企業分割的價值創造與流失

Abstract

本研究探討不同企業分割形式中被分割公司的長、短期股價報酬，包含資產分割、權益分割和資產出售三種形式。本研究認為分割活動存在使公司更聚焦自身核心事業的正面效果，且被分割公司的長期股價表現應和三種分割形式的利益分配機制與公司治理品質有關，並據此針對樣本的短期異常報酬以及經產業調整的長期股價報酬建立待驗證的假說。此外，本研究也特別針對本地公司最常採取的權益分割進行研究，檢驗股東權益遭稀釋或利益的不當移轉是否為影響被分割公司長期股價報酬的重要因素。

本研究以1997年1月至2016年5月期間的138起分割活動為樣本，納入被分割公司的財務績效和公司治理結構等解釋變數，探討這兩類變數對被分割公司長、短期績效的影響，以及在控制其他變數下，不同分割形式間是否產生相異的報酬，跨產業分割的宣告效果和實際的長期價值創造是否優於同產業之分割。研究結果顯示，控制財務績效與公司治理變數後，資產出售的宣告效果仍顯著高於權益分割與資產分割；然而，資產出售的正面效果僅止於短期，三者之間的長期績效差異並不顯著。同時，我們也發現跨產業分割的案例在控制其他變數下，比同產業分割的宣告效果高出3.8%~4.1%，並在5%的顯著水準下達到統計上顯著，但是在長期檢定當中，跨產業分割並未為股東創造顯著較高的價值。我們也發現權益分割中，母公司對子公司若持續保有控制，對母公司的長期績效有負面效果。而控制股東之持股率及其在董事會所佔席次比重和持股的偏離，皆顯示控制股東和小股東利益的一致性對被分割公司的長期績效具有解釋能力。

最後我們從權益分割的樣本中發現，當子公司辦理上市、上櫃或興櫃時，並未出現「母以子貴」的現象。針對子公司辦理初次公開發行的樣本，我們發現母公司刻意放棄子公司現金增資認購權的行為，在子公司IPO時對母公司股價存在顯著負面影響。

This paper investigate the short-term announcement effects and long-term stock returns of divesting firms in different forms of divestiture, including spin-offs, carve-outs, sell-offs. We hypothesize that divestiture in unrelated industries can help the firm to focus on its core business that it has a comparative advantage in managing and thus has positive effect on the stock return. We also hypothesize that long-term stock returns of divesting firms are associated with the differences of stock distributing mechanism between three forms of divestiture, and also with the quality of corporate governance of each firm. Our hypotheses generate testable predictions regarding the announcement effects of the divestitures and the post-divestiture long-term stock returns of divesting firms.

Our empirical findings using a sample of 138 divestitures from January 1977 to May 2016 are as follows. First, although sell-offs have the highest announcement effects among three types of divestiture, but in the long run there is no significant impact on divesting firms′ stock returns after sell-off. Second, unrelated divestitures have significantly positive impacts on short-term stock performances but don′t last in the long run. Third, parent companies that obstruct carve-outs on their way to independence and use their majority stake to exercise managerial control in the long run risk eliminating the very benefits the carve-out was intended to deliver. Finally, we find that Carve-out firms involved in deliberate dilution of existing stockholders’ ownership have significantly lower cumulative abnormal returns while subsidiaries’ IPO.