證券公司購併行為之價值分析 以台新金控購併大眾證券為例

隨著全球經濟復甦，台灣金融業也跟隨著世界趨勢蓬勃發展，過度發達的解果也導致了金融產業間的過度競爭。各金融集團在金融自由化、國際化，且法規逐漸解禁的環境下，不斷透過嘗試不同的方法進行轉型與整併，其中，購併即為相當重要的手段。本論文透過國內外金融機構購併之研究文獻、金融控股公司與證券公司的財務資料為基礎，同時利用企業評價模式與事件研究法為基底，以購併宣告前後的股價影響為目標，作為異常報酬的衡量標準，了解是否有財務綜合效益存在於購併事件中。本論文以台新金融控股公司宣告購併大眾證券為個案通司進行購併價值分析之相關探討。研究結果如下：一、金控公司的購併案件，應以相對評價法中的本益比法做預測，最為適當。二、若以觀察主併公司為主，實證結果為，購併宣告對主併公司(即台新金控)，在每日異常報酬方面，除了在特定有負向的異常報酬外，其餘事件日並沒有顯著。三、若以觀察被併公司為主，實證結果為，目標公司 (即大眾證券) 在每日異常報酬方面，大部分有顯著的正向異常報酬。在累積異常報酬方面，購併宣告日前後，也具備的正向累積異常報酬。四、從本研究中諸多異常報酬和累積異常報酬分析，多數日期並沒有顯著的異常報酬產生，原因為樣本數過少、為包含非財務層面分析，因此可能產生偏誤，且無法消除干擾事件對異常報酬之影響，所以，造成部分實證結果並不顯著。

關鍵字

金融控股公司；台新金控；大眾證券；併購；事件研究法；股價價值變化

並列摘要

With the global economic recovery, Taiwan's financial industry has followed the world's trend of vigorous development, and the over-developed solution has also led to excessive competition among financial industries. Under the circumstances of financial liberalization and internationalization, and the gradual lifting of regulations, various financial groups continue to transform and integrate through different methods. Among them, mergers and acquisitions are quite important means. This paper is based on the research literature purchased by financial institutions at home and abroad, the financial data of financial holding companies and securities companies, and uses the corporate evaluation model and event research method as the basis, aiming at the stock price impact before and after the merger and acquisition, as an abnormal reward. Measure the criteria to see if there is a financial consolidated benefit in the M&A event. This paper discusses the purchase value of the company through the announcement of the purchase of the TA CHONG securities by Taishin Financial Holdings Co., Ltd. The research results are as follows: 1. The merger and acquisition case of Financial Holdings Company shall be predicted by the P/E ratio method in the relative evaluation method, which is most appropriate. 2. If the main company is observed, the empirical result is that the purchase and declaration of the main company (ie Taixin Financial Control), in addition to the abnormal abnormal remuneration in the daily abnormal remuneration, the other event days Not significant. 3. If the observation is based on the company, the empirical result is that the target company (ie, TA CHONG Securities) has a significant positive abnormal return in terms of abnormal daily payments. In the case of accumulated abnormal returns, there is also a positive cumulative abnormal return that is also available around the date of the merger announcement. 4. From the analysis of many abnormal rewards and accumulated abnormal returns in this study, most of the dates have no significant abnormal rewards. The reason is that the number of samples is too small, including non-financial analysis, so it may cause bias and cannot eliminate interference events. The impact of abnormal returns, so some of the empirical results are not significant.