國內公司分割之長期績效之探討

Abstract

在先前文獻中，許多學者研究公司分割 之宣告所帶來的影響，而大部分文獻中均實證指出，公司分割決策對母公司有助於價值提升。本研究主要探討國內上市櫃公司執行公司分割後長期績效變化，樣本分類分別依照股東權益大小、稅後 淨利大小、事業體與母公司相關性及母公司分割動機，研究結果顯示如下： 1. 股東權益大事業體之公司異常報酬顯著 大於公司分割出股東權益小事業體。 2. 稅後淨利小事業體之公司異常報酬顯著 大於公司分割出稅後淨利大事業體。 3. 公司分割出不相關部門其異常報酬顯著高於公司分割出相關部門。 4. 本研究探討分割動機有專業分工聚焦化、權益分割與反綜效，其結果顯示專 業分工聚焦化異常報酬顯著高於反綜效與權益分割樣本群。 總而言之，公司藉由分割以提升公司整體績效大多是可行的，本實證中顯示出公司分割後一年至後三年多具顯著正向異常報酬。

The effects of corporate spin-off announcement on parent firms have been discussed in previous literature. Most of all, the empirical evidence suggests that corporate spin-offs are value-increasing decisions for the parent companies. This study investigates long-term performance of listed companies after the split of the company. Samples are classified in accordance with the size of the equity、the size of the net profit after tax、the correlation of business units with the parent company and the spin-offs motivations of the parent company .The results show as follows： 1. The abnormal returns of firms with large shareholders 'equity are significantly higher than those of small shareholders' equity. 2. The abnormal returns of firms with small net profit after tax are significantly higher than those of large net profit after tax. 3. The abnormal returns of firms with irrelevant division spin-off are significantly higher than those with relevant division spin-off. 4. In this study, the spin-offs motivations of the parent company have enhanced corporate focus、equity carve-out and negative synergy，the results show that the abnormal returns for completed spin-offs by companies that increase their industrial focus are significantly higher than those of equity carve-out and negative synergy parts. All in all，Spin-offs improve company's overall performance. The empirical also shows significant positive abnormal returns of firms after spin-offs.