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| 研究生： |
葉麗娜 Elena, N. Nossova |
|---|---|
| 論文名稱： |
國際購併研究之評論 Essays in International Mergers and Acqusition Research |
| 指導教授： |
傅冶天
Fu, Yee-Tian (Ted Fu) |
| 學位類別： |
碩士
Master |
| 系所名稱： |
商學院 - 國際經營與貿易學系 Department of International Business |
| 論文出版年： | 1999 |
| 畢業學年度： | 87 |
| 語文別： | 英文 |
| 論文頁數： | 80 |
| 中文關鍵詞： | 國際購併 、購併效益評估 |
| 外文關鍵詞： | Real-option, Pearson, Simon & Schuster |
| 相關次數： | 點閱：148 下載：0 |
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成功的企業購併需仰賴正確的投資評估以及有效的購併過程管理,本文包含兩個部分,第一部分主要探討購併利益評估的問題,使用的方法為real-option approach簡化了購併效益之評估,且可獲得較正確的結果;第二部分為兩家國際出版業合併之個案研究,就此成功的例子而言,管理者可以獲得較有利且完善的合併經營方法。
Successful mergers depend on proper valuation of this special type of investment and effective management of this process. First essay devoted to the problem of merger profitability valuation. Using real-option approach, a simple model is developed to expand accuracy in decision making process about merger possibility. This model considers uncertainty of situation and provides flexibility in company’s strategy. According to this approach profitability of merger may be calculated by using value of premium paid for acquiring company and value of synergy that expected from merge of two companies. Main problem of merger’s valuation in this approach is correct definition of synergy. In second essay, merger of two publishing companies Addison Wesley Longman and Simon & Schuster is analyzed. Positive experience in choosing candidates for merge, pre- and post-acquisition decision making process can serve as a good example of effective merger’s management.
I. Introduction 1
II. Literature Review 4
II.1. Factors of Merger 4
II.2. Merger Motivations 4
II.3. Types of Merger 9
II.4. Types of Acquirer 12
II.5. Strategy of M&A 13
II.5.1. Strategy methodologies 14
II.6. Strategic Analysis 20
II.7. The process of acquisition 25
II.8. Valuation of Company 30
II.8.1. Valuation of listed company 30
II.8.2. Valuation of unlisted companies 31
II.9. Impact of Acquisition Announcement
on Buyer’s Stock 32
II.10. Benefits and Problems of M&A 34
III. Essay I: The Option-Based Approach in Process
of Merger and Acquisitions 35
III.1. The Type of Real Options 35
III.2. The Real-Option Frontier 36
III.3. The Black and Scholes equation 38
III.4. Correspondence between the
Project Characteristics and the Five
Options Variables. 40
III.5. Three Potential Outcomes of M&A
Project 43
III.6. Option Space 44
III.6.1. Metrics for the Option Space 44
III.6.2. Option Space 46
III.7. Definition of Project Characteristics 47
III.7.1. Premium 47
III.7.2. Synergy 48
III.7.3. Volatility 50
III.8. Linking Metrics of the Project
to the Black-Scholes Model 51
III.9. Limits of Applications of the
Market Discipline 54
III.10. Conclusions and Recommendations 55
IV. Essay II: Case Study: Pearson Education 56
IV.1. Research Description 56
IV.2 Case Description 59
IV.2.1. Viacom Inc 59
IV.2.2. Pearson Pcl 63
IV.2.3. The Deal and Short-Term
Post-Acquisition Results 69
IV.3. The Case Analysis and Recommendations 72
Appendix 1. Black-Scholes Value of European
Call Option, as Percentage of
Underlying Asset Value 77
Appendix 2. Interview agenda 78
References 79
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