子公司獨立上市對於母公司股價報酬之影響分析

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Title:	子公司獨立上市對於母公司股價報酬之影響分析 Analysis of the Impact of Subsidiary's Independent Listing on Parent Company's Stock Price Returns
Authors:	王耀毅 Wang, Yao I
Contributors:	企業實務管理數位碩士在職專班
Keywords:	子公司母公司上市事件研究法異常報酬異常交易量 subsidiary parent company initial public offering event study abnormal returns abnormal volumes
Date:	2024
Issue Date:	2024-11-27 15:46:29 (UTC+8)
Abstract:	隨著企業多角化的發展，眾多企業不甘於現有規模，想積極擴張企業版圖，使其企業能在市場上更具有競爭力。企業若想擴大市場規模，除了透過不斷展店，以增加市場通路外，併購與策略聯盟抑或是成立百分之百控股之子公司，皆是市場上常見的手段之一。許多企業在開啟新的一項業務時，企業不會選擇直接成立新的事業部門，而是選擇出資控股，成立一間子公司，成立子公司的優點在於母公司與子公司之業務與財務，均為獨立經營，若子公司經營不善，面臨倒閉風險或是相關之發律訴訟，母公司只需承擔投資損失，且所有的涉及訴訟不良徵信等信息皆屬於子公司，對於母公司不會造成太大的影響，唯有股價可能會受到波及。本研究主要以上市製造業子公司作為研究樣本，探討子公司上市股價是否會受到母公司股價影響，抑或是子公司的上市是否會連帶影響母公司之股價，進而分析該事件對於母公司是正向發展還是負向影響，作為華興電子未來發展的重要依據。 As businesses diversify, many are not content with their current scale and seek to actively expand their corporate footprint to enhance their competitiveness in the market. To enlarge market share, companies employ various strategies, such as continuous expansion through opening new stores, mergers and acquisitions, strategic alliances, or establishing wholly-owned subsidiaries. Many companies, when launching a new line of business, opt for creating a subsidiary rather than directly establishing a new business division. The advantage of forming a subsidiary is that the parent company and the subsidiary can operate their business and finances independently. If the subsidiary performs poorly, facing the risk of bankruptcy or related lawsuits, the parent company would only need to bear the investment loss. Furthermore, all negative litigations and bad credit records would belong to the subsidiary and not significantly affect the parent company, although the stock price might be impacted. This study focuses on publicly-listed manufacturing subsidiaries as research samples to investigate whether the stock price of a subsidiary is influenced by the parent company's stock price, or whether the subsidiary's listing affects the parent company's stock price. It then analyzes whether such events have a positive or negative impact on the parent company, serving as an important basis for the future development of HuaXing Electronics.
Appears in Collections:	[Master program of business administration in practicing] thesis

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