臺灣博碩士論文加值系統

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

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