Equity Carve-Outs in Taiwan

本研究檢視1994-2007年間129個權益分割（equity carve-outs）宣告樣本，探討台灣上市公司權益分割的財富效果並剖析財富創造的來源。不同於過去相關研究的作法，本研究係首次針對台灣上市公司進行大規模樣本實證，並採取與歐美一致的嚴格選樣標準，以利進行跨國比較分析。透過實證結果發現台灣市場對上市公司宣告權益分割有顯著的正向反應，此與歐洲、美國與新加坡等國研究結果一致。這可能是歸因於母公司所有權發射出好公司特性的訊號，或藉由撤資脫離非相關產業的營運，並利用撤資所得進行新的有利投資行為所致。

關鍵字

權益分割；台灣；公司重組；撤資；事件研究

並列摘要

This paper examines a sample of 129 equity carve-outs in Taiwan between 1994 and 2007. The study first finds evidence that there are significantly positive stock price reactions during initial announcements of equity carve-outs, which is consistent with the evidence discovered in Europe, U.S., and Singapore. The sources of wealth effect due to equity carve-outs are also identified using univariate and multivariate regressions. The combined evidence indicates that the market in Taiwan reacts positively to the announcement of equity carve-outs because the perceived wealth gains could be attributable to higher parent ownership that signals a better quality firm, divesting unrelated businesses, and using the proceeds to undertake new investments.

並列關鍵字

Equity carve-outs ； Taiwan ； corporate restructuring ； divestitures ； event studies

參考文獻

Alexander, G.J, Benson, G.P, Kampmeyer, J.M. (1984) Investigating the valuation effects of announcements of voluntary divestitures. Journal of Finance, 39, 503-517.

Allen, J.W., McConnell, J.J. (1998) Equity carve-outs and managerial decisions. Journal of Finance, 53, 163-186.

Bayar, Onur, Chemmanur, Thomas, J., Liu, M.H. (2011) A theory of capital structure, price impact, and long-run stock returns under heterogeneous beliefs. Journal of Financial Economics, 100(3), 616-638.

Berger, P.G., Ofek, E. (1995) Diversification's effect on firm value. Journal of Financial Economics, 37, 39-65.

Brown, S.J, Warner, J.B. (1985) Using daily stock returns: The case of event studies. Journal of Financial Economics, 14, 3-31.

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Equity Carve-Outs in Taiwan

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