Cases and Analysis of Taiwanese Corporate Spin-offs and the Simplified Listing
Date Issued
2005
Date
2005
Author(s)
Wu, Chun-Min
DOI
zh-TW
Abstract
Thesis Abstract
Graduate Institute of Finance
National Taiwan University
Name:Chun-Min Wu Month/Year:January/2005
Advisor:Dr.Chau-Chen Yang
The announcement of “Business Mergers & Acquisitions Law” on February 6th, 2002 earmarked a new era whereby a complete legal frame work for Corporate Taiwan’s restructuring activities was in place. In the past, corporate restructuring had been typically conducted by ways of asset sell-off or equity exchange to achieve such a goal. The lack of transparency resulted in the slow development of such activities as shareholders from both sides, debtors, and even outside investors had been concerned about their respective legal rights and responsibilities. With the proper legalization foundation to guide corporate spin-off, publicly listed companies found a good opportunity to utilize corporate restructuring as a way to strengthen their core businesses, improve enterprise values, and enhance market recognitions, through the asset adjustments of corporate restructuring.
Having seen the legalization of corporate spin-offs, this analysis intends to summarize and compare the legal patterns of various corporate spin-offs and the ensuing securities and exchange regulations after restructuring. Case studies are offered and analyzed with respect to the purposes and the changes of corporate valuation of the respective corporate spin-offs, and the impacts on listing rules in the capital market after corporate spin-offs. All these are meant to facilitate our further understanding of the strategies of various corporate reengineering.
Last but not the least, this analysis concludes by providing suggestions to the Simplified IPO process, for the future consideration of regulation authorities or law makers.
Subjects
企業併購法
分割
簡易上市
Business Mergers & Acquisitions Law
Spin-offs
The Simplified IPO
Type
thesis