企业选择不同撤资方式之因素.pdfVIP

2007 11 MAY 19, pp397-417 企業選擇不同撤資方式之因素 沈筱玲 黃意茵 東吳大學企業管理學系 東吳大學企業管理學系 hlshenli@.tw eucser@ 摘要 本研究主要探討企業選擇三種不同撤資方式（資產出售、資產分割、權益分割）之因素， 並以實例解釋三種撤資方式的主要差異。另以台灣地區在 2002 到 2006 年進行撤資活動之公司 為樣本，並選取對照公司為參照組，利用多項羅吉斯迴歸分析探討影響選擇撤資方式之因素。 所探討的因素包括資金需求因素、公司治理機制因素、營運集中度因素及經營績效因素。研究 結果顯示，影響企業選擇資產出售之因素為公司治理機制、營運集中度與經營績效，董監事持 股比例越高，選擇資產出售的機率越低；公司營運集中度越低、經營績效越差，選擇資產出售 的機率越高。影響企業選擇資產分割與權益分割的因素為公司治理機制，董監事持股比例越高、 法人持股比例越高，企業選擇資產分割的機率越低；董監事持股比例越高，選擇權益分割的機 率越低。研究結果顯示公司治理機制中的掠奪性假說、營運集中度、經營績效為影響公司選擇 不同撤資方式之因素，資金需求因素的影響較不顯著。 關鍵字：資產出售、資產分割、權益分割、撤資 Why Firms Choose to Divest Segmenets- Evidence in Taiwan Hsiao-Ling Shen Yin-Yi Huang Dept. of Business Administration, Dept. of Business Administration, Soochow University Soochow University Abstract The paper investigates why firms choose to divest their segments among the three different divestiture mechanisms (sell-offs, spin-offs, and equity carve-outs), and explain the main differences of the three divestiture ways by cases. Using a sample of Taiwan companies in the period of 2002 to 2006, results of the multinomial logit regression analysis indicate that firms with highly diversified level, higher level of officer and director ownership and low operating efficiency are more likely to engage in sell-offs. The probability of spin-offs and equity carve-outs are significantly positively related to the level of officer and director ownership. We find limited evidence of financial needs as the major determinant of divestitures. Keywords: Sell-offs, Equity Carve-o