臺灣博碩士論文加值系統

企業併購源自歐美等先進國家，在國際化及全球化之趨勢下，台灣之企業為了提升競爭力及跨足國際，因此藉由併購使企業快速成長成為經營策略之重要工具；透過併購，可以擴大企業的經營規模、增加營收、提高市場佔有率、降低生產成本及營運費用、強化財務結構、增加資本利得及取得稅賦優惠等等。
在企業併購過程中，除了選擇合適對象為主要考量外，價格亦為是否併購及成功與否之重要關鍵，因此企業併購價值評估為重要之環節，尤其，當主併P公司為上市、櫃公司，而被併購S公司為非公開發行時，因主併購公司不易取得被併購公司足夠資料，處於資訊不對稱狀態，加上主併購公司為上市、櫃公司時，為了保護股東的權益，除併購交易之價格合理性及相關條件等均需資訊公開及透明外，交易過程常受到主管機關及相關法令之要求與限制，因此困難度較高。
本研究以P公司及S公司為實例分析，主要針對企業併購價值評估進行研究、探討及分析，希望藉由文獻探討來檢視S公司的價值合理性，分別透過資產基礎法、收益基礎法及市場基礎法評估；尤其S 公司屬觀光飯店及餐飲業，主要資產為不動產，針對不動產之評價，以往多委託專業鑑價公司針對不動產進行鑑價作為參考依據；近年來，內政部主推不動產交易價格公開透明化，並建置不動產實價登錄專屬網站供查詢；因此本研究亦針對S公司不動產進行價值評估，期能以較為公正、客觀的角度探討評估價格。另針對資產交易及股權交易之優缺點進行研究及探討，最後針對兩家公司稅賦之影響進行研究及探討。期望本研究提出的研究結論、研究限制及相關建議，能提供給企業在併購發展及學術研究過程中，有關併購價值評估議題時之參考。

Corporate merger and acquisition (M & A) has originated from developed countries in the US and Europe. Under the trend of internationalization and globalization, corporate M & A has become an important strategic tool for Taiwanese companies to accelerate growth in order to enhance competitiveness and expand abroad; through M & A, companies would be able to expand the scale of operation, boost revenue, gain market share, lower cost of production and operations, enhance financial structure, increase capital gain, and obtain tax benefits.

In the process of M & A, aside from the main consideration of choosing the right target company, price is the key determining factor of a successful M & A, and, therefore, valuation of the target company constitutes a critical part of the process. Especially in the case involving the acquiring Company P, a public listed company, and the target Company S, a private company, where there exists an imbalance of information due to the lesser accessibility of the data of the target company, despite the fairness of the transaction price and the transparency of all the related information, the M & A is often more difficult as the process would likely be challenged and restricted by the governing authorities and related laws and regulations in order to protect the interests of shareholders of the public listed Company P.

Based on the actual case of Company P and Company S, this study focuses on the research, investigation, and analysis of the valuation of the target company and intends to, through references and discussion, scrutinize the fairness of the value of Company S using different valuation methods of asset approach, income approach, and market approach. Furthermore, Company S is in the hospitality industry with main asset being the real estate property, and the assessment of the value of real estate property has traditionally been done by professional appraisal companies. In recent years, the Ministry of the Interior has been promoting the transparency of real estate transactions and has established a dedicated public website for the recording of all real estate transaction price. Therefore, based on the assessment of the property value of Company S, this study wishes to achieve an objective and unbiased analysis of the valuation of Company S. It also intends to explore the pros and cons between asset and share purchase, and finally, to assess the tax implications for both companies. The conclusion, limitations, and recommendations of this study intend to serve as a reference for corporate M & A and academic research.

論文口試委員簽名單 I
中文摘要 II
ABSTRACT IV
目錄 VI
圖目錄 VIII
表目錄 IX
第一章 ：緒論 1
第一節 、研究背景與動機 1
第二節 、研究目的 3
第三節 、研究流程 4
第二章 ：文獻探討 6
第一節 、併購的定義及類型 6
第二節 、併購的動機及常用的併購流程 8
第三節 、企業評價方法及併購後整合 10
第四節 、我國企業併購法重大變革 12
第三章 、研究設計 14
第一節 、研究方法 14
第二節 、價值衡量方法之評估 15
第三節 、併購交易價值衡量之流程 19
第四章 、個案簡介及產業分析 23
第一節 、個案公司簡介 23
第二節 、個案公司產業分析 24
第五章 、 實證結果 33
第一節 、S個案公司之價值評估 33
第二節 、個案公司資產交易與股權交易之評估 59
第三節 、個案公司併購之稅賦相關問題探討 62
第六章 結論及建議 67
第一節 、研究結論 67
第二節 、研究限制及建議 69
參考文獻 71

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