臺灣博碩士論文加值系統

在全球化及市場開放的加速推動，創新、資訊及市場通路即是競爭優勢的大環境下，金融機構為了取得競爭優勢並以最快速因應強大競爭壓力的方式就是併購，因而造成併購風潮的時代趨勢。而換股比率之多寡也成為各方關注之重點， 其中換股比率之多寡不但關係著合併雙方之利益分配，同時也牽涉到股東財富水準之增減。。
因此凡是涉及股權交換之合併案件，「換股比率」必為一重要且影響合併成功與否之關鍵議題，故本文以2005年10月3日台新金控轉投資彰化銀行取得22.5%之股權，台新金控欲以1：1的換股比率進行股權轉換是否具有爭議性為研究對象，先利用金融機構公開之財務報表和公開說明書上之資訊，根據公司評價理論，對當前金融控股公司合併時所宣布之換股比率，做合理之驗證，再透過L-G 模型所推導出合併雙方理論之換股比率協商區間，幫助投資者檢視金控公司所宣布換股比率之合理性，亦可提供合併雙方在協商過程中談判及斡旋之底線。。
其實證結果發現，以現金流量法與L-G換股模型推算合理的換股比率大約為1：0.81，倘若未來台新金控打算以1：1換股彰銀股權，其在這場合併案中，對外界而言，看似台新金控獲得較大的合併增值利益，有高估之嫌疑。至於本益比法及市價淨值法的換股比率與1：1較為相近，但仍高估台新金控所宣告的換股比率1：1。

Since the accelerating development of globalization and market liberalization, financial Institutions usually keep the advantage to adapt this formidable pressure from the vicious competition in the market, and the fastest way to implement this strategy is merger & acquisition. The ratio is critical since it does determine not only how the possible synergy gains are shared between the banks involved, but also whether the wealth positions of the stockholders change.
Exchange ratio is very important in stock exchange merger, the purpose of this paper is to study Tai-Shin Financial Holdings Company invests Chang-Hwa Bank on October 3, 2005, and examine whether the 1：1 exchange ratio of stock exchange merger on December 31, 2006 is controversial and rational. At first, according to the theory of company evaluation, the study would testify the exchange ratio claimed by the financial holding companies that would be reasonable by using the financial statements and prospectus. The second, the exchange ratios of bilateral negotiation parties could be inferred from the L-G model. Therefore, it could offer an access to testify the rationality of exchange ratios of the financial holding company or to estimate the bargaining bottom line of the parties in the merger negotiations.
The evidences from this study has shown that the exchange ratio estimated by the discounted cash flows model(or method) and the L-G exchange ratio is 1：0.81,this figure is overhand the stock exchange ratio, 1：1, claimed by the Tai-Shin Financial Holding Company is overestimated to enhance its own interests from the merger. According to the Price-to-Earning Ratio method or the Asset Appraisal Model, the estimated exchange ratio is approaching 1 to 1, but still an overestimated result.

第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的與方法 3
第三節 研究內容、範圍、流程 4
第二章 文獻回顧與理論探討 6
第一節 文獻探討 6
第二節 換股比率模型(L-G模型)之簡介 10
第三節 購併的評價方法 16
第四節 決定換股比率因素之探討 23
第三章 個案介紹與研究步驟 27
第一節 個案介紹 27
第二節 研究步驟 33
第三節 研究參數之操作 35
第四章 台新金控合理換股比率之研究 40
第一節 各種評價模型之實證結果 40
第二節 合理協商區間的再討論 50
第三節 理論與預定換股比率之差異分析 51
第五章 結論與建議 55
第一節 結論 55
第二節 研究限制 57
第三節 後續研究建議 58
附錄 59
附表 61
參考文獻 62

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