政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/64355
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    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/64355


    Title: 管理層收購適切性之評估-以國巨為例
    The Case Study of MBO: Orion acquired Yageo
    Authors: 潘冠文
    Contributors: 李志宏
    潘冠文
    Keywords: 國巨
    遨睿
    管理層收購
    Yageo
    Orion
    MBO
    Date: 2013
    Issue Date: 2014-03-03 15:35:46 (UTC+8)
    Abstract: 2011年4月6日，由私募股權KKR和國巨控制股東方所組成的遨睿股份有限公司向經濟部投資審議委員會等主管機關提出公開收購國巨100%普通股股份之申報。2011年5月23日遨睿宣布累計收購之國巨普通股數量已過收購門檻。惟最終本案在經過相關主管機關審議後被認為合併後之存續公司有資本弱化之情形、對股東及投資人之保障不足，以及公開收購價格之合理性均有疑慮，否決了此公開收購案。

    本研究以KMV-Merton model, 本益比法、股價淨值比法、自由現金流量法等方法來檢視是否存在資本弱化問題、原債權人權益是否受到保障以及公開收購價格是否合理。

    本研究結果顯示本公開收購案之存續公司並無顯著資本弱化之問題，原債權人權益也的確有受到損害。而每股16.1元的公開收購價處在合理但是偏低的位置。
    Reference: 中文文獻：
    1. 林宗奭,2012,私募股權融資收購法制相關問題研究
    2. 吳彥漢,2012,融資方式對併購後違約風險影響
    3. 王長湘,2008,信用風險衡量與企業授信績效之研究
    4. 王麗娟,2011,私募基金於保險業購併案個案研究-以南山人壽為例

    英文文獻：
    1. Quentin Boucly, David Sraer, David Thesmar,2009, “Growth LBOs”, Journal of Financial Economics 102(2011) 432-453
    2. Jonathan B. Cohn, Lillian F. Mills, Erin M.Towery,2012 “The evolution of capital structure and operating performance after leveraged buyouts: Evidence from U.S. corporate tax returns”, Journal of Financial Economics 111(2014) 469-494
    3. N.El-Hage, S.Pierson, Beirbrauer, Chew,2008, “Kinder Morgan, Inc.-Management Buyout”, Harvard Business School
    4. Berkovic E,1993, ”Motive for Takeovers: An Emperical Investigation”, Journal of Financial and Quantitative Analysis, Vol. 28, Pages 347-362
    5. S.Chatterjee, 2009, “The Keys to Successful Acquisition Programmes”, Long Range Planning 42(2009) 137-163
    6. Michel, ALLEN,1991,“RJR Nabisco: A Case Study of a Complex Leveraged Buyout”, Financial Analysts Journal
    7. Wright, Thompson, Robbie, 1993, “FINANCE AND CONTROL IN PRIVATISATION BY MANAGEMENT BUY-OUT”, Financial Accountability and Management, 9(2)
    8. Mehran, Peristiani, 2008,”Financial Visibility and the Decision to Go Private”
    9. Wright, Thompson, Robbie, 1993, “PRIVATISATION VIA MANAGEMENT AND EMPLOYEE BUYOUTS-Analysis and U.K. Experience
    10. Lee, Rosenstein, Rangan, Davidson III,”Board Composition and Shareholder Wealth: The Case of Management Buyouts”
    11. Scholes, Wright, Westhead, Burrows, Bruining, 2007, ”Information Sharing, Price Negotiation and Management Buy-outs of Private Family-owned Firms”, Small Business Economics(2007)29, 329-349
    12. Peter A. Magowan, 1987, “The Case for LBOs: The Safeway Experience”
    13. Desbrieres, Schatt,2002, “The Impacts of LBOS on the Performance of Acquired Firms: The French Case”, Journal of Business Finance and Accounting, 29(5)&(6), June/July 2002
    Description: 碩士
    國立政治大學
    財務管理研究所
    98357025
    102
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0098357025
    Data Type: thesis
    Appears in Collections:[Department of Finance] Theses

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