近年來，許多企業透過撤資來改變公司的組織結構，2014年有進行分拆的企業市值已達到六兆以上，而在2015年已經宣布將進行分拆的企業，總價值已達七兆以上，這意味著有越來越多的企業在近年來進行分拆。過去有許多文獻探討企業購併對企業研發支出所帶來的影響，但鮮少文獻討論企業進行分拆後對企業的研發支出是否有影響，本研究的主旨在探討企業進行分拆是否會對企業的研發支出帶來影響，以及進行分拆的母公司其原有的財務狀況是否會影響分拆與研發支出之間的關係。本研究已2000年到2013年在美國進行分拆的72間企業做為樣本來分析，實證上沒有顯著發現分拆後母公司的研發支出有顯著下降，但在母公司本身的獲利能力對分拆後的研發支出減少有顯著的正面影響。

Divestiture activities have become more and more common in recent years, representing that more and more firms are adjusting their portfolio structure by divestiture. The market capitalization of the companies undertaking spinoffs in 2014 is set to hit $664 billion by the end of the year. Moreover, the value of corporations that have already announced spinoffs for 2015 is at $775 billion, which means more and more spinoff are undertaken recently. This study aims to investigate whether spinoff could affect the R&D expense and whether financial conditions of the parent firm could affect the decrease of the R&D expense. 72 firms that spinoff during 2000 to 2013 in the U.S. are selected into analysis in this study. The regressions result didn’t find significant decrease of R&D expense of parent firm after spinoff. However, the empirical analysis provides convincing evidence that profitability have a positive impact on the decrease of R&D expense after spinoff.

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