影響上市櫃公司選擇企業分割方式之 關鍵性因素

The Critical Elements For Affecting List And OTC Company Choosing Divestiture Methods

曾國富(Kuo-Fu Tseng)

指導教授 ： 李建然

國立臺北大學/商學院/會計學系/碩士(2012年)

摘要

國內近年來追隨歐美腳步，積極進行企業分割(Divestiture)。過去國內外有關企業分割之研究多聚焦於企業宣告分割後，長短期之績效表現；至於在影響企業選擇分割因素之研究，則相對較為少見。本研究主要係探討國內上市櫃公司選擇企業分割方式之關鍵因素，經實證結果，可以歸納得到下列幾項結論：
一、負債比率與宣告權益分割公司呈現顯著負相關，代表負債比率愈高的公司，在進行企業分割時，傾向使用資產分割方式，此與國外研究迥然而異，分析其原因為，如果母公司負債比率較高，企業越會選擇資產分割方式(兄弟式分割)進行分割，因為把核心及良好資產及帶著原母公司之股東分割出去，比較不會受到母公司負債比率過高的負面影響。故此一結果應符合國內市場實務面。
二、經營績效(ROE)與宣告權益分割公司呈現負相關，顯示宣告權益分割的公司經營績效較佳，但不顯著。分割規模與宣告權益分割公司呈現負相關，顯示分割規模愈小的公司在進行企業分割時，愈會選擇使用權益分割，此與國外的研究結果相同，但也不顯著。
三、分割規模及產業聚焦與宣告權益分割公司呈現不顯著負相關，即被分割部門佔母公司規模及被分割部門所經營事業若與母公司不同，則在進行企業分割時，較會選擇資產分割，此結果與國外研究結果並不一致，主要應與兄弟式分割比較能達到實質產業聚焦的目標有關。
四、母公司規模及資訊透明度與宣告權益分割公司亦呈現負相關，顯示母公司規模愈大，反而傾向兄弟式分割，因規模太大的公司，宣告企業分割需有實質重組考量，而兄弟式分割比較能達到實質重組的目的。不過由於不顯著，因此不具統計上的意義。
五、董監持股比例與宣告權益分割呈現正相關，顯示公司治理愈好的企業在宣告分割時，愈會選擇權益分割，此與國外的研究結果一致，惟不顯著。因此不具統計上的意義。

關鍵字

權益分割 ； 資產分割 ； 經營績效 ； 公司治理 ； 資訊透明度

並列摘要

Following with the occident countries, Divestiture has been widely used for years while it has been effectively recently in Taiwan. The past research regarding to the divestiture was focus in the short-term and long-term operating performance while the company declared the divestiture procedure. It’s rarely to see the related research regarding to the critical elements affecting the company choosing divestiture methods. The study is mainly researching the critical elements which affecting Taiwan list and OTC company choosing divestiture methods. The conclusion of empirical studies can be summarized in the following points ：
1. The debt ratio shows significant negative value with the company which declare the method of equity carve-out, it represent that while the company performing the divestiture procedure, and the higher of the debt ratio will tend the company choosing spin-off method. The consequence is different with the study of other countries, To analyze the situation, it shows that the company will choose the spin-off method if the parent company has the higher debt ratio, because to spin-off the core and well assets together with the proportionally shares of the shareholders will suffering less negative effects of higher debt ration of the parent company.
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 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.
3. The scale of the divestiture and the industrial focus shows non-significant negative value, it represent that the spin-off part rated the scale of the parent company and the operating industry for the spin-off part as to the parent company is different, will tend to choose spin-off method. The research conclusion is not consistent to other countries, the reasons are mainly on the spin-off method can reach the purpose for the real industrial focus.
4. The size and the information transparency of the parent company shows negative value with the company which declare equity carve-out method, it represent that the bigger size of the parent company will tend to performing spin-off method, because the bigger size of the company, owing to the re-organization consideration, the spin-off method can reach the purpose of the re-organization of the company. But the statistical value is not significant.
5. The holding shares ratio of the Directors and the Supervisors shows positive value with the company which declare equity carve-outs method, it represent that the good performance of the corporate governance will tend to choose equity carve-outs method, the consequence is similar with the other countries, but the statistical value is not significant.

並列關鍵字

Equity Carve-Outs ； Spin-Offs ； Operating performance ； Corporate governances ； Information transparency

參考文獻

Carve-Outs and Seasoned Equity Offerings, ”Journal of

Information, ”Journal of Financial Intermediation,153-176.

8.洪連盛，2005，我國上市資產分割行為與分割宣告效果之研究，國立政治大

6.林鴻光、許永聲，2009，企業進行現金減資之宣告效果及對其營運績效之影

5.李建然、羅元銘，2002，新上市公司上市後營運績效退原因，財務金融學刊，