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研究生(外文):Susanna Shiu-Ting Lou
論文名稱(外文):Internet M&A: Recent Evidence From USA
指導教授(外文):Shean-Bii Chiu
外文關鍵詞:Internet merger and acquisitionsnetwork externality
  • 被引用被引用:3
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企業購併活動在科技進步、法令鬆綁、國際化的加速以及許多相關因素推波助瀾下,在二十世紀末創下高峰。單看一九九九年,全美的購併金額就相當於國民生產毛額的百分之二十。網際網路顯然沒有在這波購併熱潮中缺席,雖然在一九九八年時只占購併總額的1.5%,但在一九九九年就升到了4.4%。網路業的購併著實改變虛擬世界的版圖。本篇論文的研究主旨在於探討購併的動機、形式以及相關的特性。研究範圍包括探討Yahoo!, AOL, Amazon與eBay的購併行為及一九九九年一月至十二月六十筆購併前後20天的買方的股價資料,藉由股票異常報酬率的研究探討網路業購併對股東所產生的影響;並進一步藉由比較NASDAQ與Internet Sector Index 做更詳盡的分析。
Technology, Deregulation, Globalization, and a handful of other well-recognized forces remain the principal drivers of M&A as the end of the 20th Century looms. In year 1999 alone, the total U.S. merger and acquisition activity reached 20 percent of nation''s gross domestic product, or the value of all goods and services produced. Along with this rising rate, Internet merger and acquisitions soared, accounting for 4.4 percent of all merger and acquisition, up from 1.5 percent from 1998 . The growth of Internet M&A activities is significantly reshaping landscapes of the cyber world. Objective of this study is to explore motives behind the recent Internet M&A activities; to present framework and characteristics of Internet M&A; to study the effect of Internet M&A on shareholder wealth by examining abnormal returns of the acquiring firms surrounding the M&A announcements during the period of January through December, 1999.
I. Introduction 3
A. Brief History of The Internet 3
B. The Unstoppable Wave of Internet M&A 6
C. Objectives of The Study 7
D. Definition of Internet Merger and Acquisition 8
E. Significance of The Study 9
F. Research Framework 10
II. Background of Research 11
A. Economic Drivers Behind Growth of Internet M&A 11
B. M&A Follows by Increasing Net IPO 17
C. Synergetic Base for Deals 23
Value Network Model and Positive Feedback 23
Economies of Scale: Information vs. Tradition Economy 26
Positive Network Externalities 27
Collective Switching Costs 28
The Net Profit Retriever 31
III. Literature Review 33
A. Academic Journals 33
B. Professional and Business Journal 35
Survival Instinct Drives Deals 36
Growth Incentives to Invest in a Network Externality Environment 36
Overriding Reason for Merger Mania: to Impress Wall Street 36
Downside of Merger Mania 37
Winner Takes Most 38
IV. Descriptive Analysis 39
A. Who Are the Most Aggressive Acquirers? 39
Yahoo! (YHOO) 39
America Online (AOL) 41
Amazon (AMZN) 44
EBay (EBAY) 46
B. Summary of Reasons for M&A from Industry Sectors Perspective 48
Portals/Media: Yahoo! & AOL 48 Global Scale and Leverage 48
Brand Names 49
One Stop Solution/Close Loop
Customer Base and Traffic
Growth Incentives
Efficiency 50
E-Commerce:Amazon (B2C) and eBay (C2C and C2B) 50
Strengthen Leadership Position 52
Scale Expansion
Increase Profitability
Cost Reduction
Brand Name
Customer Acquisition
One Stop Shopping 53
C. What Are the Acquirers Buying? 53
D. Recent Market Correction and its Effect on M&As 54
V. Research Design Methodology and Discussion of Result 58
A. Sample Data and Study Period 58
B. Financial M&A Analysis: Quantitative Measures 60
C. Abnormal Return Results of the Acquiring Firms 62
D. Target''s Stock Performance Post Announcement 66
E. Implications From the Results 69
F. Further Suggestions 70
VI. Conclusion 78
Bibliography References 80
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