企業分割：來自亞太地區的實證

Corporate Focus : Evidences from Spinoffs in Asia-Pacific Countries

許美雲(Waraporn Surasetburana)

指導教授 ： 徐政義

國立中央大學/管理學院/財務金融學系/碩士(2014年)

摘要

本研究主要於亞太市場企業分割由1995年1月至2013年12月的資料來探討跨產業分割（聚焦分割）與同產業（非聚焦分割）宣告對股價的影響及企業在分割後之短期與長期股價表現與經營績效變化。結果顯示在宣告分割當日亞太市場企業1.63%的正異常報酬，而在宣告前後三日累積異常報酬有2.84%的正異常報酬，雖然聚焦分割在短期表現不如非聚焦分割，但兩者的表現還是有統計顯著。另外亞太市場分割後的營運表現不如美國及歐洲市場結果，同產業分割的企業（非聚焦分割）會利用重整策略創造比跨產業分割（聚焦分割）的股票價值來的更高。

關鍵字

企業分割 ； 資產分割 ； 亞太地區分割 ； 亞太 ； 聚焦分割

並列摘要

This paper investigates the effect of corporate focus on firm valuation by examining the spinoffs in Asia-Pacific countries. There are spinoffs in the sample period from January 1995 through December 2013. The empirical result shows a significantly positive abnormal return of 1.63% on the announcement day of spinoffs. Both of own- and cross-industry spinoffs have positive market reactions, and the former has a higher abnormal return than the latter. Moreover, the operating performance of spinoffs is not improved. These results are inconsistent with the findings from the U.S. or European markets, and suggest that owned-industry spinoffs are related to corporate restructuring strategies and these strategies can create stock value more than the value induced by improvement in corporate focus.

並列關鍵字

Spinoffs ； Spin-offs ； Divestiture ； Asia-Pacific Spinoffs ； Asia-Pacific ； Corporate Focus

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