| Summary: | 碩士 === 義守大學 === 管理研究所碩士班 === 93 === On the trend of financial globalization and liberalization, the development of international financial institutions has moving forward to the establishment of financial holding companies. The purpose of such movement is to provide better mechanisms for integration and transformation of modern financial services. Based upon recent literatures related to the subject of merger and acquisition of financial institutions and operations of financial holding companies, this paper, using valuation techniques, try to discover the institutions valuation price and use the sensitivity analysis to find out the key input variable, which affect is huge on the value of the bank .The Financial Holding Company merges Commercial bank was chosen as our empirical sample. The results have shown as follow:
a. In terms of valuation methodology, financial and economic valuation model provides much better estimation to the market value of the sample.
b. To calculate the ratio of the conversion ration, that has a benefit for the commercial bank.
c. By the sensitivity analysis ,the weight average capital cost has trivial effect on the cash
flow discount model, the expected interest is trivial effect on the financial and economic valuation model.
d. The premium price is increasing now more than the past. so we can find that the activity of the merger and acquisition is competitive from the two case.
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