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Corporate Control Fama Jensen1983Takeover,,,,,,, 50, Takeover ,6,

1. ???(Merger)?: ?????????????????????????????????????,???????????,??????????????????????????????????? 2. ???(Acquisition)?: ?????????????,?????????????????????????????????????,?????????????????????????(Bidder/ the Acquiring Firm)???????(Target Firm)????????(Tender Offer)???????(Acquis

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Corporate Control Fama Jensen1983Takeover,,,,,,, 50, Takeover ,6,

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    1. ???? ?????

    2. ??? ???? ?????? ?????(Corporate Control) ? ??????????????? Fama & Jensen(1983)?????????????(Takeover)????????????????????????????,????????????????????????????????????????,?????,??????????,???????????,????????????,???????????????????(?????, 50%??),???????????? ?????(Takeover)? ???????????????????????????,?????????????6,?????????????????

    3. 1. ???(Merger)?: ?????????????????????????????????????,???????????,??????????????????????????????????? 2. ???(Acquisition)?: ?????????????,?????????????????????????????????????,?????????????????????????(Bidder/ the Acquiring Firm)???????(Target Firm)????????(Tender Offer)???????(Acquisition by Assets)???????????(Proxy Contest)???????? 3. ???(Spin-offs)?: ????????????????????????????????????????,???????????????????????????????

    4. ??15-1 1999?2/9????????????,?????????????????1?????0.7????????????112.32??,???155.2??,????25????36?,????3.87%,?????????7.05%,????????????200?????? ??????? ????????: ??????(Horizontal Acquisition)?: ????????????????? ??????(Vertical Acquisition)?: ????????(Value Chain)????????????????? ??????(Conglomerate Acquisition)?: ???????????,??????????????

    5. ?? ?????(Tender Offer)? ???????,?????(Acquiring Firm)????????????????(Target Firm)????????????????????????????????????????,??????????????????????????????????????????,????????????????, ?????????????????????????????,???????????????????(Anti-Takeover)????,?????????????????????????????,??????????????,????? ???????(Acquisition by Assets)? ??????????????????????,????????????????????????????????,?????????????????????????????????????? ?????????(Proxy Contest)? ???????? ??????????????????????????????????,??????????,????????,???????????,???????????

    6. ??? ????? ??????? ??????(Value Maximizing)? ? ???????(Non-value Maximizing)? ?????????????????,????????;?????????,??????????????,??????????,????????,?????????

    7. ?????????: (?)???(Synergy)?: ??????????????? ????????????????? ?????(Operation Synergy)?: ??????????????,???????(Economics of Scale)????? ?????(Financial Synergy)?: ?????,?????????????????????,???????????????????????????,????????????????,????????????????????????,?????????????,??????????,????????????

    8. (?)??????: ??????????(Free Cash Flow)???????????,??????????????????,?????????????????,????????????????NPV????????????????????????????????????????????????????,???????????????? ??????(Takeover)??????????????????????????????????????????,??????????,???????????????(?????)????????(Leveraged Buyouts, LBO)??????????????????????????

    9. (?)?????: ??????(Market Power)?????,??????,????????????,?????????,???????,???????? (?)?????: ???????,????????????,????????????: 1. ?????????????????? ???????????,????,???????????????,???????????,??????????? 2. ???????????????????? ????????,???????????????????,?????,???????,???????????,????????

    10. ?????? ???????????????????: ????(Income Approach)?: ????????,?????????,????????????????,??????????,???????????,???????,?????? 2. ??????(Market Comparison Approach)?: ???????????????,?????????????,?????????????????,??????????? 3. ????(Cost Approach)?: ????????????,??????????????,???????????????

    11. ??15-2 2003/7/1?????????????????????, ????: ???????????????????,??????,????????????? ??????????: (1) ?????????????????????,??????????????? (2) ????????????,???????????,??????????? (3) ??????,?????????????,????????,??????????????? ????:??????http://www.teco.com.tw/

    12. ??? ?????????????? ????????????????????,???????????????????????????,?????????????????,????????(Poison Pill)????,???????????????????????????,??????????????????????????????,??????????????,???????????(Golden Parachutes)?? ????????????,???????????????,??????????????,????????,????????????,???????????????????????????,???????????

    13. ????????????? ????????,????????????;???,?????????????,?????????????????????????,??????????????? ???????????????????????,??????????????????,??????????????????????????????????????,????????????????????????????????,????????????????????????????????,????????????,?????????????????????????,????????,??????????,????????? ???????(Size Maximization Hypothesis)?????????????????????????????????,???????????????????????????????????????,??????????,?????????????????? ??????????(Free Cash Flow)??,?????????????????,????????????????NPV?????????????

    14. ?????? ????????????(Corporate Governance)????????,????????????????(Outside Board Member)?????????????????,????????????????????????? ?????(Outside Board Member)??????????,????????,??????????????????????????????????????????????????,??????????????????,????????,???????? ????????????????????????????????,???????????????: 1.?????????????; 2.????????; 3.?????????; 4.???????????; 5.????????????; 6.???????????????????; 7.??????????; 8.?????????

    15. ??? ?????????????? ????????????????????????,????????????????,??????????????????????????????????????????,????????????????????3???:??????????????????????? ???????????????,??????????,????????????????????????????????,???????????????????????????,??????????????????????,??????????????

    16. ??? ???? ???????????,????????????????? ?,??????????,???????????? ??????:????????????,??????????????????????2/3?90%????????????????(Supermajority Amendment)?? 2. ?????????(Standstill Agreements)?:??????????????,????????????????? 3. ?????(Greenmail)?:?????????????????,????????(Stock Repurchase)??????????????????????????????????????????????,?????????,????????????

    17. 4. ????????(Exclusionary Self-tender)?:??????????????????(Tender Offer)????? 5. ??????(Poison Pills)?:?????????????????;??????????????????????????????? 6. ????(Going Private)???????(Leveraged Buyouts)?: ???????????,???????,?????????????????????????,?????????,???????????? 7.?????( Golden Parachutes)?:?????,????????,???????????,???????,???????????????????????,??????????,???????????????????????? 8. ?????????????????,?????????????(Crown Jewel)?????,?????????,????? 9.?????(White Knights)?????????????????????????

    18. ??? ?????? ???????? ????????,???????????: ?????????????????,???????,????????????????????????? 2. ????????????,?????15 ??????,????????????,???10 ??????? 3. ???????????????????,????????????????80%??,??????????????,???????????????,?????????? 4. ???????????????????,????????????????????,?????,??15 ?????

    19. ???????? ??????????????:?????;????????

    20. ??? ???????? Jensen & Ruback (1983)?????????????????????: ?????: ?????:

    21. ??? ???????? ???????????? Jarrell & Poulsen (1987)??1962-1985????663???????????????????????,???1960???19%,70??35%,80-85??30%????Lehn & Poulson (1989)??1980?1984??93?LBOs?????,???21%?????????????????????? ???????????? Jarrell & Poulsen (1987)??1962-1985????663???????????????????????,???1960???4.5~5%,70??1~2%,80~85??-1%????Bradley, Desai and Kim (1988)??????????????,???????????,???????????????????,??????????????

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