證券公司之獲利情形，受市場影響甚巨，為了避免台股之因景氣循環、台海兩岸及政治因素所造成之系統性獲利風險，證券公司利用跨國購併，來規避上述風險，似乎是國內券商一致的觀念。
本研究以個案研究的方式，討論證券業進行跨國併購時，所應注意的事項，研究結果發現：
(1)跨國購併，對於自營業務，可以有效避險，但須走出亞洲。對於經紀業務，無法有效避險，但基於拓展市場的觀點，國內券商仍有跨國購併的需求。
(2)以價值法、獲利能力分析法及比較法來評價是具參考價值的，但無法量化的部分仍須設法列入評價模型。
(3)此類型購併活動，避險難度高，本研究所設計之匯率及股價避險模型，並無法有效的避險。
(4)投資溢價所形成的商譽，對股東權益的影響也需要列入評估，方可為公司及股東帶來最大利益。
本研究建議，可以為此類購併評價作業擬定標準作業程序及評價事項檢查表，以避免作業時的遺忘及疏漏。 / The bull or bear markets have a great effect upon the profitability of a securities company. In order to avoid the profitability variability from business cycle, cross-Strait problem and the political affairs, the securities companies have a common consensus to deal with the international M&A.
This paper uses case study method to discuss the matters needing attention when a securities company deals in the M&A. The study results are:
(1)We can avoid the securities trading risks by international M&A, besides investment in Asia. For brokerage business, international M&A can’t decrease the risk effectively, but securities companies need to extend the market base through international M&A.
(2)Valuation by value method, DCF method and compare method are contributive, and non-countable factors need to be put into the valuation model.
(3)This kind of M&A is difficult to hedge; the hedge transaction designed by this case can’t hedge effectively.
(4)The Goodwill, which is from investment premium, will affect the stockholders’ equity. The effect should be considered to maximum the stockholders’ equity.
Our studies also advise the securities company to prepare the standard M&A operating procedure and the valuation item check-list to avoid the misplacement and carelessness when dealing with M&A.
| Identifer | oai:union.ndltd.org:CHENGCHI/G0091932707 |
| Creators | 陳麒漳 |
| Publisher | 國立政治大學 |
| Source Sets | National Chengchi University Libraries |
| Language | 中文 |
| Detected Language | English |
| Type | text |
| Rights | Copyright © nccu library on behalf of the copyright holders |
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