McConnell, J. J., and Reed, D. K. (1995). Can takeover losses explain spin-off gains? Journal of Financial and Quantitative analysis, 30(04), 465-485. Berry, H. (2013). When do firms divest foreign operations?. Organization Science, 24(1), 246-261. Botosan, C. A., and Plumlee, M. A. (2005). Assessing alternative proxies for the expected risk premium. The Accounting Review, 80(1), 21-53. Botosan, C. A., Plumlee, M. A., and Wen, H. (2011). The relation between expected returns, realized returns, and firm risk characteristics*.Contemporary Accounting Research, 28(4), 1085-1122. Claus, J., and Thomas, J. (2001). Equity premia as low as three percent? Evidence from analysts` earnings forecasts for domestic and international stock markets. The Journal of Finance, 56(5), 1629-1666. Comment, R., and Jarrell, G. A. (1995). Corporate focus and stock returns. Journal of Financial Economics, 37(1), 67-87. Chemmanur, T. J., and Paeglis, I. (2001). Why issue tracking stock? Insights from a comparison with spin‐offs and carve‐outs. Journal of Applied Corporate Finance, 14(2), 102-114. Chen, P. F., and Zhang, G. (2007). Segment profitability, misvaluation, and corporate divestment. The Accounting Review, 82(1), 1-26. Daley, L., Mehrotra, V., and Sivakumar, R. (1997). Corporate focus and value creation evidence from spinoffs. Journal of Financial Economics, 45(2), 257-281. Easton, P. D. (2004). PE ratios, PEG ratios, and estimating the implied expected rate of return on equity capital. The Accounting Review, 79(1), 73-95. El Ghoul, S., Guedhami, O., Kwok, C. C., and Mishra, D. R. (2011). Does corporate social responsibility affect the cost of capital?. Journal of Banking and Finance, 35(9), 2388-2406. Fernandes, N. (2014). Finance for Executives: A Practical Guide for Managers. NPVPublishing. Frank, K. E., and Harden, J. W. (2001). Corporate Restructurings: A Comparison of Equity Carve‐outs and Spin‐offs. Journal of Business Finance & Accounting,28(3‐4), 503-529. Gebhardt, W. R., Lee, C., and Swaminathan, B. (2001). Toward an implied cost of capital. Journal of accounting research, 39(1), 135-176. Goss, A., and Roberts, G. S. (2011). The impact of corporate social responsibility on the cost of bank loans. Journal of Banking and Finance, 35(7), 1794-1810. Groth, J. C., and Anderson, R. C. (1997). The cost of capital: perspectives for managers. Management Decision, 35(6), 474-482. Gertner, R., Powers, E., and Scharfstein, D. (2002). Learning about Internal Capital Markets from Corporate Spin‐offs. The Journal of Finance, 57(6), 2479-2506. Hand, J. R., and Skantz, T. R. (1999). The market-timing characteristics of equity carve-outs. Available at SSRN 164008. Hite, G. L., Owers, J. E., and Rogers, R. C. (1987). The market for interfirm asset sales: Partial sell-offs and total liquidations. Journal of Financial Economics, 18(2), 229-252. Jain, P. C. (1985). The effect of voluntary sell‐off announcements on shareholder wealth. The Journal of Finance, 40(1), 209-224. John, K., and E. Ofek, (1995). Asset sales and increase in focus, Journal of Financial Economics 37, 105-126. Krishnaswami, S., and Subramaniam, V. (1999). Information asymmetry, valuation, and the corporate spin-off decision. Journal of Financial Economics,53(1), 73-112. Karpavicius, S. (2014). The Cost of Capital and Optimal Financing Policy in a Dynamic Setting. Available at SSRN 2219082. Koziol, C. (2014). A simple correction of the WACC discount rate for default risk and bankruptcy costs. Review of Quantitative Finance and Accounting, 42(4), 653-666. Lang, L., Poulsen, A., and Stulz, R. (1995). Asset sales, firm performance, and the agency costs of managerial discretion. Journal of Financial Economics, 37(1), 3-37. Lin, F. L., and Chang, T. (2011). Does debt affect firm value in Taiwan? A panel threshold regression analysis. Applied Economics, 43(1), 117-128. Miles, J. A., and Ezzell, J. R. (1980). The weighted average cost of capital, perfect capital markets, and project life: a clarification. Journal of Financial and Quantitative Analysis, 15(03), 719-730. Miller, M. H., and Modigliani, F. (1966). Some estimates of the cost of capital to the electric utility industry, 1954-57. The American Economic Review, 333-391. Mulherin, J. H., and Boone, A. L. (2000). Comparing acquisitions and divestitures. Journal of Corporate Finance, 6(2), 117-139. Madura, J., and Nixon, T. D. (2002). The long-term performance of parent and units following equity carve-outs. Applied Financial Economics, 12(3), 171-181. Michaely, R., and Shaw, W. H. (1995). The choice of going public: Spin-offs vs. carve-outs. Financial Management, 5-21. Nanda, V. (1991). On the Good News in Equity Carve‐Outs. The Journal of Finance, 46(5), 1717-1737. Ohlson, J. A., and Juettner-Nauroth, B. E. (2005). Expected EPS and EPS growth as determinantsof value. Review of Accounting Studies, 10(2-3), 349-365. Prezas, A. P., Tarimcilar, M., and Vasudevan, G. K. (2000). The Pricing of Equity Carve‐Outs. Financial Review, 35(4), 123-138. Reverte, C. (2012). The impact of better corporate social responsibility disclosure on the cost of equity capital. Corporate Social Responsibility and Environmental Management, 19(5), 253-272. Slovin, M. B., Johnson, S. A., and Glascock, J. L. (1992). Firm size and the information content of bank loan announcements. Journal of Banking and Finance, 16(6), 1057-1071. Schipper, K., and Smith, A. (1986). A comparison of equity carve-outs and seasoned equity offerings: Share price effects and corporate restructuring. Journal of Financial Economics, 15(1), 153-186. Veld, C., and Veld-Merkoulova, Y. V. (2004). Do spin-offs really create value? The European case. Journal of Banking and Finance, 28(5), 1111-1135. Vélez-Pareja, I., and Tham, J. (2009). A note on the weighted average cost of capital WACC. Revista de Administração Mackenzie (RAM), 10(6). Vijh, A. M. (1999). Long-term returns from equity carveouts. Journal of Financial Economics, 51(2), 273-308. zh_TW
