企業以母子分割方式進行企業再造之研究－以台灣上市公司為例

Abstract

隨著全球經濟迅速發展、區域經濟的整合，企業面臨到產業結構迅速改變、政經情勢多變以及日益激烈競爭的經營環境，企業為永續經營，惟有朝向提高企業價值一途來強化其競爭優勢。然而，二十世紀初期以來，企業經過一連串狂熱地購併及擴張後，隨著近年來經濟之不景氣，許多企業已開始考量以公司分割使組織達到去蕪存菁之再造效果以及專業經營化之目的，以爭取更多可能的商機，因應日益激烈的產業競爭環境。自民國91年2月公佈企業併購法後，我國上市櫃公司陸續以企業分割方式進行企業再造，藉此創造公司價值，或進行策略聯盟整合資源，建立核心事業，並提高市場認同度，不僅可享有免徵營利事業所得稅、契稅等稅賦、以及租稅獎勵、虧損扣抵繼續沿用等租稅優惠措施，且可利用分割後簡易上市之規定，加速企業成長，提昇公司整體價值，確實可為企業再造提供一更好之選擇方式。 以台灣上市公司所採行之分割模式而言，目前台灣上市公司進行分割均係將其某一事業群分割獨立營運，而其餘之事業體仍繼續經營，故均在分割後仍為存續之情況下進行公司分割。而依上市公司本身之需求不同，其所採行之分割方式又可分為新設分割、吸收分割、母子式分割、以及兄弟式分割等方式，各方案均有其優劣點。必須根據個別企業之動機與需求，選擇最適當之方式以達成其進行分割的目的。研究發現，台灣上市公司通常在進行公司分割後，仍冀以對受讓公司具有主控權，未來一方面可認列其投資收益，若其採簡易上市（櫃）後，尚可認列其承銷利得，故目前台灣上市公司多以母子式分割模式進行公司分割。對於受讓公司而言，在分割後採行簡易上市可提供受讓公司快速成長動力，創造企業整體價值。 然而，上市公司在進行公司分割時，公司因分割而產生之企業組織變動，將因經營控制權之易主，使得公司員工之權利義務發生變化，且對於公司之債權人及股東等之權益亦均有重大之影響。此外，母子型的分割，就經濟實質而言，其實並未確實分割，明確規範分割後對子公司之持股比例，或誘使企業思考以釋股引進策略股東及公開承銷等方式，逐漸降低持股，成為實質之企業分割，使可達當初企業分割之效，並可加強子公司之獨立性。本研究期能提供國內企業在面對全球競爭激烈及所處政經環境的變動下，能掌握更多規劃模式與思考方向，利用企業分割之進行，提昇公司之競爭力，創造整體企業價值。

The rapid growth of global economy, the varied combination of emerge market, and the very competitive environment of business have challenged the development of companies to provide adequate strategies. To raise company’s value is one of those strategies that a manager should take to strength his company. Experiencing rapidly expanding, merger and acquisition since the early of 20th century, a company now suffers a slowing-down economy. A company begins to take actions to restructure its organization to fit outside environment. In February 2002, Taiwan government has announcing The Law of Enterprise Merger & Acquisition. Recording to the Law, a company that takes spin-offs strategies to raise its value may enjoy no income tax, lose to deductive tax, and more from the government. Therefore, the spin-offs strategy is one the best choice for a company who wants to corporate restructuring, raising its values, or centralizing its resources. Most Taiwanese listed companies decide all companies and their spin-offs to exist. The listed companies will need one of their subsidiaries to stand on their own, and need the others to keep operating. The companies accord to their different needs to do their spin-offs strategies such as Division by the formation of new companies、Division by acquisition、Carve Out、and Spin Off, etc. Each strategy has its strengths and weaknesses. In most cases, the listing companies still have controlled over the spin-off company, and enjoyed investment profits. Moreover, if the spin-off company prepares to IPO, the listing company may also enjoy the profits from the replacement. Sometime the listing company makes its choice to split its subsidiary. The listing company will give up its controlling power on the subsidiary or restructure its organization. It will also affect the rights of debtor and shareholder significantly. In this research, it provides more information about how a company can take split strategies when it faces competition from the global.