- 學位論文
台灣金控業合併換股比例之研究-以財務及非財務因素探討
Determinants of Stock for Stock Exchange Ratio for Taiwan Financial Holding Companies—from Financial and Non-financial Factors
摘要
本研究的目的在探討我國金控業合併換股比例之合理化及影響因素。政府為解決我國金融機構過多與解決銀行不良債權的問題，金控業為擴增金融事業版圖，提供客戶整體金融服務，以發揮綜合經營效益，「金融機構合併法」以及「金融控股公司法」陸續通過，對加速我國金融機構合併及掃除金融機構合併的法令障礙，奠定法源基礎。但在子公司多以股份交換方式加入金融控股公司，換股比率之決定依據未明確揭櫫於公開資訊的情況下，合併雙方所採行的評價方法是否客觀合理，差異的範圍是否容易撮合，對股東與投資人的權益是否受到合理保障，換股比率合理性之爭議，時有所聞。在諸多影響合併協商的因素中，本文試著以五項財務變數與四大非財務因素方向，如「服務據點」、「董事會規模」、「領導團隊的能力及理念」、「人力資源」七項非財務變數為考量，以複迴歸統計方式試圖找出我國金控公司換股比例之影響因素，經41個樣本點實證結果發現： (一) 財務面的每股淨值以及非財務面的營業據點普及程度、董事長及總經理的最高學歷程度、員工的最高學歷程度及員工平均年齡五項變數對於換股比率皆有顯著之正向影響。 (二) 同時包括財務因素及非財務因素的模型一其解釋力大於只有財務變數或非財務變數的模型。 (三) 非財務變數模型三對於換股比率之解釋力較財務變數模型二高出甚多，由此可見，非財務部分的四個因素，對換股比率的決定不僅涉及換股公司的內部價值、領導階層及員工的價值，亦包括該公司對外的資訊價值。 (四) 模型截距項係數的不顯著結果說明當換股比率同時考量本文模型之財務與非財務變數時，主併與被併公司在併購價格中並未有顯著溢價或折價之收付
並列摘要
The objective of this study is to discuss rationalization and factors of influence against the stock exchanging ratio for mergers of the financial holding industry in Taiwan. In order to solve the problems of excessive financial institutes and bad bank debts in Taiwan, the Government has allowed the financial holding industry to expand its scope of financial operation, which can now provide clients with an integrated financial service and induce effectiveness of a composite operation. The successive legislation of the “Financial Institute Merger Act” and “Financial Holding Company Act” have established a foundation of legal sources for accelerating mergers of financial institutes in Taiwan and removing legal barriers against mergers of financial institutes. However, under the situation where most subsidiary companies join financial holding company via share exchange, and the basis for determining exchange ratio has not been clearly revealed in the open information, it would be frequent to experience doubts in objective reasonableness upon credit method adopted by both parties, ease of merging the scope of differences, reasonable protection of the interests of shareholders and investors, as well as dispute on reasonableness of the stock exchange ratios. Among numerous factors affecting negotiation between mergers, this study considered 5 financial variables, 4 major non-financial factors (i.e. “Branch”, “Scale of board of directors”, “Ability and concept of leading team” and “Human resources”), and 7 non-financial variables, in order to discover the influential factors of stock exchanging ratio among financial holding companies in Taiwan, via Regression Analysis. From the empirical results of 41 samples, it is discovered that: (1) The stock exchange ratio is significantly positively influenced by 5 variables, namely, the net value per share in financial aspect, together with availability of branches, level of highest academic achievement of directors and general managers, level of highest academic achievement of employees, and average age of employees. (2) The interpretation power of Model 1, which includes both financial factors and non-financial factors, is only greater than models containing only financial variables or non-financial variables. (3) The interpretation power of Model 3, which contains non-financial variables against exchange ratio, is much greater than Model 2, which contains financial variables. From here, it can be seen that the 4 factors of non-financial portion do not only involve the internal values of the exchanging company and values of leaders and employees towards determination of exchange ratio, but also include the external information value of the company. (4) The result of a less obvious interception coefficient for the model indicates that when financial and non-financial variables of models in this study are simultaneously considered for exchange ratio, the merging company and merged company have not shown payment of significant premium or discount in the merging price.