本研究檢視1994-2007 年間129 個權益分割（equity carve-outs）宣告樣本，探討台灣
上市公司權益分割的財富效果並剖析財富創造的來源。不同於過去相關研究的作法，本研
究係首次針對台灣上市公司進行大規模樣本實證，並採取與歐美一致的嚴格選樣標準，以
利進行跨國比較分析。透過實證結果發現台灣市場對上市公司宣告權益分割有顯著的正向
反應，此與歐洲、美國與新加坡等國研究結果一致。這可能是歸因於母公司所有權發射出
好公司特性的訊號，或藉由撤資脫離非相關產業的營運，並利用撤資所得進行新的有利投
資行為所致。

This paper examines a sample of 129 equity carve-outs in Taiwan between 1994 and 2007.
The study first finds evidence that there are significantly positive stock price reactions during
initial announcements of equity carve-outs, which is consistent with the evidence discovered in
Europe, U.S., and Singapore. The sources of wealth effect due to equity carve-outs are also
identified using univariate and multivariate regressions. The combined evidence indicates that
the market in Taiwan reacts positively to the announcement of equity carve-outs because the
perceived wealth gains could be attributable to higher parent ownership that signals a better
quality firm, divesting unrelated businesses, and using the proceeds to undertake new
investments.