| Summary: | 碩士 === 國立臺灣科技大學 === 財務金融研究所 === 92 === With the trend of internationalization and globalization, the environment of enterprises is getting more and more competitive. Organization Reengineering is often employed to enhance the power of competition. Two common ways could be found in Organization Reengineering. First, acquisitions or mergers have been used to procure operational and financial goals on economic scale, market shares, and tax shield. Second, spin-off has been used to pursue management efficiency.
This study aims to investigate the influence of spin-off and mergers between marketing department and production department on enterprises values, by using the Quadranomial Approach─a two-variable binomial tree. Besides, we aim to study the correlation coefficients, volatilities, economic situations, cost sides, and intensities of learning effect on the two departments. The result shows that: First, the higher correlation coefficient causes the higher enterprises values. We can obtain the Maximum enterprises value and positive-slope supply curve when correlation coefficient equals to one. Second, when two departments are independent, their volatilities will not change the enterprises values. However, when the two departments are correlative, the enterprises values decline with the increase of volatilities. Third, spin-off can create more incremental values than mergers with the recovery of economy. Forth, the enterprises values will decline with the increase of cost ratio no matter what the two departments are independent or not. Fifth, the enterprises values will increase with the intensities of learning effect increase no matter what the two departments are independent or not. Sixth, the sequence of maximizing the enterprises value is the enhancement of correlation coefficient, decrease of volatilities, and economic situation. Seventh, we can increase the enterprises values by setting up a contract price─price floor function─which especially works on departments of negative-correlation.
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