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題名 | 臺灣銀行業合併換股比率之研究=An Exchange Ratio Determination Model for Bank Mergers-- Taiwan's Case Studies |
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作者 | 郭照榮; 陳曉蓉; 曾曉萍; Kuo, Chau-jung; Chen, Hsiao-jung; Tsen, Hsiao-ping; |
期刊 | 中山管理評論 |
出版日期 | 20030300 |
卷期 | 11:1 民92.春 |
頁次 | 頁49-75 |
分類號 | 562.29 |
語文 | chi |
關鍵詞 | 銀行合併; 普通股交換; 換股比率; Bank merger; Share-for-share exchange; Exchange ratio; |
中文摘要 | 本文針對銀行合併時,以「普通股交換」所面臨的換股比率相關問題進行模擬研究。我們利用Larson and Gonedes (1969) 發展出的換股比率模型為基 礎並加以延伸,同時輔以Marsh and Merton (1987) 之股利行為縮減式模型來 解決合併後預期本益比之估計問題。模擬對象為目前已宣布的合併組合(即第一銀行、泛亞銀行與大安銀行)以及中國國際商業銀行、世華銀行、交通銀行、農民銀行及中華開發工業銀行等五家銀行的六組模擬配對組合。模擬結果顯示:利用L-G模型所解出的合併雙方換股比率合理協商空間,可提供合併雙方進行協商或斡旋的底線,且隱含在此一協商區間內的訊息內涵也對合併雙方在進行談判時有實質上的助益。 |
英文摘要 | In stock-exchanged bank mergers, the determination of an exchange ratio is an important issue. The purpose of this paper is to provide some empirical evidences of exchange ratio determination for bank mergers in Taiwan. The paper is based on the Larson-Gonedes merger exchange ratio model (1969) and extends it to take account of market risk and more participants. In addition, we use Marsh-Merton dividend behavior reduced form (1987) to estimate the expected post-merger price-earnings ratio. Our sample consists of 7 takeovers where only one has been announced and others are presumptive mergers. We find that the L-G model indicates the interval of exchange ratios which will enhance, or at least not cause any diminution in, the wealth positions of all parties to a proposed bank merger. Also, the bargaining area offers some .information to help merger candidates to negotiate final actual exchange ratio. |
本系統之摘要資訊系依該期刊論文摘要之資訊為主。