Equity Carve-out 宣告對母公司及其上下游廠商之財富影響

Abstract

過去有相當多的財務文獻在探討equity carve-out宣告對母公司、子公司及其產業內其他競爭廠商的影響，並提出各種可能原因來解釋此財富效果的變動。然而，至目前為止卻少有文獻研究equity carve-out宣告對於母公司產業上下游廠商（suppliers and corporate customers）之間的關係。 本篇論文的研究目的與主要貢獻在於建立兩種假說—效率改善假說（Improved Efficiency Hypothesis）及財務融資策略假說（Financing Strategy Hypothesis），透過事件研究法（event study methodology）來分析equity carve-out宣告對母公司產業上下游廠商之財富影響，並探討造成此效果之主因。

Empirical studies of how equity carve-out announcements affect the parent firms’ suppliers and corporate customers have been scarce. The main contribution of this research is to discuss not only the wealth effect of equity carve-out parent firms but also the wealth effect of their upstream and downstream firms in the product markets. In this paper, we make two hypotheses (or two effects) to examine the relationship among the equity carve-out parent firms with their suppliers and corporate customers. One is the “Improved Efficiency Hypothesis” and the other is the “Financing Strategy Hypothesis”. Our results support our hypotheses. As for the parent firms’ main customers, the test results under both two effects are all insignificant. This fact is consistent with zero effect under the improved efficiency hypothesis. Furthermore, regarding the parent firms’ suppliers, although the explanatory variables under the improved efficiency hypothesis are all insignificant, these evidences still coincide with part of our predictions - suppliers would not be directly affected if the only source of gains to equity carve-out parent firms is improved productive efficiency. Conversely, under hypothesis two, both main suppliers and dependent suppliers are all significantly positive. These positive results may support the following statement—that the parent firm wants to undertake an R-S investment with its suppliers by lowering its debt level.