The Empirical Study on Evaluation of Stock Exchange Rate for Banking Institutions
Date Issued
2007
Date
2007
Author(s)
Kao, Li-Ching
DOI
zh-TW
Abstract
The offerings of mergers and acquisitions（M&A）of financial institutions in Taiwan are commonly made through stock-for-stock exchanges. One important issue is to assess whether the acquiring firm offers a reasonable price to the target firm, which significantly affects the interests of both firms’ shareholders. This thesis collects 20 cases of M&A of banking institutions in Taiwan from February 2002 to June 2007. It reviews the literature on decisions regarding exchange offerings, employs regression analysis based on these cases, discusses the problems of current practice, and finally draws some suggestions.
This thesis examines the relationship between exchange ratios and key factors from both the financial and non-financial perspectives. It shows that the financial perspective is not the only factor in deciding the exchange ratio. Instead, both the book value and the number of branches in urban areas of target firms exhibit significantly positive effects on the number of stocks of the acquiring firm which per unit stock of the target firm can exchange.
Subjects
換股比率
銀行合併
企業評價
Exchange Ratio
Bank Mergers
Enterprise Valuation
Type
thesis
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