公司縮小規模之成因與事後財務表現之實證研究

Abstract

本篇論文針對美國93家於1993-2001年實質縮小規模的公司作研究，發現縮小規模的公司多半歷經一段時間的營運表現不彰、產業景氣衰退、高度財務槓桿、事業部門多角化程度與區域性分散程度均較高。縮小規模之後，公司營運大幅改善、負債比降低、事業部門多角化程度降低與區域性部門數減少。另外，縮小規模的公司，有58家公司將所得資金用於償還負債；14家購買庫藏股，48家融通營運活動現金缺口；以償還負債的公司營運表現最佳，敏感度分析顯示其營運好轉並非「向均數復歸」的現象；融通營運活動現金缺口的表現最差，顯示營運活動經營效率於短期之內不易改善。

This thesis investigates the asset downsizings of 93 US corporations that substantially downsized their assets during the period of 1993-2001. The result is consistent with the notion that the decisions to downsize follow a sustained period of poor operating performance, and tend to occur in financially high levered firms with high level of diversification in operation as well as in geography. Further to the finding is that downsizing seems to be a strategy in response to industry depression. Sample firms experience significant improvement in operating performance, lower debt ratio, and condensed operating and geographic segments following the downsizing. As for the use of proceeds from downsizings, 58 sample firms use the proceeds to repay debt, 14 firms purchase treasury stocks, and 48 firms make up for cash shortage of operating activities. Firms with debt repayment tend to have the best operating performance among all the firms with other uses of proceeds, and sensitivity analysis indicates that it is not mean reversion in earnings. Sample firms financing the cash shortage of operating activities with the proceeds perform the worst, which implies the difficulty to improve efficiency of operating activities in a short period of time.