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題名 專家意見評價結果與品質和主併公司股價關聯性-以台灣上市公司為例
Appraisal Outcome & Quality In Fairness Opinion For Acquiring Firms作者 盧作倫
Lu, Tso Lun貢獻者 吳啟銘
Wu, Chi Ming
盧作倫
Lu, Tso Lun關鍵詞 併購
併購溢酬
專家意見
評價品質
事件研究法
M&A
Acquisition Premium
Fair Opinion
Appraisal Quality
Event Study日期 2015 上傳時間 14-七月-2015 10:37:33 (UTC+8) 摘要 本研究以2002年至2013年台灣主併公司為上市公司的併購案件為樣本，探討專家意見評價結果和品質對主併公司短期股價影響。本研究結果有兩項發現：1. 於意見書揭露日時，若專家意見書評估價格高於雙方約定交易價格愈多時，即評價溢酬愈大，主併公司會有負向的累積異常報酬率。2. 於意見書揭露日時，若併購溢酬越大、或是併購溢酬大與評價品質高，主併公司會有負向的累積異常報酬率。 故本研究認為，台灣獨立專家制度相較歐美國家仍不成熟，相關配套措施及規範未規畫周詳，對於獨立專家的獨立性、專業性之確保，以及出具意見時評價方法的選擇標準、意見書應記載事項等規範過少，使得專家意見書於揭露時評價結果易受到市場及投資人懷疑。另外評價品質與主併公司異常報酬的關聯性在少數的樣本下無法表現出顯著性，市場及投資人較傾向以併購溢酬做為交易出價是否過高之依據。
This study analyses the relation between target firm appraisal outcome and quality disclosed in the fairness opinions and acquiring firm performances by using the samples of Taiwanese listed company in M&A transaction between 2002 and 2013. We find that the stock price reactions to the public disclosure of fairness opinions are negatively related to the difference between target firms valuations contained in the fairness opinion and the merger offer price. In addition, the greater the acquisition premium for or acquisition or high acquisition premium with high appraisal quality would result in negative stock price reactions as well. Under these conditions, this study suggests that Taiwan`s independent expert system in Taiwan still appeared to be immature, including that related supplementary measures are not careful planned, the independence of the independent expert, the professionalism of independent expert, and the criteria of valuation methods are not carefully regulated by the government. Therefore, the outcome and the quality of the fairness opinion may not to be trusted by the market and investors. Also, the association between appraisal quality and abnormal unable to be significant could result from the lack of number of samples.參考文獻 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。鄔洪勇 (1994)，企業評價關鍵因素之研究，東海大學企業管理研究所未出版碩士論文。伍忠賢 (2000)，企業購併─理論與實務，台北：新陸書局。吳啟銘 (2001)，企業評價個案實証分析, 智勝出版社孫梅瑞、陳隆麒(2002)，台灣地區上市公司從事併購活動對經營績效影響之研究，中山管理評論，第 10 卷第 1 期，155-184。 孫梅瑞、陳雅君(2010)，公司融資決策與併購績效關聯性之研究，商略學報，第 2 卷第 3 期，199-215。 陳傳毅(2010)，企業併購交易中獨立專家意見之功能與法律責任，東吳大學法律學系碩士在職專班法律專業組碩士論文。 陳楷仁(2011)，企業併購法第六條獨立專家相關問題之研析，國立臺北大學法律學系碩士論文。 黃玉雯(2012)，併購獨立專家之選擇及併購後綜效之探討，國立政治大學會計學系碩士論文。Agrawal, A., Knoeber, C. R., (1996). Firm performance and mechanisms to control agency problem between managers and shareholders. Journal of Financial and Quantitative Analysis 31(3), 377-397.Bowers, H. M. (2002). Fairness opinions and the business judgment rule: an empirical investigation of target firms` use of fairness opinions. Northwestern University Law Review, 96, 567–578.Bowers, H. M., & Latham, W. R. (2004). Value of Fairness Opinions in US Mergers and Acquisitions,1980-2003. Working Paper, University of Delaware.Cain, M. D., & Denis, D. J. (2013). Information production by investment banks:evidence from fairness opinions. Journal of Law and Economics, 56(1), 245-280.Carney, W. J. (1992). Fairness opinions: How fair are they and why we should do nothing about it. Washington University Law Quarterly, 70, 523.Chen, K. Y., & Wu, S.-Y. (2002). The effect of industry specialization on audit fees in Taiwan: The role of industry type. Working Paper. National Cheng Kung University.Chen, L. H., & Sami, H. (2010). Does the Use of Fairness Opinions Impair the Acquirers` Abnormal Returns? The Litigation Risk Effect. Advances in Investment Analysis and Portfolio Management, 4, 81-112.Darren J. Kisgen (2008). Are fairness opinions fair? The case of mergers and acquisitionsKisgen, J., Qian, J., Song, W., (2009). Are fairness opinions fair? The case of mergers and acquisitions. Journal of Financial Economics 91, 179-207.Liu, T. (2013). The Bidder`s Choice of a Fairness Opinion in Mergers and Acquisitions: The Impact on Value Creation. Working Paper.Malcolm Baker, Xin Pan, and Jeffrey Wurgler (2012). The Effect of Reference Point Prices on Mergers and Acquisitions Journal of Financial Economics, Vol. 106, No. 1 (October 2012): 49-71Muraa. P., Rappb. M., Schwetzlera, B., Wilmsa, A. (2011). The certification hypothesis of fairness opinions for acquiring firms. International Review of Law and Economics 31, 240– 248. 描述 碩士
國立政治大學
財務管理研究所
102357033
103資料來源 http://thesis.lib.nccu.edu.tw/record/#G0102357033 資料類型 thesis dc.contributor.advisor 吳啟銘 zh_TW dc.contributor.advisor Wu, Chi Ming en_US dc.contributor.author (作者) 盧作倫 zh_TW dc.contributor.author (作者) Lu, Tso Lun en_US dc.creator (作者) 盧作倫 zh_TW dc.creator (作者) Lu, Tso Lun en_US dc.date (日期) 2015 en_US dc.date.accessioned 14-七月-2015 10:37:33 (UTC+8) - dc.date.available 14-七月-2015 10:37:33 (UTC+8) - dc.date.issued (上傳時間) 14-七月-2015 10:37:33 (UTC+8) - dc.identifier (其他 識別碼) G0102357033 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/76587 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 財務管理研究所 zh_TW dc.description (描述) 102357033 zh_TW dc.description (描述) 103 zh_TW dc.description.abstract (摘要) 本研究以2002年至2013年台灣主併公司為上市公司的併購案件為樣本，探討專家意見評價結果和品質對主併公司短期股價影響。本研究結果有兩項發現：1. 於意見書揭露日時，若專家意見書評估價格高於雙方約定交易價格愈多時，即評價溢酬愈大，主併公司會有負向的累積異常報酬率。2. 於意見書揭露日時，若併購溢酬越大、或是併購溢酬大與評價品質高，主併公司會有負向的累積異常報酬率。 故本研究認為，台灣獨立專家制度相較歐美國家仍不成熟，相關配套措施及規範未規畫周詳，對於獨立專家的獨立性、專業性之確保，以及出具意見時評價方法的選擇標準、意見書應記載事項等規範過少，使得專家意見書於揭露時評價結果易受到市場及投資人懷疑。另外評價品質與主併公司異常報酬的關聯性在少數的樣本下無法表現出顯著性，市場及投資人較傾向以併購溢酬做為交易出價是否過高之依據。 zh_TW dc.description.abstract (摘要) This study analyses the relation between target firm appraisal outcome and quality disclosed in the fairness opinions and acquiring firm performances by using the samples of Taiwanese listed company in M&A transaction between 2002 and 2013. We find that the stock price reactions to the public disclosure of fairness opinions are negatively related to the difference between target firms valuations contained in the fairness opinion and the merger offer price. In addition, the greater the acquisition premium for or acquisition or high acquisition premium with high appraisal quality would result in negative stock price reactions as well. Under these conditions, this study suggests that Taiwan`s independent expert system in Taiwan still appeared to be immature, including that related supplementary measures are not careful planned, the independence of the independent expert, the professionalism of independent expert, and the criteria of valuation methods are not carefully regulated by the government. Therefore, the outcome and the quality of the fairness opinion may not to be trusted by the market and investors. Also, the association between appraisal quality and abnormal unable to be significant could result from the lack of number of samples. en_US dc.description.tableofcontents 摘要 i目錄 iv表目錄 v第一章 緒論 6第一節 研究背景與動機 6第二節 研究目的 8第二章 相關議題與文獻回顧 10第一節 獨立專家制度與相關法規 10第二節 專家意見書揭露規定 12第三節 併購交易價值評估流程: 15第四節 文獻回顧 20第三章 研究設計 23第一節 研究假說 23第二節 樣本選取與資料來源: 25第三節 研究方法: 27第四節 複迴歸分析 34第四章 實證結果分析 41第一節 敘述統計分析及共線性檢定 41 第二節 評價品質統計結果 44 第三節 異常報酬實證分析 47第五章 結論與建議 51第一節 研究結論 51第二節 研究限制與後續研究建議 53參考文獻 54附件一 54 zh_TW dc.format.extent 1091833 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0102357033 en_US dc.subject (關鍵詞) 併購 zh_TW dc.subject (關鍵詞) 併購溢酬 zh_TW dc.subject (關鍵詞) 專家意見 zh_TW dc.subject (關鍵詞) 評價品質 zh_TW dc.subject (關鍵詞) 事件研究法 zh_TW dc.subject (關鍵詞) M&A en_US dc.subject (關鍵詞) Acquisition Premium en_US dc.subject (關鍵詞) Fair Opinion en_US dc.subject (關鍵詞) Appraisal Quality en_US dc.subject (關鍵詞) Event Study en_US dc.title (題名) 專家意見評價結果與品質和主併公司股價關聯性-以台灣上市公司為例 zh_TW dc.title (題名) Appraisal Outcome & Quality In Fairness Opinion For Acquiring Firms en_US dc.type (資料類型) thesis en dc.relation.reference (參考文獻) 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。鄔洪勇 (1994)，企業評價關鍵因素之研究，東海大學企業管理研究所未出版碩士論文。伍忠賢 (2000)，企業購併─理論與實務，台北：新陸書局。吳啟銘 (2001)，企業評價個案實証分析, 智勝出版社孫梅瑞、陳隆麒(2002)，台灣地區上市公司從事併購活動對經營績效影響之研究，中山管理評論，第 10 卷第 1 期，155-184。 孫梅瑞、陳雅君(2010)，公司融資決策與併購績效關聯性之研究，商略學報，第 2 卷第 3 期，199-215。 陳傳毅(2010)，企業併購交易中獨立專家意見之功能與法律責任，東吳大學法律學系碩士在職專班法律專業組碩士論文。 陳楷仁(2011)，企業併購法第六條獨立專家相關問題之研析，國立臺北大學法律學系碩士論文。 黃玉雯(2012)，併購獨立專家之選擇及併購後綜效之探討，國立政治大學會計學系碩士論文。Agrawal, A., Knoeber, C. R., (1996). Firm performance and mechanisms to control agency problem between managers and shareholders. Journal of Financial and Quantitative Analysis 31(3), 377-397.Bowers, H. M. (2002). Fairness opinions and the business judgment rule: an empirical investigation of target firms` use of fairness opinions. Northwestern University Law Review, 96, 567–578.Bowers, H. M., & Latham, W. R. (2004). Value of Fairness Opinions in US Mergers and Acquisitions,1980-2003. Working Paper, University of Delaware.Cain, M. D., & Denis, D. J. (2013). Information production by investment banks:evidence from fairness opinions. Journal of Law and Economics, 56(1), 245-280.Carney, W. J. (1992). Fairness opinions: How fair are they and why we should do nothing about it. Washington University Law Quarterly, 70, 523.Chen, K. Y., & Wu, S.-Y. (2002). The effect of industry specialization on audit fees in Taiwan: The role of industry type. Working Paper. National Cheng Kung University.Chen, L. H., & Sami, H. (2010). Does the Use of Fairness Opinions Impair the Acquirers` Abnormal Returns? The Litigation Risk Effect. Advances in Investment Analysis and Portfolio Management, 4, 81-112.Darren J. Kisgen (2008). Are fairness opinions fair? The case of mergers and acquisitionsKisgen, J., Qian, J., Song, W., (2009). Are fairness opinions fair? The case of mergers and acquisitions. Journal of Financial Economics 91, 179-207.Liu, T. (2013). The Bidder`s Choice of a Fairness Opinion in Mergers and Acquisitions: The Impact on Value Creation. Working Paper.Malcolm Baker, Xin Pan, and Jeffrey Wurgler (2012). The Effect of Reference Point Prices on Mergers and Acquisitions Journal of Financial Economics, Vol. 106, No. 1 (October 2012): 49-71Muraa. P., Rappb. M., Schwetzlera, B., Wilmsa, A. (2011). The certification hypothesis of fairness opinions for acquiring firms. International Review of Law and Economics 31, 240– 248. zh_TW
