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研究生:趙俊誠
研究生(外文):Joe, June-Sung
論文名稱:The Emergence of a new Chaebol: Corporate strategy and leadership in successful M&;A of STX in Korea-a case study
論文名稱(外文):The Emergence of a new Chaebol: Corporate strategy and leadership in successful M&A of STX in Korea-a case study
指導教授:劉芬美
指導教授(外文):Liou, Fen-May
學位類別:碩士
校院名稱:國立交通大學
系所名稱:企業管理碩士學程
學門:商業及管理學門
學類:企業管理學類
論文種類:學術論文
論文出版年:2011
畢業學年度:99
語文別:中文
論文頁數:87
中文關鍵詞:M&;AM&;AM&;A
外文關鍵詞:M&ampAChaebolCorporate strategy
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South Korea has experienced an extraordinary reconstruction for decades. This remarkable turnaround derived by Chaebols gave people two biases. Firstly Korean big conglomerates were made by State. Secondly, it will not appear a new Chaebol since existing big businesses already occupied almost whole market share. STX, however, tears down the stereotypes since its firm was new born and a medium sized business in an early stage.
This paper, therefore, examines the successful M&;A of STX which have used acquisitions as a main driver of its overall growth strategies, converting its firm achieve one of the world’s best performing acquisitive corporations. So this study shows an active M&;A strategy for corporate growth is presented, along with a case study of STX. Besides, this study reviewed literatures to identify and discuss between the related studies and findings. Also this article has provided recommendations on what rivals should do to increase their chances of success through lessons from the STX’s case study.

South Korea has experienced an extraordinary reconstruction for decades. This remarkable turnaround derived by Chaebols gave people two biases. Firstly Korean big conglomerates were made by State. Secondly, it will not appear a new Chaebol since existing big businesses already occupied almost whole market share. STX, however, tears down the stereotypes since its firm was new born and a medium sized business in an early stage.
This paper, therefore, examines the successful M&A of STX which have used acquisitions as a main driver of its overall growth strategies, converting its firm achieve one of the world’s best performing acquisitive corporations. So this study shows an active M&A strategy for corporate growth is presented, along with a case study of STX. Besides, this study reviewed literatures to identify and discuss between the related studies and findings. Also this article has provided recommendations on what rivals should do to increase their chances of success through lessons from the STX’s case study.

ABSTRACT i
TABLE OF CONTENTS ii
LIST OF FIGURES iv
I. Research Motivation 1
1.1 Motivation 1
1.2 Background of STX 5
1.3 Overview of International shipbuilding Market 12
1.3.1 Key Features of the Shipbuilding Industry 16
1.3.2 The shipbuilding market: Key customers 18
1.3.3 Major competitors 21
1.4 Thesis outline 23
1.5 Research Methodology 25
II. Analysis of STX Group 27
2.1 Businesses of STX 27
2.2 STX’s M&A process 30
2.3 Financial performance of STX over time 33
2.3.1 Sales Revenue 33
2.3.2 Net cash positions expected in 2012 34
2.3.3 Upside seen from price-to-sales & price-to-order book ratio 34
2.4 SWOT analysis of STX 36
2.5 Analysis of Competitive advantages 37
2.5.1 The greatest vertical integration 37
2.5.2 Business Diversification: High valued ship building 39
2.5.3 In strategic alliance with a LNG Firm of transportation and Regasification Solutions 41
2.5.4 Cost leadership: STX Dalian Shipyard 41
2.6 du Pont Analysis 42
III. Literature review 45
3.1. Mergers and acquisitions 45
3.2. Overview of Theories in M&A 48
3.2.1 Efficiency theories 50
3.2.2 Monopoly theory 50
3.2.3 Valuation theory 51
3.2.4 Empire-building theory 52
3.2.5 Process theory 52
3.2.6 Raider theory 53
3.2.7 Disturbance theory 53
3.2.8 Information theories 53
3.3. M&A leadership 54
3.4. Post mergers and acquisitions 56
3.4.1 Conglomerate firms 56
3.4.2 Related acquisitions 57
3.4.3 Method of payment 58
3.4.4 Acquisition experience 59
3.5. Success factors in mergers and acquisitions 60
IV. The Key Principles to Successful M&A of STX 65
4.1. A deeper understanding of the value of targets 65
4.2. Focus on future value of Targets: nurturing targets after M&A 66
4.3. To buy Targets as well as human resources 67
4.4. Initial Public Offering as a sound conservation strategy 68
4.5. Enter into New Segment through abroad 69
V. Findings and Discussions 70
VI. Recommendations to Rivals in the Emerging Markets 75
Bibliographies 77
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