投資大眾對企業併購的財務分析及風險評估-以樂陞科技為例
Abstract
本研究以樂陞科技為案例分析研究對象，希望透過企業公開資訊及財務報表各項數字，從中找到關鑑的數字及隱藏其中的風險。具體而言，本研究蒐集樂陞科技2014/3/31至2016/5/31發佈重大併購時之各項資訊，來探討發動併購之可能原因，並運用羅吉斯迴歸模型及普通最小平方迴歸模型，發現: (1)企業本業的營運及獲利情況、(2)資產(尤其無形資產)之品質及效率、(3)財務報表附註資訊及其涵意、(4) 簽證會計師之更換、(5)宣布購併前後，董監事質押比率、董監事持股比率、大股東持股比率之變化，均能幫助一般投資人判斷企業是否利用「併購」之名行「炒股」之實。
This study uses XPEC as the case to examine whether investors can find the “true” motivation of corporate acquisition by using public information. In particular, this study collects the financial as well as corporate pubic information of XPEC surrending each acquisition over the period from 3/31/2014 to 5/31/2016. Then this study examines the determinants of XPEC’s acquisitions using logisitic regression models and ordinary least squares regression models. It is found that- (1) the acquiror’s business operation and profitability (2) the acquiror’s efficiency of asset usage (especially the content of intangible asset) (3) the notes to the financial statements (4) the change of accountants (5) the change of pledge ratios of directors、the change of stock holding ratios for both directors as well as large shareholders pre-and post-acquisitions- are all important factors for investors to predict whether corporate will use acquisitions as a means to speculate in company stocks.
This study uses XPEC as the case to examine whether investors can find the “true” motivation of corporate acquisition by using public information. In particular, this study collects the financial as well as corporate pubic information of XPEC surrending each acquisition over the period from 3/31/2014 to 5/31/2016. Then this study examines the determinants of XPEC’s acquisitions using logisitic regression models and ordinary least squares regression models. It is found that- (1) the acquiror’s business operation and profitability (2) the acquiror’s efficiency of asset usage (especially the content of intangible asset) (3) the notes to the financial statements (4) the change of accountants (5) the change of pledge ratios of directors、the change of stock holding ratios for both directors as well as large shareholders pre-and post-acquisitions- are all important factors for investors to predict whether corporate will use acquisitions as a means to speculate in company stocks.
Description
Keywords
併購, 樂陞科技, 公開資訊, 財務報表, Acquisitions, XPEC, Public Information, Financial Statements