| Summary: | 碩士 === 輔仁大學 === 金融與國際企業學系金融碩士在職專班 === 106 === This study discusses how Taiwan listed companies make their spin-off decisions and whether the selected spin-off format influences firms’ expected benefits. The sample covers listed companies which made either carve-out or spin-off decisions between 2002 and 2016. We find that numbers of companies which select equity carve-out increases dramatically since 2010, especially in the capital and technology intensive industry. In the financial performance, it shows that parent firms averagely have better results in current ratio and net profit ratio in two years after doing splitting decisions and over half of spin-off firms get positive net income, even about 24.5% of the spin-off firms finally go public listing. Moreover, we find that the structure of ownership or board directors have no significant influence on firms’ spin-off format choices.
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