此篇論文主要探討決定是否分割公司的主要因素，是否同為影響併購至分割此段存活期間的影響因子。文章中，我們應用由Cox所提出的比例風險模型來檢驗1992年至2007年間S&P 1500的樣本，檢驗類別主要分為三種：效率，融資及經理人自利主義。實證結果發現，只有效率及融資會影響到分割的時間點；明確來說，過大的組織結構，過度多角化的併購案，或者是企業有財務上的限制，都會加速組織分割；而經理人自利的心態對於併購企業的存活期間並無顯著的影響。

This study examines if the characteristics affecting the decisions of divestiture are also the determinating ones of the timing of divestitures. In this paper, we apply the Proportional Cox Model to test the issues for S&P 1500 sample during the period of 1992 to 2007. We examine the effects of three major characteristics: efficiency, financing, and managerialism. We find that only efficiency and financing will dominate the timing of divestiture. To be more specifically, over-size and diversifying M&A, or financial constraints will speed up the decisions of divestitures. From the results of empirical tests, management’s self-interests have no significant influence on survival time of merged firms.

宋雪楓、楊朝君、徐任重，2006，商業銀行信用風險評估的生存分析模型及實證研究，金融論壇第11期。
吳俊，2008，銀行個人信用評分方法及其應用研究，江南大學碩士論文。
馬振中，2007，Cox回歸比例風險假定的考察和影響點的識別及其SAS和SPSS的實現，山西醫科大學碩士論文。
葉玫惠、張靖宜、廖咸興、周國端，民國96年，信用卡使用者之違約風險研究—存活分析模型之應用，金融風險管理季刊第三卷第二期。

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