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    政大機構典藏 > 商學院 > 企業管理學系 > 學位論文 >  Item 140.119/73534


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    题名: 公司治理對台灣上市櫃公司從事上下游分割之宣告效果影響探討
    A Study on the Effect of Corporate Governance on Spin-off Affairs of Taiwan Listed Companies
    作者: 謝惇鋒
    贡献者: 屠美亞
    謝惇鋒
    关键词: 公司分割
    上下游分割
    公司治理
    Spin-offs
    vertical spin-offs
    corporate governance
    日期: 2012
    上传时间: 2015-03-02 10:07:41 (UTC+8)
    摘要: 本研究以民國91年至民國101年台灣進行公司分割之上市櫃公司為研究對象，探討市場對於企業宣告從事上下游分割之反應，以及公司治理對此反應之影響。研究結果顯示：
    一、台灣公司宣告分割期間，異常報酬並不明顯。
    二、分割後母子公司在產業鏈中具上下游關係者，其累積異常報酬較不具上下游關係者差。
    三、內部人持股比例高、財務槓桿高，對分割之宣告效果有負面影響。
    可見台灣許多企業雖期望透過公司分割落實代工與品牌分家，然而市場對於這些分割活動未必能給予正面評價。同時，內部人對對公司控制力大或者公司財務槓桿高，在宣告分割時小股東以及債權人可能擔心此分割活動將損及其利益。
    This study examines the effect of companies declaring their spin-offs and the impact of corporate governance variables on the effect with Taiwan listed spin-off companies during year 2002 to 2012 as samples. The empirical results can be summarized as below:

    1. There is no significant abnormal returns (AR) while Taiwan companies declaring their spin-offs.
    2. Spin-offs that parent companies and its subsidiaries are suppliers and downstream customers have lower abnormal returns.
    3. “High insider shareholding percentage” and “high financial leverage” have negative impact on the effect of spin-offs declaring.

    According, although many Taiwan companies intend to separate their brand and OEM/ODM business through spin-offs, it is not necessary to result in positive effects on their share prices. Meanwhile, minority shareholders and creditors might worry about the spin-off affairs damage their benefit if the insiders have large control power to the companies or the companies have high financial leverages.
    參考文獻: 1. 王文宇，2001，「公司分割法制之研究－兼論金融控股公司法之分割規定」，月旦法學，第73期。
    2. 王泰銓，1998，「歐洲事業法」，五南圖書，p.203。
    3. 沈中華，李建然，2000， 「事件研究：財務與會計實證研究必備」，華泰文化事業公司。
    4. 林育廷、林靖揚、王致棠、朱俊銘、潘彥州，2002，「公司分割－問題研究與實例探討」，元照出版公司。
    5. 林卦緣，2006，「 母子公司的關係強弱對於分割後母公司長短期績效的影響-以臺灣上市櫃公司為例」，國立政治大學財務管理研究所碩士論文。
    6. 洪美滿，2008，「撤銷公司分割動機與效果：由公司分割與撤銷分割間股價反應關係來探討」，國立成功大學國際企業研究所碩博士班碩士論文。
    7. 洪連盛，2005，「我國上市公司分割行為與分割宣告效果之研究」，國立政治大學會計研究所碩士論文。
    8. 郭櫻枝、李文智、蔡彥卿，2004，「企業分割策略之研究-以康師傅分割飲料事業個案為例」，證交資料，第511 期，P.9-10。
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    10. 葉銀華、李存修與柯承恩，2002，「公司治理與評等系統」，商智文化，P.33。
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    12. 賴慧真，2005，「國內上市公司撤資活動對經營績效影響之研究」，銘傳大學國際企業學系碩士班碩士論文。
    13. 簡歆怡，2005，「公司分割上市制度探討及申設過程宣告效果之研究」，銘傳大學管理研究所碩士班在職專班碩士論文。
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    15. Brown, S. J. and Jerold B. Warner, 1980, “Measuring Security Price Performance”, Journal of Financial Economics, Vol. 8, pp. 205-258
    16. Charles W. L. Hill, Gareth R. Jones, 2004, "strategic management theory:an integrated approach", Boston, Mass.
    17. Chen, H.L. and Guo, R.J., 2005, "On Corporate Divestiture", Review of Quantitative Finance and Accounting, Vol. 24, pp. 399-421.
    18. Chemmanur, T. J. and Yan, A., 2004, "Atheory of Corporate Spin-offs", Journal of Financial Economics, Vol. 72, pp. 259-290.
    19. Cornell, J., M. C. Minichiello and K. P. Hare, 2002, "Spin-off Research", Spin-off Advisor, LLC, Vol. 6, pp.1-32.
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    21. Desai, H. and P. C. Jain, 1999, "Firm performance and focus: long-run stock market performance following spin-offs", Journal of Financial Economics, vol.54, pp.75-101.
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    28. Maxwell, W. F., Rao, R. P., 2003. “ Do Spin-offs Expropriate Wealth From
    29. Bondholders?”, Journal of Finance, Vol. 58(5), pp. 2087-2108.
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    36. Seoungpil, A. and D. J. Denis, 2004, "Internal capital markets and investment policy:evidence from corporate spinoffs", Journal of Financial Economics, Vol.71, pp.489-516.
    37. Veld, C. and Y. V. Veld-Merkoulova, 2004, "Do spin-offs really create value? The European case", Journal of Banking & Finance, vol.28 , pp.1111-1135.
    38. Weston, J.F., Siu, J. A. & Johnson, B.A. 2001, Takeovers, Restructuring, and Corporate Governance (3rd ed.). New Jersey: Prentice Hall.
    描述: 碩士
    國立政治大學
    企業管理研究所
    96355052
    101
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0096355052
    数据类型: thesis
    显示于类别:[企業管理學系] 學位論文

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