臺灣博碩士論文加值系統

過去許多文獻試著用股權結構、投資機會、資訊不對稱、景氣循環等因素，探討不同併購支付方式對往後公司的影響，而本文探討以股票交換為併購方式的公司其換股比率是否影響合併後的績效，其結果依不同績效因子而有所不同。
以營運現金流量衡量公司營運上的績效，結果發現，換股比率的合理性對此無顯著影響，可能原因為公司規模所造成；扣除公司規模的影響，以營運現金流量的成長率衡量公司績效，結果發現，換股比率的合理性具有顯著的影響力，這隱含公司欲以股票作為合併支付的工具時，務必力求雙嬴的局面，因換股比率的不當而對一方或雙方不利，必會影響往後的發展；以股東的角度切入合併後的績效，結果顯示，換股比率對股東權益報酬無顯著影響，這表示即便是雙嬴的換股合併案，股東也無法就此獲利。

Recent studies on corporate merge and acquisition examine whether subjects such as ownership structure, investment opportunity, asymmetric information, business cycle have impacted on post-acquisition firm performance. This article examine whether exchange ratio used in stock offer as a method of payment, and the results rely on different performance factors.
The first performance factor using operating cash flows as performance on firm’s operating provides inconclusive result on the rationality of exchange ratio. It could result from firm size. The second performance factor using operating cash flows growth rate to exclude size effect provides significant influence that implies merging firms using stock offer as a method of payment have to get a double wins situation because irrationality exchange ratio will affect development in the future. The third performance factor in shareholder perspective provides inconclusive result on the rationality of exchange ratio. It means that even stock-offered acquisition with rational exchange ratio couldn’t benefit to shareholder.

第一章 緒論
第一節 研究動機與目的……………………………………………1
第二節 研究架構……………………………………………………2
第二章 文獻回顧
第一節 不同支付方式影響合併績效之相關文獻……………3
第二節 換股比率的相關文獻…………………………………7
第三節 L-G換股比率介紹 ……………………………………8
第三章 研究方法
第一節 研究資料來源 ……………………………………………14
第二節 研究樣本的選擇標準 ………………………………14
第三節 迴歸分析 ……………………………………………15
第四章 實證結果
第一節 敘述統計 ……………………………………………19
第二節 迴歸結果 ……………………………………………21
第五章 結論與建議
第一節 研究結論 ……………………………………………30
第二節 研究建議 ……………………………………………31
參考文獻……………………………………………………………32

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