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題名 CVS Health併購Aetna Inc.
CVS Health Corporation`s Acquisition of Aetna Inc.
作者 姜國崴
Jiang, Guo-Wei
貢獻者 湛可南
Chan, Konan
姜國崴
Jiang, Guo-Wei
關鍵詞 併購
醫療保健產業
CVS Health
Aetna
Healthcare industry
日期 2018
上傳時間 3-Sep-2018 15:47:21 (UTC+8)
摘要 2017年12月3日，CVS Health（CVS）與Aetna宣佈簽署一項合併協議，宣布CVS將會以透過現金與股票來收購Aetna在外流通的所有股份，Aetna的股東最終會持有22%CVS的股票。交易總價值達到了770億美金，堪稱是美國醫藥供應鏈十年來最重大的交易、同時也是2017年所宣布最大金額的交易案。是什麼原因，促使CVS對Aetna提出併購提案，背後有什麼樣的動機？宣布併購協議後的市場反應為何？又CVS與Aetna合併後，會對美國醫療市場產生怎麼樣的影響？
本個案主要描述美國醫療保健體系的發展與目前的產業概況，並在了解併購雙方公司的基本業務後，聚焦在併購雙方公司的相關聯競爭者的發展情況，提供相關資訊作為後續討論的參考資料。最後則是結論與相關建議，探討後續可以再研究方向。

關鍵字：CVS Health、Aetna、併購、醫療保健產業
CVS Health (CVS) announced a merger agreement with Aetna in 3 Dec. 2017. CVS would pay cash and common stock to acquire all outstanding shares of Aetna, and shareholders of Aetna would finally own 22% CVS’s shares. The deal size would be 77 billion. It would be the biggest deal in healthcare industry during the past ten years, being the largest deal announced in 2017. Why did CVS want to buy Aetna? How does capital market react after CVS and Aetna announced the merger agreement? What is the possible effect in healthcare industry once if CVS and Aetna have merged?
The main part is the case description, and development of healthcare system in United States will be in this part. The basic introduction of CVS and Aetna is contained in this part, and the development of their potential rivals is also included. These pieces of information are provided for further discussions. There are conclusion and suggestions in the last paragraph.
Key Words: CVS Health, Aetna, mergers and acquisitions, and healthcare industry
參考文獻 中文文獻
S, Frank A., Chee-Ruey Hsieh著，劉亞明譯，(2016)。健康經濟學。台北市：學富文化。
方嘉鱗等，(2017)。企業併購個案研究(九)。台北市：元照出版。
吳啟銘，(2010)。企業評價─個案實證分析。台北市：智勝文化。
吳德豐等著，游明德審，(2016)。企業併購策略與最佳實務，第三版。台北市：財團法人資誠教育基金會。
游明德等，(2018)，2018台灣併購白皮書。檢自：https://www.pwc.tw/zh/
publications/topic-invest/assets/2018-taiwan-mna.pdf。上網日期： 2018-06-12。
鍾憲瑞，(2013)。產業分析精論：多元觀點與策略思維，第二版。台北市：虔誠文化。

英文文獻
Abelson, R. and Thomas, K. (2017), CVS and Aetna Say Merger Will Improve Your Health Care. Can They Deliver?, https://www.nytimes.com/2017/12/04/health/cvs-aetna-merger.html. The New York Times. Accessed 6 June 2018.
Ansoff, H. I. and McDonnell, E. J. (1988), The new corporate strategy, John Wiley & Sons Inc.
Blumenthal, D. (2018), Is M&A the Cure for a Failing Health Care System?, https://hbr.org/2017/12/is-ma-the-cure-for-a-failing-health-care-system. Harvard Business Review. Accessed 11 May 2018.
Burns, L. R., Degraaff, R. A., Danzon, P., Kimberly, J. R., Kissick, W. L., and Pauly, M. V. (2002), The Wharton School Study of the Health Care Value Chain.
Corey, S. (2015), CVS and Walgreens are completely dominating the US drugstore industry, http://www.businessinsider.com/cvs-and-walgreens-us-drugstore-market-share-2015-7. Business Insider. Accessed 11 May 2018.
Japsen, B. (2017), Anthem Terminates Cigna Deal, Refuses To Pay $1.8B Break-Up Fee, https://www.forbes.com/sites/brucejapsen/2017/05/12/anthem-ending-cigna-deal-refuses-to-pay-termination-fee/#3f5060ca53a4 .Forbes. Accessed 10 May 2018.
Mattioli, D., Nassauer, S., and Mathews, A. W. (2018), Walmart in Early-Stage Acquisition Talks With Humana, https://www.wsj.com/articles/walmart-in-early-stage-acquisition-talks-with-humana-1522365618 .The Wall Street Journal. Accessed 11 May 2018.
Mattioli, D., Terlep, S., and Mathews, A. W. (2017), CVS Makes Blockbuster Aetna Bid, https://www.wsj.com/articles/cvs-health-is-in-talks-to-buy-aetna-sources-1509047642 .The Wall Street Journal. Accessed 12 May 2018.
Merced, M. J., and Abelson, R. (2017), CVS to Buy Aetna for $69 Billion in a Deal That May Reshape the Health Industry,
https://www.nytimes.com/2017/12/03/business/dealbook/cvs-is-said-to-agree-to-buy-aetna-reshaping-health-care-industry.html .The New York Times. Accessed 5 June 2018.
Rappaport, A. and Sirower, M. L. (1999), Stock or cash? The trade-offs for buyers and sellers in mergers and acquisitions, Harvard business review, November-December 1999 Issue.
Roumeliotis, G. (2015), Aetna to buy Humana for $37 billion in largest insurance deal, https://www.reuters.com/article/us-humana-m-a-aetna/aetna-to-buy-humana-for-37-billion-in-largest-insurance-deal-idUSKCN0PD04720150703. Reuters. Accessed 5 June 2018.
Rowe, J. W. (2017), Former Aetna CEO: Here’s What the CVS-Aetna Deal Really Means, http://fortune.com/2017/12/04/cvs-aetna-merger-bought-buys-purchase.
Forbes. Accessed 5 June 2018.
Siconolfi, M., Mattioli, D., and Walker, J. (2018), Walgreens Has Made Takeover Approach to AmerisourceBergen, https://www.wsj.com/articles/walgreens-has-made-takeover-approach-to-amerisourcebergen-1518480542.The Wall Street Journal. Accessed 5 June 2018.
Whitehouse.gov (2018), President Donald J. Trump’s Blueprint To Lower Drug Prices, https://www.whitehouse.gov/briefings-statements/president-donald-j-trumps-blueprint-lower-drug-prices. Accessed 7 June 2018.
描述 碩士
國立政治大學
財務管理學系
105357017
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0105357017
資料類型 thesis
dc.contributor.advisor 湛可南zh_TW
dc.contributor.advisor Chan, Konanen_US
dc.contributor.author (Authors) 姜國崴zh_TW
dc.contributor.author (Authors) Jiang, Guo-Weien_US
dc.creator (作者) 姜國崴zh_TW
dc.creator (作者) Jiang, Guo-Weien_US
dc.date (日期) 2018en_US
dc.date.accessioned 3-Sep-2018 15:47:21 (UTC+8)-
dc.date.available 3-Sep-2018 15:47:21 (UTC+8)-
dc.date.issued (上傳時間) 3-Sep-2018 15:47:21 (UTC+8)-
dc.identifier (Other Identifiers) G0105357017en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/119879-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 財務管理學系zh_TW
dc.description (描述) 105357017zh_TW
dc.description.abstract (摘要) 2017年12月3日，CVS Health（CVS）與Aetna宣佈簽署一項合併協議，宣布CVS將會以透過現金與股票來收購Aetna在外流通的所有股份，Aetna的股東最終會持有22%CVS的股票。交易總價值達到了770億美金，堪稱是美國醫藥供應鏈十年來最重大的交易、同時也是2017年所宣布最大金額的交易案。是什麼原因，促使CVS對Aetna提出併購提案，背後有什麼樣的動機？宣布併購協議後的市場反應為何？又CVS與Aetna合併後，會對美國醫療市場產生怎麼樣的影響？
本個案主要描述美國醫療保健體系的發展與目前的產業概況，並在了解併購雙方公司的基本業務後，聚焦在併購雙方公司的相關聯競爭者的發展情況，提供相關資訊作為後續討論的參考資料。最後則是結論與相關建議，探討後續可以再研究方向。

關鍵字：CVS Health、Aetna、併購、醫療保健產業		zh_TW
dc.description.abstract (摘要) CVS Health (CVS) announced a merger agreement with Aetna in 3 Dec. 2017. CVS would pay cash and common stock to acquire all outstanding shares of Aetna, and shareholders of Aetna would finally own 22% CVS’s shares. The deal size would be 77 billion. It would be the biggest deal in healthcare industry during the past ten years, being the largest deal announced in 2017. Why did CVS want to buy Aetna? How does capital market react after CVS and Aetna announced the merger agreement? What is the possible effect in healthcare industry once if CVS and Aetna have merged?
The main part is the case description, and development of healthcare system in United States will be in this part. The basic introduction of CVS and Aetna is contained in this part, and the development of their potential rivals is also included. These pieces of information are provided for further discussions. There are conclusion and suggestions in the last paragraph.
Key Words: CVS Health, Aetna, mergers and acquisitions, and healthcare industry		en_US
dc.description.tableofcontents 謝辭 1
摘要 2
Abstract 3
第一章 緒論 6
第一節 研究動機 6
第二節 研究範圍 6
第二章 CVS Health併購Aetna個案 8
第一節 併購交易個案簡述 8
第二節 公司介紹 9
第三節 美國醫療保健體系現況 13
第四節 CVS Health與Aetna的未來藍圖 18
第五節 市場對本次併購交易案的看法 20
第三章 結論與建議 21
第一節 研究結論 21
第二節 研究限制 21
第三節 後續建議 22
第四章 參考文獻 23		zh_TW
dc.format.extent 4461505 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0105357017en_US
dc.subject (關鍵詞) 併購zh_TW
dc.subject (關鍵詞) 醫療保健產業zh_TW
dc.subject (關鍵詞) CVS Healthen_US
dc.subject (關鍵詞) Aetnaen_US
dc.subject (關鍵詞) Healthcare industryen_US
dc.title (題名) CVS Health併購Aetna Inc.zh_TW
dc.title (題名) CVS Health Corporation`s Acquisition of Aetna Inc.en_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 中文文獻
S, Frank A., Chee-Ruey Hsieh著，劉亞明譯，(2016)。健康經濟學。台北市：學富文化。
方嘉鱗等，(2017)。企業併購個案研究(九)。台北市：元照出版。
吳啟銘，(2010)。企業評價─個案實證分析。台北市：智勝文化。
吳德豐等著，游明德審，(2016)。企業併購策略與最佳實務，第三版。台北市：財團法人資誠教育基金會。
游明德等，(2018)，2018台灣併購白皮書。檢自：https://www.pwc.tw/zh/
publications/topic-invest/assets/2018-taiwan-mna.pdf。上網日期： 2018-06-12。
鍾憲瑞，(2013)。產業分析精論：多元觀點與策略思維，第二版。台北市：虔誠文化。

英文文獻
Abelson, R. and Thomas, K. (2017), CVS and Aetna Say Merger Will Improve Your Health Care. Can They Deliver?, https://www.nytimes.com/2017/12/04/health/cvs-aetna-merger.html. The New York Times. Accessed 6 June 2018.
Ansoff, H. I. and McDonnell, E. J. (1988), The new corporate strategy, John Wiley & Sons Inc.
Blumenthal, D. (2018), Is M&A the Cure for a Failing Health Care System?, https://hbr.org/2017/12/is-ma-the-cure-for-a-failing-health-care-system. Harvard Business Review. Accessed 11 May 2018.
Burns, L. R., Degraaff, R. A., Danzon, P., Kimberly, J. R., Kissick, W. L., and Pauly, M. V. (2002), The Wharton School Study of the Health Care Value Chain.
Corey, S. (2015), CVS and Walgreens are completely dominating the US drugstore industry, http://www.businessinsider.com/cvs-and-walgreens-us-drugstore-market-share-2015-7. Business Insider. Accessed 11 May 2018.
Japsen, B. (2017), Anthem Terminates Cigna Deal, Refuses To Pay $1.8B Break-Up Fee, https://www.forbes.com/sites/brucejapsen/2017/05/12/anthem-ending-cigna-deal-refuses-to-pay-termination-fee/#3f5060ca53a4 .Forbes. Accessed 10 May 2018.
Mattioli, D., Nassauer, S., and Mathews, A. W. (2018), Walmart in Early-Stage Acquisition Talks With Humana, https://www.wsj.com/articles/walmart-in-early-stage-acquisition-talks-with-humana-1522365618 .The Wall Street Journal. Accessed 11 May 2018.
Mattioli, D., Terlep, S., and Mathews, A. W. (2017), CVS Makes Blockbuster Aetna Bid, https://www.wsj.com/articles/cvs-health-is-in-talks-to-buy-aetna-sources-1509047642 .The Wall Street Journal. Accessed 12 May 2018.
Merced, M. J., and Abelson, R. (2017), CVS to Buy Aetna for $69 Billion in a Deal That May Reshape the Health Industry,
https://www.nytimes.com/2017/12/03/business/dealbook/cvs-is-said-to-agree-to-buy-aetna-reshaping-health-care-industry.html .The New York Times. Accessed 5 June 2018.
Rappaport, A. and Sirower, M. L. (1999), Stock or cash? The trade-offs for buyers and sellers in mergers and acquisitions, Harvard business review, November-December 1999 Issue.
Roumeliotis, G. (2015), Aetna to buy Humana for $37 billion in largest insurance deal, https://www.reuters.com/article/us-humana-m-a-aetna/aetna-to-buy-humana-for-37-billion-in-largest-insurance-deal-idUSKCN0PD04720150703. Reuters. Accessed 5 June 2018.
Rowe, J. W. (2017), Former Aetna CEO: Here’s What the CVS-Aetna Deal Really Means, http://fortune.com/2017/12/04/cvs-aetna-merger-bought-buys-purchase.
Forbes. Accessed 5 June 2018.
Siconolfi, M., Mattioli, D., and Walker, J. (2018), Walgreens Has Made Takeover Approach to AmerisourceBergen, https://www.wsj.com/articles/walgreens-has-made-takeover-approach-to-amerisourcebergen-1518480542.The Wall Street Journal. Accessed 5 June 2018.
Whitehouse.gov (2018), President Donald J. Trump’s Blueprint To Lower Drug Prices, https://www.whitehouse.gov/briefings-statements/president-donald-j-trumps-blueprint-lower-drug-prices. Accessed 7 June 2018.		zh_TW
dc.identifier.doi (DOI) 10.6814/THE.NCCU.Finance.024.2018.F07-