分割策略之探討-以個案公司為例

Spin-off Strategy - A Case Study

黃秋榥(Chiu-Huang, Huang)

指導教授 ： 葉疏

國立臺灣大學/管理學院/會計與管理決策組/碩士(2009年)

https://doi.org/10.6342/NTU.2009.10639

摘要

2008年~2009年由美國次貸危機所引發的全球經濟危機，除金融產業嚴重受創外，各種產業亦受波及，大企業面臨嚴重考驗，不是重整或清算，就是遭受政府接管，於此時機，企業在選擇購併或分割策略上，其重要性更加顯著。本研究主要通過理論、文獻之搜集整理以及國內典型之分割公司之比較研究，探討企業在採用分割策略之時，深入考量其分割動機、分割模式、評價方式、股價反應以及分割效益。再透過對個案之分析比較，對實際應用之企業分割進行深入研究，得出研究結果如下：
一、企業分割有改善財務結構提高市場認同度、透過核心事業價值強化經營效率之優點，但亦存在缺點，故公司在運用分割策略之同時，須配合其他之經營計畫，以增加公司分割成功之機率；
二、企業分割之主要動機主要在於創造資產分割價值、核心事業價值以強化經營效益、組織策略聯盟以提高市場認同度等方面；
三、在企業宣告分割期間，股價上漲者多以專業分工建立核心事業之價值之分割為主，而股價下跌之因在於分割效益受制於與外部策略聯盟需較長時間之整頓與謀合，或公司為傳統型公司，成長較緩；
四、企業與外部策略聯盟之分割案，可能因各種因素，在短時間內，效益的提升較不明顯，致使母公司分割之股價效益表現相對較弱，然為建立核心事業價值，企業分割將第二事業部門分割，其效益提升較為明顯；
五、價值評估是企業分割決策首要考慮的重點，在實際分割操作中，對目標企業的價值評估尤其重要，它也是企業決策者主要的考慮。

關鍵字

企業分割 ； 核心企業價值 ； 策略聯盟 ； 價值評估

並列摘要

In 2008 ~2009 years the global economic crisis which results from by the American loan crisis, created serious damage not only to the financial industry, but also almost every other industry. Big enterprises faced even more serious challenges. Many of them are bankrupt, liquidated, or take over by the government. Therefore, the choice of merger or spin-off strategy is more important to current businesses. This thesis discusses about the motive, spin-off mode, pricing mode, influence of stock price and revenue of spin-off mainly through the collection of the theory and literature and the investigation of the typical spin-off company. This thesis makes an in-depth study in the practical application of enterprise spin-off through the analysis and comparison of the cases. The conclusion is as below:
1. There are advantages which improve the financial structure and market recognition level, enhanced operational efficiency through the core business value incorporate spin-off, but the shortcomings exist, therefore, when the company adopts strategic segmentation, the operation must be compatible with other schemes to boost the success of the company split rate;
2. The main motives of corporate spin-off are the creation of the value of assets, the value of core business to enhance operational efficiency, organizational strategic alliance to improve market acceptances and so on;
3. During the enterprise declared spin-off, stock up mostly establish the partition of core business by professional spin-off of labor and the reason that stock fell down is the benefits of spin-off is subject to the external strategic alliance which will take a longer period to marshal and seek to rectify, or the company which grow slowly is traditional;
4. The spin-off case of enterprise and external strategic alliance may be less efficiency in a short time due to various factors, which lead to that the parent company's stock split represent relatively weaker. However, to establish the value of core business, corporate spin-off means the second division of the cause, benefits promote obviously;
5. Valuation is the central link of corporate spin-off. In the actual operation, the valuation of target enterprises is particularly important and necessary; it also is the main consideration to the enterprise decision-maker.

並列關鍵字

enterprise spin-off ； core business value ； strategic alliance ； valuation

參考文獻

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