Made available in DSpace on 2016-06-02T19:52:16Z (GMT). No. of bitstreams: 1 DissLBC.pdf: 757320 bytes, checksum: ac46c58fc642c6337262637abfef3a65 (MD5) Previous issue date: 2006-02-21 / Universidade Federal de Sao Carlos / Nowadays, the countrys development is based on science, tecnology and inovation. Because of this, the society is demanding that the university, one of the most important sources of that resources, acts transfering the results of its researches to the market. There are several ways to transfer the tecnology from university to the industry. One of them, that is emerging as an important mechanism, is the creation of firms from results of researches generated in the university (the academic spin-offs). Therefore, in Brasil there are few studies about this mechanism of university-company cooperation. Indenting to improve this situation, the present study mains to exihibit the profile of academic spin-offs from Brazil, showing its characteristics, motivations, difficulties and the opinion of spin-off owners. The methodology used was the quantitative research and the data was collected through questionnaires sent to 33 spin-offs companies from 9 universities. One important result obtained shows that just three companies have university s patents. / Atualmente, o desenvolvimento dos países é baseado na ciência, tecnologia e inovação.Por causa disto, a sociedade está demandando que a universidade, uma das mais importante fonte destes recursos, aja transferindo os resultados de suas pesquisas para o mercado. Existem diversas maneiras de transferi-los para o setor empresarial. Uma delas, que está emergindo com um destaque relevante, é a criação de empresas a partir de resultados de pesquisas geradas nas universidades (spin-offs acadêmicos). Entretanto, no Brasil há poucos estudos sobre este tipo de mecanismo de cooperação universidade-empresa. Buscando melhorar esta situação, o presente estudo objetiva apresentar o perfil dos spin-offs acadêmicos brasileiros, mostrando suas características, motivações, dificuldades e a opinião dos sócios destas empresas. A metodologia usada foi a pesquisa quantitativa e os dados foram coletados através de questionários enviados a 33 spin-offs de 9 universidades. Um importante resultado obtido mostra que, apesar de serem oriundas do meio acadêmico, somente três empresas têm patentes licenciadas pelas universidades.

Submitted by Nadir Basilio (nadirsb@uninove.br) on 2016-06-06T20:18:36Z No. of bitstreams: 1 Roberta Manfron De Paula.pdf: 1643854 bytes, checksum: d93f309ade3f7e24170ba83cea16e858 (MD5) / Made available in DSpace on 2016-06-06T20:18:36Z (GMT). No. of bitstreams: 1 Roberta Manfron De Paula.pdf: 1643854 bytes, checksum: d93f309ade3f7e24170ba83cea16e858 (MD5) Previous issue date: 2015-08-18 / The main goal of this thesis was to understand the entrepreneur spin-offs phenomenon – that is, the new companies settled up by workers that drop of the companies where they worked previously in order to build up their own companies – as a start up to understand the impact of the genealogic effects in regional dynamics. This research describes a single scenario that can be very useful in an effort to understand what can cause people reasons to create new companies and so forth, identify the coming up of a cluster. In this direction, some research problems were settled: What is really known about spin-offs and what main books and theories have caused some impact on researches about spin-offs? Is it possible to observe what the genealogy features of a cluster not so sophisticated technologically saying and relatively recent in Brazil are? What are the features, on the settled industries, which are the so called mother companies that contribute to cause entrepreneur spin-offs? In order to do so, I performed three studies with distinct approaches. However, in the context, they explain and complement the goals and the research questions, consolidating the theories, contexts, genealogy and features of the mother firm in bringing up the entrepreneur spin-offs. The first study was about an analysis converging resources to bibliometric techniques and procedures about existing international literature. The sample about this study came up with 812 articles published in international journals. The analysis of citations and co-citations were used and complemented by a factorial analysis, providing a presentation of a structural and longitudinal component of the publications, which made easy to comprehend how the research has evolved among the years. The published studies allowed identifying the main theoretical frames that basis the spin-offs phenomenon, as well as, a group of interest variables to better understand the phenomenon. The second study aimed to identify the existence of entrepreneur spin-offs in a small Brazilian cluster – to which I focused on the knitting companies cluster in Monte Sião. This genealogy study came up with a sample of 232 companies, with data gathered through structured questionnaire. The third study, a statistical empiric one, was supported on data gathered through questionnaire, and came up with a sample of 103 companies. This study aimed to identify a group of features of the settled companies in order to verify which are the mother firms features able to generate new entrepreneur spin-offs. The main results of the three studies show that research on spin-offs phenomenon has evolved over the years to different scenarios, the analysis of cocitações have highlighted the theoretical ties that consolidate authors in certain research environments. It has been strongly highlighted the academic context favoring the generation of spin-offs through knowledge transfer, innovation and entrepreneurship. It was also identified the way was the seed companies, recognizing six different types of undertakings contained in the cluster, active mothers firms, inactive mothers firms, formal spin-offs, spin-offs of several mothers, informal spin-offs and traditional firms, complementing the results also confirm that it is possible by the attributes of mothers firms generate spin-offs entrepreneurs, thus validating the model.This thesis contributing in causing a global literature perspective about spin-offs, with special emphasis to the Theory of Cost Transaction, Theory of Agency, Resources Based View and its variant Knowledge based View. It also contributes to better understanding the entrepreneur spin-offs and the genealogic effects that provide nuances about the located concentrations of the companies. Presenting the genealogic tree of a cluster can inspire researchers to try to understand the relations among mother-companies and spin-offs to create new companies, so empowering a specific cluster. Finally, it contributes to identify the main factors to generate entrepreneur spin-offs through the attributes of the mother-firms. It is mainly interesting the fact that environments presenting low technologic resources and a small and medium companies dimension can also be prone to entrepreneur dynamics. / O propósito central desta tese foi entender o fenômeno de spin-offs empreendedoras – ou seja, das novas empresas que são criadas por trabalhadores que saem das empresas onde trabalham para constituir a sua própria empresa – sendo um ponto de partida para entender o impacto dos efeitos genealógicos nas dinâmicas regionais. Este estudo descreve um quadro singular, que pode ser útil no esforço para entender as motivações para criação de novas empresas e assim, identificar o surgimento de um cluster. A tese foi, assim, orientada pelos seguintes problemas de pesquisa. Qual o estoque de conhecimento acumulado sobre spin-offs e quais as principais obras e teorias utilizadas têm impactado nas pesquisas sobre spin-offs? Podemos observar como se caracteriza a genealogia de um cluster tecnologicamente pouco sofisticado e relativamente recente no Brasil? Quais os atributos, ou características, ao nível das empresas estabelecidas, que designamos por empresas-mães, que contribuem para a geração de spin-offs empreendedoras? Para o efeito realizei três estudos com abordagens distintas, mas que conjuntamente explicam e complementam os objetivos e a problemática de pesquisa, consolidando assim as teorias, contextos, genealogia e características das empresas mães na geração de spin-offs empreendedoras. O primeiro estudo consistiu numa análise, com recursos a técnicas e procedimentos bibliométricos, da literatura internacional existente. A amostra do estudo bibliométrico elucidou 812 artigos publicados em periódicos internacionais. As análises de citações e co-citações foram utilizadas e complementadas por análise fatorial, possibilitando assim apresentar um componente estrutural e longitudinal das publicações facilitando a compreensão de como a pesquisa evoluiu ao longo dos anos. Os estudos publicados proporcionaram identificar as principais correntes teóricas que sustentam o fenômeno spin-offs e um conjunto de variáveis de interesse para melhor entender o fenômeno. O segundo estudo buscou identificar a existência de spin-offs de carácter empreendedor num pequeno cluster brasileiro – recorri ao caso do cluster de malharias de Monte Sião. Este estudo de genealogia obteve uma amostra de 232 malharias, com dados coletados por questionário estruturado. O terceiro estudo, de natureza empírica estatística, foi sustentado em dados coletados por questionário, e alcançou uma amostra de 103 malharias. Este estudo visou identificar um conjunto de características das empresas estabelecidas de modo a aferir quais as características das empresas-mãe que potencializam a geração de novas spin-offs empreendedoras. Os principais resultados dos três estudos apontam que a pesquisa sobre o fenômeno spin-offs tem evoluído ao longo dos anos para cenários distintos, as análises de cocitações permitiram evidenciar os laços teóricos que consolidam autores em determinados ambientes de pesquisa. Tem-se fortemente evidenciado o contexto acadêmico favorecendo a geração de spin-offs por meio de transferência de conhecimento, inovação e empreendedorismo. Identificou-se também à forma como ocorreu a descendência das empresas, reconhecendo seis tipos diferentes de empresas constantes no cluster, empresas mães ativas, empresas mães inativas, spin-offs formais, spin-offs de várias mães, spin-offs informais e empresas tradicionais, complementando, os resultados também confirmam que é possível pelos atributos das empresas mães gerarem spin-offs empreendedoras, validando assim o modelo proposto. Esta tese contribui para proporcionar uma perspectiva global da literatura de spin-offs, onde se destacaram a Teoria dos Custos de Transação, Teoria da Agência, Visão Baseada em Recursos e sua variante Visão Baseada no Conhecimento. Também contribui para entender melhor as spin-offs empreendedoras e os efeitos genealógicos que matizam as concentrações localizadas de empresas. Apresentar a árvore genealógica de um cluster inspira pesquisadores buscar entender as relações entre empresas-mães e spin-offs para criação de novas empresas fortalecendo assim um determinado cluster. Finalmente, contribui para identificar os fatores relevantes para geração de spin-offs empreendedora a partir dos atributos das empresas-mães. É particularmente interessante à revelação de que em ambientes de baixa intensidade tecnológica, matizados por um tecido empresarial de média e pequena dimensão também é propício para dinâmicas empreendedoras.

Made available in DSpace on 2016-06-02T19:51:34Z (GMT). No. of bitstreams: 1 1682.pdf: 417611 bytes, checksum: f3bb31cafc516608bc2bbdbf8237aa4d (MD5) Previous issue date: 2007-12-21 / Financiadora de Estudos e Projetos / This dissertation aims to evaluate technology spin-offs Brazilian economy in the context of internationalization of multinational companies. Since 1980, the multinationals modify its international production strategies stressing efforts in R&D and other high value-added activities and affiliated companies gain a more important role at the international strategy of the group. As an indirect result of the technological role of the affiliated in national economy technology spin-offs are an important subject that need to be more attention. This work analyses the chacteristics of spin-offs from different origins focusing on affiliated as the parent organization. / Pretende-se avaliar, neste trabalho, alguns dos efeitos da mundialização das empresas multinacionais presentes na economia brasileira. A partir da década de 80 as empresas multinacionais passaram a atuar de forma diferenciada em relação à produção internacional. Essa alteração está evidenciada no aumento do investimento direto estrangeiro e em mudanças na sua forma de organização. A empresa passa a atuar como um grupo maior divisão internacional do trabalho em base mundial, integrando funcionalmente suas diversas operações forâneas e a de seus fornecedores. Essa atuação diferenciada ganha forma também nas atividades tecnológicas (P&D). Contudo, os estudos que contemplam essa temática revelam a concentração geográfica desses investimentos, especialmente em economias desenvolvidas. A preocupação reside em entender a contribuição das atividades das multinacionais em uma economia como a brasileira que configura um dos principais receptores de Investimento Direto Estrangeiro dentre os países em desenvolvimento através da formação de spin-offs de base tecnológica. As especificidades dessas empresas na economia brasileira como sua organização fonte (parent organization), diferenciais de desempenho, e formas de atuação no cenário econômico nacional e internacional são relevantes para o seu fomento e desenvolvimento. O estudo foi baseado na análise de uma base de dados de 102 EBTs nacionais. A análise empírica mostrou que existem algumas características que estão presentes em todas as EBTs independentemente da origem, como a concentração setorial. Porém, algumas diferenças são signficativas e não devem ser negligenciadas. EBTs oriundas de outras empresas destacam-se em indicadores econômicos, enquanto aquelas advindas de universidades apresentam melhor desempenho tecnológicos. As EBTs oriundas de multinacionais apresentam singularidades, mas possuem peso relativamente menor nos indicadores econômicos das EBTs oriundas de outra empresas. Palavras-Chave: Spin-offs, EBTs, Multinacionais, P&D, Inovação Tecnológica.

Made available in DSpace on 2016-06-02T19:52:13Z (GMT). No. of bitstreams: 1 DissGCIA.pdf: 2490788 bytes, checksum: f881db515387986c327882506a09b9fd (MD5) Previous issue date: 2005-05-13 / With the appearance of a new world scenery, the markets are dominated by companies with high capacity of innovation. The university, one of the most important sources of knowledge, which fundamental role consists in the formation of human resources and in the performance of academic research, starts to be forced in a way that the results of its researches should bring more relevant economic and social impacts to the society in order to enrich and enlarge its role. As a consequence, the relationships of cooperation between universities and companies and the process of technology transfer from the university to the market gain importance. Among the known process of technology transfer, the creation of companies from the knowledge generated in the university (academic spin-offs), emerges as an alternative way to complement the traditional mechanisms. This study aims to characterize the process of technology transfer through the academic spin-offs, focusing the Federal University of São Carlos, and to identify its importance in the process of innovation, the employment creation, the relationships of cooperation between the university and companies and the local economic development. The methodology used was the qualitative research and case study, with field interviews and analysis of the contents. The results also show the received incentives and the main barriers faced by the academic spin-offs. / O surgimento de um novo cenário mundial, no qual os mercados são dominados por empresas com alta capacidade de inovação, a universidade, uma das mais importantes fontes de conhecimento, cujo papel fundamental consiste na formação de recursos humanos e na realização de pesquisa acadêmica, começa a ser pressionada para que os resultados de suas pesquisas tragam para a sociedade impactos econômicos e sociais mais expressivos, enriquecendo e ampliando sua atuação. Assim, as relações de cooperação entre universidades e empresas e o processo transferência de tecnologia da universidade para o mercado ganham importância. Entre os processos de transferência de tecnologia existentes, a criação de empresas a partir do conhecimento gerado nas universidades (spin-offs acadêmicas) surge como um caminho alternativo, complementando os mecanismos tradicionais já existentes. Este trabalho procura caracterizar o processo de transferência de tecnologia através das spin-offs acadêmicas na Universidade Federal de São Carlos - UFSCar e identificar sua importância no processo de inovação, na geração de empregos, nas relações de cooperação universidade-empresa e no desenvolvimento econômico local. A metodologia utilizada foi pesquisa qualitativa e estratégia de estudo de caso, com entrevistas de campo e análise de conteúdo.Os resultados mostram também os incentivos recebidos e as principais barreiras enfrentadas pelas spin-offs acadêmicas.

Cette recherche porte sur le bouleversement épistémologique qui affecte la littérature patrimoniale, à l’ère du numérique et du multimédia. La première partie s’intéresse à la fondation de la notion de littérature patrimoniale en France. Elle propose une revue synthétique des contextes et des discours qui ont fondé cette notion à travers le temps. Les zones de fracture et de continuité entre conceptions passées et conceptions contemporaines y sont questionnées. L’analyse aboutit au constat que conceptions émergentes et traditionnelles forment une mémoire dialogique, vive et complexe, qui innerve de ses paradoxes les archétypes fondateurs : les notions d’auteur, d’œuvre et de « bibliothèque ». La deuxième partie examine la réception contemporaine de la littérature patrimoniale, pour laquelle « la bibliothèque » est une mémoire du passé mais aussi une réserve d’œuvres à venir dans le cadre du dialogue entre les arts et les modes que les techniques contemporaines favorisent. Pour le récepteur contemporain, la bibliothèque patrimoniale est intériorisée comme une triple mémoire formée de la bibliothèque collective, de sa propre bibliothèque intérieure, d’une bibliothèque virtuelle où se régénèrent le corpus patrimonial et les discours qui l’environnent. Ce récepteur connaît et pratique la bibliothèque collective, vouée à la conservation de la mémoire collective ; il est conscient aussi de posséder une bibliothèque intérieure où s’opère pour lui une double conversion : il devient sujet lecteur et l’œuvre patrimoniale texte du lecteur. Cette double conversion créative se concrétise et se réalise effectivement dans la bibliothèque virtuelle multimodale, lieu de partage et de discours sur les œuvres qui lui permet d’entrer en conversation avec d’autres sujets-lecteurs et en contact avec d’autres communautés discursives et, dans ce cadre, de produire à la fois de nouveaux discours sur les œuvres mais aussi des œuvres secondes. On pose que l’œuvre source et ses objets seconds forment alors une sémiosphère multimodale. Comme les objets seconds multimodaux émanent de communautés diverses, la notion de sémiosphère réinterroge les hiérarchies culturelles héritées. Etre cultivé aujourd’hui, ce n’est plus seulement connaître les œuvres de la bibliothèque collective mais investir la sémiosphère. Le sujet lecteur est amené à devenir sujet récepteur multi-compétent, capable de naviguer d’une communauté de discours et de pratiques à une autre. Il se nourrit de la diversité, assure la communication productive entre les objets et les communautés dans la sémiosphère et favorise, par sa seule navigation experte, le développement de la sémiosphère, c’est-à-dire de la culture partagée. / This research is concerned with the epistemological upheavals which affect literary heritage in the digital and multimedia age. The first part of this work explores the origin of the notion of literary heritage in France. It provides a synthetic review of the contexts and discourses which have underpinned this notion through time. Present and past concepts are examined in terms of continuity and discontinuity. The analysis leads to the conclusion that both emerging and traditional understandings blend together creating a dynamic, complex and dialogical trace which through its paradoxes informs the founding archetypical notions of author, literary work and ‘library’. The second part examines the contemporary reception of literary heritage for which the ‘library’ represents not only a record of past literary works but constitutes a stock for future ones given the increasing trend by which the Arts are distributed to the public using the medium of multimedia digital technology. The contemporary receiver conceives and internalizes the literary heritage library in three ways: as a public library, as an internal library, and as a virtual library where heritage corpus and discourses about corpus are regenerated. This receiver knows and uses the public library as a place which is dedicated to the conservation of the collective memory; s/he is also conscious of possessing an internal library where a double conversion takes place: s/he becomes a « reader-subject » and the heritage literature is the reader’s text. This double creative conversion takes a concrete form in the virtual multimodal library where literature can be shared and discussed. This enables the receiver to start up a conversation with other readers and be connected with other discourse communities. Within this framework, new discourses are generated concerning mainstream literary works and their offshoots. We consider then that the original literary work and its offshoots constitute a multimodal semiosphere. As the derived multimodal objects come from different communities, the notion of semiosphere re-interrogates the cultural inherited hierarchies. Nowadays, being cultured does not consist in knowing the contents of the public library but instead involves being invested in the semiosphere. The reader is encouraged to become a multi-skilled receiver navigating from one discourse community and/or community of practice to another. S/he feeds on diversity, ensures prolific communication within the semiosphere between objects and communities and, thanks to expertise in multimedia browsing skills, s/he enhances the development of the semiosphere, i.e. the shared culture.

Studiens syfte är att undersöka vilken värdeförändring som sker för det avknoppade bolaget på kort och lång sikt under tidsperioden 1996–2018 på den svenska marknaden. Avknoppning inträffar när ett moderbolag delar ut innehavet av aktier i ett dotterbolag till aktieägarna. Avknoppning kan antingen vara fokuserad eller icke fokuserad. Fokuserad avknoppning innebär att moderbolaget knoppar av till ett nytt bolag inom samma bransch och icke fokuserad avknoppning innebär avknoppningen sker till annan bransch än moderbolaget. Anledning till att genomföra en avknoppning är att öka aktievärdet för bolagets aktieägare. Bolagen i studien har genomfört minst en fokuserad eller icke fokuserad avknoppning efter införandet av Lex Asea på den svenska marknaden. Lex Asea är ett regelverk som möjliggör utdelning av aktier från moderbolaget till aktieägarna utan att påverka beskattningen för aktieägarna. Enligt tidigare studier är avknoppning förenat med överavkastning. Problematiken uppstår i att tidigare studier har studerat olika förklarande variabler till övereller underavkastning på andra börsmarknader. Resultat av detta vill vi i vår studie studera om förklarande variablerna relativ storlek och Return On Asset påverkar över- eller underavkastningen för bolag noterade på Stockholmsbörsen. Över- eller underavkastning på kort sikt studeras med Cumulative Abnormal Return (CAR) på 1, 2, 3, 4 och 5 dagars sikt. Över- eller underavkastning på lång sikt studeras med Buy-andhold Abnormal Return (BHAR) på 6, 12, 18 och 24 månaders sikt. Studiens data gällande aktiekurser och dess prisutveckling hämtas från Thomson Reuters Eikon. Information om vilka avknoppningar som genomförts på den svenska marknaden under tidsperioden 1996– 2018 hämtades från Skatteverket. I studien genomförsregressionsanalys i form av multivariat analys med tillhörande förklarande variabler. Analysen genomförs för att försöka hitta samband om dessa variabler kan förklara över- eller underavkastning för studerande bolag i studien. Studiens resultat påvisade underavkastning under det observerade eventfönstret på kort sikt och överavkastning på lång sikt. Den genomsnittliga underavkastningen uppgick under en femdagarsperiod till -2,4% och den genomsnittliga överavkastningen uppgick under en period på 24 månader till 48,5%. / The purpose of the paper was to investigate the abnormal return in the short and the long run for spinoffs during the time period 1996-2018. The result of the study showed a negative abnormal return during the observed event window in the short run and a positive abnormal in the long run. The average abnormal return during a five-day period was -2,4% and the average abnormal return during a 24-month period was 48,5%. The study investigated whether ROA and the relative size of the company could explain the abnormal return.

Corporate spin-offs have been on the rise in recent years and this trend has captured the interest from corporations worldwide who are looking to manage change and innovation in a new and exciting way.  This research includes primary data from case studies conducted through semi-structured interviews and secondary data from previous research around the subject area. Prior research has highlighted the financial aspect of spin-offs as well as university driven spin-offs while this research features learnings from two Stockholm based spin-offs and their views on organizational success and the relationship between the parent company and the spin-off. This research highlights the motives behind introducing a spin-off and how technological advancements has impacted the success of the spin-off.  The findings of this research are underlined by the spin-offs ability to make use of the parent company’s expertise and highly focused business departments which helps the spin-off focus on its core competencies. In addition, the findings suggest that the motives behind introducing a corporate spin-off in 2017 are related to improving the customer experience while making modifications correlated to the cost structure, which most often attracts a new customer segment.  Throughout the research, it was evident that spin-offs often collaborate with external partners hired by the parent company. Because of this, this research provides insights from third party vendors with significant experience in technology startups, operational strategies and spin-off processes.  This research contributes to the field of industrial management by demonstrating local developments in innovation management techniques while also showcasing how consumer trends influences business decisions.

Les sociologues des sciences "antidifférenciationnistes" annoncent ou décrivent l'effacement des frontières entre science et industrie. La figure archétypale de cette nouvelle science hétéronome serait le "chercheur-entrepreneur", imprégné d'un "esprit d'entreprise" qui lui permettrait de mieux communiquer avec le monde marchand, idée que l'on retrouve sous la forme d'une doxa dans certains discours politiques. Cet antidifférenciationnisme, très proche du constructivisme social, repose sur une radicalité épistémologique fort controversée qui s'offre en réponse aux échecs du fondationnalisme. L'objet de ce travail est de penser l'autonomie de la science en neutralisant les querelles métaphysiques qui découlent de cette radicalité. Il débouche sur la production d'une série de concepts que je mobilise pour l'analyse d'une enquête menée auprès de 81 chercheurs créateurs d'entreprises (complétée par une série d'études de cas), ce qui m'amène à nuancer les thèses antidifférenciationnistes.

追蹤股係資產重組方式的一種，近年來在美國的證券市場增加許多的發行案例，追蹤股是針對多角化企業特定部門發行不同權利義務的普通股，表彰該特定企業的營運績效，提供給投資人更明確的投資評價，進而提升企業整體的價值。追蹤股的起源係於1984年General Motors在取得Ross Perot’s Electronic Data System後發行首創的追蹤股，雖然陸續有發行之個案，但追蹤股的發行熱潮主要集中於1998年至2000年，包括AT&T、Sprint Corp、Quantum Corp.及Disney等企業，且部分發行企業發行一種以上的追蹤股，因追蹤股可依發行企業的需求制定不同的投票權、轉換權、股利分配政策等，提供給投資者相當多的選擇，顯示追蹤股對企業的籌資或購併提供了新的工具。 由於追蹤股的發行案例較其他資產重組的方式(資產分拆及權益分割)相對較少，因此國外探討此專題的文獻亦不多見，國內目前亦無相關研究。故本研究的主要內容包括資產重組方式的分析及可能的考量因素，並說明追蹤股的起源、特性及優缺點，進而探討追蹤股發行時的宣告效果，觀察其累計異常報酬的顯著性，且驗證累計異常報酬與發行企業市值及市價淨值比的關係。 為提供國內研究者更清楚的了解追蹤股發行全貌，本研究將1998年在美國證券市場發行的Sprint Corp的個案，針對發行的目的、發行架構、該普通股的權利義務及可能的風險等項目加以分析研究。最後以模擬國內上市公司—中華電信發行追蹤股的可行性，提供國內主管機關作為未來研究新金融商品的建議及參考。

公司分割制度在歐美各國已行之有年，對於企業而言分割已是進行企業重組再造的普遍管理工具，惟我國完成分割法制不過三年左右光景，因此對於我國公司分割事件與股東價值關聯性之相關研究仍付之闕如。 因此，本研究以國內上市公司為樣本，以民國91年2月企業併購法公告施行後至94年1月底為研究期間，探討上市公司分割行為、公司分割宣告對股價異常報酬率的影響及影響股價異常報酬率的關聯性。 本研究主要發現如下： 1.本研究針對公司分割進行實際案例探討，發現公司之分割活動使其財務報表之資產結構改變，資產內容重新分配，顯示分割行為對公司資產負債表會產生立即性的影響。我國上市公司從事分割行為後較分割前之每股淨值平均增加0.76元，其增加的比率約6.63%；從分割公司之淨值負債比來看，我國從事分割之上市公司因分割行為使公司之平均淨值負債比增加59.23%，其增加的比率為52.23%。 2.在公司分割宣告日，被分割公司股價具有正向的異常報酬及累積異常報酬。 3.公司分割移轉之每股土地增值稅準備金額對股價標準化異常報酬率有顯著之正向影響。 4.「業務型分割」型態相對於「不動產型分割」而言，市場給予較高的異常報酬率。