分割目的和股權分割公司之績效

The Motives and Performance of Equity Crave-Out Companies

本研究分析國內股權分割公司宣告分割後母公司之長期股票報酬表現，並探討分割績效是否與分割目的相關，最後以股權結構和董事會結構檢視公司治理機制對分割公司績效的影響。整體而言，股權分割對母公司長期的股票報酬未有顯著的影響；當中，正的異常報酬主要出現在為了開發土地資產而分割之公司和為了專業分工而將不同產業部門分割出去的公司，而其分割效益主要是來自資產使用效率的提升和財務風險的降低。大股東持股比率越高的公司，分割的長期報酬越佳，顯示公司治理結構確實會影響分割公司之績效。

This study analyzes the long-term performance of firms that undertake equity carve-outs and investigates whether subsequent performance is relevant to the purpose of the equity carveout. We also examine whether corporate governance mechanisms affect the performance of equity carve-out companies from the perspectives of ownership and board structure. We find that equity carve-outs have no effect on the long-term performance of parent companies. Positive abnormal returns associated with equity carve-outs are attributed to companies that carve out to exploit lands and to increase specialization. The main benefits come from the enhancement of efficiency in asset utilization and the reduction in financial risk. Long-term performance from equity carve-outs improves as the ratio of the large shareholders increases. This finding indicates that corporate governance affects the long-term performance of firms that undertake equity carve-outs.