國際企業併購之評價分析與出價結構

Valuation Analysis and Bidding Structure of International Merger & Acquisition

從收購公司的立場而言，對目標公司常用之評價方法有四種：即折現現金流量法、市場倍數法、內部報酬率法以及實質投資成本法。折現現金流量法需要併購後目標公司之預估現金流量表與折現率。市場倍數法是基於評價者個人主觀的意思判斷之，合理的倍數則由市場決定。內部報酬率法是指，收購一目標公司的內部報酬率是使收購價格等於該目標公司依據其未來預期現金流量之現值的折現率。實質投資成本法是基於，收購公司覬覦目標公司持有大量之未分配盈餘，如果能以較低價格收購目標公司，在併購後以股票股利方式分派予收購公司之股東，再以目標公司之新股價換算為收購公司股東之實質投資成本非常的低，值得收購公司進行併購。從目標公司之立場而言，目標公司之出價底線是其股票之總市值。經由各種評價方法之評價後，目標公司最後敲定的價值取決於併購雙方之議價能力以及當時之各種市場因素。另一方面，收購公司出價收購目標公司之支付工具型式有現金、收購公司之股票、收購公司之負債憑證或這些支付工具的某種組合。出價結構內容將影響合併後公司之資本結構、收購公司與目標公司股東的租稅處理、目標公司股東自未來併購後所能獲得之相關利益，以及收購公司可能遭受的反托辣斯法及公司法之管制程度。

For an acquiring firm, four methods can commonly be used to value its target firm; that is, the discounted cash flows, the market multiple, the internal rate of return and the real cost of investment methods. The discounted cash flows method requires the postmerger expected future cash flows and the discounted rate of the target firm. Based on subjective judgments, the market multiple method is used through the stock price of the target firm divided by the component selected in terms of actual needs, but the reasonable multiple depends on the market conditions. The internal rate of return method is the one that makes the purchase price equal to the present value of the target firm calculated by the expected future cash flows discounted in terms of an appropriate discounted rate. The real cost of investment method comes from the fact that, the acquiring firm is seeing a tremendous retained earnings the target firm has kept, and presumes lower price acquisitions of the target firm so that it can acquire the target firm at a very low real cost of investment by distributing stock dividends to its shareholders after acquisition. For a target firm, the bottom line of asking price by the target firm is the total market value of its outstanding shares. Actually, the final striking price of the target firm is dependent of the negotiating ability between the two parties involved and the various prevailing market factors. On the other hand, the payment instrument pattern of tender offer by the acquiring firm covers cash, stocks, debt securities or some combination. The content of bidding structure affects the postmerger corporate capital structure, the tax treatment of the acquiring firm's and the target firm's stockholders, the relevant benefits obtained by the target firm's stockholders through acquisition, and the possible regulation of antitrust laws and corporate laws the acquiring firm encounters.