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題名 資產重組－追蹤股之研究
Corporate Restructuring--tracking stocks作者 謝靜宜 貢獻者 周行一<br>史綱
謝靜宜關鍵詞 資產重組
追蹤股
資產分拆
權益分割
宣告效果
累計異常報酬
restructuring
tracking stocks
spin-offs
carve-outs
CAR日期 2001 上傳時間 18-Apr-2016 16:26:25 (UTC+8) 摘要 追蹤股係資產重組方式的一種，近年來在美國的證券市場增加許多的發行案例，追蹤股是針對多角化企業特定部門發行不同權利義務的普通股，表彰該特定企業的營運績效，提供給投資人更明確的投資評價，進而提升企業整體的價值。追蹤股的起源係於1984年General Motors在取得Ross Perot’s Electronic Data System後發行首創的追蹤股，雖然陸續有發行之個案，但追蹤股的發行熱潮主要集中於1998年至2000年，包括AT&T、Sprint Corp、Quantum Corp.及Disney等企業，且部分發行企業發行一種以上的追蹤股，因追蹤股可依發行企業的需求制定不同的投票權、轉換權、股利分配政策等，提供給投資者相當多的選擇，顯示追蹤股對企業的籌資或購併提供了新的工具。 參考文獻 1.Berger, Philip, and Eli Ofek. 1995, ”Diversification’s Effect on Firm Value,” Journal of Financial Economics 37, p39-652.Clifford E. Neimeth, “Keeping Conglomerates On-Track”, Venture Capital Journal , August 1, p2-63.Cynthia Robbins-Roth, 1998, “Stealth IPOs”, Forbes, November, p242-2434.Cusatis, P.J., Miles, J.A., Woolrigde, J.R., 1993, ”Restructuring through spin-offs: The stock market evidence,” Journal of Financial Economics 33, p293-3125.Janine Brewis, Jun 2000, “Unlocking the hidden value in your company,” Corporate Finance, p20-266.Julia D’Souza , John Jacob, 2000, ”Why firms issue targeted stock” Journal of Financial Economics, p459-4837.Lisa Reilly Cullen, 1999, “Tracking stocks: No free ride”, Money, October, p52A-52B8.Logue, D., J. Seward, and J. Walsh, 1996, “Rearranging residual claims: A case for targeted stock”, Financial Management 25, p43-619.Matthew T. Billett, David C. Mauer, 2000, “Diversification and the value of internal capital markets: The case of tracking stock,” Journal of Banking & Finance 24, p1457-149010.Michaely, Roni, and Shaw Wayne H, Autumn 1995, “The choice of going public: Spin-offs vs. carve-outs,” Financial Management11.Patricia L Anslinger, Steven J. Klepper, and Somu Subramaniam, 1999 Number 1,”Breaking up is good to do,” The Mckinsey Quarterly, p12-2712.P.G.. Berger and E. Olfek, 1995, “Diversification’s Effect on Firm Value,” Journal of Financial Economics, p39-6513.Schipper, K., Smith, A., 1986, ”A comparison of equity carve-outs and seasoned equity offerings: Share price sffects and corporate restructuring,” Journal of Financial Economics 15, p153-18614.Slovin, M.B., Sushka, M.E., Ferraro, S.R., 1995, ”A comparison of the information cnceyed by equity carve-outs, spin-offs, and assets sell-offs,” Journal of Financial Economics 37, p89-10415.Susan Scherreik, 2000, “Tread carefully when you buy tracking stocks”, Business Week, March 6, p182-18416.Vicker, M., 2000, “Are two stocks better than one? ”, Business Week, June 28, p98-9917.Zuta, S., 2000, “Diversification discount and targeted stock: Theory and empirical evidence,” working paper, University of Maryland. 描述 碩士
國立政治大學
財務管理研究所
87357016資料來源 http://thesis.lib.nccu.edu.tw/record/#A2002001567 資料類型 thesis dc.contributor.advisor 周行一<br>史綱 zh_TW dc.contributor.author (Authors) 謝靜宜 zh_TW dc.creator (作者) 謝靜宜 zh_TW dc.date (日期) 2001 en_US dc.date.accessioned 18-Apr-2016 16:26:25 (UTC+8) - dc.date.available 18-Apr-2016 16:26:25 (UTC+8) - dc.date.issued (上傳時間) 18-Apr-2016 16:26:25 (UTC+8) - dc.identifier (Other Identifiers) A2002001567 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/85357 - 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) 87357016 zh_TW dc.description.abstract (摘要) 追蹤股係資產重組方式的一種，近年來在美國的證券市場增加許多的發行案例，追蹤股是針對多角化企業特定部門發行不同權利義務的普通股，表彰該特定企業的營運績效，提供給投資人更明確的投資評價，進而提升企業整體的價值。追蹤股的起源係於1984年General Motors在取得Ross Perot’s Electronic Data System後發行首創的追蹤股，雖然陸續有發行之個案，但追蹤股的發行熱潮主要集中於1998年至2000年，包括AT&T、Sprint Corp、Quantum Corp.及Disney等企業，且部分發行企業發行一種以上的追蹤股，因追蹤股可依發行企業的需求制定不同的投票權、轉換權、股利分配政策等，提供給投資者相當多的選擇，顯示追蹤股對企業的籌資或購併提供了新的工具。 zh_TW dc.description.tableofcontents 封面頁證明書論文摘要致謝詞目錄第一章 緒論第一節 研究動機與目的第二節 研究範圍第三節 研究方法第二章 資產重組第一節 資產重組方式第二節 考量因素第三章 追蹤股簡介第一節 追蹤股起源第二節 追蹤股定義、特性第三節 追蹤股優缺點第四節 發行市場概述第四章 實證研究第一節 文獻分析第二節 事件研究法第三節 實證結果第五章 個案分析第一節 個案說明第二節 事件分析與股價變動第三節 發行案例探討第六章 建議與結論第一節 國內個案建議第二節 研究限制第三節 未來發展建議附錄附錄一 截至2000年6月30止所有發行追蹤股的公司資料彙總附錄二 截至2000年6月30日止，已宣告未發行的追蹤股附表參考文獻 zh_TW dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#A2002001567 en_US dc.subject (關鍵詞) 資產重組 zh_TW dc.subject (關鍵詞) 追蹤股 zh_TW dc.subject (關鍵詞) 資產分拆 zh_TW dc.subject (關鍵詞) 權益分割 zh_TW dc.subject (關鍵詞) 宣告效果 zh_TW dc.subject (關鍵詞) 累計異常報酬 zh_TW dc.subject (關鍵詞) restructuring en_US dc.subject (關鍵詞) tracking stocks en_US dc.subject (關鍵詞) spin-offs en_US dc.subject (關鍵詞) carve-outs en_US dc.subject (關鍵詞) CAR en_US dc.title (題名) 資產重組－追蹤股之研究 zh_TW dc.title (題名) Corporate Restructuring--tracking stocks en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 1.Berger, Philip, and Eli Ofek. 1995, ”Diversification’s Effect on Firm Value,” Journal of Financial Economics 37, p39-652.Clifford E. Neimeth, “Keeping Conglomerates On-Track”, Venture Capital Journal , August 1, p2-63.Cynthia Robbins-Roth, 1998, “Stealth IPOs”, Forbes, November, p242-2434.Cusatis, P.J., Miles, J.A., Woolrigde, J.R., 1993, ”Restructuring through spin-offs: The stock market evidence,” Journal of Financial Economics 33, p293-3125.Janine Brewis, Jun 2000, “Unlocking the hidden value in your company,” Corporate Finance, p20-266.Julia D’Souza , John Jacob, 2000, ”Why firms issue targeted stock” Journal of Financial Economics, p459-4837.Lisa Reilly Cullen, 1999, “Tracking stocks: No free ride”, Money, October, p52A-52B8.Logue, D., J. Seward, and J. Walsh, 1996, “Rearranging residual claims: A case for targeted stock”, Financial Management 25, p43-619.Matthew T. Billett, David C. Mauer, 2000, “Diversification and the value of internal capital markets: The case of tracking stock,” Journal of Banking & Finance 24, p1457-149010.Michaely, Roni, and Shaw Wayne H, Autumn 1995, “The choice of going public: Spin-offs vs. carve-outs,” Financial Management11.Patricia L Anslinger, Steven J. Klepper, and Somu Subramaniam, 1999 Number 1,”Breaking up is good to do,” The Mckinsey Quarterly, p12-2712.P.G.. Berger and E. Olfek, 1995, “Diversification’s Effect on Firm Value,” Journal of Financial Economics, p39-6513.Schipper, K., Smith, A., 1986, ”A comparison of equity carve-outs and seasoned equity offerings: Share price sffects and corporate restructuring,” Journal of Financial Economics 15, p153-18614.Slovin, M.B., Sushka, M.E., Ferraro, S.R., 1995, ”A comparison of the information cnceyed by equity carve-outs, spin-offs, and assets sell-offs,” Journal of Financial Economics 37, p89-10415.Susan Scherreik, 2000, “Tread carefully when you buy tracking stocks”, Business Week, March 6, p182-18416.Vicker, M., 2000, “Are two stocks better than one? ”, Business Week, June 28, p98-9917.Zuta, S., 2000, “Diversification discount and targeted stock: Theory and empirical evidence,” working paper, University of Maryland. zh_TW
