| Summary: | 碩士 === 國立臺北大學 === 會計學系 === 95 === The Taiwan financial industry has experienced an unprecedented wave of merger and acquisition activity with the passing of the Financial Institutions Merger Act and Financial Holding Company Act. Since the valuation method of purchase price and stock exchange ratio between acquirer and target, not being fully disclosed to the public. Consequently, shareholders have difficulties in protecting their own interests. This study examines the relationship between merger premiums and key factors from both the financial and non- financial perspectives.Results from the multiple regression of the sample includes merging subsidiaries indicate that price to book value and book value per share of target have significantly positive effects on merger premiums. In the second model of the sample excludes merging subsidiaries indicate that ROE, number of employees, price to book value, book value per share of target, acquirer’s total asset are all positively and significantly impact on merger premiums, and government owned ratio, number of branches in country are significantly negative associated with merger premiums. These findings suggest that there are significantly different between merging subsidiaries and outside companies for financial industry. In addition, government should rethink its the policy of the financial innovation due to financial institution owned by government got lower merger premiums than others.
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