台灣金融控股公司換股比率決定因素之研究

Abstract

雖然「金融機構合併法」以及「金融控股公司法」之通過提供國內金融機構相關法源據以進行同業與異業合併，但在子公司多以股份交換方式加入金融控股公司，換股比率之決定依據未明確揭櫫於公開資訊的情況下，合併雙方之股東與投資人無法評估其權益是否受到合理保障，換股比率合理性之爭議時有所聞。在諸多影響合併協商的因素中，本文嘗試從公開資訊之財務與非財務因素兩方面尋找換股比率的主要決定因素，並在包含六項財務變數與九項非財務變數的複迴歸模型下發現，財務面的資產報酬率與每股淨值，以及非財務面的員工平均年齡、簽證（或核閱）會計師事務所及董事長與總經理最高學歷程度五項變數對於換股比率皆有顯著之正向影響，並且模型截距項係數的不顯著結果說明當換股比率同時考量本文模型之財務與非財務變數時，主併與被併公司在併購價格中並未有顯著溢價或折價之收付。

Following the promulgation of the Financial Institutions Merger Act and Financial Holding Company Act in Taiwan, the M&A activities in the financial industry have surged over the last few years. Since the mergers for Taiwan financial holding companies are implemented through stock for stock exchange, the determinants of exchange ratio between acquiring and target companies, not being fully disclosed to the public, have given rise to much controversy. Consequently, the shareholders and the investors have difficulties in protecting their own interests. We investigate the possible factors affecting the exchange ratios from both the financial and non-financial perspectives. Our regression results suggest that five factors have significantly positive effects on the exchange ratio. These five factors including two financial and three non-financial factors are ROA, book value per share, average employees` ages, the CPA firms, and the educational background of chairman and CEO, respectively. In addition, the intercepts are not statistically significant in our regressions, implying that both acquiring and target companies do not pay any premiums/or discounts after incorporating the impact of the financial and non-financial factors.