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研究生： 高瑜岑
Kao, Yu-Chen
論文名稱： 資訊不對稱與公司股權割讓決策
Information Asymmetry and Corporate Carve-Out Decision
指導教授： 黃炳勳
Huang, Ping-Hsun
學位類別： 碩士
Master
系所名稱： 管理學院 - 財務金融研究所
Graduate Institute of Finance
論文出版年： 2011
畢業學年度： 99
語文別： 英文
論文頁數： 41
中文關鍵詞： 股權割讓 、資訊不對稱 、資產剝離 、公司重整
外文關鍵詞： equity carve-out, information asymmetry, divestiture, corporate restructuring
相關次數： 點閱：149  下載：4 
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    • 本文乃是欲探討資訊不對稱是否對股權割讓決策有所影響。本研究使用1990-2006年，為期十七年中，採取105間股權割讓之美國公司為觀察樣本，並使用代表公司特性等資訊，如公司規模、研究發展費用比率、營收與盈餘之波動程度，以及信用評等作為衡量資訊不對稱程度之指標。研究結果發現，有股權分割的公司有顯著較高的資產規模、較低的研究發展費用比率、較低的營收波動率，以及較多的公司長期債信評等，與資訊不對稱假說中股權分割公司含有較高資訊不對稱之假設不一致。此外在迴歸分析中發現符合該公司特性者，確實顯示出較高的股權割讓可能性。

    This thesis examines whether equity carve-out is motivated by the information asymmetry problem. In the sample of 105 carve-out firms in the US form 1990 to 2006, I use the company characteristics such as firm size, R&D expenditure ratio, standard deviation of total sales, standard deviation of earnings, and credit ratings to measure the extent of information asymmetry. The result shows that the firms with larger firm size, lower R&D expenditure ratio, lower volatility of sales, and more long-term rated debts have more incentives to engage in equity carve-outs. These findings are not consistent with the information asymmetry hypothesis which argues that firms with higher levels of information asymmetry will be more likely to execute equity carve-outs.

    CONTENTS Chapter 1 Introduction 1 Chapter 2 Literature Review 6 2.1 Corporate Restructuring and Equity Carve-outs 6 2.2 Creating Value on Equity Carve-Outs 7 2.3 Sources of Creating Value on Equity Carve-Outs 7 2.3.1 Divestiture Gains Hypothesis 8 2.3.2 Information Asymmetry Hypothesis 10 Chapter 3 Methodology 15 3.1 Sample Selection 15 3.2 Research Design 17 3.2.1 Proxy Variables for Measurement of Information Asymmetry 18 3.2.2 Logistic Regression Model 23 Chapter 4 Empirical Results 25 4.1 Information Asymmetry between Carve-Out Firms and Non-Carve-Out Firms 25 4.2 Effects between Information Asymmetry and Equity Carve-Out Decision 27 Chapter 5 Conclusions and Suggestions 30 5.1 Conclusions 30 5.2 Suggestions 31 References 32 Contents of Tables Table 1 Summary of Hypothesis and Argument 35 Table 2 Time and Fund-Raised Profiles of Equity Carve-Out Firms from 1990 to 2006 36 Table 3 Industry Classification of Equity Carve-Out Firms 37 Table 4 Descriptive Statistics of the Sample of Equity Carve-Outs 38 Table 5 Difference in Information Asymmetry between Carve-Out Firms and Non-Carve-Out Firms 39 Table 6 Relationship between Information Asymmetry and Equity Carve-Out 40 Table 7 Relationship between Information Asymmetry and Equity Carve-Out : Credit Ratings ─ CR and BR 41

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