分拆公告期间母公司的估值如何影响超额收益

How do Parent Companies' Valuations Influence Extra Returns during Spinoff Announcement Period

传统观点认为专一化经营程度提高的分拆会增加股东价值,但是本文利用美国分拆交易的数据所做的分析表明在分拆公告期间,专一化经营程度的提高和累计超额收益之间的关系却是高度非单调的。由于传统观点认为专一化经营程度提高最多的公司也最能提升股东价值,所以本文的发现显然不符合传统的观点。本文分析认为这一结果可以用母公司在分拆宣告日之前的错误估值或者子公司的相对规模来加以解释。

The traditional view thinks that the spinoffs that have a high focus- enhanced operation degree can increase the value of shareholders. However,the analysis done by this paper by using the data of American spin- off transaction shows that during spinoff announcement period,the relationship between higher focus-enhanced operation degree and cumulative extra returns is highly non- monotonic. Because the traditional view thinks that the companies that have the highest focus- enhanced operation degree can increase the value of stockholders at most,the finding of this paper is obviously not in line with the traditional view. This paper thinks that the result can be explained by the wrong valuations of parent companies before the spin- off announcement date or the relative scale of subsidiaries.