| Summary: | 碩士 === 國立臺灣大學 === 財務金融學研究所 === 88 === Title of Thesis: The Study of TSMC Merged WSMC on the Financial Valuation Analysis
Key Word: mergers and acquisitions, M&A, merger, acquisition, valuation financial valuation.
Name of Institute: Graduate Institute of Finance, National Taiwan University
Graduate Date: July, 2000 Degree Conferred: Master
Name of Student: Chiu-Yu Lee Advisor: Dr. Chau-Chen Yang
Throughout the whole world, there has been a continuous trend of mergers and acquisitions among many kinds of industries for the purposes of extending the economic scope, expanding the market share and reducing the operation cost. Real improvements in production efficiency can result in products of higher quality and lower cost.
On the valuation point of view, the link between strategy and finance has become very close and clear. Financing and investment are now inextricably linked. This reality presents a challenge to business managers: the need to manage value. They need to focus as never before on the value their corporate and business-level strategies are creating. As a result of restructurings, companies face unprecedented opportunities to acquire assets and businesses that may be worth more to them than to their original owners.
The primary goal in this thesis is to demystify the field of valuation. Too often, valuation has been viewed as a specialized discipline unto itself, rather than as a key tool for running businesses better. But valuation is not a rarefied art or arcane science. We hope that value-based thinking and the application of sophisticated valuation approaches will soon become common-place. We believe that clear thinking about valuation and skill in using valuation to guide business decisions are prerequisites for success in today''s competitive environment. Value needs to be understood clearly by CEOs, business managers, and financial managers alike.
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