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標題: 企業併購之策略與評價 - 以台灣機械業個案為例
The Strategies and Valuation of Mergers and Acquisitions: A Case Study of the Machinery Sector in Taiwan
作者: 楊德華
Yang, Te-Hwa
關鍵字: 併購
Mergers and Acquisitions
Business Valuation
Market-comparative Approach
Discounted-cash-flow Approach
Corporate Control
出版社: 高階經理人碩士在職專班
引用: 中文部分 1. 吳佳晉 (民 91),「企業評價方法之應用—以個案公司為例」,銘傳大學管理科學研究所在職專班碩士論文。 2. 吳啟銘 (民 89),「企業評價-個案實證分析」,智勝出版社。 3. 沈一中 (民 93),「TFT-LCD產業之企業評價與價值創造策略之研究-以友達、華映、廣輝為例」,清華大學企業管理研究所未出版碩士論文。 4. 汪海粟編 (民 94),「企業價值評估」,復旦大學出版社。 5. 周佳穎 (民 91),「企業評價模式在半導體產業之應用」,東吳大學企業管理研究所未出版碩士論文。 6. 邱建欽 (民 89),「台灣地區上市公司股票評價模式之研究-以機電業為例」,政治大學企業管理研究所碩士論文。 7. 洪美慧 (民 89),「台灣地區上市公司股票評價模式之研究-以電器電纜業為例」,政治大學企業管理研究所碩士論文 8. 徐俊明 (民 102),「企業併購與重組」,手稿。 9. 陳沂爭 (民 90),「負盈餘公司評價之問題」,輔仁大學金融研究所未出版碩士論文。 10. 陳怡倫 (民 86),「台灣高科技產業上市公司股票評價模式之研究」,政治大學企業管理研究所未出版碩士論文。 外文部分 Bradley, Michael, Anand Desai, and E. Han Kim., 1988, Synergistic gains from corporate acquisitions and their division between the stockholders of target and acquiring firms, Journal of Financial Economics 21, 3-40. Campbell, J. Y. and R. J. Shiller, 1998, Valuation ratios and the long-run stock market outlook, Journal of Portfolio Management 24, 11-26. Copeland, T. E., T. Koller, and J. Murrin, 2000, Valuation: Measuring and managing the value of companies, 3rd ed., John Wiley & Sons, Inc. Eckbo, B. E., 1983, Horizontal mergers, collusion, and stockholder wealth, Journal of Financial Economics 11, 241-273. Francis, J., P. Olsson, and D. R. Oswald, 2000, Comparing the accuracy and explainability of dividend, free cash flow, and abnormal earnings equity value estimates, Journal of Accounting Research, 45-70. Goodman, D. A. and J. W. Peavy, 1986, The interaction of firm size and price-earnings ratio on portfolio performance, Financial Analysts Journal, 9-12. Hall, B., A. Jaffe, and M. Trajtenberg, 2000, Market value & patent citation: a first look, NBER Working Paper. Hannan, T. H. and S. A. Rhoades, 1987, Acquisition targets and motives: The case of the banking industry, Review of Economics and Statistics, 67-74. O''Byrne, S. F., 1996, EVAR and market value, Journal of Applied Corporate Finance 9, 116-126. Ohlson, J. A., 1995, Earnings, book values, and dividends in equity valuation, Contemporary accounting research 11, 661-687. Stillman, R., 1983, Examining antitrust policy towards horizontal mergers, Journal of Financial Economics 11, 225-240. Vaughn, D., 1983, Controlling unlawful organizational behavior social structure and corporate misconduct, Chicago: University of Chicago Press.
摘要: 本文以台灣程泰機械公司併購亞崴機電公司的個案進行策略與評價分析,結果發現,該併購不僅可以擴大亞崴的產品市場、提升技術與降低採購成本,也有助於併購後的國際化及營運彈性的提升,換言之,該併購案明顯具有「綜效 (Synergy)」,另外,本文以市場比較法或現金流量折現法計算,皆發現該案值得進行;其次,本文亦對該併購案的整合進行分析,認為有值得改進的地方;最後,本文整理長期併購及所有權變動策略,討論未來集團的控制權策略與做法。
This study analyzes the strategies and values of the case of Taiwanese Goodway Machinery Corp. acquiring Awea Machantronic Corp. in 2002. I find that acquisition of Awea by Goodway was able to augment their post-merger market, upgrade their techiniques, lower their purchasing cost, and help the internationalization of the firm. In other words, the acquisition can generate significant synergies. In addition, I use comparative market and discounted cash flows approaches to value Awea, and find that the company was worth of acquisition. However, there was still space to improve for their post-merger integration. I also discuss some directions and methods of corporate control for the Goodway group’s long-run development.
其他識別: U0005-1007201313352800
Appears in Collections:高階經理人碩士在職專班



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