Dissertation/ Thesis
The Impact of Equity carve-outs and Spin-offs on the Performance in Taiwan's listed company
| العنوان: | The Impact of Equity carve-outs and Spin-offs on the Performance in Taiwan's listed company |
|---|---|
| Alternate Title: | 股權分割與公司分割對經營績效的影響 |
| المؤلفون: | Wei-Chi Huang, 黃偉綺 |
| Thesis Advisors: | Mei-Jui Sun, 孫梅瑞 |
| سنة النشر: | 2008 |
| المجموعة: | National Digital Library of Theses and Dissertations in Taiwan |
| الوصف: | 96 This study explores the impact on the performance of Taiwan’s listed companies that engage in divestiture activities. The divestiture activities of this study include two types: equity carve-outs and spin-offs. Equity carve-outs mean the company lets off the shareholding of subsidiary. Spin-offs mean one division of the company to become another company. This study directs to 136 equity carve-outs and 46 spin -offs announcements between 1994 and 2007 to be the study objects, and it measures short-term performance by stock returns and long-term operating performance by financial ratios. Use event study method and statistics test to evaluate how to effect the performance. This study compares the performance of divesting firm by comparable group design. This study finds there are significant positive stock returns on divestiture announcements in Taiwan’s listed companies. Furthermore, firms that undertake divestiture activities generally can enhance their performance and mitigate negative synergy, due to equity carve-outs have lower debt ratio and spin-offs concentrate core business. The study discovers equity carve-outs can increase value rapidly than spin-offs. After divestiture activities their performances have improved on rate of asset, market to book and excess value. In addition, equity carve-outs and spin-offs compare to the rival companies have better investment efficiency and asset allocation ability will cause the operating performance and the company’s value obtaining the further promotion. |
| Original Identifier: | 096MCU05321013 |
| نوع الوثيقة: | 學位論文 ; thesis |
| وصف الملف: | 97 |
| الاتاحة: | http://ndltd.ncl.edu.tw/handle/3dbm8r |
| رقم الانضمام: | edsndl.TW.096MCU05321013 |
| قاعدة البيانات: | Networked Digital Library of Theses & Dissertations |
| الوصف غير متاح. |