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    政大機構典藏 > 商學院 > 財務管理學系 > 學位論文 >  Item 140.119/68231
    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/68231

    Title: 合理性意見書是否具有資訊意涵?-以台灣上市公司併購案為例
    Does Fairness Opinion Contain Useful Information? - The cases of M&A in Taiwan
    Authors: 林宇軒
    Contributors: 岳夢蘭
    Keywords: 獨立專家
    Independent expert
    Certification effect
    Event study
    M&A synergy
    Date: 2013
    Issue Date: 2014-08-06 11:40:30 (UTC+8)
    Abstract: 本研究以2002年至2012年台灣主併公司為上市公司的併購案件為樣本,探討合理性意見書評價內容和主併公司短期股價影響及併購後綜效之關聯性。研究結果發現,於意見書揭露日時,若獨立專家評估價格高於雙方約定交易價格愈多時,即評價溢酬愈大,或是評價報告由高聲譽獨立專家所出具,主併公司會有正向的累積異常報酬率;且在此情況下,主併公司併購後綜效亦會愈大。故本研究認為,合理性意見書中的評價資訊,於揭露時具有訊號發射效果,可以幫助外部股東及投資人判斷交易是否對其有利,降低內外資訊不對稱,同時亦具有認證併購後公司會產生合併綜效之功能。因此,併購時獨立專家所出具之合理性意見書確實具有資訊意涵。
    This study analyses the relation between target firm valuations disclosed in the fairness opinions and acquiring firm performances by using the samples of Taiwanese listed company in M&A transaction between 2002 and 2012. We find that the stock price reactions to the public disclosure of fairness opinions are positively related to the difference between target firms valuations contained in the fairness opinion and the merger offer price and the reputation of independent experts. Under these conditions, the synergy in the M&A may be higher than others. Therefore, we suggest that the information contained in the fairness opinions can not only reduce information asymmetry between management and stockholders, but also certify that the M&A transaction will produce synergy. We conclude that fairness opinion does contain useful information to market participants.
    Reference: 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,第26期(4月),1-23。






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    Description: 碩士
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0101357005
    Data Type: thesis
    Appears in Collections:[財務管理學系] 學位論文

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