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題名 過往股價表現與董監事持股比率對資產出售宣告效果之影響
The Role of The Seller’s Stock Performance and Ownership in The Announcement Effect of Corporate Sell-offs
作者 鄭閎駿
Cheng, Hung Chun
貢獻者 吳啟銘
Wu, Chi Ming
鄭閎駿
Cheng, Hung Chun
關鍵詞 資產出售宣告效果
董監事持股比率
過往超額報酬率
公司經營績效
Announcement of sell-offs
Stockholding percentage of directors and supervisors
Cumulative abnormal return before announcement of sell-offs
Corporate operating performance
日期 2015
上傳時間 14-Jul-2015 10:37:31 (UTC+8)
摘要 資產出售能夠提升公司價值,然而提升的幅度應取決於資產能否移轉至能夠 更有效率使用之公司,或是賣方公司能夠藉由出售資產消除內部的負面綜效。本 研究假設過往績效良好之公司,相較於過往績效較差之公司,資產出售所帶來的 價值提升幅度有限,原因是既有資產已經被有效率的使用;此外,董監事持股比 率高的公司,在公司績效較差時,有能力以及動機改善經營,出售不效率之資產, 提升公司價值。
本研究以 2005 年至 2014 年期間台灣宣告資產出售之上市櫃公司作為樣本, 以宣告日前後之累積異常報酬作為被解釋變數,過往超額報酬率、董監事持股比 率、負債比率、資產報酬率、出售資產相對規模等作為解釋變數,探討各變數對 於資產出售宣告效果的解釋力。
實證結果有以下發現:(一) 資產出售前公司股價表現對於資產出售宣告效果 具顯著影響,這一點符合本研究之假設。(二) 董監事持股比率以及賣方公司之營 運集中度對於資產出售宣告效果的影響力不顯著。(三) 過往績效表現較差之賣方 公司,宣告效果優於過往績效表現較佳之賣方公司。(四) 經調整後之資產報酬率 對於資產出售的宣告效果具有解釋力,這一點和過往發現一致。 (五)經調整後之 出售資產規模對於資產出售的宣告效果具有解釋力,這一點和過往發現一致。(六) 經調整後之負債比率對於資產出售之宣告效果具解釋力,這點和過往發現一致。
Generally people think corporate sell-offs will enhance seller’s value, however how much will it works depends on whether the asset sold by corporate could transfer to the company who can use it more efficiently or the seller could eliminate the negative synergy by sell-offs. This research assumes that the level of value-added in sell-offs is more limited to companies who had better past performance than companies who performed worse in the past because the asset have been used efficiently. Furthermore, the higher percentage of stockholding of directors and supervisors, the more motivation and ability the corporate takes sell-offs. By disposing of the asset which is used inefficiently, the corporate’s value would advance.
The research collected samples from Taiwan listed companies who announced sell-offs during year 2005 through year 2014. In this paper, we regard cumulative abnormal return of announced day as dependent variable and take past 2yr excess return, ownership of directors and supervisors, debt ratio, return on asset and the relative scale of sold asset as independent variables. We try to figure out how these variables could explain the effect of announcement of sell-offs through multiple regression..
This research finds that: (1) Past 2-year excess return can significantly explain the announcement effect of sell-offs, which is consistent with our assumption. (2) Ownership of directors and supervisors, the industry focus of the company who do sell-offs have insignificant effect to the announcement of sell-offs. (3) Companies with negative past 2yr excess return can enjoy a better announcement effect than those with positive past 2yr return. (4) Adjusted relative scale of sell-offs asset has strong power to explain the announcement of sell-offs. (5) Adjusted debt ratio can explain the announcement of sell-offs well, which is also consistent with previous research. (6) Adjusted return on asset can explain the announcement of sell-offs well, too.
參考文獻 Afshar K, Taffler R, Sudarsanam P (1992) The effect of corporate divestments on shareholder wealth: The UK experience. J Bank Financ 16:115–35.
Ahn, S. & Walker, M. D.(2007). Corporate Governance and the Spinoff Decision. Journal of Corporate Finance, 13, 76-93.
Alexander G.J., Benson P.G. , Kampmeyer J. M. Investigating,1984, The Valuation Effects of Announcements of Voluntary Corporate Selloffs , The Journal of Finance, Vol. 39, pp. 503-517.
Alexandrou G, Sudarsanam S (2001) Shareholder wealth effects of corporate sell-offs: impact of growth opportunities, economic cycle, and bargaining power. Eur Financ Manag 7:237–58.
Alford, A. & Berger, P.(1999). The Role of Taxes, Financial Reporting, and Other Market Imperfections in Structuring Divisive Reorganizations. Unpublished Working Paper, University of Pennsylvania.
Bartov, E., (1992), Timing of Asset Sales and Earnings Manipulations, The Accounting Review, pp. 840-855.
Basu N (2010) Trends in corporate diversification. Fin Mkts Portfolio Mgmt 24:87–102 Bates T (2005) Asset sales, investment opportunities, and the use of proceeds. J Financ 60:105–135.
Berger, Philip, and Eli Ofek, 1995, Diversification`s effect on firm value, Journal of Financial Economics 37, 39-65.
Berger P, Ofek E (1999) Causes and effects of corporate refocusing programs. Rev Financ Stud 12:311–45.
Borisova G, John K, Salotti V (2013) The value of financing through cross-border asset sales: Shareholder returns and liquidity. J Corp Financ 22:320–344.
Clayton M, Reisel N (2013) Value creation from asset sales: New evidence from bond and stock markets. J Corp Financ 22:1–15.
Chen, Hsiu-Lang, and Re-Jin Guo, 2005, On corporate divestiture, Review of
Quantitative Finance and Accounting 24, 399–421.
Comment R, Jarrell G (1995) Corporate focus and stock returns. J Financ Econ 37:67–87.
Daley L, Mehrotra V, Sivakumar R (1997) Corporate focus and value creation: evidence from spinoffs. J Financ Econ 45:257–281.
Denis D, Denis D, Sarin A (1997) Agency problems, equity ownership, and corporate diversification. J Financ 52:135–160.
Desai H, Jain PC (1999) Firm performance and focus: long-run stock market performance following spinoffs. J Financ Econ 54:75–101.
Eckbo BE, Thorburn K (2008) Corporate restructuring: Breakups and LBOs. In: Eckbo BE (ed) Handbook.
Fan J, Huang J, Oberholzer-Gee F, Smith T, Zhao M (2008) Diversification of Chinese companies: an international comparison. Chin Manag Stud 2:6–13.
Feng, Z.(2003). Corporate Governance and the Equity Carve-out Decision. Unpublished Working Paper, University of Connecticut.
Gleason K, Mathur I, Singh M (2000) Wealth effects for acquirers and divestors related to foreign divested assets. International Review of Financial Analysis 9:5–20.
Gleason K, Mathur I, Singh M (2000) Wealth effects for acquirers and divestors related to foreign divested assets. International Review of Financial Analysis 9:5–20.
Hanson RC, Song MH (2000) Managerial ownership, board structure, and the division of gains in divestitures. J Corp Financ 6:55–70.
Hanson RC, Song MH (2003) Long-term performance of divesting firms and the effect of managerial ownership. J Econ Financ 27:321–336.
Hanson RC, Song MH (2006) Corporate governance and asset sales: the effect of internal and external control mechanisms. Financ Rev 41:361–386.
Hearth, D. and J. K. Zaima. (1984) Voluntary corporate divestitures and value. Financial Management 13: 10-16
Hillier D, McColgan P, Werema S (2009) Asset sales and firm strategy: an analysis of divestitures by UK companies. Eur J Financ 15:71–87.
Hirschey, Mark, Myron B. Slovin, and Janis K. Zaima, 1990, Bank debt, insider trading, and the return to corporate selloffs, Journal of Banking and Finance 14, 85–98.
Hite GL, Owers JE, Rogers RC (1987) The market for inter-firm asset selloffs: partial selloffs and total liquidations. J Financ Econ 18:229–252.
Jain PC (1985) The effect of voluntary sell-off announcements on shareholder wealth. J Financ 40:209–24.
Jain B, Kini O, Shenoy J (2011) Vertical divestitures through equity carve-outs and spin-offs: A product markets perspective. J Financ Econ 100:594–615.
J. Miles, J. Rosenfeld (1983) The effect of voluntary spinoff announcements on shareholder wealth Journal of Finance, 38, pp. 1597–1606.
John K, Ofek E (1995) Asset sales and increase in focus. J Financ Econ 37:105–126. Klein, A. The Timing and Substance of Divestiture Announcements: Individual, Simultaneous and Cumulative Effects. Journal of Finance (July 1986): 685-96.
Lang L, Litzenberger R (1989) Dividend announcements: free cash flow or signaling? J Financ Econ 24:181–191.
Lang L, Poulsen A, Stulz R (1995) Asset sales, firm performance, and the agency costs of managerial discretion. J Financ Econ 37:3–37.
Lasfer A, Sudarsanam P, Taffler R (1996) Financial leverage, asset sales, and lender monitoring. Financ Manag 25:57–66.
Lee, E., Lin. S., (2008), Corporate Sell-off in the UK: Use of Proceeds, Financial Distress and Long-run Impact on shareholder Wealth ,European Financial Management ,Vol. 14, pp 222-242.
Maksimovic V, Phillips G (2001) The market for corporate assets: who engages in mergers and asset sales and are there efficiency gains? J Financ 56:2019–2065. Masulis R, Wang C, Xie F (2007) Corporate governance and acquirer returns. J Financ 62:1851–89.
Maydew, E., Schipper, K. & Vincent, L.(1999). The Impact of Taxes on the Choice of Divestiture Method. Journal of Accounting and Economics, 28, 117-150. Mulherin JH, Boone A (2000) Comparing acquisitions and divestitures. J Corp Financ 6:117–39.
Owen, S., Shi, L., & Yawson, A. (2010). Divestitures, wealth effects, and corporate governance. Accounting and Finance, 389– 415.
P Nguyen (2014). The role of the seller’s stock performance in the market reaction to divestiture announcements. Journal of Economics and Finance (June 2014).
Powers, E.A.(2001). Spinoffs, Selloffs and Equity Carveouts: An Analysis of
Divestiture Method Choice. Unpublished Working Paper, University of South
Carolina.
Pulvino T (1998) Do asset fire sales exist? An empirical investigation of commercial aircraft transactions. J Financ 53:939–978.
Schlingemann F, Stulz R, Walkling R (2002) Divestitures and the liquidity of the market for corporate assets. J Financ Econ 64:117–144.
Shleifer A, Vishny R (1992) Liquidation values and debt capacity: a market equilibrium approach. J Financ 47:1343–1366.
Sicherman, N.W., & Pettway, R. H. 1992. Wealth effects for buyers and sellers of the same divested assets. Financial Management, 21(4): 119-128.
Slovin, Myron B.; Sushka, Marie E.; and Ferraro, Steven R. A Comparison of the Information Conveyed by Equity Carve-outs,Spin-offs, and Asset Sell-offs. J. FinancialEcon.37 (January1995): 89-104.
Steiner, Thomas Lorenz, ""The Corporate Sell-Off Decision of Diversified Firms.``
Journal of Financial Research 20, 231-241 (1997).
Sudi Sudarsanam (2010) Creating Value from Mergers and Acquisitions, 2nd ed. (Prentice Hall, New Jersey).
Warusawitharana M (2008) Corporate asset purchases and sales: theory and evidence. J Financ Econ 87:471–497.
Weston, J., Juan Siu, and Brian Johnson,(2001), Takeovers, Restructuring, and Corporate Governance, 3rd ed. (Prentice Hall, New Jersey).
江馥永(2000)。我國上市公司資產出售行為之研究,國立政治大學企業管理研究所 碩士論文。
江雪鈴(2005)。公司分割策略之研究,國立台灣科技大學財務金融研究所碩士論 文。
沈中華、李建然(2000)。事件研究法;財務與會計實證研究必備,華泰文化。
洪連盛(2004)。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。
張志豪(2003)。公司治理與企業資產出售活動關係之研究,逢甲大學會計與財稅所
碩士論文。
賴慧真(2005)。國內上市公司資產出售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。
林淑莉、陳富祥(2004),企業出售資產行為之決定因素與對經營績效及財務結構影響之研究，台北科技大學學報，37，251-266
描述 碩士
國立政治大學
財務管理研究所
102357015
103
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0102357015
資料類型 thesis
dc.contributor.advisor 吳啟銘zh_TW
dc.contributor.advisor Wu, Chi Mingen_US
dc.contributor.author (Authors) 鄭閎駿zh_TW
dc.contributor.author (Authors) Cheng, Hung Chunen_US
dc.creator (作者) 鄭閎駿zh_TW
dc.creator (作者) Cheng, Hung Chunen_US
dc.date (日期) 2015en_US
dc.date.accessioned 14-Jul-2015 10:37:31 (UTC+8)-
dc.date.available 14-Jul-2015 10:37:31 (UTC+8)-
dc.date.issued (上傳時間) 14-Jul-2015 10:37:31 (UTC+8)-
dc.identifier (Other Identifiers) G0102357015en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/76586-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 財務管理研究所zh_TW
dc.description (描述) 102357015zh_TW
dc.description (描述) 103zh_TW
dc.description.abstract (摘要) 資產出售能夠提升公司價值,然而提升的幅度應取決於資產能否移轉至能夠 更有效率使用之公司,或是賣方公司能夠藉由出售資產消除內部的負面綜效。本 研究假設過往績效良好之公司,相較於過往績效較差之公司,資產出售所帶來的 價值提升幅度有限,原因是既有資產已經被有效率的使用;此外,董監事持股比 率高的公司,在公司績效較差時,有能力以及動機改善經營,出售不效率之資產, 提升公司價值。
本研究以 2005 年至 2014 年期間台灣宣告資產出售之上市櫃公司作為樣本, 以宣告日前後之累積異常報酬作為被解釋變數,過往超額報酬率、董監事持股比 率、負債比率、資產報酬率、出售資產相對規模等作為解釋變數,探討各變數對 於資產出售宣告效果的解釋力。
實證結果有以下發現:(一) 資產出售前公司股價表現對於資產出售宣告效果 具顯著影響,這一點符合本研究之假設。(二) 董監事持股比率以及賣方公司之營 運集中度對於資產出售宣告效果的影響力不顯著。(三) 過往績效表現較差之賣方 公司,宣告效果優於過往績效表現較佳之賣方公司。(四) 經調整後之資產報酬率 對於資產出售的宣告效果具有解釋力,這一點和過往發現一致。 (五)經調整後之 出售資產規模對於資產出售的宣告效果具有解釋力,這一點和過往發現一致。(六) 經調整後之負債比率對於資產出售之宣告效果具解釋力,這點和過往發現一致。		zh_TW
dc.description.abstract (摘要) Generally people think corporate sell-offs will enhance seller’s value, however how much will it works depends on whether the asset sold by corporate could transfer to the company who can use it more efficiently or the seller could eliminate the negative synergy by sell-offs. This research assumes that the level of value-added in sell-offs is more limited to companies who had better past performance than companies who performed worse in the past because the asset have been used efficiently. Furthermore, the higher percentage of stockholding of directors and supervisors, the more motivation and ability the corporate takes sell-offs. By disposing of the asset which is used inefficiently, the corporate’s value would advance.
The research collected samples from Taiwan listed companies who announced sell-offs during year 2005 through year 2014. In this paper, we regard cumulative abnormal return of announced day as dependent variable and take past 2yr excess return, ownership of directors and supervisors, debt ratio, return on asset and the relative scale of sold asset as independent variables. We try to figure out how these variables could explain the effect of announcement of sell-offs through multiple regression..
This research finds that: (1) Past 2-year excess return can significantly explain the announcement effect of sell-offs, which is consistent with our assumption. (2) Ownership of directors and supervisors, the industry focus of the company who do sell-offs have insignificant effect to the announcement of sell-offs. (3) Companies with negative past 2yr excess return can enjoy a better announcement effect than those with positive past 2yr return. (4) Adjusted relative scale of sell-offs asset has strong power to explain the announcement of sell-offs. (5) Adjusted debt ratio can explain the announcement of sell-offs well, which is also consistent with previous research. (6) Adjusted return on asset can explain the announcement of sell-offs well, too.		en_US
dc.description.tableofcontents 摘要 ................................................................ i
ABSTRACT .................................................... ii
目錄 ................................................................ i
圖目錄 ............................................................ ii
表目錄 ........................................................... iii
第一章 緒論 .............................................................. 1
第一節 研究動機 ................................................. 1
第二節 研究目的 ................................................. 2
第三節 研究架構 ................................................. 2
第二章 文獻回顧 ........................................................ 4
第一節 企業資產出售之定義 ................................. 4
第二節 資產出售的動機 ........................................ 6
第三節 資產出售的宣告效果 ................................. 7
第四節 資產出售超額報酬的解釋因子 .................... 8
第三章 假說發展與研究方法 ...................................... 10
第一節 假說發展 ................................................ 10
第二節 資料來源與樣本 ...................................... 10
第三節 研究方法 ................................................ 11
第四節 回歸模型設計與變數說明 ......................... 14
第四章 實證結果 ...................................................... 17
第一節 敘述統計分析 .......................................... 17
第二節 迴歸檢定 ................................................ 24
第五章 結論與研究限制 ............................................. 28
第一節 結論 ....................................................... 28
第二節 研究限制 ................................................. 28
參考文獻 ................................................................. 29
第一節 英文部分 ................................................. 29
第二節 中文部分 ................................................. 33		zh_TW
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0102357015en_US
dc.subject (關鍵詞) 資產出售宣告效果zh_TW
dc.subject (關鍵詞) 董監事持股比率zh_TW
dc.subject (關鍵詞) 過往超額報酬率zh_TW
dc.subject (關鍵詞) 公司經營績效zh_TW
dc.subject (關鍵詞) Announcement of sell-offsen_US
dc.subject (關鍵詞) Stockholding percentage of directors and supervisorsen_US
dc.subject (關鍵詞) Cumulative abnormal return before announcement of sell-offsen_US
dc.subject (關鍵詞) Corporate operating performanceen_US
dc.title (題名) 過往股價表現與董監事持股比率對資產出售宣告效果之影響zh_TW
dc.title (題名) The Role of The Seller’s Stock Performance and Ownership in The Announcement Effect of Corporate Sell-offsen_US
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) Afshar K, Taffler R, Sudarsanam P (1992) The effect of corporate divestments on shareholder wealth: The UK experience. J Bank Financ 16:115–35.
Ahn, S. & Walker, M. D.(2007). Corporate Governance and the Spinoff Decision. Journal of Corporate Finance, 13, 76-93.
Alexander G.J., Benson P.G. , Kampmeyer J. M. Investigating,1984, The Valuation Effects of Announcements of Voluntary Corporate Selloffs , The Journal of Finance, Vol. 39, pp. 503-517.
Alexandrou G, Sudarsanam S (2001) Shareholder wealth effects of corporate sell-offs: impact of growth opportunities, economic cycle, and bargaining power. Eur Financ Manag 7:237–58.
Alford, A. & Berger, P.(1999). The Role of Taxes, Financial Reporting, and Other Market Imperfections in Structuring Divisive Reorganizations. Unpublished Working Paper, University of Pennsylvania.
Bartov, E., (1992), Timing of Asset Sales and Earnings Manipulations, The Accounting Review, pp. 840-855.
Basu N (2010) Trends in corporate diversification. Fin Mkts Portfolio Mgmt 24:87–102 Bates T (2005) Asset sales, investment opportunities, and the use of proceeds. J Financ 60:105–135.
Berger, Philip, and Eli Ofek, 1995, Diversification`s effect on firm value, Journal of Financial Economics 37, 39-65.
Berger P, Ofek E (1999) Causes and effects of corporate refocusing programs. Rev Financ Stud 12:311–45.
Borisova G, John K, Salotti V (2013) The value of financing through cross-border asset sales: Shareholder returns and liquidity. J Corp Financ 22:320–344.
Clayton M, Reisel N (2013) Value creation from asset sales: New evidence from bond and stock markets. J Corp Financ 22:1–15.
Chen, Hsiu-Lang, and Re-Jin Guo, 2005, On corporate divestiture, Review of
Quantitative Finance and Accounting 24, 399–421.
Comment R, Jarrell G (1995) Corporate focus and stock returns. J Financ Econ 37:67–87.
Daley L, Mehrotra V, Sivakumar R (1997) Corporate focus and value creation: evidence from spinoffs. J Financ Econ 45:257–281.
Denis D, Denis D, Sarin A (1997) Agency problems, equity ownership, and corporate diversification. J Financ 52:135–160.
Desai H, Jain PC (1999) Firm performance and focus: long-run stock market performance following spinoffs. J Financ Econ 54:75–101.
Eckbo BE, Thorburn K (2008) Corporate restructuring: Breakups and LBOs. In: Eckbo BE (ed) Handbook.
Fan J, Huang J, Oberholzer-Gee F, Smith T, Zhao M (2008) Diversification of Chinese companies: an international comparison. Chin Manag Stud 2:6–13.
Feng, Z.(2003). Corporate Governance and the Equity Carve-out Decision. Unpublished Working Paper, University of Connecticut.
Gleason K, Mathur I, Singh M (2000) Wealth effects for acquirers and divestors related to foreign divested assets. International Review of Financial Analysis 9:5–20.
Gleason K, Mathur I, Singh M (2000) Wealth effects for acquirers and divestors related to foreign divested assets. International Review of Financial Analysis 9:5–20.
Hanson RC, Song MH (2000) Managerial ownership, board structure, and the division of gains in divestitures. J Corp Financ 6:55–70.
Hanson RC, Song MH (2003) Long-term performance of divesting firms and the effect of managerial ownership. J Econ Financ 27:321–336.
Hanson RC, Song MH (2006) Corporate governance and asset sales: the effect of internal and external control mechanisms. Financ Rev 41:361–386.
Hearth, D. and J. K. Zaima. (1984) Voluntary corporate divestitures and value. Financial Management 13: 10-16
Hillier D, McColgan P, Werema S (2009) Asset sales and firm strategy: an analysis of divestitures by UK companies. Eur J Financ 15:71–87.
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