國巨融資買入個案分析

在全球化的趨勢下，企業為求生存，都在想方設法以提升企業競爭力，併購成為企業追求成長方式的選項之一。有些是透過併購取得規模、成本優勢、有些是因應產業環境變化而併購…等，更有甚者，財務機構如私募基金會併購企業，待企業體質及營利皆達一定水準後再上市高價賣出，獲取利益。 2011年4月，陳泰銘與私募基金KKR，以新台幣16.1元的現金收購國巨在外流通的普通股，目的是使國巨私有化進而下市，最後因台灣主管機關的不同意而鍛羽而歸。本研究採用事件研究法與企業評價探討國巨融資買入的始末，包括其真正目的與收購價格之合理性分析。研究結論在企業評價方面，僅管溢價幅度不及於過去併購案溢價之平均值，但對國巨股東而言，以16.1元參與收購並無權益受損之慮。而事件研究法實證結果，國巨股東財富價值因併購案有正向累積異常報酬，故併購宣告對國巨公司股東具有財富增加之效果。最後藉由個案分析希望能對有志於LBO之後續研究者有所幫助。

關鍵字

國巨；融資買入；事件研究法；企業價值；異常報酬率

並列摘要

Under the trend of globalization, in order to ensure business survival, enterprises find ways and means of enhancing corporate competitiveness. Mergers and acquisitions have therefore become one of the options for enterprises to pursue growth. Some enterprises achieve economies of scale and cost advantages through mergers and acquisitions, while others engage in mergers and acquisitions to cope with changes in the industrial environment. What’s more, some financial institutions such as private equity funds merges with and acquires other companies and sell them at high prices for profits when the companies’ composition and profits reach a certain level. In April 2011, Chen Tai-ming and private equity fund KKR purchased Yageo’s outstanding ordinary shares in cash in the amount of NTD 16.1 per share, the purpose of which is to privatize Yageo and have it delisted from the stock market. Finally, the plan did not push through due to rejections from Taiwan’s competent authorities. The event study and corporate evaluation were adopted in this study to explore the whole story of Yageo’s purchase of shares through financing, and analysis of the real purpose and the reasonability of the purchase price was also included. This study concluded that in terms of corporate evaluation, despite the fact that the extent of premium is no comparison to the average value of merger and acquisition premiums in the past, as far as Yageo’s shareholders are concerned, the purchase at NTD 16.1 poses no concern for the interests. According to the empirical results of the event study , the value of wealth of Yageo’s shareholders has positively cumulative abnormal returns, thus the merger and acquisition announcement has the effect of increasing the wealth of Yageo’s shareholders.