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    题名: 資產重組－追蹤股之研究
    Corporate Restructuring--tracking stocks
    作者: 謝靜宜
    贡献者: 周行一
    史綱
    謝靜宜
    关键词: 資產重組
    追蹤股
    資產分拆
    權益分割
    宣告效果
    累計異常報酬
    restructuring
    tracking stocks
    spin-offs
    carve-outs
    CAR
    日期: 2001
    上传时间: 2016-04-18 16:26:25 (UTC+8)
    摘要: 追蹤股係資產重組方式的一種，近年來在美國的證券市場增加許多的發行案例，追蹤股是針對多角化企業特定部門發行不同權利義務的普通股，表彰該特定企業的營運績效，提供給投資人更明確的投資評價，進而提升企業整體的價值。追蹤股的起源係於1984年General Motors在取得Ross Perot’s Electronic Data System後發行首創的追蹤股，雖然陸續有發行之個案，但追蹤股的發行熱潮主要集中於1998年至2000年，包括AT&T、Sprint Corp、Quantum Corp.及Disney等企業，且部分發行企業發行一種以上的追蹤股，因追蹤股可依發行企業的需求制定不同的投票權、轉換權、股利分配政策等，提供給投資者相當多的選擇，顯示追蹤股對企業的籌資或購併提供了新的工具。
    參考文獻: 1.Berger, Philip, and Eli Ofek. 1995, ”Diversification’s Effect on Firm Value,” Journal of Financial Economics 37, p39-65
    2.Clifford E. Neimeth, “Keeping Conglomerates On-Track”, Venture Capital Journal , August 1, p2-6
    3.Cynthia Robbins-Roth, 1998, “Stealth IPOs”, Forbes, November, p242-243
    4.Cusatis, P.J., Miles, J.A., Woolrigde, J.R., 1993, ”Restructuring through spin-offs: The stock market evidence,” Journal of Financial Economics 33, p293-312
    5.Janine Brewis, Jun 2000, “Unlocking the hidden value in your company,” Corporate Finance, p20-26
    6.Julia D’Souza , John Jacob, 2000, ”Why firms issue targeted stock” Journal of Financial Economics, p459-483
    7.Lisa Reilly Cullen, 1999, “Tracking stocks: No free ride”, Money, October, p52A-52B
    8.Logue, D., J. Seward, and J. Walsh, 1996, “Rearranging residual claims: A case for targeted stock”, Financial Management 25, p43-61
    9.Matthew T. Billett, David C. Mauer, 2000, “Diversification and the value of internal capital markets: The case of tracking stock,” Journal of Banking & Finance 24, p1457-1490
    10.Michaely, Roni, and Shaw Wayne H, Autumn 1995, “The choice of going public: Spin-offs vs. carve-outs,” Financial Management
    11.Patricia L Anslinger, Steven J. Klepper, and Somu Subramaniam, 1999 Number 1,”Breaking up is good to do,” The Mckinsey Quarterly, p12-27
    12.P.G.. Berger and E. Olfek, 1995, “Diversification’s Effect on Firm Value,” Journal of Financial Economics, p39-65
    13.Schipper, K., Smith, A., 1986, ”A comparison of equity carve-outs and seasoned equity offerings: Share price sffects and corporate restructuring,” Journal of Financial Economics 15, p153-186
    14.Slovin, M.B., Sushka, M.E., Ferraro, S.R., 1995, ”A comparison of the information cnceyed by equity carve-outs, spin-offs, and assets sell-offs,” Journal of Financial Economics 37, p89-104
    15.Susan Scherreik, 2000, “Tread carefully when you buy tracking stocks”, Business Week, March 6, p182-184
    16.Vicker, M., 2000, “Are two stocks better than one? ”, Business Week, June 28, p98-99
    17.Zuta, S., 2000, “Diversification discount and targeted stock: Theory and empirical evidence,” working paper, University of Maryland.
    描述: 碩士
    國立政治大學
    財務管理研究所
    87357016
    資料來源: http://thesis.lib.nccu.edu.tw/record/#A2002001567
    数据类型: thesis
    显示于类别:[財務管理學系] 學位論文

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