本研究主要探討分割宣告對公司短期財富以及長期績效之間的關係,並納入公司治理機制探討與績效是否有關連性。不同於國去文獻,本研究進一步將樣本分為四類:公司獲利樣本、公司虧損樣本、業務相關樣本、業務非相關樣本,以期能得到與過往研究不同的結論。本研究以2002年到2012年的台灣上市、上櫃、興櫃公司進行實證研究,實證結果顯示在短期財富部份,盈餘樣本有顯著正的異常報酬,虧損樣本有顯著負的異常報酬;業務相關樣本為顯著負的異常報酬,業務非相關樣本則為不顯著。長期績效部份,盈餘樣本、業務相關樣本以及業務非相關樣本為顯著正向關係;虧損樣本則為顯著負向關係。另外公司治理制度方面,獨立董監事比率與董事長兼任總經理之因素與母公司長期績效有正向顯著之關係。此外母公司對子公司的治理制度確實會影響子公司分割的績效,母公司持有子公司越高比例的股數,則子公司的績效越差。
This study examines how divestiture announcements affects firm short-term return and long-term performance and examines the impact of corporate governance variables on firms’ performance. Different from previous literature, this research divides the sample into four categories: profitable, unprofitable, related, and unrelated firms. This research chooses Taiwan-listed, OTC, and emerging stock firms from 2002 to 2012 as samples and the results show that in the short-term, profitable firms have significant positive abnormal return, but unprofitable and related firms have significant negative abnormal return. And in the long-term, profitable, related and unrelated firms exhibit increasing long-term performance and unprofitable firms exhibit decreasing long-term performance. In addition, the regression results show a positive relation among independent board ratio, CEO duality and long-term firm performance. Finally, the results support a negative relation between the stockholdings of parent firms and the performance of their subsidiaries.