上市櫃公司股權分割(Equity Carve-Outs)後營運績效之表現

The Operating Performance After Equity Carve-Outs

劉福運(Fu-Yun Liu)

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

企業分割(Divestiture)在歐美行之有年，但在國內屬於近年來的事情。本究主要是驗證國內於2002年通過實施企業購併法後，宣告股權分割之上市櫃公司，長短期財務績效(ROE與Tobin's q)之表現與其影響績效表現之因素，本研究實證結果，可以歸納得到下列幾項結論：
一、國內上市櫃公司宣告股權分割後，ROE並沒有表現比分割前要來得好，顯
示股權分割行為並沒有明顯的證據，證明分割後的績效優於分割前。另從股權分割後Tobin's q呈現負值來看，顯示市場對於上市櫃公司的分割行為是有疑慮的。此結果與國外以股價做為績效衡量指標，且普遍驗證股權分割具有創造股東財富效果之研究發現，出現迴然不同的現象。
二、與同產業相較，國內上市櫃公司宣告股權分割後，營運績效表現確實優於
同業水準。以調整產業後股東報酬率(ROE)表現來看，股權分後的ROE普遍優於分割前，且分割後第二及第三年出現顯著為正；不過若從杜邦分析式分析，分割後ROE的表現較佳，主要是來自於財務槓桿的運用，而不是來自於獲利率的成長，此與Tobin's q在調整產業後仍呈現顯著為負，可以得到相互輝映，即市場對於上市櫃公司的股權分割行為並不看好。
三、調整產前與調整產業後，無論是產業聚焦、公司治理或是分割規模均無法解釋股權分割後營運績效表現好壞之原因。惟調整產業後，資訊揭露透明度和股權分割後績效表現呈現顯著正相關，顯示宣告股權分割後的上市櫃公司，因資訊揭露透明度提高，而使得公司價值表現優於同產業水準，此一結果符合市場預期。

關鍵字

股權分割 ； 公司分割 ； 營運績效 ； 股東權益報酬率 ； 托賓Q

並列摘要

Divestiture has been widely used for years in the occident countries while it is in effect recently in Taiwan. The study investigates the short-term and long-term financial performances (ROE and Tobin's q) and its affected factors of the listed companies who announced Equity Carve-Outs after executing Enterprise Acquisition law in 2002. The conclusion of empirical studies can be summarized in the following points ：
1.After the Equity Carve-Outs announcement in the listed domestic companies, ROE wasn’t better than before. There is no obvious evidence to show what’s the differences between the former and the latter. Moreover, it shows that the market doubts about the Equity Carve-Outs because of the negative value of Tobin's q. It’s totally different from abroad researches which take equity offerings as the index of performance and regard the Equity Carve-Outs can lead the shareholders to the wealth.
2.Compared with the same industries, after the Equity Carve-Outs announcement in the listed domestic companies, the operating performance is certainly better than the others in the same field. From the ROE, After the Equity Carve-Outs, ROE is better than before. It shows significantly positive value after the second and third year. However, if we analyze with DuPont Analysis, ROE is superior
3.After the Equity Carve-Outs not because of the growth of the rate of the profit but the use of the financial leverage. It can be referred to why Tobin's q is still negative after the revision of the industry. That is the market isn’t optimistic to Equity Carve-Outs.
4.Before or after the revision of the industry, whether its improvement of industrial focus on industry, corporate governance or the split relative size , all of these cannot be regarded as the reasons for the operating performances after the Equity Carve-Outs. The positive correlation between the transparency of information and the operating performance after the Equity Carve-Outs shows that the company’s value is better than the same industries. The result is correspond to the market expectation.

並列關鍵字

Equity Carve-Outs ； Spin-Offs ； Operating performance ； ROE ； Tobin's q

參考文獻

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