博碩士論文 954300070 詳細資訊




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姓名 簡銘佑(MIN-YU CHIEN)  查詢紙本館藏   畢業系所 高階主管企管碩士班
論文名稱 企業併購中之企業鑑價模式分析-以A公司與B公司為例
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摘要(中) 鑑價的正確性對於併購的成功與否扮演這重要的角色。如果併購目標企業的價值可以被正確的估計出來,則該項併購會成功的機會即可顯著的提高。這就是我們的研究動機。藉由研究關於鑑價的相關議題,我們想要建立一個適當的財務鑑價模式,來對併購目標企業進行鑑價。
本研究是以個案研究出發,先選定兩件在台灣發生的併購事件,以收集資料,再根據所推倒出之多重方法評價模式計算出目標公司的理論價值,然後將其與實際交易價格作比較,以檢驗本模式之有效性。
多重方法評價模式是先分別根據四種主要的鑑價模式來計算併購目標公司的價值,再將所得到的這些數值作加權平均,以作為目標公司的價值。不同的鑑價模式會得到不同的價值。資產價值模式衡量實體資產的價值。股價模式衡量公司在股票市場的價值。市場比較模式衡量一個類似的併購的交易價格。所得價值模式衡量現金流的現值。這四種模式所得到的價值的加權平均能夠完全代表目標公司的價值。
摘要(英) A multi-model method is developed in this study based on four value methods- asset value method, stock price method, comparable market method, and income value method, by taking the weigted average of the values generated by these four methods. Two cases of mergers are studied to compare the actual transaction prices and the values from these value methods, in order to evaluate the effectiveness of the value methods used.
關鍵字(中) ★ 鑑價
★ 個案研究
★ 多重方法評價模式
★ 併購
關鍵字(英) ★ case study
★ value method
★ merger and acquisition
★ multi-model method
論文目次 中文摘要………………………………………………………………iv
英文摘要……………………………………………………………… v
誌謝…………………………………………………………………… vi
目錄………………………………………………………………… vii
表目錄…………………………………………………………………ix
圖目錄…………………………………………………………………xi
第一章 緒論………………………………………………… ………1
第一節 研究動機………………………………………………………1
第二節 研究目的…………………………………………………… 1
第三節 研究架構…………………………………………………… 2
第二章 企業併購………………………………………………6
第一節美國的企業併購……………………………………………… 6
第二節 歐洲的企業併購…………………………………………… 9
第三節 台灣的企業併購…………………………………………… 11
第四節 企業併購的動機與程序…………………………………… 13
第五節 併購的財務鑑價問題……………………………………… 28
第三章 文獻回顧……………………………………………………31
第一節 相關的研究文獻…………………………………………… 31
第二節 財務鑑價方法……………………………………………… 33
第四章 研究方法……………………………………………………51
第一節 研究架構……………………………………………………51
第五章 研究結果與分析………………………………………… 54
第一節 個案研究-公司A………………………………………… 54
第二節 個案研究-公司B………………………………………… 87
第六章 結論與建議……………………………………………… 97
第一節 結論…………………………………………………………97
第二節 建議…………………………………………………………98
參考文獻………………………………………………………………99
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指導教授 滕曉雲 審核日期 2008-7-20
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