研究生: |
吳浩維 Hao-Wei Wu |
---|---|
論文名稱: |
以重塑EVA模型分析台灣企業併購之財務要素 Using Revised EVA Model to Analyze Fundamental Financial Elements of Taiwanese Mergers and Acquisitions |
指導教授: |
謝劍平
Joseph C.P. Shieh |
口試委員: |
陳俊男
Chun-Nan Chen 梁瓊如 Chiung-Ju Liang |
學位類別: |
碩士 Master |
系所名稱: |
管理學院 - 財務金融研究所 Graduate Institute of Finance |
論文出版年: | 2019 |
畢業學年度: | 107 |
語文別: | 中文 |
論文頁數: | 36 |
中文關鍵詞: | 經濟附加價值 、重塑經濟附加價值 、併購 |
外文關鍵詞: | Mergers and Acquistions |
相關次數: | 點閱:565 下載:0 |
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近年來,全球經濟環境急劇變化,日新月異的科技導入與應用到各領域行業當中,提供人們更加便利的服務,同時也使得企業間較勁更加強烈;政治局勢不穩,例如:保護主義的興起,影響著眾多企業的營運策略及投資決策。而在此低利與競爭激烈的時代,我們可以看到許多企業以併購為成長的手段,在險峻的大環境中,從新的營運模式中拓展藍海,或是保有自己立於不敗的實力。本文希望透過研究經濟附加價值(EVA)與其重塑模型(EVAOE),實證其是否為較佳的評估企業價值與績效的方法,進一步深究重塑經濟附加價值模型中六項因子的重要程度。
重塑經濟附加價值模型,目的是將經濟附加價值所涵蓋之資訊,充分運用於企業評價當中,仿杜邦分析方程式拆解原理導出,接著,以導出之六項因子為本,深入研究併購過程中併購方需要著重之重點,發揮併購案件綜效,達成併購初衷。
本研究透過多元迴歸分析的方式,實證出在台灣的併購案件當中,EVAOE之解釋能力相較於EVA來的高與顯著,卻也同時發現以台灣的併購樣本來說,EPS在併購宣告兩年內,較EVAOE來的顯著。
最後,進行EVAOE之拆解與迴歸,研究其中六項財務因子對於EVAOE之解釋能力及其影響結果,希望透過本文之研究,提供併購雙方有效的參考準則及指標,使得未來之併購案件能成功發揮其應有之綜效。
In recent years, there has been some drastic changes in the global economic environment, with new technologies being introduced and applied to industries in various fields and more efficient and convinient services provided to customers. These changes have increased the competition and rivalry between firms. Meanwhile, political instablity worldwide also gave rise to trade barriers such as protectionism (e.g. United States), which also affected many companies' operating strategies and investment decisions. As a result, many companies began to adopt mergers and acquisitions as a mean of growth to expand the Blue Ocean with a new business model and also to maintain their unassailable position in this low profits - fierce competition market environement.
This paper is focused on whether it is a better way of assessing corporate value and performance by studying the EVA(Economic Value-Added) and its revised model EVAOE(Economic Value-Added On Equity), while examining the importance of the six factors of the EVAOE model.
The purpose of the EVAOE model is to fully apply the information covered by the EVA to enterprise evaluation. By borrowing the equation disassembly concept derived from The DuPont Formula, the EVAOE can lead to six factors which will provide more details about mergers and acquisitions. With these information, one can analyze the relative importance of each indicator and apply on real merger cases.
Through multiple regression analysis, this study shows that the explanatory power of EVAOE model is higher and more significant than EVA's in M&A cases in Taiwan, indicating that EVAOE model is the better method to measure the value of the enterprises. However, it is also found that EPS is more significant than EVAOE model on mergers and acquisitions cases within two years in Taiwan.
Finally, the regression of EVAOE model was conducted to study the explanatory power of the six financial factors for EVAOE model and their impact. It is hoped that through the study of this paper, effective reference criteria and indicators for M&A parties can be provided so that M&A cases can be successfully used and fully display its synergy in the future.
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