購併之企業價值關連性之實證研究分析－資本化超額盈餘法

Abstract

隨著全球經濟的自由化的腳步以及法規的鬆綁，還有資訊科技的突飛猛進，過去的貿易藩籬日益模糊，產業競爭的環境日趨激烈，越來越多企業透過購併的行動，以求達到外部快速成長，朝向大型化、國際化發展的目的。不過在購併過程中如何衡量彼此雙方合理購併價值為重要考量。由於傳統之財務方式並未能反應公司在有形資產以外的價值，也將使得企業在購併時候難以評斷雙方合理價值與換股比率。因此本研究利用資本化超額盈餘法，來探討購併雙方之實質支付價格與理論公平價值之比率以及購併前後之績效差異並提出以下研究目的： (1) 實際與理論購併價值比之影響因素 (2) 購併前後之買方績效是否有差異 (3) 實際與理論購併價值比是否會影響購併前後之買方績效 本研究採用美國財政部所採用之資本化超額盈餘法來計算公司之理論價值，並與實際支付價格進行比較，其比稱為實際與理論價值比(本文稱之為E Ratio)，並以1995至2004年台灣公司購併案件為樣本，以敘述性統計分析，相關分析與複迴歸等方式，探討影響E Ratio之因素，購併前後績效，以及E Ratio 與購併前後經營績效之關係，並依證實結果得到以下結論： 1. 現金購併、異業購併與關係企業購併案所支付之代價較高 2. 電子業與關係企業合併案所支付代價較低 3. 購併後經營績效無法馬上顯現，相反的經營績效會較購併前為低，直到約第三年經營績效才會與購併前水準相當。 4. E Ratio低的購併案其毛利率與營收成長率短期內低於購併前平均，而E Ratio高的購併案三年後其資產報酬率依舊低於購併前平均。 依據研究過程建議以下問題應可深入研究： 1. 無形資產對於換股比之關連性可進一步加以探討 2. 可進一步研究財務結構與購併案之關係 關鍵字：購併、換股比、無形資產、資本化超額盈餘法、績效

As the pressure of the global competition, more and more corporate apply the external way such as merger & acquisition (M&A) to enhance their own competition. However the argument of the M&A is how to evaluate a reasonable and acceptable price between buyer and seller. This thesis evaluates the corporate value by using Capitalized Excess Earning Model (CEEM) to study the difference between paid value and theoretical value, also try to figure out the factors affect the difference, as well as the study of the performance before and after M&A, the correlation between the M&A performance and the difference of paid value and theoretical value. This study collects the M&A cases of Taiwan companies from 1995 to 2004 total 126 cases, panel data regression models were then proposed and tested. The result of the study shows the buyer will pay much higher price than theoretical value under following circumstances 1. paid by cash 2. buyer and seller are in the different industry The study also shows that the performance will not be recovered until three years later, and the difference of paid price and theoretical value will affect the performance after M&A.