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本研究之研究目的旨在探討國內上市公司進行撤資活動對其股價與未來營運績效所產生的影響。研究期間為民國八十年一月一日至八十六年十二月三十一日，經搜集相關資料後共取得57個符合條件的撤資樣本。本研究以撤資宣告日前31日至宣告日前120日為市場模式之估計期，而以撤資宣告日前300日至宣告日後30日為事件觀察期，採用事件研究法分析撤資賣方公司的撤資宣告效果。除此之外，本研究亦以五日累積異常報酬為依變數，而以公司規模、撤資規模、撤資損益、公司財務狀況、股票市場多空為自變數進行橫斷面複迴歸分析，試圖找出影響累積異常報酬的因素，最後並利用簡單迴歸模型進一步比較公司撤資前後之營運績效是否有顯著差異，經由實證分析後得到以下研究結論： 一、撤資宣告對公司股價的變動具有顯著正面的影響，股東在公司宣告撤資期間可享有超額報酬。 二、我國上市公司在宣告撤資時，其撤資相對處分損益對股價的撤資宣告效果具有顯著正面的影響；至於撤資交易的規模大小則對股價的撤資宣告效果沒有顯著的影響。 三、我國上市公司在宣告撤資時，其撤資後有無清償債務對於股價的撤資宣告效果會有不同的影響。 四、公司進行撤資對其未來的營運績效沒有顯著正面的影響。顯示公司在進行撤資後，其營運績效沒有獲得大幅地改善。 最後，本研究以研究結論，分別針對政府、企業界、投資者及後續研究者提出一些建議，期盼這些建議能夠對於其從事相關決策、學術研究時有所助益。

本文主要探討出售長期資產對公司股價的影響,由於金融性資產時間序列資料有異質變異數現象,傳統事研究以最小平方法無法正確描述殘差項之變異,故使用一般自我迴歸異質變異數(GARCH)模型.由實証發現,市場對公司出售資產的反應視其處分目的而定,對為了改善營運而出售資產的公司,一般相信公司營運能提升,有助於增進公司價值;對為了改善財務而出售資產的公司,由於公司本身財務狀況不佳,雖藉出售資產取得資金,但市場反應仍不佳.另外,由迴歸分析也發現處分目的為宣告期間累積異常報酬重要的解釋變數.

In the first essay titled "Divestitures and Acquisition Probability", I examine the relationship between a firm's divestiture activities and the likelihood that the firm will become an acquisition target. Using a logit model comparing a sample of target firms matched with a sample of non-target firms from 1986 to 2010, we find that a firm is 27 percent more likely to be acquired within three years of a divestiture activity than if there was no previous divestiture, and the effect is stronger for firms with fewer numbers of segments. Our finding is robust to modifications of control variables, to managerial entrenchment, as well as to alternative diagnoses. Consistent with the literature, we find the market reacts positively to a divestiture announcement. However, cross-sectionally we find the market reaction is positively related to whether or not the divesting firm adopts a golden parachute feature and negatively on the firm's number of segments which is related to the probability of future acquisition. In the second essay titled "The Choice of Divestiture and Long-run Performance: Asset Sell-off versus Equity Carve-out," I examine the post-divestiture long-run performance of two different choices of corporate divestiture, asset sell-offs versus equity carve-outs, and find that the choice of divestiture method has important implications for post-divestiture long-run performance. My findings show that the sell-off parents' long-run abnormal returns are significantly higher than those of the carve-out parents. I also find evidence that the long-term abnormal performance improves with a reduction in the diversification discount. The effect of the diversification discount is weaker for divesting parents with higher levels of R&D. My results further show that a firm's pre-divestiture number of segments and level of asymmetric information are positively related to the probability of an asset sell-off.