企業購併控制權溢價之組成因素探究

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Please use this identifier to cite or link to this item: https://irlib.pccu.edu.tw/handle/987654321/30302

Title:	企業購併控制權溢價之組成因素探究 A Study on The Elements of Control Premium in The Enterprise Merger And Acquisition
Authors:	劉又蓉 Liu, Yu-Jung
Contributors:	國際企業管理學系碩士在職專班
Keywords:	控制權溢價公開收購股份轉換 control premium public tender offer transfer of shareholding
Date:	2015
Issue Date:	2015-08-19 14:21:03 (UTC+8)
Abstract:	全球購併的風潮方興未艾，我國購併的案件亦逐漸加溫中。本文主要目的，在探討購併案之控制權溢價幅度，以及影響控制權溢價幅度的因素。經以2001年至2013年長期間的研究，以及以市價法計算控制權溢價。結果顯示，不論公開收購或股份轉換之購併案，皆存在正向控制權溢價，且隨著拉長被併公司股價期間，其溢價幅度愈高。在行業別方面，則以金融業的控制權溢價幅度較高。影響因素方面，本文發現財務結構面，被併公司負債比率為負向影響；持股與公司治理面，被併公司是否有控制股東以及次大股東持股為負向影響、外部監察人為正向影響；購併相關變數面，被併公司是否屬金融業為正向影響。本文的研究結果對於實務界以及學術界皆有相當政策意涵。 The trend of merger and acquisition (M&A) is growing globally and Taiwan is not excluded. The purposes of this study are to examine the magnitude of control premiums and the determinants of control premiums during 2001 to 2013. Using market method to compute control premiums, this paper finds positive control premiums whether public tender offer or transfer of shareholding. In addition, the longer the period of target firms’ price, the larger the magnitude of control premiums is found. Finance industry has the highest control premiums among different industries. In the finance structure side, I find that debt ratio has negative impact on control premiums. In the corporate governance side, control stockholders and secondary stock-holders are negatively related to control premiums. However, percentage of outside su-pervisors is positively related. In the M&A-related side, target firms which belong to the finance industry have positive control premiums. The findings contribute to providing the practices and academics with policy implications.
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