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研究生:吳宜頻
研究生(外文):Wu, I Pin
論文名稱:已開發國家食品產業跨國購併宣告效果之研究
論文名稱(外文):Announcement Effect of Food Industry Cross-Border Mergers and Acquisitions - Evidence from Developed Countries
指導教授:吳啟銘吳啟銘引用關係
指導教授(外文):Wu, Chi Ming
學位類別:碩士
校院名稱:國立政治大學
系所名稱:企業管理研究所
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
畢業學年度:102
語文別:中文
論文頁數:65
中文關鍵詞:食品業跨國購併事件研究法宣告效果雀巢集團
外文關鍵詞:Food IndustryCross-border M&;AEvent StudyAnnouncement EffectNestle S.A.
相關次數:
  • 被引用被引用:5
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  • 下載下載:0
  • 收藏至我的研究室書目清單書目收藏:0
本研究以2002年至2012年已開發國家食品產業跨國購併案為樣本,以事件研究法,比較已開發國家食品產業跨國購併已開發國家及開發中國家企業的購併宣告效果,去看在跨國購併的文獻議題上和實證結果是否相符。並以雀巢集團為收購公司之案例,比較其進軍已開發國家(美國惠氏營養品)及開發中國家(中國徐福記)的策略及收購後營運與財務績效,可否套用於產業研究結果,希望為後續食品產業購併提供研究參考。
本研究有以下三點發現:1.食品產業自已開發國家購併已開發國家對收購公司的股價宣告效果,較購併開發中國家對收購公司的股價宣告效果佳。2.已開發國家之食品產業收購與該產業相關性越高的企業,對其收購公司的股價宣告效果並無重大顯著之影響。3.無法將雀巢集團收購惠氏營養品之個案套用於產業研究結果,收購徐福記之個案則與實證結果相似,無正向顯著的宣告效果。此二個案皆著重搶攻新興國家市場,並以水平整合及策略互補方式,擴大市佔率及強化產品線,近五年之財務狀況,與同業相比有較佳之獲利表現,且繼續經營之價值。
已開發國家食品產業在選擇跨國購併對象時,可以已開發國家企業為主要收購對象,降低文化及地理距離帶來的資訊不對稱問題及取得策略性資產,投資人對其有較佳的預期,在選擇向前垂直整合策略時需留意,因零售通路需較大規模之經營整合,對於該市場需有更深入之了解,才適合投入至通路端。

This paper treated cross-border Mergers and Acquisitions (M&;A) cases of developed countries’ food industry over the period of 2002 to 2012 with event study.
We compared the announcement effects of acquired companies following developed or developing countries M&;A and to confirm that whether the empirical results are consistent with the literature. We used Nestle S.A. as acquiring company to compare its M&;A’s strategies and performance when acquiring Wyeth Nutrition and Hsu Fu Chi. Hope to be the reference for the following food industry M&;A research.
The major research finding as follows. First, the announcement effects of developed countries’ food industry following developed countries M&;A are better than developing countries M&;A. Second, the results demonstrated that the announcement effect had no significant difference among different industrial relevance of target companies. Third, the case of Hsu Fu Chi acquisition is similar with the empirical results but Wyeth Nutrition acquisition cannot. Furthermore, both cases were focused on the emerging markets and complementary strategies.
Developed countries’ food industry can chooses the developed countries’ firms as target companies to decrease asymmetric information which caused by cultural, economic and geographic distance and to acquire strategic assets. They also should have enough acquaintance of the markets before they invest in the channel.

摘要 i
謝詞 iii
目次 iv
圖目錄 v
表目錄 v

第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的及問題 3
第三節 研究架構 5

第二章 文獻回顧 6
第一節 購併定義與型態 6
第二節 跨國購併定義與動機 8
第三節 影響跨國購併績效因素之研究 11
第四節 食品產業發展概況 15

第三章 產業實證分析 22
第一節 研究假說 22
第二節 資料來源與研究方法 24
第三節 食品產業跨國購併策略探討 29
第四節 食品產業跨國購併績效分析 34

第四章 個案分析 39
第一節 個案公司簡介 39
第二節 資料來源與研究方法 42
第三節 購併前之策略探討 44
第四節 購併後之整合策略與績效分析 47
第五節 雀巢集團近五年之財務表現 52
第六節 小結 55

第五章 結論與建議 56
第一節 研究結論 56
第二節 研究限制 58
第三節 研究建議 59

參考文獻 61
一、英文部分 61
二、中文部分 64

一、英文部分
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二、中文部分
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