資產分割與公司價值之理論：公司治理觀點

ATheory of Spinoffs and Corporate Value: The Viewpoint of Corporate Governance

李春安(Chun-An Li) ； 李崑進(Kun-Chin Lee)

《財務金融學刊》 15卷2期 (2007/06) Pp. 99-139

https://doi.org/10.6545/JFS.2007.15(2).4

摘要

本文建構理論模型，提出詮釋多角化公司資產分割部門，其成長價值、分割溢價與公司治理關係的新理論。研究結果證明，當多角化公司具成長潛力部門的成長價值超過分割門檻值峙，公司進行分割，而分割後在控制股東控制權與現金流量權分離程度收斂情況下，則分割後獨立公司的成長價值與分割溢價，將會依分割後獨立公司的治理品質改善程度增加而增加；相反的，若控制股東利用所有權結構改變，增加剝奪程度，則因公司治理品質惡化，分割後獨立公司不但不會有成長價值及分割溢價，甚至公司價值亦會減損。對照過去相關文獻，包括資產分割利益來自接收活動、投資效率提升、資訊品質改善等文獻，本文認為資產分割利益來源的決定因素，根本還是源自於公司治理，只要整體公司治理品質得到改善，則這些因素亦會獲得改善。

關鍵字

資產分割 ； 公司治理 ； 所有權結構

並列摘要

This paper presents a theoretical model and develops a new rationale of explaining the interrelationship between growth value, spin-offs premium and corporate governance for spin-offs of divisions of diversified corporations. The research results show that the growth value and spin-offs premium of split and independent subsidiary will increase as the quality of corporate governance of split and independent subsidiary has improved and as the difference between control rights and cash flow rights of controlling shareholders is under convergent, when the growth value of divisions of diversified corporations having potential growth surpasses spin-offs value and when companies are spin-off On the contrary, if the expropriation degree of controlling shareholders is severe by using the structural alternation of ownership , split and independent companies will not have any growth value and spin-offs value but even reduce corporate value, because the quality of corporate governance is getting worse. Comparing with past literature, the interests of assets spin-offs come from taking-over activity, promotion of investment efficiency and improvement of information quality. This paper believes that the determinant factors of spin-offs interests are essentially dependent on corporate governance and as long as the whole quality of corporate governance has been improved, these factors will be improved as well.

並列關鍵字

Spin-offs ； Corporate governance ； Ownership structure

參考文獻

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Burch, T. R.,V. Nanda(2003).Divisional Diversity and the Conglomerate Discount: Evidence from Spin-offs.Journal of Financial Economics.70(1),69-98.