企業分割創造價值(pdf 50頁)(英文)

Chapter I. Introduction...............1
1.Motivation ...............1
2. Purposes of this study...............2
3 Composition of this Study..............2
4. Research Flow Chart ................3
Chapter II. Telecommunication Industry and Spin-offs ............... 4
1. Industry Overview................4
2. Spin-offs in Telecommunication Industry.........4
Chapter III. Literature Review and Theoretical Structure ............ 6
1. Benefits of spin-off: .............6
2. Conglomerate Wave and Theories .....8
3. Value Discount of a Diversification conglomerate .................. 9
4. Focus and Divestiture...........10
Chapter IV. Research Methodology................... 14
1. Research Model..............15
2. Samples ..................16
3. Event study....................17
4. Variables and Hypotheses............20
Chapter V. Empirical Results ....26
1. Event Study ................26
2. Descriptive Statistics ...........27
3. Sensitivity Tests.............29
4. Multivariate Analysis .............34
Chapter .VI Conclusions............38
References................40

1.Motivation
Corporations seek to pursue corporate restructuring (including M&A, Spin-off, Tracking stocks, Carve-outs, Liquidations…) as a way of reviving the business. Jensen argues that the merger wave in the
1980s was a response to overcapacity and resulted in more efficient organizations. Once the decision is made to divest non-core divisions,several alternatives must be compared: asset sales; equity carve-out
IPO; issuance of a tracking stock or distribution of subsidiary shares to create a new entity. In the case of mergers, stock return of acquirer
usually falls behind the stock return of the target company on the announcement. Spin-off participants claim that through un-tying the business can increase strategic flexibility and facilitate management motivation.

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