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標題: | 股價錯估透過併購對股票價值造成的影響 Market Misvaluation Affects the Stock Value by the Acquisition |
作者: | Shin-Kai Huang 黃信凱 |
指導教授: | 胡星陽 |
關鍵字: | 股價高估,高本益比,併購,每股盈餘, Overvaluation,PE ratio,M&A,EPS, |
出版年 : | 2017 |
學位: | 碩士 |
摘要: | 近年來,陸資企業挾高本益比至全球大肆併購,強化其技術、研發及
品牌管理,並提升公司每股盈餘與每股價值。本研究探討併購雙方本益比 差距與併購後主併方預期每股盈餘變動之關聯性,以及併購雙方股價高低 估程度之差距與併購後主併方每股價值變動之關聯性。 本文蒐集全球 2000 年至 2016 年進行併購活動之上市櫃公司為樣本,實證結果顯示,當主併方本益比較標的方來的愈高時,主併方預期在併購後提升其每股盈餘的可能性愈大,且其平均提升的幅度也愈大。而當主併方股價高估程度較標的方來的愈高或主併方股價低估程度較標的方愈低時,主併方在併購後提升其每股價值的機會及平均幅度也愈高。 Chinese outbound M&A have significantly increased in recent years. These deals have aimed to import advanced technology, build brands and increase earnings. This study examines two things. One is the relationship between the difference of acquirers’ PE ratio and targets’ PE ratio and the variation in acquirers' expected EPS. The other is the difference between acquirers and targets’ valuation and its’ effect on the variation in acquirers’ value per share by the acquisition. Our sample consists of global M&A deals with announcement dates between 2000 and 2016. The empirical results show that the higher positive difference between acquirers’ PE ratio and targets’ PE ratio, the higher probability that acquirers can enhance their EPS. In addition, relative to target, acquirers with higher overvaluation tend to increase their stock values. |
URI: | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/20844 |
DOI: | 10.6342/NTU201701176 |
全文授權: | 未授權 |
顯示於系所單位: | 財務金融學系 |
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ntu-106-1.pdf 目前未授權公開取用 | 3.83 MB | Adobe PDF |
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