Subsidiary Divestiture and Acquisition in a Financial Crisis: Operational Focus, Financial Constraints, and Ownership
Subsidiary Divestiture and Acquisition in a Financial Crisis: Operational Focus, Financial Constraints, and Ownership
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金融危机中的子公司剥离和收购：运营重点、财务约束和所有权
DOI：
10.1016/j.jcorpfin.2010.09.004
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发表时间：
2010
期刊：
影响因子：
--
通讯作者：
Jan Svejnar
中科院分区：
文献类型：
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作者：
Yue Maggie Zhou;Xiaoyang Li;Jan Svejnar
我们利用 1997 年亚洲金融危机之前、期间和之后泰国上市公司的母公司和子公司层面的数据，调查不同所有权类型的公司在资产剥离和收购方面重组其业务组合的程度。我们比较了主要由（a）持有大量股份的国内个人（家族企业）、（b）国内公司和/或机构（DI 公司）和（c）外国投资者（外国公司）拥有的公司所做出的重组选择。我们发现危机后（1）外国企业的重组行为受到的影响最小； (2) 家族拥有的国内企业和国内机构 (DI) 的行为相似； (3) 国内企业不会增加对其外围业务的剥离以提高运营重点或在信贷紧缩中获取现金；他们实际上减少了核心部门的剥离； (4)国内企业对新子公司的收购也大幅减少。我们的结果挑战了对剥离的传统解释，例如公司治理、运营重新调整和财务约束。他们表明，在危机的巨大不确定性下，国内企业能够保留其核心资产以避免被抛售。从本质上讲，他们在调整业务组合时表现得更加保守。
We exploit parent- and subsidiary-level data for publicly listed firms in Thailand before, during, and after the 1997 Asian Financial Crisis to investigate the extent to which firms with different types of ownership restructure their business portfolios, in terms of divestitures and acquisitions. We compare restructuring choices made by firms mostly owned by (a) domestic individuals with block shares (family firms), (b) domestic firms and/or institutions (DI firms), and (c) foreign investors (foreign firms). We show that following the crisis (1) foreign firms' restructuring behavior is the least affected; (2) domestic firms owned by families and domestic institutions (DI) behave similarly to one another; (3) domestic firms do not increase divestiture in their peripheral segments to improve operational focus or to obtain cash in a credit crunch; they actually reduce divestiture in core segments; and (4) domestic firms also significantly reduce the acquisition of new subsidiaries. Our results challenge traditional explanations for divestiture such as corporate governance, operational refocus, and financial constraints. They indicate that in the great uncertainty of a crisis, domestic firms are able to hold onto their core assets to avoid fire-sale. In essence, they act more conservatively in churning their business portfolios.