| Summary: | 碩士 === 國立暨南國際大學 === 財務金融學系 === 94 === This thesis is composed of two articles. The first article studies the factors that will influence the bid premium in Taiwan. Four main findings are as follows. First, for financial institution acquirer, the bid premium is positively and significantly affected by the capital ratio and market power while it is negatively and significantly affected by the return of equity, volatility of return, director’s shares holding and CPA. Second, for non-financial institution acquirer, the bid premium is positively associated with interest cover ratio and relative employee, while it is negatively associated with the return of equity and the shareholdings of directors. Third, for financial institution target, the return of equity and capital ratio are positively related to the bid premium, but the correlation of company and CPA are negatively related to it. Fourth, for non-financial institution target, relative employee and debt ratio have positive relation with the bid premium, but the relative size has negative relation with it.
The second article examines the differences of global financial institutions’ bid premium from the activities of industry, year, geographical location, cross-border, the method of payment, different industry, development of country, type of financial institution and law of the country. The main findings are as follows. First, for acquirer variables, the bid premium is positively and significantly affected by the Loan Loss Reservation and Liquidity of Asset to Deposit ratio, while it is negatively and significantly affected by Non-Performance Loan. Second, for target variables, there is positive relationship between the Net Interest Margin and bid premium, but there is negative relationship between the Leverage ratio and Non-Performance Loan and bid premium for target variables. Third, for opposite relative variables, Other Operating Income ratio and Net Interest Margin have positive relation with bid premium, while Cost to Income ratio and Loan to Deposit ratio have negative relation with bid premium.
To sum up, we can conclude that both financial and non-financial variables from acquirers and targets are important in deciding the bid premium. Although non-financial institutions are also affected by the financial variables, financial institutions are mainly affected by the non-financial variables. The main emphasis that we should realize is how much premium the acquirer could afford to pay, not the premium they set for the target.
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