| Summary: | 碩士 === 國立臺灣大學 === 商學研究所 === 99 === 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.
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