臺灣博碩士論文加值系統

本研究藉由台灣2002至2017年間，發生併購事件之上市(櫃)公司為研究對象，探討聲譽較良好的機構所出具的獨立專家意見書是否會影響併購溢價，其中以四大會計師事務所作為聲譽較良好的機構之替代變數。實證結果顯示，當獨立專家意見書是由聲譽較良好的機構所出具的，其併購溢價較低，表示這些機構會維護自身公司的聲譽，不容易受公司的管理階層所影響，而且這些機構都是具備專業的知識或最新的技術，可以給公司出具較合理的併購價格。

This paper investigates whether institution of independent expert opinion affects the acquisition premiums. Our sample includes listed companies completed by acquisition in Taiwan from 2002 to 2017. The larger audit firms are used as the proxy for institutions with better reputation. This paper finds that when the independent expert opinion is issued by institutions with better reputation, its acquisition premium is lower. The result suggests that these institutions maintain their own company reputation and are not easily influenced by the company's management, and these institutions have the expertise or the newest technology to provide the company the most reasonable acquisition price.

中文摘要 I
英文摘要 II
目錄 III
圖目錄 IV
表目錄 V
第壹章、前言 1
第一節、背景與動機 1
第二節、研究目的 3
第三節、研究架構 4
第貳章、文獻回顧 5
第一節、獨立專家意見書相關法規說明 5
第二節、併購溢價 7
第三節、專家意見書 12
第四節、會計師的聲譽 15
第參章、研究設計 18
第一節、假說發展 18
第二節、研究模型與變數衡量 20
第三節、資料來源與樣本選取 26
第肆章、實證結果分析 31
第一節、基本統計量 31
第二節、實證結果 35
第伍章、結論與建議 38
第一節、結論與貢獻 38
第二節、研究限制與建議 39
參考文獻 40
附錄 42
附錄一、同產業併購與不同產業併購事件 42
附錄二、專家意見書由四大會計師事務所出具 46

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