本文乃是探討資訊不對稱是否對股權分割決策有所影響，研究發現資訊不對稱程度高的公司，的確有較高的動機以採取股權分割之決策。本研究使用1999-2008年，為期十年的期間中，採取股權分割的美國公司作為觀察樣本，檢測有股權分割公司與無股權分割公司是否在資訊不對稱的程度上有所差異，而結果指出股權分割公司有顯著較高的營收波動度、較高的盈餘波動度、較少公司債評等，符合股權分割公司含有較高資訊不對稱之假設，且在迴歸分析中發現該資訊不對稱程度較高者，確實顯示出較高的股權分割可能性。

This paper examines the role of information asymmetry in explaining the incidence of corporate spinoffs. We argue that corporations with higher information asymmetry have a greater incentive to spin off. We study the spinoffs in the U.S. and test if the level of asymmetry affects the spinoff decisions. The evidence indicates that the level of information asymmetry is significantly different between spinoff firms and non-spinoff firms. Our empirical results indicate that higher information asymmetry will increase the incentives of firms to engage in spinoffs. Although the firm size, proportion of R&D expenditures in total sales, and commercial paper ratings do not support for this premise, the standard deviation of sales, standard deviation of earnings and bonds ratings show significant impacts on the incidence of spinoffs.

Aboody, D. and Lev, B. (2000). "Information Asymmetry, R&D, and Insider Gains." The Journal of Finance 55(6): 20.

Ahn, S. and Denis, D. J. (2004). "Internal capital markets and investment policy: evidence from corporate spinoffs." Journal of Financial Economics 71(3): 489-516.

Ahn, S., Denis, David J. and Denis, Diane K. (2006). "Leverage and investment in diversified firms." Journal of Financial Economics 79(2): 317-337.

Ahn, S. and Walker, M. D. (2007). "Corporate governance and the spinoff decision." Journal of Corporate Finance 13(1): 76-93.

Allen, Jeffrey W. (2001). "Private Information and Spin‐off Performance." The Journal of Business 74(2): 281-306.

Allen, J. W., Lummer, S. L., McConnell, John J. and Reed, Debra K. (1995). "Can Takeover Losses Explain Spin-Off Gains?" Journal of Financial & Quantitative Analysis 30(4): 465-485.

Almeida, H., Campello, M. and Weisbach, Michael S. (2004). "The Cash Flow Sensitivity of Cash." The Journal of Finance 59(4): 28.

Aron, D. J. (1991). "Using the Capital Market as a Monitor: Corporate Spinoffs in an Agency Framework." Journal of Economics 22(4): 14.

Berger, P. G. and Ofek, E. (1995). "Diversification's effect on firm value." Journal of Financial Economics 37(1): 39-65.

Calomiris, C. W., Himmelberg, C. P. and Wachtel, Paul (1995). "Commercial paper, corporate finance, and the business cycle: a microeconomic perspective." Carnegie-Rochester Conference Series on Public Policy 42: 203-250.

Clarke, J. and Shastri, K. (2000). "On Information Asymmetry Metrics." SSRN eLibrary.

Comment, R. and Jarrell, G. A. (1995). "Corporate focus and stock returns." Journal of Financial Economics 37(1): 67-87.

Cusatis, P. J., Miles, J. A. and Woolridge, J. R. (1993). "Restructuring through spinoffs: The stock market evidence." Journal of Financial Economics 33(3): 293-311.

Daley, L., Mehrotra, V. and Sivakumar, R. (1997). "Corporate focus and value creation evidence from spinoffs." Journal of Financial Economics 45(2): 257-281.

Denis, David J. and Denis, Diane K. (1993). "Managerial discretion, organizational structure, and corporate performance: A study of leveraged recapitalizations." Journal of Accounting and Economics 16(1-3): 209-236.

Faulkender, M. and Petersen, M. A. (2006). "Does the Source of Capital Affect Capital Structure?" Rev. Financ. Stud. 19(1): 45-79.

Faulkender, M. and Wang, R. (2006). "Corporate Financial Policy and the Value of Cash." The Journal of Finance 61(4): 1957-1990.

Fazzari, S. M., Hubbard, R. G., Petersen, B. C.,Blinder, A. S. and Poterba, J. M. (1988). "Financing Constraints and Corporate Investment." Brookings Papers on Economic Activity(1): 66.

Gertner, R., Powers, E. and Scharfstein, D. (2002). "Learning about Internal Capital Markets from Corporate Spin-offs." The Journal of Finance 57(6): 28.

Gilchrist, S. and Himmelberg, C. P. (1995). "Evidence on the role of cash flow for investment." Journal of Monetary Economics 36(3): 541-572.

Gilson, S., Healy, P., Noe, C. and Palepu, K. (1998). "Corporate focus and the benfits from more specialized analyst coverage." Unpublished working paper. Harvard University, Cambridge.

Gilson, S. C., Healy, P. M., Noe, C. F. and Palepu, K. (1998). "Information Effects of Spin-offs, Equity Carve-outs, and Targeted Stock Offerings." SSRN eLibrary.

Hite, G. L. and Owers, J. E. (1983). "Security price reactions around corporate spin-off announcements." Journal of Financial Economics 12(4): 409-436.

Hoskisson, R. E. and Hitt, M. A. (1994). "Downscoping: how to tame the diversified firm " Oxford University Press.

Jung, K., Kim, Yong-Cheol and Stulz, RenéM (1996). "Timing, investment opportunities, managerial discretion, and the security issue decision." Journal of Financial Economics 42(2): 159-186.

Kaplan, S. N. and Zingales, L. (1997). "Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints?*." Quarterly Journal of Economics 112(1): 169-215.

Krishnaswami, S. andSubramaniam, V. (1999). "Information asymmetry, valuation, and the corporate spin-off decision." Journal of Financial Economics 53(1): 73-112.

Lamont, O. (1997). "Cash Flow and Investment: Evidence from Internal Capital Markets." Journal of Finance 52(1): 83-109.

Lamont, O., Polk, C and Saa-Requejo, J (2001). "Financial constraints and stock returns." Rev. Financ. Stud. 14(2): 529-554.

MacKie-Mason, J. K. (1989). "Do Firms Care Who Provides Their Financing?" SSRN eLibrary.

McNeil, C. R. and Moore, W. T. (2005). "Dismantling internal capital markets via spinoff: effects on capital allocation efficiency and firm valuation." Journal of Corporate Finance 11(1-2): 253-275.

Miles, J. A. and Rosenfeld, J. D. (1983). "The Effect of Voluntary Spin-off Announcements on Shareholder Wealth." The Journal of Finance 38(5).

Nanda, V. and Narayanan, M. (1997). "Disentangling value: misvaluation and the scope of the firm." Unpublished working paper, University of Michigan, Ann Arbor.

Peyer, U. C. and Shivdasani, A. (2001). "Leverage and internal capital markets: evidence from leveraged recapitalizations." Journal of Financial Economics 59(3): 477-515.

Schipper, K. and Smith, A. (1983). "Effects of recontracting on shareholder wealth : The case of voluntary spin-offs." Journal of Financial Economics 12(4): 437-467.

Woo, C. Y., Willard, Gary E. and Beckstead, Stephen M. (1989). "Spin-offs: What Are the Gains?" Journal of Business Strategy 10(2).