企業併購個案研究-以元大金控併購寶來證券出價之合理性分析

A case study of the merger between Yuanta Financial Holdings and Polaris Securities Co., Ltd.

江智成(Peter Chiang)

指導教授 ： 沈仰斌

元智大學/管理學院/管理碩士在職專班/碩士(2012年)

摘要

企業成長的模式，主要分為內部成長與外部成長，其中最重要的策略就是透過併購方式擴大企業規模，以快速取得市場佔有率，2011年4月元大金控以490億元併購寶來證券，每股22.9元，與寶來證券淨值比較，溢價70%，與2009年凱基證券併購台証證券，溢價48%比較，市場認為元大金控買貴了。
本研究主要以1.事件研究法探討元大金控併購寶來證券之併購活動對股東財富所產生的影響分析及2.利用企業評價模型(自由現金流量折現法)，探討元大金控併購寶來證券之價格合理性。
實證結果顯示：
1.併購消息宣告日對主併公司股價及被併公司股價有財富增加效果。
2.被併公司寶來證股價累計異常報酬明顯高於主併公司元大金股價累計異常報酬。
3.以自由現金流量折現法評價計算顯示，元大金控以每股22.9元併購寶來證券，仍在合理的購買價格。
考量併購後的綜效及策略，元大金控旗下元大證券之各項業務均居第一，已達到經濟規模及範疇經濟之競爭優勢。

關鍵字

併購 ； 綜效 ； 事件研究法 ； 異常報酬 ； 自由現金流量折現評價模型

並列摘要

The business growth model is divided into: internal growth and external growth, the most important strategy of which is the expansion of business scale through merger and acquisition, so as to quickly gain market share. In April 2011, Yuanta Financial Holding Co., Ltd. (Yuanta Financial Holdings) acquired Polaris Securities in the price of NTD49 billion, at NTD22.9 per share. Compared to the net value of Polaris Securities, with the premium of 70% and compared to KGI Securities’ acquisition of Taiwan Securities in 2009, with the premium of 48%, the financial press seemed to believe that Yuanta Financial Holdings overpaid.
This study explored the reasonability of the price Yuanta Financial Holdings paid for the acquisition of Polaris through. The event study method was adopted for the analysis of the effects of Yuanta Financial Holding’s acquisition of Polaris Securities on the shareholders’
wealth;The business evaluation model (discounted free cash flow) was used to evaluate Polaris Securities value.
The empirical results are summarized as follows.
1.The announcement day of the merger and acquisition contributed to the increased wealth of share prices of the acquiring firm and the acquired firm.
2.The Polaris’s (acquired firm) cumulative abnormal returns in share price were significantly higher than the cumulative abnormal returns in share price of Yuanta
Financial Holdings (acquiring firm).
3.The calculation based on the discount free cash flow shows that acquisition price of NTD22.9 per share, is within the reasonable purchase price range.
In consideration to the overall effects and strategies after the merger and acquisition, each business unit of Yuanta Securities after the merger is ranked first in the security industry, thus reaching the competitive advantage as far as economies of scale and economies of scope are concerned.

並列關鍵字

DCF ； Merger & acquisition ； Synergies ； The event study ； abnormal returns

參考文獻

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