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Author: 吳浩維
Hao-Wei Wu
Thesis Title: 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
Advisor: 謝劍平
Joseph C.P. Shieh
Committee: 陳俊男
Chun-Nan Chen
梁瓊如
Chiung-Ju Liang
Degree: 碩士
Master
Department: 管理學院 - 財務金融研究所
Graduate Institute of Finance
Thesis Publication Year: 2019
Graduation Academic Year: 107
Language: 中文
Pages: 36
Keywords (in Chinese): 經濟附加價值重塑經濟附加價值併購
Keywords (in other languages): Mergers and Acquistions
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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.

    目 錄 摘 要 I ABSTRACT II 誌 謝 III 目 錄 IV 圖目錄 VI 表目錄 VII 第壹章 緒論 1 第一節 研究背景與動機 1 第二節 研究目的 2 第三節 研究方法 3 第四節 研究架構與流程 4 第貳章 文獻回顧 5 第一節 併購定義及概況 5 第二節 EVA文獻回顧 8 第參章 研究方法 10 第一節 資料篩選 10 第二節 EVA簡介 10 第三節 變數設計 15 第四節 研究假設 16 第五節 資料結果 18 第肆章 實證結果 21 第一節 EVA、EVAOE對於MVA解釋能力分析 21 第二節 ROE、ROA、EPS對於MVA解釋能力分析 22 第三節 EVAOE與傳統會計指標對於MVA解釋能力分析 23 第四節 各項財務因素對EVAOE解釋能力分析 24 第伍章 結論與建議 25 第一節 研究結論 25 第二節 研究限制與建議 26 參考文獻 27 一、中文文獻 27 二、英文文獻 27 三、其他資料 28

    參考文獻
    一、中文文獻
    1. 林嬋娟、吳安妮,(1992),《台灣企業併購綜效及績效之實證研究》,《會計評論》,
    26期,頁1-23。
    2. 吳安妮,(1992),《台灣企業併購動機之實證研究》,《中華管理評論》,頁1-27。
    3. 王泰昌、劉嘉雯,(2000),《經濟附加價值(EVA)的意義與價值》,《中華管理評
    論》,第3卷第4期,頁15-30。
    4. 吳慧娟,(2002),《經濟附加價值、盈餘與股票報酬攸關興之實證研究》,碩士
    論文,中山大學財務管理學研究所。
    5. 劉美惠,(2007),《競賽理論、企業整併與績效表現:台灣金融服務業之實證研
    究》。
    6. 夏魯順、胡華,(2008),《基於EVA的上市公司績效實證分析》,財會通訊 (綜
    合版)。
    7. 譚中明、宋秀珍、周潔,(2008),《基於EVA的併購方併購績效實證分析》,財
    會通訊 (綜合版)。
    8. 黃興孿,(2009),《中國上市公司併購動因與績效研究》,博士論文,廈門大學。
    9. 吳啟銘,(2010),《企業評價—個案實證分析》,再版,智勝文化事業有限公司。
    10. 張逸綸,(2012),《短期與中長期下併購行為與營運績效之關係探討》,碩士論
    文,台灣大學財務金融學研究所。
    11. 陳千鶴,(2013),《跨國併購的績效實證研究:以開發中國家公司為例》,碩士
    論文,台灣大學財務金融學研究所。
    12. 謝劍平,(2014),《現代投資銀行》,第四版,智勝文化事業有限公司,頁148-180。
    二、英文文獻
    1. Bhagat, S., M., Dong, D., Hirshleifer, and R., Noah (2005)「Do tender offers create value? New methods and evidence」Journal of Financial Economics, Volume 76, No. 1, pp 3-60.
    2. Biddle, Gary C., Robert M. Bowen, and James S. Wallace (1997)「Does EVA beat earnings? Evidence on associations with stock returns and firms values」Journal of Accounting and Economics.
    3. Biddle, Gary C., Robert M. Bowen, and James S. Wallace (1999)「Evidence on EVA」Journal of Applied Corporate Finanace.
    4. Chen, Shimin and James L. Dodd (1997)「Economic Value Added (EVA™): An Empirical Examination of A New Corporate Performance Measure」Journal of Managerial Issues, Volume 9, No. 3, pp. 318-333.
    5. Ferguson, Robert, Joel Rentzler and Susana Yu (2006)「Trading Strategy on EVA and MVA: Are They Reliable Indicators of Future Stock Performance?」 Journal of Investing, Volume 3, No. 4.
    6. Garvey, Gerald T., and Todd T., Milbourn (2000)「EVA versus earnings: Does it matter which is more highly correlated with stock returns?」Journal of Accounting Research, pp. 209-245.
    7. Sharma, A., and S., Kumar (2010)「Economic value added (EVA) literature review and relevant issues」International Journal of Economics and Finance, Volume 2, No. 2, pp 200-220.
    8. Sharma, A., and S., Kumar (2012)「EVA versus conventional performance measures empirical evidence from India」In ASBBS Annual Conference, Las Vegas, CO.
    9. Waegelein, James F. and K.P. Ramaswamy (2003)「Firm financial performance following mergers」Review of Quantitative Finance and Accounting, Volume 20, Issue 2, pp115-126.
    10. Yook, Ken C. (2004)「The Measurement of Post-Acquisition Performance Using EVA」Quarterly Journal of Business and Economics, Volume 43, No. 3/4, pp. 67-83.

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