國內金控公司以併購方式擴展企業規模為最快速有效益的方式,而如何以最合理之方式進行企業評價,則是併購成功與否的關鍵。根據國際會計準則公報(IFRS 3)及一般公認會計原則(GAAP)二十五號之規定,企業因收購而取得之可辨認資產(包含有形或無形資產)與承擔之負債,均應按收購日之公允價值衡量。除了某些例外,所有的企業併購皆需以「購買法」來執行併購的會計處理,亦即被收購公司的資產及負債皆需以公允價值重評價後再入帳,由此可知公允價值的衡量在企業併購下是很重要的項目。 本研究的主要目的為透過不同的企業評價方法:完整交易法、類比公司法以及現金流量折現法,對標的公司(寶來證券)進行公允價值衡量分析,藉以探討標的公司整體股權之公允價值,並驗證合併個案後3個月的股價走勢,股票價格位於所評估的價值區間內,充分證明所評估之公允價值具備合理性。在公開市場中可以經由這些評價方法,合理的反映出企業的市場價值;除了提供評估股權交易的參考價格外,也同時反映出企業鑑價的專業需求,具有實質的重要性。
Mergers and acquisitions are the rapid and effective strategies used by financial holding companies in Taiwan to expand the scale of their enterprises. The key to success is to conduct merger and acquisitions at the most reasonable price. According to the provisions of the International Financial Reporting Standards (IFRS3) and Generally Accepted Accounting Principlesthe No. 25, identifiable assets and assumed liabilities acquired from acquisitions must be measured based on fair value on the day of purchase. The accounting treatment for all enterprise mergers and acquisitions must be processed using the acquisition method; that is, the assets and liability of the purchased enterprise must be reevaluated with fair value before entering accounts. Therefore, fair value measuring is a critical item under the mergers and acquisitions. The main objective of this study is to conduct fair-value measurement analysis of the case company, Polaris Securities Co., Ltd., using various evaluation methods: Completed Transaction Method , Guideline Company Method , and Discounted Cash Flow Technique . Through these analyses, we examine the fair value range of the total equity of the case company, verify the stock price trends three months after the merger, and estimate the range of fair value for each share of the stock price to thoroughly validate the rationality of estimated fair value. The methods used for fair value evaluation can be used to identify the total equity value of an enterprise. The substantial requirement for professional enterprise valuation is also reflected in the evaluation of the reference price of equity transactions.