The Empirical Research of Acquisition Premiums－Listed and OTC Listed Companies in Taiwan

• Main Authors: Wei-Jhih Chiou, 邱威志
• Other Authors: Sui-Fu Tsai
• Format: Others
• Language: zh-TW
• Published: 2010
• Online Access: http://ndltd.ncl.edu.tw/handle/91614838918827006687

碩士 === 靜宜大學 === 企業管理研究所 === 98 === This study focuses on Listed and OTC Listed Companies’ acquisition of research to understand the factors of the acquisition premium during the period 2000 to 2009 in Taiwan, to analysis from the profitability, performance, financial structure, corporate value, industry, company type, information consistency by multiple regression model, while add dealing price as the explanatory variables and discussed the results on the difference. The empirical results show that the Acquirers play more important role than Targets in Acquisition Premiums affecting Factors, whether in the profitability, financial structure, corporate value and corporate types. On the practical point of view, the Acquirers are being considered those Targets’ earnings per share, Targets’ net sales, Targets’ Price to book ratio and CPA to determine Acquisition premium; In the other way, Targets must be noted that Acquirers’ return on assets, Acquirers’ return on equity, Acquirers’ earnings per share, Acquirers’ debt equity ratio, Acquirers’ Price to book ratio, Acquirers’ company type that in order to make the most advantageous decisions. In addition, we also found that, regardless of the Acquirers or Targets, earnings per share and market to book value ratio will both affect the acquisition premium.