企業併購之企業評價對股價的影響-以友達、廣輝併購案為例

A case study of the merger between AUO and QDI

林敬皓(ChingHao Lin)

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

本研究以友達併購廣輝個案進行企業評價對股價影響的研究分析。本文使用現金流量折現法(DCF)來評估廣輝公司企業價值，再以友達公司當時市價換算換股比率區間，評價結果發現該次併購的換股比率落在本研究所評價出來的合理區間內。
另，本研究以事件研究法來分析友達併購廣輝之宣告效果，本文發現主併公司友達公司，在消息宣告日當日及之後，對股價報酬率有負向的效果，沒有財富增加之效果。被併公司廣輝公司，在消息宣告日當天及之後，對股價報酬率有正向的效果，有
財富增加之效果。被併公司廣輝公司股價平均累積異常報酬率(CAR)明顯高於主併公司友達公司股價平均累積異常報酬率(CAR)。當主併公司友達公司宣告併購時，主併公司友達公司股價前兩日已提前反應。當主併公司友達公司宣告併購時，被併公司廣輝公司股價無明顯的提前反應。當併購宣告日後，友達公司加上廣輝公司之股價平均累積異常報酬率(CAR)為正向表示投資人認定該合併案具有合併綜效。併購宣告日前，廣輝公司股價高於本研究未考量合併綜效前所估算之價值。併購宣告日後，廣輝公司股價落於本研究考量合併綜效後所估算的價值區間。

關鍵字

企業併購 ； 企業評價 ； 併購出價方式 ； 事件研究法 ； 購併 ； 面板產業 ； 併購

並列摘要

In this study, the research analysis of the impact of business evaluation on share price was conducted through the case of. AUO’s (AU Optronics Corp.) acquisition of Quanta. The discount free cash flow (DCF) was adopted in this paper to evaluate the business value of Quanta Display Inc. Then, the market value of AUO at the time was adopted to calculate the conversion ratio range. The evaluation results show that the conversion ratio for the merger and acquisition fell within the reasonable range, as evaluated in this study.
In addition, the event study method was adopted in this study to analyze the results of the AUO and Quanta merger and acquisition.The merger announcement has a negative effect on the AUO’s stock return ,but has a positive effect on the Quanta. The average cumulative abnormal return (CAR) of Quanta was significantly higher than the average CAR of the AUO (acquiring firm). When the AUO announced the merger, the Quanta (acquired firm) responded in advance two days earlier, but Quanta’s share price did not significantly respond in advance. After the merger and acquisition announcement day, AUO and Quanta’s average CAR of share prices was positive, thus indicating the investors deemed the merger case to have a positive synergy. Prior to the day of the merger and acquisition announcement, AUO’s share price was higher than the estimated value prior to taking the synergic effects into consideration. After the merger and acquisition day, AUO’s share price fell within the estimated value range after taking the synergic effects into consideration.

並列關鍵字

mergers and acquisitions ； Business Valuation ； event study method ； The discount free cash flow (DCF)

參考文獻

2.王祝三、周德瑋、陳弘榮，2006，企業併購支付方式決定因素與股價反應之探討，

3.古永嘉、胡珮高，2008，台灣企業併購付款方式之選擇，輔仁管理評論，15(3)，97-126。

4.王錫瑋，「兩岸企業併購徹略與租稅規劃之研究-兼論企業併購策略個案」，成功大

1.Roll Robert,1986,The Hubris Hypothesis of Corporate Takeover,Journal of

post-merger performance of acquiring firms：Are-examination of an