公司併購價格之決定-以電子業大聯大收購文曄為例

NCUIR > School of Management at National Central University > enterprise resource planning of Optics and Photonics > Electronic Thesis & Dissertation > Item 987654321/83877

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Title:	公司併購價格之決定-以電子業大聯大收購文曄為例
Authors:	陳麗雯;Chen, Li-Wen
Contributors:	會計研究所企業資源規劃會計碩士在職專班
Keywords:	公司價值;併購;現金流量折現;本益比;股利成長;股票淨值;corporate valuation;M&A;discounted cash flow method;price-to-earning ratio;dividend growth model;price-book ratio
Date:	2020-07-22
Issue Date:	2020-09-02 17:19:16 (UTC+8)
Publisher:	國立中央大學
Abstract:	在國際競爭和全球化影響下，企業可能透過併購方式達到提升市占率、擴充產能、掌握關鍵原材料、取得技術、完整產品線、財務投資等各種企業併購目的，但最終目的為創造主併購公司股東價值。因此主併企業必須審慎思考如何正確選擇具有良好公司價值被併購標的。本研究採用個案方式，以 2019 年電子通路商大聯大公開收購文曄股權為例，採用企業評價模型之「現金流量折現法」、「本益比法」、「股利成長法」、「股票淨值比」，估算文曄公司之每股股價價值，以驗證大聯大收購文曄公司之股價是否為合理之價格。現金流量折現法是在企業永續經營假設下，考量企業成長和風險因子之理論基礎，所求得被併購標的之公司每股價值。本益比法是選取台灣主要半導體通路商之同業本益比換算被併購標的之公司每股價值。股利成長法是被併購標的之公司支付給股東的股利和股東權益報酬率，來確定股票的內在價值，進而求出每股價值。最後個案再以股票淨值法計算合理股價。本個案研究經由上述方法證實，大聯大併購文曄公司之股票價格，確實有合理之收購價格依據。 ;With the increasingly competitive business environment and the globalization trend, some companies may use business acquisition as the means to expand market share, increase productivity,obtain strategic raw material/technology, or to obtain complete vertical integration, with the goal of improving shareholder value. Therefore, the purchasing company must be able to determine the proper value of the target. In our research, we will use the case study of 2019 WPG HOLDINGS LIMITED acquired WT Microelectronics Co., Ltd. We used the discounted cash flow model, price-to-earning ratio, dividend growth model, and price-book ratio, to determine whether the purchase price of WT Microelectronics Co., Ltd. was reasonable. The discounted cash flow method ( DCF ) is based on the assumption of the company′s sustainable operation, considering the theoretical basis of the company′s growth and risk factors, to obtain the value of the company′s per share target. The price-to-earning ratio method is to select the price-to-earnings ratio of the major semiconductor channel distributors in Taiwan to convert the value of the acquired company per share. The dividend growth model is the dividend and shareholder equity return rate paid by the target company to determine the intrinsic value of the stock and then the value per share. The final case then calculates the reasonable stock price using the stock equity method. This case study confirmed by the above method that the purchase price of the shares of WT by WPG does have a reasonable basis for the purchase price.
Appears in Collections:	[enterprise resource planning of Optics and Photonics] Electronic Thesis & Dissertation

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