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研究生： 賴信夫
Hsin-Fu Lai
論文名稱： 藉由企業分割創造價值：以電信產業為例
Creating Value through Corporate Spin-offs: Evidences from Telecommunication Industry
指導教授： 鄭漢鐔
Hann-Tarn Jeng
口試委員:
學位類別： 碩士
Master
系所名稱： 管理學院 - 財務金融學系
Department of Finance
畢業學年度： 89
語文別： 中文
論文頁數： 41
中文關鍵詞： 企業分割 、電信產業 、價值動因 、事件研究法
外文關鍵詞： spin-off, telecommunication industry, value driver, event study
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    • Contents Chapter I. Introduction1 1.Motivation1 2. Purposes of this study2 3 Composition of this Study2 4. Research Flow Chart3 Chapter II. Telecommunication Industry and Spin-offs4 1. Industry Overview4 2. Spin-offs in Telecommunication Industry4 Chapter III. Literature Review and Theoretical Structure6 1. Benefits of spin-off:6 2. Conglomerate Wave and Theories8 3. Value Discount of a Diversification conglomerate9 4. Focus and Divestiture10 Chapter IV. Research Methodology14 1. Research Model15 2. Samples16 3. Event study17 4. Variables and Hypotheses20 Chapter V. Empirical Results26 1. Event Study26 2. Descriptive Statistics27 3. Sensitivity Tests29 4. Multivariate Analysis34 Chapter .VI Conclusions38 References40 Figures Figure1-1.Research Flow Chart3 Figure4-1 Reconstruction & Evaluations Methods14 Figure4-2. Research Model15 Figure4-3 Dimensions and Variables20 Tables Table3-1: Summarized Table of Related Literature12 Table4-1 Summary of Hypotheses and Variables24 Table5-1 Spin-off announcement CAR26 Table5-2: Descriptive Statistics of Spin-off Firms and Non-Spin-off Firms28 Table5-3: Announcement Period Abnormal Return classified by Decomposition of ROA30 Table5-4: Announcement Period Abnormal Return classified by Managerial Characteristics30 Table5-5: Announcement Period Abnormal Return classified by Financial Characteristics32 Table5-6: Announcement Period Abnormal Return classified by Correction of An Error33 Table5-7: Announcement Period Abnormal Return classified by Market Expectation33 Table5-8: Announcement Period Abnormal Return classified by Relatedness of Parent and Subsidiary34 Table5-9: Multivariate Results35

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