我国上市公司资产剥离的动因与长期绩效研究

上海交通大学硕士学位论文我国上市公司资产剥离的动因与长期绩效研究姓名：刘必俊申请学位级别：硕士专业：会计学指导教师：金铭20080101440%19985ARESEARCHFORREASONSANDLONG-TERMPERFORMANCEOFCHINALISTEDCOMPANIESDIVESTITUREABSTRACTCompanycontractionisontheothersideofcompany’smergeandacquisitionaction,whichincludesdivestiture,spin-off,equitycarve-out,stockrepurchase,targetedstock,voluntaryliquidations.Theoversearesearchaboutdivestitureisquiteadequate,becausethenumberofdivestiturewasmorethan40%inthecorporatereformpracticeinUS.WhileinChina,therearenotsomanypapersaboutthissubject.Itismoreandmorenecessarilythatweneedatheorytodirectthepracticeinthebusinessworldsincecompanycontractiongraduallybecomespopular.ThispaperfirstcollectstherelatedtheoriesandconclusionsinbothwesterncountriesandChina,secondtriestofindoutthepropermodelandhypothesis,thenaccumulatesseveralyears’divestitureinformationanddata,finallysummarizessomeconclusionsandresultsbasedonthestatisticaltest.ItwouldbehonoredthatifthisdissertationdoesalittlebitcontributiontoChinacapitalmarketasareferenceorbyproposingsuggestions.Asforthemethodologies,itisfinishedbyempiricalresearch,supportedbytheoreticalresearchandcomparisoninvestigation.Thefirstpartisaboutthebackground,thesecondpartintroducesacademicstudy,thethirdpartisaboutthetheoreticalbasisandpracticehistory,thefourthpartisthedivestituredescriptionresult,thefifthpartanalyzestheunderlyingreasonstodivest,thesixthpartusesprincipalcomponentanalysisandWilcoxontestwhichleadstotheoutcome,thelastpartisthefinalsuggestionsandprospect.KEYWORDS:listedcompany,divestiture,long-termperformance,principalcomponentanalysis23111.170.198090199319977.6601970200040%1993199722000[1][1]1.2divestiturespin-offsequitycarve-outstockrepurchase[2]1.6032.WTO3.4.1.31.42.3.200220044.5.1.41.20022004200120063422.3.522.11975BoudreauxvoluntarydivestmentinvoluntarydivestmentJensenMeckling1976JensenMecklingDuhaimeGrant1984fieldstudy40[3]Hite198719631983174[4]Porter19871950198633divestiturerates53.4%74%[5]MontgomeryThomas(1988)1984ROACurrentRatioDebtRatioIndustryCounterparts6DuhaimeGrant1984ROA[6]BerghLawless1992Bartov1993timingofassetsalesunrealizedgainsunrealizedlosses[7]Brown19941979198849-1.63%1.87%[8]Hoskisson199419851990203weakgovernanceblockholdersefficientmonitors[9]DennisandDennis19957ChoCohen19971983198750operatingcashflowreturns5%cashflowreturnsKaplan1991HealyPalepuandRuback1992ROAROE[10]Capron199919881992horizontalacquisitionsAnandSingh1997redundantactivitiesmanagementpractices[11]HansonSong200019811995195CEO[12]Hermann2001199319973068currentperiod[13]8ClubbStouraitis200219841994187HaynesThompsonWright200319851993132ROCE[14]Bates200419901998400Bates[15]Datta2005QLang1989tenderoffersServaes1991takeoversQQQQQQQQ[16]92.2199919981999199821120002000[17]199919971420CARCARCAR1518CARCARCAR[18]20001999Q[19]20011999101112[20]20032000734Wilcoxon40.05[21]2005200368ABCACB[22][1]2.320[2]1.2.111.2.3.4.1233.13.1.1divestiturespin-offequitycarve-outstockrepurchasetargetedstockvoluntaryliquidations[20]IPO2090133.1.2.WestonChungHoag199612[23]20002005WestonChung&Hoag3.1.3divestituretotakeaway14theofficial,position,specialrights,property,etcsell-offsspin-offs[1]3.1.41.2.3.3.23.2.1Paretoefficient15Paretoimprovement3.2.2[2]16CABCA+BCA+CB3.2.3JensonMeckling1976[22]ShleiferVishny1989entrenchment[24]3.2.417HearthZaima1984NPV[25]3.2.5Coase1937negativesynergyMontgomeryWernerfelt1988LangStulz1993QLubatkinChatterjee1991Long-termrisk-adjustedmarketreturnsdiscountJohnOfek1995focusDittmarShivdasani2003diversificationdiscount[26]18SubrahmanyamandTitman1999Stulz1990Stein1997MatasusakaNanda19963.2.6[27]Lang1995managerialdiscretion19841989COMPUSTATCRSP93Lasfer1919963.2.7OliverHartM1M2M1M2JohnMoore203.2.8.1989MaryPashleyGeorgePhilippatospioneeringexpansionmaturitydecline[28]3.2.9.213.2.101970KambilGurbaxaniMaloneBrynjolfsson[2]1.2.199412223.2.11Pak-WaiLiu200042233.31996170229%[20]3-119671996(%)(%)19673281119828753719685571219839323719698011319849003619701401271985121841197119204219861259381972177037198780740197315573919888944019741331471989105545197512365419909404519761204531991849451977100245199210264019788203919931134431979752351994113438198066635199511943819818303519961702293-120607080241990199190ThomsonFinancialSecuritiesData1970199940%3-219871996()11010()198758290.638813711150.2198869614.944516212156.4198970843.750815812139.5199042179.84091018103.1199129256.133282488.1199250400.139310412128.2199348153.44521149106.5199484892.146917620181.0199596487.660817616158.71996117629.788723419132.63-21.20809019911992400901996102.199410153.1.53-3253-319721992[29]()()(%)1972121025322721850.687.21973120513042542470.9718.91974504508137490.369.61975315291115700.6124.119763534481111000.9022.31977481824109940.8611.4197856711401261631.2914.3197953416561171861.5911.2198046914751012102.0814.2198145211141252622.1322.9198246322061648044.9036.5198344723431424363.0718.61984568547417011216.5920.5198547470901347935.9211.2198684215370221309313.9920.11987152816486340466713.7228.31988149922839376553214.7124.21989133727250441567712.7520.81990779832934229418.2335.31991506