兩階段資產分割與企業改造

Abstract

本文是第一篇針對兩階段資產分割之母公司進行深入分析探討之研究。企業成長的方法包含了擴張性的併購活動以及企業改造的分割活動。其中企業改造的分割活動主要包含三種：權益分割、資產分割、兩階段資產分割。過去學者研究的焦點都放在權益分割以及資產分割，對於兩階段資產分割之著墨為數甚少，本研究是首次將焦點放在兩階段資產分割之母公司的文獻。 兩階段資產分割可視為第一階段的權益分割加上第二階段的資產分割。兩階段資產分割看似綜合了資產分割和權益分割的好處，然而實際上是否真能如此？ 本研究利用了1995年到2004年全球分割活動公司的資料為樣本，進一步分析三種分割方法的股東財富效果、長期績效表現、以及影響公司選擇分割方法之因素。 在股東財富效果方面，兩階段資產分割的宣告效果為負。但在長期績效指標比較的結果部分，兩階段資產分割卻是唯一在分割前後母公司績效有改進之方法。這說明了可能市場對於兩階段資產分割並無正確的認識，兩階段資產分割亦是改善公司的方法之一。 在多項Logistic Model分析結果，公司治理機制越好、分割後營運集中度越提升、分割前經營績效越好的公司，較適合進行兩階段資產分割。

This paper is the first attempt about two-step spin-offs. The ways that corporate can growth include M&A and restructuring. There are three means to restructure. They are spin-offs, equity carve-outs, and two-step spin-offs. Two-step spin-offs is the combination of minority equity carve-outs and spin-offs. However, there are few researches about two-step spin-offs. We investigated that whether the two-step spin-offs create the benefits of spin-offs and equity carve-outs. We use the data that will be the companies in the world which took restructuring during 1995 to 2004. These data will be analyzed by event study, paired T test and the multinomial logit model. The results of the event study shows that the announcement effect of the two-step spin-offs is negative. The paired T rest shows that there is no difference among the profitability ratios of two-step spin-offs, equity carve-outs, and spin-offs. That indicates that two-step spin-offs is not a better way to restructure. The results of the multinomial logit model indicate that the corporate governance, industrial focus and the operating performance will be the effects that can determine the way of restructuring.