{"title":"公司分拆与股票表现:纯粹计划与复合计划的比较研究","authors":"Meghana Bhat, A.S. Shiralashetti","doi":"10.1108/mf-05-2024-0398","DOIUrl":null,"url":null,"abstract":"<h3>Purpose</h3>\n<p>Several studies have examined the relationship between spin-off announcements and stock performance. However, a comparison of the announcement effect of different schemes of spin-offs remains relatively underexplored in the literature. This study aims to find the differential impact of pure scheme and composite schemes of spin-offs on parent company stock performance. A pure scheme includes only the separation of business into independent companies, while a composite scheme includes a simultaneous merger of one of the companies with another company along with separation.</p><!--/ Abstract__block -->\n<h3>Design/methodology/approach</h3>\n<p>A total of 109 pure and 51 composite spin-off announcements made by Indian listed companies from 2010 to 2023 are examined using event study methodology. The cross-sectional <em>t</em>-test is used to measure the significance of abnormal returns. The <em>t</em>-test for two sample means (right-tailed) is incorporated to test the significance of variations in the stock returns of pure and composite schemes of spin-off announcements. Cross-sectional regression is also done to evaluate the impact of the type of scheme on the spin-off return.</p><!--/ Abstract__block -->\n<h3>Findings</h3>\n<p>The study found a cumulative average abnormal return of −1.06% for the pure spin-off and 8.27% for the composite spin-off over a 41-day event window. The univariate analysis revealed that the composite scheme generates a significantly higher cumulative average abnormal return than the pure scheme. Regression analysis also confirmed that the composite scheme significantly positively impacts the stock return. 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引用次数: 0
摘要
目的 有多项研究探讨了分拆公告与股票表现之间的关系。然而,对不同分拆方案的公告效应进行比较的文献仍相对较少。本研究旨在发现纯粹分拆方案和复合分拆方案对母公司股票表现的不同影响。纯粹计划只包括将业务分拆成独立公司,而复合计划则包括其中一家公司与另一家公司同时合并,并同时分拆。设计/方法/途径 采用事件研究方法,对 2010 年至 2023 年印度上市公司发布的 109 个纯粹分拆公告和 51 个复合分拆公告进行了研究。采用横截面 t 检验来衡量异常回报的显著性。采用两个样本均值(右尾)的 t 检验来检验分拆公告的纯粹计划和综合计划的股票回报率变化的显著性。研究发现,在 41 天的事件窗口期内,纯粹分拆计划的累计平均异常回报率为-1.06%,综合分拆计划的累计平均异常回报率为 8.27%。单变量分析显示,复合方案产生的累计平均异常回报率明显高于纯方案。回归分析也证实,综合方案对股票回报率有显著的正面影响。由此可以得出结论,投资者青睐综合方案,期望它能带来更好的战略契合并产生协同效应。 原创性/价值 本文对有关企业分拆的现有文献做出了宝贵贡献。该研究通过分析和比较分拆与合并组合对股票表现的不同影响,帮助希望利用市场缺陷的投资者和管理者做出复杂的商业决策。
Corporate spin-offs and stock performance: a comparative study of pure and composite schemes
Purpose
Several studies have examined the relationship between spin-off announcements and stock performance. However, a comparison of the announcement effect of different schemes of spin-offs remains relatively underexplored in the literature. This study aims to find the differential impact of pure scheme and composite schemes of spin-offs on parent company stock performance. A pure scheme includes only the separation of business into independent companies, while a composite scheme includes a simultaneous merger of one of the companies with another company along with separation.
Design/methodology/approach
A total of 109 pure and 51 composite spin-off announcements made by Indian listed companies from 2010 to 2023 are examined using event study methodology. The cross-sectional t-test is used to measure the significance of abnormal returns. The t-test for two sample means (right-tailed) is incorporated to test the significance of variations in the stock returns of pure and composite schemes of spin-off announcements. Cross-sectional regression is also done to evaluate the impact of the type of scheme on the spin-off return.
Findings
The study found a cumulative average abnormal return of −1.06% for the pure spin-off and 8.27% for the composite spin-off over a 41-day event window. The univariate analysis revealed that the composite scheme generates a significantly higher cumulative average abnormal return than the pure scheme. Regression analysis also confirmed that the composite scheme significantly positively impacts the stock return. It can be concluded that investors favour the composite scheme, expecting that it will deliver a better strategic fit and generate synergy.
Originality/value
This paper makes a valuable contribution to the existing literature on corporate spin-offs. The study by analysing and comparing how the spin-off and merger combination differently affects the stock performance, helps the investor who wants to capitalize on the market imperfections and the managers to make complex business decisions.
期刊介绍:
Managerial Finance provides an international forum for the publication of high quality and topical research in the area of finance, such as corporate finance, financial management, financial markets and institutions, international finance, banking, insurance and risk management, real estate and financial education. Theoretical and empirical research is welcome as well as cross-disciplinary work, such as papers investigating the relationship of finance with other sectors.