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題名 企業併購個案分析: 以迪⼠尼併購⼆⼗⼀世紀福斯為例
Merger and Acquisition case study: Disney’s acquisition of Twenty-First Century Fox作者 張暘全
Chang, Yang-Chuan貢獻者 吳啟銘
張暘全
Chang, Yang-Chuan關鍵詞 企業併購
部分收購
媒體娛樂產業
浮動換股比率
Merger and Acquisition
Divestiture transaction
Media and entertainment industry
Floating stock exchange ratio日期 2021 上傳時間 1-Jul-2021 21:32:26 (UTC+8) 摘要 近年來，串流影音平台的興起為娛樂媒體產業帶來了破壞性創新，改變消費者收看影音內容的方式，並掀起一波剪線潮。首當其衝的傳統娛樂媒體巨頭規劃應對策略，其中一種方式就是透過產業內的合併，本研究個案迪士尼併購21世紀福斯為此背景下發生之併購案，本研究將透過探討此個案之併購外部環境因素與內部併購動機，分析併購案的綜效來源為何? 同時也將針對此併購案的特定交易特性(支付工具與併購型態的選擇)去做詳細分析，了解這些特性對於併購案成功機率與併購績效之影響。另外，我們也透過企業評價來檢驗併購綜效與支付價格之合理性。最後將透過檢視市場反應來剖析此併購案是否能夠為股東帶來價值。本研究發現，成熟期產業面對其主要現金創造事業受到嚴重威脅時，在轉型過程中，透過併購產業內同業，將能夠提升營運效率同時加強核心能力，特別是在以內容為核心的影視產業，透過合併增強內容製作能力與取得作品智財權在產業競爭中是非常重要的。此外在大併大的交易特性下，若僅收購與主併方核心業務相關的資產而不是完全收購，將能夠避免overpay和過度多角化，並且更容易達成策略性互補以實現綜效，市場也會給予正面的評價。最後經過企業評價並計算出綜效後，驗證迪士尼在此併購案之中並未overpay，也符合市場上的正面反應。另外迪士尼雖使用股票作為一部分的支付工具，但是搭配浮動換股比率給與被併方較多保障，能夠幫助迪士尼減緩使用股票支付的負面影響。本個案研究可提供經理人在進行大型娛樂媒體相關合併、收購交易的策略規劃、效益評估和交易手段之參考。
In recent years, the rise of OTT(Over-the-top media services) has brought disruptive innovations to the media and entertainment industry, changing the way consumers watch video content, and setting off a wave of cord-cutting. Traditional media and entertainment giants are planning to resist this shock, and one of the strategies is merger and acquisition within the industry. A representative case is Disney’s acquisition of 21 Century Fox in 2019 . This study would discuss the external and internal motivation of this deal, and also identify the origin of synergy. In addition, this study would put more focus on analyzing specific deal features including payment method and transaction form to understand the influence of these factors on the possibility of success and the return of this deal. Furthermore, this study would conduct valuation to examine the rationality of payment amount.This study found that in the mature industry, when there is an enormous threat on cash cow business, companies tend to consolidate. The consolidation can improve the operation and strengthen the core competence. Especially, in media and entertainment industry, it is important to integrate the content producing capability and the intellectual property to gain competitive advantage. In particular, in the scenario of large-scale company acquisition, buying only part of target company that fit acquirer’s core operation can generate more value than whole-firm buyout, because it can prevent acquiring firm from overpaying as well as over-diversify. Moreover, it is more likely to achieve strategic fit under this form of acquisition.This study had undertaken the business valuation and calculated the amount of synergy. The results indicated that Disney did not overpay in this deal and was consistent with the positive market reaction. To analyze the impact of payment in this deal, this study found that Disney used floating stock exchange ratio to give 21 Century Fox more protection. Using floating stock exchange ratio could mitigate the negative influence of stock payment. Finally, this case study can be a reference for managers who is planning large-scale media merger and acquisition deals to develop deal strategies and evaluate benefit of the transactions.參考文獻 中文部分:1.Charles Hill 著，朱文儀、陳建男譯，(2017)。策略管理(12版) 。台北市：華泰文化。2.Drama Queen，Netflix原創首度超越外購節目！2018年底原創內容比例佔片庫51%，上網日期2021.1.20，檢自: https://www.dramaqueen.com.tw/news/20190322/004.html3.Ericsson，愛立信行動趨勢報告2020，上網日期2021.1.27，檢自https://www.ericsson.com/4.INSIDE，Amazon 獲新頭銜：第一家獲奧斯卡獎的網路公司，上網日期2021.1.20，檢自: https://www.inside.com.tw/article/8639-amazon-wins-oscar-manchester-by-the-sea5.MBA智庫，二十一世紀福克斯公司， 上網日期2021.1.22，檢自https://wiki.mbalib.com/zh-tw/%E4%BA%8C%E5%8D%81%E4%B8%80%E4%B8%96%E7%BA%AA%E7%A6%8F%E5%85%8B%E6%96%AF%E5%85%AC%E5%8F%B86.PWC，2017全球與臺灣娛樂暨媒體業展望報告：使用者體驗 引領全球娛樂暨媒體業未來，上網日期2021.1.27，檢自https://www.pwc.tw/7.王如蘭，來一記直球~迪士尼「直接面對消費者事業」將展開全面眼球攻霸戰，上網日期2021.1.22，檢自: https://rnd.pts.org.tw/Home/Article/FL201905241444568.王俊傑(2020)，百事可樂併購Sodastream之研究，國立政治大學，企業管理研究所(MBA學位學程)，台北市9.林威誠(2018)，企業併購案例分析：以Amazon 併購Whole Foods為例，國立政治大學，企業管理研究所(MBA學位學程)，台北市10.吳啟銘 著，(2010)。企業評價: 個案實證分析。台北市: 智勝文化11.陳建鈞，砍2.8萬人後還要再裁員！迪士尼宣佈部門大改組，新組織架構如何全力衝刺Disney+？，上網日期2021.1.30，檢自 https://www.bnext.com.tw/article/59593/disney-plus-reorganization12.科技島讀，迪士尼 524 億美金併購福斯：新創與巨頭的角色互換，上網日期2021.1.22，檢自https://daodu.tech/12-19-2017-disney-acquire-fox-with-524billions-role-exchange-between-startup-and-enterprise13.楊安琪，迪士尼 Disney+ 共擁 8,680 萬付費用戶，訂閱價格也跟漲上網日期2021.1.22，檢自:https://technews.tw/2020/12/11/disney-plus-hits-86-8-million-paying-subscribers-and-new-service-price/14.唐子晴，各方巨頭都到了，影音串流的戰國時代來臨，上網日期2021.1.20，檢自: https://www.bnext.com.tw/article/53575/future-of-ott15.魯皓平，打破傳統收視習慣！為什麼Netflix能這麼成功？: 打破傳統收視習慣！為什麼Netflix能這麼成功？，上網日期2021.1.20，檢自: https://www.gvm.com.tw/article/3107516.股感，Disney（DIS）奇幻王國，上網日期2021.1.27，檢自自:https://www.stockfeel.com.tw/%E8%BF%AA%E5%A3%AB%E5%B0%BC-%E5%9B%9B%E5%A4%A7%E4%BA%8B%E6%A5%AD%E9%AB%94-%E5%95%86%E6%A9%9F/17.股感，媒體大鱷梅鐸脫手福斯後 誰將成為新一代主宰者？上網日期2021.1.20，檢自https://www.stockfeel.com.tw/%E5%AA%92%E9%AB%94%E5%A4%A7%E9%B1%B7%E6%A2%85%E9%90%B8%E8%84%AB%E6%89%8B%E7%A6%8F%E6%96%AF%E5%BE%8C-%E8%AA%B0%E5%B0%87%E6%88%90%E7%82%BA%E6%96%B0%E4%B8%80%E4%BB%A3%E4%B8%BB%E5%AE%B0%E8%80%85%EF%BC%9F/18.股感，美國付費電視產業 70 年沈浮：Netflix 崛起，上網日期2021.1.20，檢自: https://www.stockfeel.com.tw/%E7%BE%8E%E5%9C%8B%E4%BB%98%E8%B2%BB%E9%9B%BB%E8%A6%96%E7%94%A2%E6%A5%AD-70-%E5%B9%B4%E6%B2%88%E6%B5%AE%EF%BC%9Anetflix-%E5%B4%9B%E8%B5%B7/19.維基百科，華特迪士尼公司，上網日期2021.1.27，檢自: https://zh.wikipedia.org/wiki/%E5%8D%8E%E7%89%B9%E8%BF%AA%E5%A3%AB%E5%B0%BC%E5%85%AC%E5%8F%B820.羅伯特．艾格(Robert Iger)著，諶悠文譯，(2020)。我生命中的一段歷險: 迪士尼執行長羅伯特． 艾格十五年學到的課題。台北市: 城邦文化21.謝承斌(2020)，企業併購個案分析:以AT&T併購時代華納為例，國立政治大學，企業管理研究所(MBA學位學程)，台北市。22.謝國松，企業或無形資產的三種評價方法 中華徵信所，上網日期2021.2.10，檢自: http://www.credit.com.tw/NewCreditOnline/Epaper/ThemeContent.aspx?sn=8&unit=42123.溫溫凱，Disney+上線重點觀戰指南：迪士尼世紀併購案有哪些佈局與影響？，上網日期2021.1.27，檢自https://www.thenewslens.com/article/127071英文部分:1.21st Century Fox And Disney Stockholders Approve Acquisition By Disney, Retrieved March 24 2021, from: https://thewaltdisneycompany.com/21st-century-fox-and-disney-stockholders-approve-acquisition-by-disney/2.21 Century Fox Annual Report 2014~20183.Bloomberg data base4.Bebchuk, Lucian. Cohen, Alma. and Wang, Charles C.Y. (2013) “Golden Parachutes and the Wealth of Shareholders”, Journal of Corporate Finance, vol 25, 140-1545.Caselli, Stefano. Gatti, Stefano. and Visconti, Marco. (2006) “ Managing M&A Risk with Collars, Earn-outs, and CVRs.” , Journal of Applied Corporate Finance, vol 18, no 4, 91-1046.Chaplinsky, Susan. Schill, Michael J. and Doherty, Paul. (2000) “Method of valuation for merger and acquisition” USA, University of Darden School Foundation7.Disney and 21st Century Fox Announce per Share Value in Connection with $71 Billion Acquisition, Retrieved March 22 2021, from: https://thewaltdisneycompany.com/disney-and-21st-century-fox-announce-per-share-value-in-connection-with-71-billion-acquisition/8.Disney-Fox TV Exec Structure: Big Titles Galore, Studio Merger Put Off Amid Challenges Blending Corporate Cultures, Retrieved March 18 2021, from: https://deadline.com/2018/10/disney-fox-deal-tv-executives-analysis-culture-clash-1202473873/#comments9.Disney Layoffs Hit TV Distribution, Home Entertainment Units Post Fox Merger; 20th TV EVP Greg Drebin Exits, Retrieved March 18 2021, from: https://deadline.com/2019/08/disney-fox-layoffs-home-entertainment-tv-distribution-units-greg-drebin-media-distribution-1202707604/10.Gareth R. Jones Organizational Theory, Design, and Change 7th edition, USA, Pearson11.Huang, Peng. Officer, Micah S. and Powell, Ronan. (2016) “Method of payment and risk mitigation in cross-border mergers and acquisitions”, Journal of Corporate Finance, vol 40, 216-23412.Institute for Mergers, Acquisitions and Alliances(IMAA), Retrieved January 18 2021, from: https://imaa-institute.org/mergers-and-acquisitions-statistics/13.Karampatsas, Nikolaos. Petmezas ,Dimitris. and Travlos, Nickolaos G. (2014) “Credit ratings and the choice of payment method in mergersand acquisitions”, Journal of Corporate Finance, vol 25, 474-49314.Market Share for Each Distributor in 2017, Retrieved January 18 2021, from: https://www.the-numbers.com/market/2017/distributors15.Murdoch Family Scores $206 Million in Golden Parachutes After Disney-Fox Deal, Retrieved February 10 2021, from: https://www.thewrap.com/rupert-james-lachlan-murdoch-golden-parachute-disney-fox/16.MPAA-Theme Report 2018,, Retrieved February 10 2021, from: https://www.motionpictures.org17.Owers ,James. and Alexander, Alison. (2011) “Market Reactions to Merger, Acquisition, and Divestiture Announcements in the Media Industries” The International Journal on Media Management, vol 13, 253-27618.Officer, Micah S. (2004) “Collars and Renegotiation in Mergers and Acquisitions” The Journal of Finance, vol. lix, no. 6, 2719-274319.Perspectives from the Global Entertainment and Media Outlook 2017–2021, PWC， Retrieved Febuary 10 2021, from: https://www.pwc.com/outlook20.Ratings, Interest Coverage Ratios and Default Spread, Retrieved March 2 2021, from: http://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/ratings.htm21.Rupert Murdoch’s tax bill could top $4 billion in Fox deal, Retrieved March 2 2021, from: https://www.cnbc.com/2018/06/15/rupert-murdochs-tax-bill-could-top-4-billion-in-fox-deal.html22.Sicherman, Neil W. and Pettway, Richard H. (1987) “Acquisition of Divested Assets and Shareholders` Wealth” The Journal of Finance, Vol. 42, No. 5, 1261-127323.The Murdochs wanted to sell to Disney—here are 4 reasons why, Retrieved February 10 2021 from: https://www.cnbc.com/2017/12/14/why-disney-is-rupert-murdochs-preferred-buyer.html24.Thomson Reuters data base25.U.S. cord cutters to reach 33 million this year, faster than expected, Retrieved January 30 2021, from: https://techcrunch.com/2018/07/25/u-s-cord-cutters-to-reach-33-million-this-year-faster-than-expected/?guccounter=126.Wall Street Journal, Retrieved March 12 2021, from: https://www.wsj.com/27.Why Did Fox Sell to Disney?, Retrieved January 30 2021, from: https://screenrant.com/fox-sell-disney-why/ 描述 碩士
國立政治大學
企業管理研究所(MBA學位學程)
108363051資料來源 http://thesis.lib.nccu.edu.tw/record/#G0108363051 資料類型 thesis dc.contributor.advisor 吳啟銘 zh_TW dc.contributor.author (Authors) 張暘全 zh_TW dc.contributor.author (Authors) Chang, Yang-Chuan en_US dc.creator (作者) 張暘全 zh_TW dc.creator (作者) Chang, Yang-Chuan en_US dc.date (日期) 2021 en_US dc.date.accessioned 1-Jul-2021 21:32:26 (UTC+8) - dc.date.available 1-Jul-2021 21:32:26 (UTC+8) - dc.date.issued (上傳時間) 1-Jul-2021 21:32:26 (UTC+8) - dc.identifier (Other Identifiers) G0108363051 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/136027 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 企業管理研究所(MBA學位學程) zh_TW dc.description (描述) 108363051 zh_TW dc.description.abstract (摘要) 近年來，串流影音平台的興起為娛樂媒體產業帶來了破壞性創新，改變消費者收看影音內容的方式，並掀起一波剪線潮。首當其衝的傳統娛樂媒體巨頭規劃應對策略，其中一種方式就是透過產業內的合併，本研究個案迪士尼併購21世紀福斯為此背景下發生之併購案，本研究將透過探討此個案之併購外部環境因素與內部併購動機，分析併購案的綜效來源為何? 同時也將針對此併購案的特定交易特性(支付工具與併購型態的選擇)去做詳細分析，了解這些特性對於併購案成功機率與併購績效之影響。另外，我們也透過企業評價來檢驗併購綜效與支付價格之合理性。最後將透過檢視市場反應來剖析此併購案是否能夠為股東帶來價值。本研究發現，成熟期產業面對其主要現金創造事業受到嚴重威脅時，在轉型過程中，透過併購產業內同業，將能夠提升營運效率同時加強核心能力，特別是在以內容為核心的影視產業，透過合併增強內容製作能力與取得作品智財權在產業競爭中是非常重要的。此外在大併大的交易特性下，若僅收購與主併方核心業務相關的資產而不是完全收購，將能夠避免overpay和過度多角化，並且更容易達成策略性互補以實現綜效，市場也會給予正面的評價。最後經過企業評價並計算出綜效後，驗證迪士尼在此併購案之中並未overpay，也符合市場上的正面反應。另外迪士尼雖使用股票作為一部分的支付工具，但是搭配浮動換股比率給與被併方較多保障，能夠幫助迪士尼減緩使用股票支付的負面影響。本個案研究可提供經理人在進行大型娛樂媒體相關合併、收購交易的策略規劃、效益評估和交易手段之參考。 zh_TW dc.description.abstract (摘要) In recent years, the rise of OTT(Over-the-top media services) has brought disruptive innovations to the media and entertainment industry, changing the way consumers watch video content, and setting off a wave of cord-cutting. Traditional media and entertainment giants are planning to resist this shock, and one of the strategies is merger and acquisition within the industry. A representative case is Disney’s acquisition of 21 Century Fox in 2019 . This study would discuss the external and internal motivation of this deal, and also identify the origin of synergy. In addition, this study would put more focus on analyzing specific deal features including payment method and transaction form to understand the influence of these factors on the possibility of success and the return of this deal. Furthermore, this study would conduct valuation to examine the rationality of payment amount.This study found that in the mature industry, when there is an enormous threat on cash cow business, companies tend to consolidate. The consolidation can improve the operation and strengthen the core competence. Especially, in media and entertainment industry, it is important to integrate the content producing capability and the intellectual property to gain competitive advantage. In particular, in the scenario of large-scale company acquisition, buying only part of target company that fit acquirer’s core operation can generate more value than whole-firm buyout, because it can prevent acquiring firm from overpaying as well as over-diversify. Moreover, it is more likely to achieve strategic fit under this form of acquisition.This study had undertaken the business valuation and calculated the amount of synergy. The results indicated that Disney did not overpay in this deal and was consistent with the positive market reaction. To analyze the impact of payment in this deal, this study found that Disney used floating stock exchange ratio to give 21 Century Fox more protection. Using floating stock exchange ratio could mitigate the negative influence of stock payment. Finally, this case study can be a reference for managers who is planning large-scale media merger and acquisition deals to develop deal strategies and evaluate benefit of the transactions. en_US dc.description.tableofcontents 中文摘要 i英文摘要 ii目錄 iv表目錄 vi圖目錄 vii第一章 緒論 1第一節 研究動機 1第二節 研究問題 2第二節 研究方法 2第二章 交易事前分析 3第一節 交易簡介 3第二節 公司介紹 5一、主併方迪士尼 5二、被併方二十一世紀福斯 10第三節 交易特性與公司特性 12第四節 外部環境影響因子 17第五節 併購動機 23一、主併方迪士尼收購動機 23二、二十一世紀福斯出售動機 27第六節 綜效來源分析 29第三章 交易事中分析 32第一節 企業評價與交易合理性分析 32一、評價方法介紹 32二、自由現金流量折現法 33三、市場法 44第二節 支付工具分析 46第四章 易事後分析 51第一節 交易後市場反應 51第二節 合併後財務績效分析 54第三節 人力資源調整與合併後整合 56第四節 併購後續事件 59第五章 個案結論 61第一節 結論 61第二節 研究限制 63參考文獻 64 zh_TW dc.format.extent 2086243 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0108363051 en_US dc.subject (關鍵詞) 企業併購 zh_TW dc.subject (關鍵詞) 部分收購 zh_TW dc.subject (關鍵詞) 媒體娛樂產業 zh_TW dc.subject (關鍵詞) 浮動換股比率 zh_TW dc.subject (關鍵詞) Merger and Acquisition en_US dc.subject (關鍵詞) Divestiture transaction en_US dc.subject (關鍵詞) Media and entertainment industry en_US dc.subject (關鍵詞) Floating stock exchange ratio en_US dc.title (題名) 企業併購個案分析: 以迪⼠尼併購⼆⼗⼀世紀福斯為例 zh_TW dc.title (題名) Merger and Acquisition case study: Disney’s acquisition of Twenty-First Century Fox en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 中文部分:1.Charles Hill 著，朱文儀、陳建男譯，(2017)。策略管理(12版) 。台北市：華泰文化。2.Drama Queen，Netflix原創首度超越外購節目！2018年底原創內容比例佔片庫51%，上網日期2021.1.20，檢自: https://www.dramaqueen.com.tw/news/20190322/004.html3.Ericsson，愛立信行動趨勢報告2020，上網日期2021.1.27，檢自https://www.ericsson.com/4.INSIDE，Amazon 獲新頭銜：第一家獲奧斯卡獎的網路公司，上網日期2021.1.20，檢自: https://www.inside.com.tw/article/8639-amazon-wins-oscar-manchester-by-the-sea5.MBA智庫，二十一世紀福克斯公司， 上網日期2021.1.22，檢自https://wiki.mbalib.com/zh-tw/%E4%BA%8C%E5%8D%81%E4%B8%80%E4%B8%96%E7%BA%AA%E7%A6%8F%E5%85%8B%E6%96%AF%E5%85%AC%E5%8F%B86.PWC，2017全球與臺灣娛樂暨媒體業展望報告：使用者體驗 引領全球娛樂暨媒體業未來，上網日期2021.1.27，檢自https://www.pwc.tw/7.王如蘭，來一記直球~迪士尼「直接面對消費者事業」將展開全面眼球攻霸戰，上網日期2021.1.22，檢自: https://rnd.pts.org.tw/Home/Article/FL201905241444568.王俊傑(2020)，百事可樂併購Sodastream之研究，國立政治大學，企業管理研究所(MBA學位學程)，台北市9.林威誠(2018)，企業併購案例分析：以Amazon 併購Whole Foods為例，國立政治大學，企業管理研究所(MBA學位學程)，台北市10.吳啟銘 著，(2010)。企業評價: 個案實證分析。台北市: 智勝文化11.陳建鈞，砍2.8萬人後還要再裁員！迪士尼宣佈部門大改組，新組織架構如何全力衝刺Disney+？，上網日期2021.1.30，檢自 https://www.bnext.com.tw/article/59593/disney-plus-reorganization12.科技島讀，迪士尼 524 億美金併購福斯：新創與巨頭的角色互換，上網日期2021.1.22，檢自https://daodu.tech/12-19-2017-disney-acquire-fox-with-524billions-role-exchange-between-startup-and-enterprise13.楊安琪，迪士尼 Disney+ 共擁 8,680 萬付費用戶，訂閱價格也跟漲上網日期2021.1.22，檢自:https://technews.tw/2020/12/11/disney-plus-hits-86-8-million-paying-subscribers-and-new-service-price/14.唐子晴，各方巨頭都到了，影音串流的戰國時代來臨，上網日期2021.1.20，檢自: https://www.bnext.com.tw/article/53575/future-of-ott15.魯皓平，打破傳統收視習慣！為什麼Netflix能這麼成功？: 打破傳統收視習慣！為什麼Netflix能這麼成功？，上網日期2021.1.20，檢自: https://www.gvm.com.tw/article/3107516.股感，Disney（DIS）奇幻王國，上網日期2021.1.27，檢自自:https://www.stockfeel.com.tw/%E8%BF%AA%E5%A3%AB%E5%B0%BC-%E5%9B%9B%E5%A4%A7%E4%BA%8B%E6%A5%AD%E9%AB%94-%E5%95%86%E6%A9%9F/17.股感，媒體大鱷梅鐸脫手福斯後 誰將成為新一代主宰者？上網日期2021.1.20，檢自https://www.stockfeel.com.tw/%E5%AA%92%E9%AB%94%E5%A4%A7%E9%B1%B7%E6%A2%85%E9%90%B8%E8%84%AB%E6%89%8B%E7%A6%8F%E6%96%AF%E5%BE%8C-%E8%AA%B0%E5%B0%87%E6%88%90%E7%82%BA%E6%96%B0%E4%B8%80%E4%BB%A3%E4%B8%BB%E5%AE%B0%E8%80%85%EF%BC%9F/18.股感，美國付費電視產業 70 年沈浮：Netflix 崛起，上網日期2021.1.20，檢自: https://www.stockfeel.com.tw/%E7%BE%8E%E5%9C%8B%E4%BB%98%E8%B2%BB%E9%9B%BB%E8%A6%96%E7%94%A2%E6%A5%AD-70-%E5%B9%B4%E6%B2%88%E6%B5%AE%EF%BC%9Anetflix-%E5%B4%9B%E8%B5%B7/19.維基百科，華特迪士尼公司，上網日期2021.1.27，檢自: https://zh.wikipedia.org/wiki/%E5%8D%8E%E7%89%B9%E8%BF%AA%E5%A3%AB%E5%B0%BC%E5%85%AC%E5%8F%B820.羅伯特．艾格(Robert Iger)著，諶悠文譯，(2020)。我生命中的一段歷險: 迪士尼執行長羅伯特． 艾格十五年學到的課題。台北市: 城邦文化21.謝承斌(2020)，企業併購個案分析:以AT&T併購時代華納為例，國立政治大學，企業管理研究所(MBA學位學程)，台北市。22.謝國松，企業或無形資產的三種評價方法 中華徵信所，上網日期2021.2.10，檢自: http://www.credit.com.tw/NewCreditOnline/Epaper/ThemeContent.aspx?sn=8&unit=42123.溫溫凱，Disney+上線重點觀戰指南：迪士尼世紀併購案有哪些佈局與影響？，上網日期2021.1.27，檢自https://www.thenewslens.com/article/127071英文部分:1.21st Century Fox And Disney Stockholders Approve Acquisition By Disney, Retrieved March 24 2021, from: https://thewaltdisneycompany.com/21st-century-fox-and-disney-stockholders-approve-acquisition-by-disney/2.21 Century Fox Annual Report 2014~20183.Bloomberg data base4.Bebchuk, Lucian. 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