台灣金融控股公司購併換股比率之研究

A Study of Merger Exchange Ratio of Financial Holding Companies in Taiwan

陳春蘭(Chun-Lan Chen)

指導教授 ： 李榮鎮

長榮大學/管理學院/經營管理研究所(博)/碩士(2006年)

https://doi.org/10.6833/CJCU.2006.00102

摘要

本研究以兩種方法評估金融控股公司之價值，並為台灣之金融控股公司決定適當之換股比率。適當之換股比率對於購併雙方決定合併之意願很重要。
本研究使用權益自由現金流量-市價平均法及Larson-Gonedes模型決定購併雙方皆可接受之換股比率，進而求出談判協商區間。
因此本研究之目的在提出一種檢視金融控股公司及目標子公司換股比率合理性之方法。本研究共分析三件金融控股公司購併案，運用以權益自由現金流量-市價平均法及以影響股東財富為限制範圍所構成之Larson-Gonedes模型，其結果發現三件購併案中有兩件之真實換股比率落在合理協商區間，亦即購併雙方之股東皆在此兩件購併案中獲益。

關鍵字

金融控股公司 ； 換股比率 ； 權益自由現金流量-市價平均法 ； Larson-Gonedes模型

並列摘要

This thesis uses two approaches to evaluate financial firms and determines an appropriate stock exchange ratio for Taiwan’s financial holding companies. The exchange ratio is of crucial significance in assessing the desirability of a business combination.
The Free Cash Flow to Equity-Average Market Price (FCFE-AMP) and Larson-Gonedes models are employed in this study to determine the exchange ratio which will be acceptable to both financial holding companies and their potential financial subsidiaries, thereby specifying a bargaining range.
Thus, the purpose of this thesis is to develop an alternative that may be used to examine the exchange ratios which will be reasonable to both financial holding companies and their target financial subsidiaries. Three financial holding company merger cases are analyzed in this study. By the shareholder wealth constraints formulated by Larson-Gonedes and the FCFE-AMP model, two out of these three merger cases’ actual exchange ratios are bounded by the bargaining range, in which the shareholders of both firms gain from the merger.

並列關鍵字

Financial Holding Company ； Exchange Ratio ； Free Cash Flow to Equity-Average Market Price model ； Larson-Gonedes model

參考文獻

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