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題名 環球晶圓併購SunEdison之個案研究
A case study on Globalwafers and SunEdison
作者 鄒鞬隆
ZOU, JIAN-LONG
貢獻者 林士貴<br>陳宇紳
鄒鞬隆
ZOU, JIAN-LONG
關鍵詞 企業併購
投資銀行
財務顧問
融資
M&A
Investment Bank
Financial advisor
Financing
日期 2019
上傳時間 1-Jul-2019 10:49:15 (UTC+8)
摘要 此併購案採用特別的融資方式,冀望以此個案實際探討投資銀行對於企業併購的協助,包含交易架構設計、融資安排及後續的綜效取得,都是投資銀行財務顧問業務的相關內容。本文著重於融資方面的財務規劃探討,採用質化研究方法,主要以企業併購的理論為主,包含交易特性、支付工具的選擇、企業評價、市場反應以及綜效分析。由於環球晶圓的企業規模較被併公司小,且跨國間的併購不僅有企業文化上的差異,亦具備了國家文化上的差異,皆使得併購後的整合會較為困難,最後本文認為,此次併購案的成功不僅是企業的經驗,財務顧問的協助也是相當重要。
This paper is mainly discussing the assistance of investment banks in special financing M&A cases, including transaction structure design, financing arrangements and subsequent synergies, the contents of which are related to the financial advisory business of investment banks. Based on the theory of M&A, including transaction characteristics, payment method, business valuation, market response and synergy. This paper uses qualitative methods to explore financial planning for financing. The difficulty of post-merger integration increases in this case since the scale of Globalwafers is smaller than SunEdison, and the cross-border M&A case has both corporate culture and national cultural differences. Finally, this paper holds that the success of this M&A case is not only the experience of the enterprise, financial advisers also play a very important role.
參考文獻 一、中文文獻
王郁晴(2011)。財務策略如何帶來併購之雙贏? 以元太科技併購E Ink之個案為例。國立交通大學財務金融研究所碩士論文
羋大涵(2014)。企業併購個案研究與績效分析:以聯發科併購晨星為例。國立政治大學金融研究所碩士論文
林曉琪(2016)。非合意併購之個案研究_以日月光併購矽品為例。國立交通大學管理學院財務金融學程碩士論文
黃媺晴(2018)。有線電視產業併購個案之研究 – 以台灣數位光訊科技集團併購東森電視為例。國立雲林科技大學企業管理系碩士論文
陳鼎超(2012)。併購教學個案研究-以群創奇美電併購案為例。國立政治大學財務管理研究所碩士論文
謝劍平(2018)。現代投資銀行(第五版)。台北市:智勝文化事業有限公司

二、英文文獻
Aktas, N., De Bodt, E., & Roll, R. (2013). Learning from repetitive acquisitions: Evidence from the time between deals. Journal of Financial Economics, 108(1), 99-117.
Francis, B. B., Hasan, I., & Sun, X. (2014). The certification role of financial advisors in cross-border M&As. International Review of Financial Analysis, 32, 143-158.
Gomes, E., Angwin, D. N., Weber, Y., & Tarba, S. (2013). Critical success factors through the mergers and acquisitions process: revealing pre‐and post‐M&A connections for improved performance. Thunderbird International Business Review, 55(1), 13-35.
Karampatsas, N., Petmezas, D., & Travlos, N. G. (2014). Credit ratings and the choice of payment method in mergers and acquisitions. Journal of Corporate Finance, 25, 474-493.
Martin, K. J. (1996). The method of payment in corporate acquisitions, investment opportunities, and management ownership. The Journal of finance, 51(4), 1227-1246.
Vermaelen, T., & Xu, M. (2014). Acquisition finance and market timing. Journal of Corporate Finance, 25, 73-91.
描述 碩士
國立政治大學
金融學系
1063520211
資料來源 http://thesis.lib.nccu.edu.tw/record/#G1063520211
資料類型 thesis
dc.contributor.advisor 林士貴<br>陳宇紳zh_TW
dc.contributor.author (Authors) 鄒鞬隆zh_TW
dc.contributor.author (Authors) ZOU, JIAN-LONGen_US
dc.creator (作者) 鄒鞬隆zh_TW
dc.creator (作者) ZOU, JIAN-LONGen_US
dc.date (日期) 2019en_US
dc.date.accessioned 1-Jul-2019 10:49:15 (UTC+8)-
dc.date.available 1-Jul-2019 10:49:15 (UTC+8)-
dc.date.issued (上傳時間) 1-Jul-2019 10:49:15 (UTC+8)-
dc.identifier (Other Identifiers) G1063520211en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/124149-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 金融學系zh_TW
dc.description (描述) 1063520211zh_TW
dc.description.abstract (摘要) 此併購案採用特別的融資方式,冀望以此個案實際探討投資銀行對於企業併購的協助,包含交易架構設計、融資安排及後續的綜效取得,都是投資銀行財務顧問業務的相關內容。本文著重於融資方面的財務規劃探討,採用質化研究方法,主要以企業併購的理論為主,包含交易特性、支付工具的選擇、企業評價、市場反應以及綜效分析。由於環球晶圓的企業規模較被併公司小,且跨國間的併購不僅有企業文化上的差異,亦具備了國家文化上的差異,皆使得併購後的整合會較為困難,最後本文認為,此次併購案的成功不僅是企業的經驗,財務顧問的協助也是相當重要。zh_TW
dc.description.abstract (摘要) This paper is mainly discussing the assistance of investment banks in special financing M&A cases, including transaction structure design, financing arrangements and subsequent synergies, the contents of which are related to the financial advisory business of investment banks. Based on the theory of M&A, including transaction characteristics, payment method, business valuation, market response and synergy. This paper uses qualitative methods to explore financial planning for financing. The difficulty of post-merger integration increases in this case since the scale of Globalwafers is smaller than SunEdison, and the cross-border M&A case has both corporate culture and national cultural differences. Finally, this paper holds that the success of this M&A case is not only the experience of the enterprise, financial advisers also play a very important role.en_US
dc.description.tableofcontents 第一章 緒論 1
第一節 研究背景及動機 1
第二節 研究方法 1
第二章 文獻探討 2
第一節 併購之型態 2
第二節 併購之成本與利益 5
第三節 投資銀行之併購相關服務 8
第四節 併購相關理論 10
第三章 併購交易分析 13
第一節 交易簡介 13
第二節 半導體產業介紹 15
第三節 公司簡介 17
第四節 交易特性 19
第五節 併購誘因 23
第六節 市場反應 29
第四章 財務顧問規劃 30
第一節 企業評價 30
第二節 支付工具 35
第三節 綜效分析 37
第五章 併購交易事後分析 40
第一節 併購整合與財務分析 40
第二節 後續發展 43
第六章 結論與建議 45
第一節 結論 45
第二節 建議 47
參考文獻 48
zh_TW
dc.format.extent 1624924 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G1063520211en_US
dc.subject (關鍵詞) 企業併購zh_TW
dc.subject (關鍵詞) 投資銀行zh_TW
dc.subject (關鍵詞) 財務顧問zh_TW
dc.subject (關鍵詞) 融資zh_TW
dc.subject (關鍵詞) M&Aen_US
dc.subject (關鍵詞) Investment Banken_US
dc.subject (關鍵詞) Financial advisoren_US
dc.subject (關鍵詞) Financingen_US
dc.title (題名) 環球晶圓併購SunEdison之個案研究zh_TW
dc.title (題名) A case study on Globalwafers and SunEdisonen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 一、中文文獻
王郁晴(2011)。財務策略如何帶來併購之雙贏? 以元太科技併購E Ink之個案為例。國立交通大學財務金融研究所碩士論文
羋大涵(2014)。企業併購個案研究與績效分析:以聯發科併購晨星為例。國立政治大學金融研究所碩士論文
林曉琪(2016)。非合意併購之個案研究_以日月光併購矽品為例。國立交通大學管理學院財務金融學程碩士論文
黃媺晴(2018)。有線電視產業併購個案之研究 – 以台灣數位光訊科技集團併購東森電視為例。國立雲林科技大學企業管理系碩士論文
陳鼎超(2012)。併購教學個案研究-以群創奇美電併購案為例。國立政治大學財務管理研究所碩士論文
謝劍平(2018)。現代投資銀行(第五版)。台北市:智勝文化事業有限公司

二、英文文獻
Aktas, N., De Bodt, E., & Roll, R. (2013). Learning from repetitive acquisitions: Evidence from the time between deals. Journal of Financial Economics, 108(1), 99-117.
Francis, B. B., Hasan, I., & Sun, X. (2014). The certification role of financial advisors in cross-border M&As. International Review of Financial Analysis, 32, 143-158.
Gomes, E., Angwin, D. N., Weber, Y., & Tarba, S. (2013). Critical success factors through the mergers and acquisitions process: revealing pre‐and post‐M&A connections for improved performance. Thunderbird International Business Review, 55(1), 13-35.
Karampatsas, N., Petmezas, D., & Travlos, N. G. (2014). Credit ratings and the choice of payment method in mergers and acquisitions. Journal of Corporate Finance, 25, 474-493.
Martin, K. J. (1996). The method of payment in corporate acquisitions, investment opportunities, and management ownership. The Journal of finance, 51(4), 1227-1246.
Vermaelen, T., & Xu, M. (2014). Acquisition finance and market timing. Journal of Corporate Finance, 25, 73-91.
zh_TW
dc.identifier.doi (DOI) 10.6814/NCCU201900025en_US