跳到主要內容

臺灣博碩士論文加值系統

(18.97.14.87) 您好!臺灣時間:2024/12/02 23:58
字體大小: 字級放大   字級縮小   預設字形  
回查詢結果 :::

詳目顯示

我願授權國圖
: 
twitterline
研究生:張超凱
研究生(外文):Chao-Kai Chang
論文名稱:生技醫療產業併購財務績效之研究 —以諾華合併愛爾康公司為例
論文名稱(外文):Research on M&A Financial Performance of Biotech Medical Industry - A case study of Novartis merged with Alcon
指導教授:王孔政王孔政引用關係
指導教授(外文):Kung-Jeng Wang
口試委員:梁瓊如曾盛恕
口試委員(外文):Chiung-Ju LiangSeng-Su Tsang
口試日期:2017-06-16
學位類別:碩士
校院名稱:國立臺灣科技大學
系所名稱: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
論文出版年:2017
畢業學年度:105
語文別:中文
論文頁數:58
中文關鍵詞:併購水平合併財務績效效率理論
外文關鍵詞:mergershorizontalconsolidationfinancial performanceefficiency theory
相關次數:
  • 被引用被引用:2
  • 點閱點閱:319
  • 評分評分:
  • 下載下載:0
  • 收藏至我的研究室書目清單書目收藏:0
摘要
全球企業在瞬息萬變的市場中,面臨激烈又快速的競爭。為了能夠維持不斷穩定的成長、提升企業價值,並維持市場競爭優勢及領導的地位。除不斷研發新產品、發展新的商業模式、亦或是在產品、服務、製程、管理、銷售方式等部份持續優化與創新,皆不外乎要保持競爭優勢及成長動能,藉以創造更高的利潤並符合股東的利益及投資者的期待。為了讓企業能夠繼續的擴張與成長,而併購自然就成為一個非常重要的策略。近年生技醫療產業的併購規模與金額不斷的屢創新高,蓬勃發展並受矚目。所以,本研究以生技醫療業全球前三大藥廠-諾華製藥集團併購眼科第一大藥廠瑞士商愛爾康公司為研究案例。透過質性研究方式,蒐集次級資料並以個案的方式呈現,融入併購相關理論的探討,並用財務績效角度分析合併前、後的綜效。本研究發現:(1) 該併購案合併後屬於短期績效的股價上揚,可為股東帶來超額利潤;長期績效則有顯著市場及部份營運綜效。(2) 併購動機符合 效率理論;該案屬於產業相關水平合併,諾華在合併後成為全球眼睛保健市場的領導者 ( 市佔率達約 70% ),不論是在營運、財務及市場等部份 (包括規模經濟擴大、市場占有率提升、降低成本、取得研發技術等) ,皆能產生一定的併購綜效。達成公司重要策略性目標-分散經營的風險及快速擴張。
關鍵詞:併購、水平合併、財務績效、效率理論。
ABSTRACT
Global enterprises are facing intense and fast competitions in the rapidly changing market. In order to be able to continuously maintain a stable growth, enterprises need to improve business value, competitive advantages and maintained its market leadership position. Not only to maintain a competitive advantage, growth momentum and generated more profits, but also to met the interests of shareholders and investors’ expectations, so the enterprises needed to focus on the research and development of new products , developed brandnew business models, or keeped ongoing optimization and innovation of the products, services, manufacturing, management and marketing . Mergers and acquisitions activities as an important strategy to help enterprises rapidly expanded and grew. In recent years, the pharma industry merger size and value became higher and higher, flourished and compelling. Therefore, the purpose of this research explored the synergy of mergers and acquisition activities related to the world's third-largest pharmaceutical company – Novartis merged the golobal market leader of eye care company-Alcon as a case study. The quality of the way through research, the collection of secondary datas and in the case of the merger of the relevant theory and to explore the perspective of financial analysis the merger performance before and after . The study has found, first, after the merger of the short-term performance on the company’s stock price rised, excessed profits for shareholders; long-term performance of the market and a significant part of the operational synergies. Second, acquisition motived consistent with efficiency theory; the case of industry-related horizontal merger of diversified operations, Novartis, became the global market leader with market share of approximately 70% in the eye care health, whether in operations, financial and market portion of the scales which included economies of scale expansion, market share, costs down and access to the research and development of technology produced a merger synergies. To achieve strategical objectives of the company, also the risk of decentralized management and expansion rapidly.
Keywords: mergers, horizontal consolidation, financial performance, efficiency theory。
目錄
摘要 I
ABSTRACT II
目錄 IV
圖目錄 VI
表目錄 VII
第一章 緒論 1
1-1 研究相關背景與動機 1
1-2 研究目的 5
1-3 論文架構 6
第二章 文獻探討 7
2-1 併購定義與類型 7
2-2 併購動機與理論 9
2-3 併購的成功因素 16
2-4 併購績效相關文獻整理與探討 17
2-5 小結 20
第三章 研究方法 21
3-1 研究設計 21
3-2 資料來源及樣本 21
3-3 衡量相關績效之指標 22
第四章 生技製藥產業介紹 25
4-1 藥品定義與類別 25
4-2 製藥產業定義及特色 27
4-3 製藥產業現況 28
4-4 全球藥品市場發展趨勢 30
4-5 小結 31
第五章 個案分析 33
5-1 個案公司背景介紹 33
5-2 併購歷程 39
5-3 併購績效分析 43
5-4 非財務績效的討論 47
5-5 小結 48
第六章 結論 49
6-1 研究結論 49
6-2 研究建議 52
6-3 研究限制 53
參考文獻 54
參考文獻
中文部份

伍忠賢, (民102)。企業併購理論與實務。, 台北市: 新陸。
吳美麗,(1995) ,。台灣製造業購併前後購併綜效與經營績效之實證研究,。私立淡江大學管理科學研究所碩士論文,未出版,新北市。
李伶珠,(1991),。中、美兩國企業購併動機差異之理論研究,。國立政治大學會計研究所碩士論文,未出版,台北市碩士論文。
李淑芬,(2005),。企業購併前後之經營績效研究,。國立成功大高階管理碩士在職專班碩士論文,未出版,台南市。
林永隆,(1998),。企業購併在財務上之探討,。國立中興大學企業管理研究所未出版碩士論文,未出版,台中市。
林嬋娟、吳安妮,(1992),。台灣企業併購綜效及績效之實證研究,。會計評論,第26 期(4月):,1-23。
前瞻產業研究院 (2017): 2017-2022年中國大健康戰略發展模式與經典案例分析報告。取自http://bg.qianzhan.com/report/detail/2e7ef4d275b3427e.html。
孫梅瑞、陳隆麒,(2002)。,國內上市公司從事購併活動對經營績效影響之研究,中山管理評論,第十卷,第一期10(1),:155-184。
徐雅芬、許毓真、湯谷清、秦慶瑤 (民95) ,。醫藥產業年鑑。, 生物技術開發中心。
張文菁,(2001),。企業特性人力資本產業環境與組織績效之相關性研究,。中山大學人力資源管理研究所碩士論文,未出版,高雄市。
莊永順,(2001),。企業國際化策略之研究,。商管科技季刊 ,2(2)第二卷第二期 頁,157-179。
彭博社(2017):Bloomberg。取自https://www.bloomberg.com。
MBA智庫百科(2017)。取自 http://wiki.mbalib.com.
愛爾康公司財報(2008-2010)。取自https://www.novartis.com/sites/www.novartis.../novartis-annual-report-2011-en.pdf
愛爾康公司財報(2011)。取自https://www.sec.gov/Archives/edgar/data/1167379/.../acl6kbusinessreportex991.pdf
愛爾康公司網站(2017)。取自 www.alcon.com.tw。
維基百科(2017)。取自https://zh.wikipedia.org。
鄭麗麗,(1998),。購併型態對購併後績效之影響,。國立交通大學科技管理研究所碩士論文,未出版,新竹市。
閱讀屋財經報導(2017)。取自www.readhouse.com。
諾華公司財報(2008-2011)。取自(https://www.novartis.com/sites/www.novartis.../novartis-annual-report-2011-en.pdf)
諾華公司網站(2017)。取自https://www.novartis.com.tw。
環球老虎財經(2016)。取自www.laohucaijing.com。
謝佩霓(,2001),。企業合併綜效及其影響因素之研究,。私立銘傳大學國際企業管理研究所碩士論文,未出版,台北市。
蘇勇、杨戟勇,(1998)。资產重组與文化整合田,。经經濟管理。
英文部份

Aloke, & Ghosh (2001). Does operating performance really improve following corporate acquisitions. Journal of Corporate Finance, 7(2): 151-178.
Amihud, K. & B. Lev (1981) Risk Reduction as a Managerial Motive for Conglomerate Mergers. Bell Journal of Economics, 12, pp. 605-617.
B. Branch, & T. Yang. (2006) The risk arbitrage performance: Failed acquisition attempts. Quarterly Journal of Business and economics, 53-68.
Bowers, H. M., & Miller, R. E. (1990). Choice of investment banker and shareholders' wealth of firms involved in acquisitions. Financial Management, 34-44.
Bradely, & Korn(1979) Acquisition and Merger: A shifting route to corporate growth. Management Review.
Bragado, J., F. (1992) Seting the correct speed for postmerger integration. M&A Europe。
Brigham, EF & Gapenski, LC (1991) Financial Management-Theory and Practice, 6th. Edition, the Dryden Press.
Business Wire (2017) Retrieved from www.businesswire.com.
Conn, C., & Michie, J. (2001). Long-run share performance of UK firms engaging in cross-border acquisitions. ESRC Centre for Business Research, University of Cambridge.
Datta, D. K. (1991). Organizational fit and acquisition performance: Effects of post‐acquisition integration. Strategic management journal, 12(4), 281-297.
Doukas, J., & Travlos, N. G. (1988). The effect of corporate multinationalism on shareholders' wealth: Evidence from international acquisitions. The Journal of Finance, 43(5), 1161-1175.
Drucker, P. F. (1981). The five rules of successful acquisition. The Wall Street Journal, 15(10), 1981.
Dyer, L., & Reeves, T. (1995). Human resource strategies and firm performance: what do we know and where do we need to go? International Journal of human resource management, 6(3), 656-670.
Edwards, C. D. (1955). Conglomerate bigness as a source of power. In Business concentration and price policy (pp. 331-359). Princeton University Press.
Fowler, K. L., & Schmidt, D. R. (1989). Determinants of tender offer post‐acquisition financial performance. Strategic Management Journal, 10(4), 339-350.
IMS Health (2015) Retrieved from www.imshealth.com.
IMS Health (2017) Retrieved from www.imshealth.com.
Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. The American economic review, 76(2), 323-329.
Kaplan, R. S., & Norton, D. P. (1996). Using the balanced scorecard as a strategic management system.
Kim, E.H.and J.J.McConnell (1977) Cooperate Merger and the Co-Insurance of Corporate Debt. The Journal of Finance, 32(2), 349-365.
Lewellen, W. G. (1971). A pure financial rationale for the conglomerate merger. The journal of Finance, 26(2), 521-537.
M&A Explorer (2017) Retrieved from http://mergers.whitecase.com。
MedTrend (2016) Retrieved from www.medtrends.org.
MERGERMARKET (2016) Retrieved from https://www.mergermarket.com.
Moeller, S. B., & Schlingemann, F. P. (2005). Global diversification and bidder gains: A comparison between cross-border and domestic acquisitions. Journal of Banking & Finance, 29(3), 533-564.
Mueller, D. C. (1969). A theory of conglomerate mergers. The Quarterly Journal of Economics, 83(4), 643-659.
Park, C. (2003). Prior performance characteristics of related and unrelated acquirers. Strategic Management Journal, 24(5), 471-480.
Reuters (2017) Retrieved from www.reuters.com.
Roll, R. (1986). The hubris hypothesis of corporate takeovers. Journal of business, 197-216.
Sudarsanam, P. S., & Sudarsanam, P. S. (1995). The essence of mergers and acquisitions (Vol. 230). London: Prentice Hall.
Switzer, J. A. (1996). Evidence on real gains in corporate acquisitions. Journal of Economics and Business, 48(5), 443-460.
Venkatraman, N., & Ramanujam, V. (1986). Measurement of business performance in strategy research: A comparison of approaches. Academy of management review, 11(4), 801-814.
Williamson, O. E. (1977). Economies as an antitrust defense revisited. In Welfare aspects of industrial markets (pp. 237-271). Springer US.
Woo, C. Y., & Willard, G. (1983, August). Performance representation in strategic management research: Discussions and recommendations. In annual meeting of the Academy of Management, Dallas.
電子全文 電子全文(網際網路公開日期:20270627)
連結至畢業學校之論文網頁點我開啟連結
註: 此連結為研究生畢業學校所提供,不一定有電子全文可供下載,若連結有誤,請點選上方之〝勘誤回報〞功能,我們會盡快修正,謝謝!
QRCODE
 
 
 
 
 
                                                                                                                                                                                                                                                                                                                                                                                                               
第一頁 上一頁 下一頁 最後一頁 top