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    Title: 公司併購時相關公司之價值衡量
    Enterprise Value evaluation during M&A
    Authors: 李科甲
    Li, Ko Chia
    Contributors: 郭維裕
    Kuo, Wei Yu
    李科甲
    Li, Ko Chia
    Keywords: 公司之價值衡量
    Enterprise Value
    Date: 2009
    Issue Date: 2013-09-05 13:58:44 (UTC+8)
    Abstract: 併購本身是一個複雜的專業過程,涵括了經濟、金融、法律、商業、管理、及資源整合等之過程。併購與企業價值間之相關聯性,涉及到組織學、經營策略理論、企業金融理論、會計學、法律學等不同領域。欲橫跨不同領域作深入探討,困難度高。本人僅就涉及併購時相關企業價值之評估方法,粗淺之認識予以著墨。
    併購時之企業價值評估,有針對主併方企業、目標企業、及併購後聯合企業不同主體進行評估;對前面兩個既有之企業進行評估較為容易,對虛擬之聯合企業評估,則困難度大、風險高。在具有正確評估前面兩個既有企業價值之基礎上,合理預估併購後企業之營運狀況、正確計算協同效應之大小,才能正確評估併購後企業之價值。
    相關企業價值之評估方法,有針對不同考量之收益法(income approach)、市價法(market approach)及成本法(cost approach)等。詳細之分類,如文獻所敘述。
    本人服務之企業,尚未上市,故市值一項,無客觀標準;在企業內,集團要求之週期性財務報表以EPS, ROE, 及ROA 等作
    為衡量經營之成效。在文獻探討中之一小部份,也嘗試對價值增值(EVA)評估法予以瞭解,並就不同年代所使用之企業經營成效 表達 方式作一比較。
    以累積超常收益率(CAR, cumulative abnormal return)模式,作為併購後目標公司溢價、創造價值之探討,各國亦不乏有學者研究,受限於本人之才疏學淺,無法窺其門奧,只得割愛於此。
    Merge and acquisition is a complicated and professional procedure. It contains the integration of resources coming from the economics, finance, law, commerce, and management, etc. In response to the relationship between M&A and enterprise value, it also involves the different fields including Organization, business strategy theory, enterprise financial theory, Accounting, and Law. It`s difficult to have a thorough study.
    covering everything as mentioned above. What I did here is to understand the various evaluation methods of enterprise value during M&A process.
    The enterprise value evaluation during M&A will be performed specific to different parties including company to emerge, company to be merged, and the combined one after merging. It’s easier to evaluate the existing two companies compared to evaluate the neutral combined company, which will be with much more difficulty and higher risky.
    In order to accurately evaluate the enterprise value of the combined one, the foundation will be based on the evaluation on the two existing companies with sufficient accuracy. Then the assumption of the running situation after merging, and judgment of the dimension of coordination effects will be the key points.
    For the evaluation method of enterprise value will have the income approach, the market approach, and the cost approach depends on the different consideration. Further the further detailed classification, please see Para. 7-2.
    The company which I am working for is not IPO yet, there`s no fair enterprise value available for the reference. The periodic financial statements as considering by the mother company to evaluate the company`s performance will be EPS, ROA, and ROE, etc.
    In the article discussion paragraph, the application of EVA (economic value added) was brought up for understanding. And the information collected regarding the comparison of ROS, ROE and EVA different performance evaluation at the different stages.
    Some scholars studied the premium and/or value creation of target companies after M&A via CAR (cumulative abnormal return) model.
    I ignored it here as the limitation of my personal knowledge in this field.
    Reference: 一、日文部份
    1. 前川南加子、野寺大輔、松下圓,「M&A の基本」,日經文庫,(2005)。
    2. 伊藤邦雄,「企業價值評價」,日本經濟新聞出版社,(2007)。
    3. 渡邊康夫,「圖解企業價值入門」,東洋經濟新報社,(2006)。
    4. 功崎哲也,「藉圖解瞭解M&A」,日本實業出版社,(2005)。
    5. 中田研二,「財務四表之讀法」,中經出版社,(2008)。
    6. 三上直行、長古川高宏,「認清企業價值之方法」、東洋經濟週刊,(2008/03/15)。
    7. 竹中正明,「公司合併之手引」,日本經濟新聞出版社,(1970)。

    二、中文部份
    1. 廬文瑩,「外資併購策略」,上海財經大學出版社,(2004)。
    2. 吳曉求,「公司併購原理」,中國人民大學出版社,((2002)。
    3. 黃偉峰,「併購實務的第一本書」,商周出版,(2002)。
    4. 喬志敏、張文新「資產評估學教程」,中國人民大學出版社,(2006)。
    5. 牛彥秀、劉媛媛「財務管理」,經濟科學出版社,(2006)。
    6. 林俊華「臺灣工程公司國際化成長策略之個案研究」,(2007)。

    二、英文部份
    1. Aswath Damodaran, Applied Corporate Finance, John Wiley & Sons Inc. 1997
    Description: 碩士
    國立政治大學
    經營管理碩士學程(EMBA)
    95932402
    98
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0095932402
    Data Type: thesis
    Appears in Collections:[經營管理碩士學程EMBA] 學位論文

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