| Summary: | 碩士 === 國立臺北大學 === 經濟學系 === 96 === In recent years, merger and acquisition (M&A) activity has become a very common way for companies in hyper competitive environment to growth externally. Companies of the Taiwan electronics industry, the key branches of the Taiwan economy, also strengthen their competitive ability and reach their business goals and objectives by M&A. In this study, we construct the multiple regression models, using seven financial and four non-financial open information data of electronic public offering companies during the period 1999-2008 in Taiwan, to investigate the determinants of stock exchange ratio and merger premiums. The empirical results suggest there are five variables, including net operating income of the acquiring firm, cash flow per share of the target firm, cash transaction, horizontal integration and related parties, are positive relative to stock exchange ratio and merger premiums, and four variables, including cash flow per share of the acquiring firm, relative rate of return on assets of the acquiring firm to the target firm, relative size of the target firm to the acquiring firm and bargain power, make negative impact on stock exchange ratio and premiums. In addition, net operating income and market to book value of the target firm have no consistent impacts on stock exchange ratio and premiums. On the other hand, this study also discusses how the difference between the research of Hsu, Ming-Jen (2007) and our expanding model.
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