企業分割策略對股東價值之影響：華碩電腦個案研究

Abstract

近年來由於產業的競爭日益激烈，企業為追求成長展開多角化的佈局。但由於所屬產業經營環境的僵固性，以及組織常常無法在兼顧多角化與最佳化，許多企業開始面臨企業分割的難題。本研究論述之重點即以華碩減資分割和碩為例，分析其分割目的與方法，及主管單位因應華碩分割之法令修訂、三大法人的買賣行為、融資券變化、華碩分割所產生之股價效應等。 本研究以新聞收集搭配實地訪談，詳述華碩公司分割之動機、架構與考量。利用每日股市交易資料各類型投資人持股變化，分析外資持股、分割新聞對市值之影響、分割前後市值變化、同業股價變化、異常報酬。再從公司治理角度觀察華碩分割事件，以及因應華碩與和碩同步掛牌衍生出分割受讓公司簡易上市櫃規定之修改。透過華碩分割案例之探討，提出對未來國內企業分割有所助益之結論與建議。 本研究歸納華碩分割之動機與考量為，(1)策略聚焦；(2)有效管理；(3)財務思維; (4)公司治理。華碩品牌與代工的分割分為兩階段實施，(1)於2008年1月1日完成母子分割，品牌事業留在華碩，代工事業成為100%持有之子公司；(2)於2010年6月24日完成母子+兄弟分割，華碩減資85%並取得和碩25%股權，和碩申請簡易上市，雙碩於同一天掛牌上市。華碩主要投資人之持股變化，(1)宣告後一日、宣告後三日外資持變化為0.1%、-2.1%；(2)投信持變化為-0.7%、-11.3%；(3)自營商持變化為1.1%、68.3%；(4)融資餘額變化為0.7%、82.7%；(5)融券餘額變化為12.7%、-15%。分割宣告後華碩股價變化與主要投資人之關係，(1)股價與外資買賣超相關係數為0.57，呈現中度正相關；(2)股價與散戶融資餘額變化相關係數為-0.36，呈現中度負相關；(3)分割後華碩股價與外資買賣超相關係數0.31，呈現中度正相關；(4)分割後華碩股價與自營商持股變化相關係數-0.31，呈現中度負相關；(5)和碩股價與外資買賣超相關係數0.76，呈現高度正相關；(6)和碩股價與投信買賣超相關係數則0.56，呈現中度正相關。華碩市值的變化幅度自宣告日起較大盤為激烈，(1)宣告後三日、五日變化率分別為-11.5%、-10.8%，大盤變化-0.5%；(2)至分割前最後交易日為止，市值變化高達-21%，大盤變化-2.5%；(3)恢復交易後的三十個交易日，市值變化9.2%，大盤變化4.9%。華碩分割事件產生之異常報酬，(1)宣告母子分割之前一日、事件日、後一日之異常報酬為0.33%、2.80%、0.97%；(2)宣告兄弟分割之前一日、事件日、後一日之異常報酬為-0.33%、-0.27%、-6.42%。 針對華碩宣告分割時產生之負數異常報酬與較劇烈的股價變動幅度，本研究對企業進行類似分割提出之建議為，(1)與投資人之充分溝通；(2)分割時程與法令之掌握；(3)母公司之減資比重不宜過高。

Because the competition becomes stronger in each industry, more and more enterprises treat business diversification as a best solution to growth. However, due to the rigidity of the respective industry operating environment, as well as organizations often cannot optimize the diversification and efficiency, many enterprises began to face the problem of spin-offs. This study discusses the split and capital reduction of ASUS, to analyze the purpose and method of PEGATRON spin-off, and the regulation modification by competent authority, the sale of three major institution investors and individual investors, changes in margin transactions, stock price effects and so on. Information collected in this study with field interviews, detailing the motivation, structure and consideration of ASUS spin-off. Daily stock market data using various types of investors trading shares, and analyze foreign investors, the public news impact on changes in market value before and after segmentation, changes on stock price of competitors, and abnormal returns. Then from the perspective of corporate governance, and in response to ASUS and PEGATRON being listed on board sync and separate listing synchronously, competent authority modify the simple IPO regulation to reduce the limitation of simple IPO. After the case study of ASUS spin-off, proposing the helpful conclusions and recommendations to domestic enterprises with spin-off plan in the future. This study concludes the motivation and consideration of ASUS splits PEGATRON are : (1) strategy focus, (2) management efficiency, (3) finance re-structuring, (4) corporate governance. The division of ASUS into OBM and ODM business including two main stages: (1) carve-out division completed on 1st Jan. 2008, OBM business reserve in ASUS parent company, and ODM business transfer to subsidiary 100% own by ASUS. (2) spin-off division completed on 24 June 2010, ASUS reduce 85% capital and own 25% of PEGATRON, PEGATRON applies simple IPO process then become a listed company. The transactions by ASUS major investors after the public announcement of the spin-offs : (1) ASUS shares owned by foreign investors changes 0.1% on next day after spin-off announcement, and changes -2.1% on three days after announcement. (2) ASUS shares owned by investment trusts changes -0.7% and -11.3%. (3) ASUS shares owned by security dealers changes 1.1% and 68.3%. (4) ASUS shares with margin buying changes 0.7% and 82.7%. (5) ASUS shares with short selling changes 12.7% and -15%. The correlation coefficient between ASUS stock price variation and transaction of major investors, after spin-off announcement : (1) r=0.57, a positive relationship between foreign investors transaction and ASUS price. (2) r=-0.36, negative relationship between margin buying transaction and ASUS price. After official spin-off : (3) r=0.31, positive relationship between foreign investors transaction and ASUS price. (4) r=-0.31, negative relationship between security dealers transaction and ASUS price. (5) r=0.76, positive relationship between foreign investors transaction and PEGATRON price. (6) r=0.56, positive relationship between investment trusts transaction and PEGATRON price. ASUS group market value changes more violent than TWSE Index : (1) ASUS market value changes -11.5% on three days after spin-off announcement, and changes -10.8% on five days after announcement, there’s only -0.5% change on TWSE Index. (2) ASUS market value changes -21% from after spin-off announcement to last trading day, and TWSE Index changes -2.5% in the same period. (3) ASUS market value changes 9.2% on fifty days after re-listed, and TWSE Index changes 4.9% in the same period. The abnormal return of ASUS spin-off event : (1) abnormal returns are 0.33%, 2.80%, 0.97% for the day before, the day, the day after announcement of carve-out ODM business. (2) abnormal returns are -0.33%, -0.27%, -6.42% for the day before, the day, the day after announcement of spin-off PEGATRON. Regarding to the negative abnormal returns and price volatility of ASUS case, this study deliver recommendations for enterprise which plan to do similar spin-off, (1) the adequacy of communication with investors; (2) to know well the laws, decrees and n schedule ; (3) control the proportion of the parent company’s capital reduction.