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研究生： 林秀琦
Napassorn Pinitkitjawat
論文名稱： 企業合併與收購之效益分析
Analysis on the Benefit of the Coherent Mergers and Acquisitions
指導教授： 劉助
Liu, James
口試委員: 白德傑
Glen Howard Brodowsky
吳文傑
Wu, Jack
學位類別： 碩士
Master
系所名稱： 商學院 - 國際經營管理英語碩士學位學程(IMBA)
International MBA Program College of Commerce(IMBA)
論文出版年： 2020
畢業學年度： 108
語文別： 英文
論文頁數： 56
中文關鍵詞： 合併與收購 、必治妥施貴寶 、賽爾基因收購案 、合併與收購的利益
外文關鍵詞： Mergers and Acquisitions, Bristol Myers Squibb, Celgene Acquisition, Benefit of Mergers and Acquisitions
DOI URL： http://doi.org/10.6814/NCCU202000993
相關次數： 點閱：120  下載：15 
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    • With the disruptive technology and the rapid change in the business environment, the current business environment results in a spike in the M&A activity. But is M&A beneficial to companies? Fundamental analysis on the actual financial performance for pre- and post-M&A of the sample M&A case, Bristol Myers Squibb – Celgene Acquisition is conducted to help determine if this business methodology truly bring about benefits to the companies over the study period.

    1. Chapter 1 Introduction 1
    1.1. Research Motive 1
    1.2. Research Purpose 2
    1.3. Thesis Structure 2
    2. Chapter 2 Business Literature Review 4
    2.1. Mergers and Acquisitions 4
    2.2. Efficient Market Hypothesis (EMH) 5
    2.3. Review of Relevant Literatures 5
    3. Chapter 3 Data and Methodology 7
    3.1. Data and Scope of Research 7
    3.2. Scope of Research 7
    3.3. Research Methodology 7
    4. Chapter 4 Coherent Industry’s Information 9
    4.1. General Information 9
    4.2. Drug Development Process and Patent Issues 12
    4.3. Industry M&A Trend 16
    5. Chapter 5 Coherent Companies’ Information 20
    5.1. Bristol-Myers Squibb Company 20
    5.2. Celgene Corporation 23
    6. Chapter 6 Acquisition Hypothesis 29
    7. Chapter 7 Acquisition Analysis 30
    7.1. Acquisition Transaction and Stock Market’s Reaction 30
    7.2. Events After the Acquisition 32
    7.3. Fundamental Analysis of the Acquired Company 32
    7.4. Fundamental Analysis of the Acquiring Company 35
    7.5. Fundamental Analysis of the Acquiring Company: Divestiture Adjustment 39
    7.6. Stock Performance 41
    8. Chapter 8 Summary 43
    8.1. Conclusion 43
    8.2. Suggestions 46
    8.3. Limitation of the Study 47
    9. Reference 48
    10. Appendix 50
    10.1. Appendix 1 Bristol-Myers Squibb Company’s Financial Statements 50
    10.2. Appendix 2 Celgene Corporation’s Financial Statements 53
    10.3. Appendix 3 Bristol-Myers Squibb Company: Fundamental Analysis 55
    10.4. Appendix 4 Celgene Corporation: Fundamental Analysis 56

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