發展中國家的企業，常使用購併的方式來追求企業的成長，藉由對方成功模式，爭取市場上稍縱即逝的商機，運用最快達標的方式進入市場，或藉由購併來提昇整體綜效，獲取市場占有率、降低營運成本以達到規模經濟。國內的合併型態從過去的銀行併信合社，逐漸演變成為金控購併銀行，甚至購併券商，合併的風潮正在興起。本研究係針對台新金控轉投資彰銀，台新金控內部預定以1：1將所投資彰化銀行的股權納入台新金控成為旗下之子公司的換股比率是否合理，並依據公司評價理論(現金流量折現法、本益比、及淨資產價值法)，對台新金控合併時所宣布之換股比率，做合理之預測，並與一般評價模型現金流量法、本益比法及淨資產價值法作比較，求算出台新金控合併彰化銀行的最佳換股比率。本研究結果可提供理論與實務購併上的參酌。 Companies in developing countries often pursue their growth through mergers and acquisitions which are a fastest way to access new markets. By learning the successful experience or raising the overall performance, mergers and acquisitions can grasp the fleeting business opportunities to acquire market share, reduce operating cost to achieve economies of scale. Mergers and acquisitions are a trend in Taiwan, banks used to take credit cooperatives in the past and financial holdings take over banks and securities companies nowadays. The object of this study is to discuss the rationality of the declared stock exchanging ratio 1:1 of the merger of Taishin Holdings and Chang Hwa Bank, and by using varieties of Business Valuation Methods(Discounted Cash Flow Method, P/E ratio, net asset value method) to determine the best exchange ratio. The results of this study could be the reference of practical mergers and acquisitions.
