| Summary: | 碩士 === 國立交通大學 === 管理學院碩士在職專班國際經貿組 === 93 === As the pressure of the global competition, more and more corporate apply the external way such as merger & acquisition (M&A) to enhance their own competition. However the argument of the M&A is how to evaluate a reasonable and acceptable price between buyer and seller. This thesis evaluates the corporate value by using Capitalized Excess Earning Model (CEEM) to study the difference between paid value and theoretical value, also try to figure out the factors affect the difference, as well as the study of the performance before and after M&A, the correlation between the M&A performance and the difference of paid value and theoretical value.
This study collects the M&A cases of Taiwan companies from 1995 to 2004 total 126 cases, panel data regression models were then proposed and tested.
The result of the study shows the buyer will pay much higher price than theoretical value under following circumstances 1. paid by cash 2. buyer and seller are in the different industry
The study also shows that the performance will not be recovered until three years later, and the difference of paid price and theoretical value will affect the performance after M&A.
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