企業常籍由出售資產來取得資金，使公司能更專心經營本業以增加營運績效或改善財務結構，因此本研究選取台灣上市(櫃)公司在1991-~2000年有出售正在營運中之實體資產之公司為樣本，共計78家，探討企業出售資產對於營運績效及財務結構之影響，經由選取上述樣本公司出售資產年度之前後各兩年之年度財務資料進行實證分析得知，出售資產金額相對於企業資產規模較微小，大部分皆是小比率之出售資產，出售資產對於未來營運績效無顯著影響，出售資產對於未來財務結構在總負債/總資產，現金與有價證券/總資產，土地與建物/總資產則有顯著差異。

Firms often secure financing through sell-off to concentrate on their major business, hence improving operating performance or enhancing financial structure. This research investigates Taiwanese listed companies which have had sell-off experiences during 1991-2000. Pertinent financial ratios of the two-year period before and after the sell-off were used for empirical analysis. The results have shown that the dollar amount from selling assets is relatively small compared with total asset base. The sell-off has no effect on operating performance, while on the other hand, it has significant influence on the ratio of total assets in terms of total liability, cash and marketable securities, and land and properties.