臺灣博碩士論文加值系統

我國企業併購法自2002年2月6日公佈施行以來，本國企業併購活動相當活絡，截至2009年止，企業併購案件總數為1,334件，合計總金額為6千200億元，資本額在5億元以下的中小型企業併購案件占總數60.5%，而資本額在20億元以上企業的併購案，占了17.6%。若以產業別而言，以電子、營建、通訊業併購案所占比率較高。回顧過去八年國內企業併購的件數與金額，有趣的是也存在著Ｍ型化現象，即1億元以下的小型企業併購案有457件，與20億元以上大型企業併購案有235件，兩者佔整體比重達52%。在跨國併購統計，合併件數總計有21件，總金額達新台幣約50.8億元。
隨著併購活動的活絡，國內對於併購相關議題的研究也愈來愈多。過去多數研究著重於從績效表現來探討企業併購之成敗，鮮少探討企業進行併購的時機、付款方式及併購模式對賣方股東稅負的影響分析。本研究以個案分析、文獻探討、法令函釋探討對企業併購的「好」時機、併購付款方式的選擇策略以及不同的企業併購模式對參與併購的公司股東其稅負效果影響等方面進行分析，提出以下三點結論：
一、當目標公司帳面淨值比小於一時，是併購的「好」時機。
二、以「或有價金」方式支付併購價款：將或有價款與未來績效連結，拿賺來的錢支付目標公司股東，可避免一次支付大額現金；不影響買方之股權結構、避免經營權被威脅。
三、兩階段併購：先採「股份轉換」方式將消滅公司轉換為存續公司百分之百持有之子公司，嗣後再辦理母子公司之簡易合併。消滅公司股東於直接合併模式下產生之股利所得則轉換成股份轉換下之證交所得。

Since the Business Merger and Acquisition Law has been promulgated from 6th, February, 2002 by Taiwan government, there have been a lot of acquisitions proceeded. Till 2009, the total numbers of acquisitions have been reached 1334 and the amount totaled 620 billion. 60.5% of acquisition companies had capital of less than 0.5 billion and 17.6% of them had capital of more than 2 billions. From industry point of view, the electronics, construction, and telecom industries have accounted for a larger portion of the acquisitions. In the past 8 years, a conclusion can be made that that acquisitions have been emerged into M-shape distribution. Companies with less than 0.1 billion in capital were involved in 457 acquisitions and companies with more than 2 billion in capital are involved in 235 acquisitions which accounted for 52% of total acquisitions. There are 21 international acquisitions and the amount totaled 5.8 billion.
More and more studies related to acquisitions are published while merging activities are taken place more and more often in industries. Most studies used financial performance as criteria to determine if the acquisition is successful or not. It’s rare to see analysis focus on merging timing, payment method, and merging model, as well as how they affect the tax on stockholders in acquired company. This proposal is progressed via case studies, article summaries, and regulations explanation to understand how acquiring timing, payment method, and the strategy would affect stockholders. Three conclusions were listed below:
1.When the acquired company has price/book ratio less than 1, it’s a good timing for acquisition.
2.Pay off acquisition by「earn-out payment」: Link「earn-out payment」with performance. The acquisition company can pay the acquisition price sequentially along with its profit, and then can avoid one-time huge cash outflow, threatening to the management’s power, as well as damaging stockholding structure.
3.Acquisition by 2 stages: First, surviving company acquire 100% interest in the disappearing company through stock exchange, the disappearing company then will be the wholly owned subsidiary of the surviving company. Second, surviving company process a simple parent subsidiary merger. As a result, the shareholders of the disappearing company will be charged income tax of stock exchange rather than recognize dividend gain under the one stage acquisition.

摘要II
Abstract III
目錄IV
表次VI
圖次VII
第一章 緒論1
第一節 研究背景與動機1
第二節 問題陳述與研究目的5
第三節 研究重要性6
第二章 文獻探討7
第一節 合併的定義及類型7
第二節 收購的定義及類型11
第三節 企業併購之時機14
第四節 企業併購付款之方式17
第五節 相關文獻22
第三章 研究設計25
第一節 研究架構25
第二節 研究方法26
第四章 個案公司簡介26
第一節 群創光電28
第二節 奇美電子32
第三節 Sparqtron Cooperation 36
第四節 Constellar Technology 40
第五章 個案分析42
第一節 企業併購之時機42
第二節 企業併購之付款方式48
第三節 合併消滅公司股東之稅負51
第六章 結論與建議58
第一節 研究結論58
第二節 研究建議60
第三節 研究限制與後續研究之建議61
參考文獻62
一、中文部份62
二、英文部分63
三、網站部份66
表次
表1-1 企業併購案件統計表2
表1-2 企業併購案件資本級距統計表3
表4-1 群創光電2005年至2009年簡易資產負債表29
表4-2 群創光電2005年至2009年簡易損益表29
表4-3 群創光電2005年至2009年財務分析30
表4-4 奇美電子2004年至2008年簡易資產負債表33
表4-5 奇美電子2004年至2008年簡易損益表33
表4-6 奇美電子2004年至2008年財務分析34
表4-7 Sparqtron 2007年至2010年資產負債表38
表4-8 Sparqtron 2007年至2010年損益表38
表4-9 Constellar和Sparqtron併購日之比較資產負債表40
表5-1 奇美電子、群創光電等最近三年市價淨值比44
表5-2 奇美電子和群創光電市價淨值比較表51
圖次
圖1-1 企業併購案件資本級距分佈圖3
圖2-1 合併基本類型8
圖2-2 收購基本類型11
圖3-1 研究流程圖24
圖4-1 群創光電主要產品27
圖4-2 Sparqtron全球運籌分佈圖35
圖5-1 奇美電子每月股價K線圖45
圖5-2 群創光電每月股價K線圖46

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