上市櫃公司股權分割(Equity Carve-Outs)宣告效果及長期股價績效之表現

Shareholder Wealth Effects after Corporate Equity Carve-Outs

王鈺貞(Yu-Chen Wang)

指導教授 ： 李建然

國立臺北大學/商學院/會計學系/碩士(2011年)

摘要

本研究主要是驗證國內通過實施企業購併法之後，國內上市櫃公司宣告股權分割行為時，短、長期股價反應表現與其影響股價表現之因素。根據本研究實證結果，可以歸納得到下列幾項結論：
１、企業在宣告股權分割日前後，呈現不顯著之正向之累積異常報酬；而在宣告日
　　至六十日間，亦有不顯著之負向累積異常報酬。故由實証結果得知，在國內之資本市
　　場，企業股權分割宣告效果，短期並無顯著正向之異常報酬。此與國外之研究結果有
　　所不同。
２、企業在宣告股權分割後之一到三年間，均呈現負的異常報酬率，惟其中第一年不顯著，第二、三年呈現顯著。
３、企業在宣告股權分割後，分割後產業聚焦與長、短股價異常報酬並無正向關係。
４、企業宣告股權分割後，資訊透明度與短期股價異常報酬及長期一年之股價異常報酬有
　　不顯著之正向相關；而與長期二年及三年之股價異常報酬有顯著之正向關係。
５、企業宣告股權分割後，公司治理與長、短股價異常報酬之關係並不顯著。
６、企業宣告股權分割後，分割規模與長、短股價異常報酬之關係並不顯著。

關鍵字

股權分割 ； 公司分割 ； 營運績效 ； 股價

並列摘要

The main purpose of this research is verifying that performance of stock price in short-term and long-term and reasons of affecting the performance of stock price, when domestic companies declare that Equity Carve-Outs before the government approve the law of enterprise merger.
According to this research real example result, we could sum up and get the following several conclusions:
First, before and after enterprises declare that Equity Carve-Outs, it appears insignificant of accumulative abnormal returns of stock price. In the daytime to 60 days, that also appears insignificant of negative accumulative abnormal returns. So we could know from the real example result, the domestic capital market, the effect of enterprises declare that Equity Carve-Outs, there is not significant of positive abnormal returns in short-term. This result is different from foreign research result.
Second, after enterprises declare that Equity Carve-Outs between one with three years appears negative rate of abnormal returns, besides, first year is not significant, Second year and the third year appear the status of significant.
The third , after enterprises declare that Equity Carve-Outs, the improvement of industrial focus on industry and long term and short term abnormal returns of stock price have not positive corelation.
The fourth, after enterprises declare that Equity Carve-Outs, the transparency of information and short-term abnormal returns of stock price and abnormal returns of stock price for long-term year that have not significant of positive correlation. And there have significant of positive correlation with abnormal returns of stock price for long-term of two years and three years.
The fifth, after enterprises declare that Equity Carve-Outs, the relation between corporate governance with long-term and short-term abnormal returns of stock price is not significant.
The sixth, after enterprises declare that Equity Carve-Outs, the relation between split relative size with long term and short term abnormal returns of stock price is not significant.

並列關鍵字

Equity Carve-Outs ； Spin-Offs ； Operating performance ； stock price

參考文獻

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