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系統識別號 U0026-2401201509023800
論文名稱(中文) 合併商譽與支付方式對併購後股東財富之影響
論文名稱(英文) The Effect of Recognizing Goodwill and Payment Method of Merger and Acquisition on Shareholders’ Wealth
校院名稱 成功大學
系所名稱(中) 財務金融研究所碩士在職專班
系所名稱(英) Graduate Institute of Finance (on the job class)
學年度 103
學期 1
出版年 104
研究生(中文) 吳美瑢
研究生(英文) Mei-Jung Wu
學號 R87011011
學位類別 碩士
語文別 中文
論文頁數 56頁
口試委員 指導教授-林軒竹
口試委員-王澤世
口試委員-陳俊男
中文關鍵字 併購  支付方式  商譽 
英文關鍵字 Mergers and acquisitions  Payment Method  Goodwill 
學科別分類
中文摘要 企業成長方式可以分為內部成長及外部成長,外部成長中又以併購為企業追求成長之最快速也是最直接之方式。台灣自企業併購法實施以來,併購活動呈現快速成長,然而主併公司是否能因併購對經營績效產生正面效益?KPMG(2011)研究1997~2009年,全球前七百大併購案在交易後一年內公司股價之表現僅有17%~34%是有成長的,而Houlihan Lokey取樣美國2012年合計511件併購案件,分析其購買價格分攤(Purchase Price Alloction)顯示,無形資產占併購金額高達70%,其中認列商譽金額亦高達39%,由此顯示,商譽對企業未來經營競爭力具有關鍵影響。隨著併購案件日趨增加,找出併購成功之關鍵因素更顯重要。
本研究主要探討公司併購所認列之商譽及支付方式對併購後績效之影響,以西元2002年至西元2013年間進行併購宣告且採取吸收合併之方式之國內上市公司為樣本,並排除金融業合併案, 採用併購後市值成長率作為併購後績效衡量指標,以複迴歸模型進行實證分析,結果發現溢價併購產生之商譽反映主併公司對併購綜效實現之信心強度,對於併購後之股票市值成長率具有顯著正面影響。而作為交易媒介之不同支付方式反映主併公司股票是否高估之訊息,主併公司併購支付方式採股票支付之報酬率表現劣於現金支付。相對規模與主併公司市值成長率呈現顯著負相關,而股票權益比則與市值成長率呈現顯著正相關,在我國上市公司負債監督假說亦是成立的。
英文摘要 The growth strategy of company can be divided into internal growth and external growth, and mergers and acquisitions are the most direct and effective way to increase corporate value. Since The Mergers and Acquisitions Law is implemented in Taiwan, mergers and acquisitions activities grow faster than before. As the number of M&A cases keeps increasing, how to find key success factors of an M&A case becomes more important.
This study aims to explore whether goodwill assets recognized and payment method used in mergers and acquisitions are associated with post-acquisition performances. The research utilizes the growth rate in equity market value one year after the merger activity as the indicator of merger synergy and investigates the effect of recognizing goodwill and payment method on post-merger performance of 71 non-financial industry merger cases completed during 2002 to 2013. The empirical result shows that the recognizing goodwill asset is positively associated with the post-acquisition performances, and the merger premium also reveals the confidence strength of the acquiring firm. The method of payment is another critical factor of mergers and acquisitions. The research indicates that M&A by stock payment is inferior in post-merger performance than those by cash payment.
論文目次 第一章 緒論
第一節 研究背景與動機 ........ 1
第二節 研究目的 ......... 5
第二章 文獻探討
第一節 併購定義與類型 ........ 6
第二節 併購動機與綜效 ....... 15
第三節 我國企業併購法下支付方式 ...... 19
第四節 合併商譽與相關文獻研究 ....... 21
第五節 併購相關文獻 ........ 23
第三章 研究方法
第一節 研究假說 ........ 30
第二節 研究變數 ........ 32
第三節 研究變數定義 ........ 33
第四節 資料來源與樣本選取標準 ....... 37
第四章 實證結果與分析
第一節 敘述性統計分析 ....... 38
第二節 迴歸分析 ........ 41
第五章 結論與建議
第一節 研究結論 ........ 47
第二節 研究建議與限制 ....... 49
參考文獻 ........... 50
參考文獻 一、 期刊論文與專書部分
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