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題名 企業合併與收購之效益分析
Analysis on the Benefit of the Coherent Mergers and Acquisitions作者 林秀琦
Pinitkitjawat, Napassorn貢獻者 劉助
Liu, James
林秀琦
Napassorn Pinitkitjawat關鍵詞 合併與收購
必治妥施貴寶
賽爾基因收購案
合併與收購的利益
Mergers and Acquisitions
Bristol Myers Squibb
Celgene Acquisition
Benefit of Mergers and Acquisitions日期 2020 上傳時間 3-Aug-2020 17:47:17 (UTC+8) 摘要 With the disruptive technology and the rapid change in the business environment, the current business environment results in a spike in the M&A activity. But is M&A beneficial to companies? Fundamental analysis on the actual financial performance for pre- and post-M&A of the sample M&A case, Bristol Myers Squibb – Celgene Acquisition is conducted to help determine if this business methodology truly bring about benefits to the companies over the study period. 參考文獻 Arık, E., & Kutan, A. M. (2015). Do Mergers and Acquisitions Create Wealth Effects? Evidence from Twenty Emerging Markets. Eastern European Economics, 53(6), 529–550. https://doi.org/10.1080/00128775.2015.1099445Bansal, De Backer, and Ranade. (2018, October 10). What’s behind the pharmaceutical sector’s M&A push. Retrieved from https://www.mckinsey.com/business-functions/strategy-and-corporate-finance/our-insights/whats-behind-the-pharmaceutical-sectors-m-and-a-pushBRISTOL MYERS SQUIBB drug patent status, international patents. (2020, June 15). Retrieved from https://www.drugpatentwatch.com/p/applicant/Bristol%20Myers%20SquibbBrown, and Elmhirst. (2018, October 3). Few biopharma buyouts in quiet third quarter. Retrieved from https://www.evaluate.com/vantage/articles/data-insights/ma/few-biopharma-buyouts-quiet-third-quarterCelgene: A Winner in Biopharma. (2015, December 10). Retrieved from https://digital.hbs.edu/platform-rctom/submission/celgene-a-winner-in-biopharma/Hansell, Kotzen, Olsen, and Farag. (2016, October 25). Bristol-Myers Squibb: Reshaping the Portfolio to Create Superior Shareholder Value. Retrieved from https://www.bcg.com/publications/2016/value-creation-strategy-corporate-development-bristol-myers-squibb.aspxHealth at a Glance 2019: OECD Indicators | en | OECD. (2019, November 7). Retrieved from http://www.oecd.org/health/health-systems/health-at-a-glance-19991312.htmKengelbach, Keienburg, Gell, Nielsen, Bader, Degen, and Sievers. (2019, September 25). 2019 Mergers & Acquisitions (M&A) Report: Downturns Are a Better Time for Deal Hunting. Retrieved from https://www.bcg.com/publications/2019/mergers-and-acquisitions-report-shows-downturns-are-a-better-time-for-deal-hunting.aspxLobet and van Gampelaere, F. and C. (2018, February 15). Success and Failure in M&A Execution - An Empirical Study — Retrieved from https://gpmip.com/success-and-failure-in-ma-execution-an-empirical-study/M. Christensen, Alton, Rising, and Waldeck. (2011, March). The Big Idea: The New M&A Playbook. Retrieved from https://hbr.org/2011/03/the-big-idea-the-new-ma-playbookM. Szmigiera. (2020, February 24). Value of M&A deals globally 1985-2019. Retrieved from https://www.statista.com/statistics/267369/volume-of-mergers-and-acquisitions-worldwide/Melicher, R. W., & Norton, E. A. (2013). Introduction to Finance (15th ed.). Hoboken, NJ, United States: Wiley.NCHS. (2010, September). Products - Data Briefs - Number 42 - September 2010. Retrieved from https://www.cdc.gov/nchs/products/databriefs/db42.htmPMGroup Worldwide Limited. (2020, April 1). Pharma funding and M&A in 2020. Retrieved from http://www.pmlive.com/pharma_intelligence/Pharma_funding_and_M_and_A_in_2020_1328712Roser, Ortiz-Ospina and Ritchie. (2019, October). Life Expectancy. Retrieved from https://ourworldindata.org/life-expectancyTaylor, A. (2019, August 22). How to Measure M&A Success. Retrieved from https://hingemarketing.com/blog/story/how-to-measure-ma-successTorjesen, I. (2015, May 12). Drug development: the journey of a medicine from lab to shelf. Retrieved from https://www.pharmaceutical-journal.com/publications/tomorrows-pharmacist/drug-development-the-journey-of-a-medicine-from-lab-to-shelf/20068196.article?firstPass=falseTrefis Team. (2019, January 7). Why Is Celgene A Strategic Fit For Bristol-Myers Squibb. Retrieved from https://www.forbes.com/sites/greatspeculations/2019/01/07/why-is-celgene-a-strategic-fit-for-bristol-myers-squibb/#38bc850e76c2Vitez and Harrison. (2016, December 8). Trends in pharmaceutical mergers and acquisitions. Retrieved from https://biopharmadealmakers.nature.com/users/9880-biopharma-dealmakers/posts/13880-trends-in-pharmaceutical-mergers-and-acquisitionsWeintraub, A. (2020, March 26). Bristol Myers nabs long-sought FDA nod for Celgene’s MS drug ozanimod, but pandemic delays launch. Retrieved from https://www.fiercepharma.com/pharma/bristol-myers-investors-breathe-a-sigh-relief-as-fda-approves-celgene-s-ms-drug-ozanimod 描述 碩士
國立政治大學
國際經營管理英語碩士學位學程(IMBA)
107933045資料來源 http://thesis.lib.nccu.edu.tw/record/#G0107933045 資料類型 thesis dc.contributor.advisor 劉助 zh_TW dc.contributor.advisor Liu, James en_US dc.contributor.author (Authors) 林秀琦 zh_TW dc.contributor.author (Authors) Napassorn Pinitkitjawat en_US dc.creator (作者) 林秀琦 zh_TW dc.creator (作者) Pinitkitjawat, Napassorn en_US dc.date (日期) 2020 en_US dc.date.accessioned 3-Aug-2020 17:47:17 (UTC+8) - dc.date.available 3-Aug-2020 17:47:17 (UTC+8) - dc.date.issued (上傳時間) 3-Aug-2020 17:47:17 (UTC+8) - dc.identifier (Other Identifiers) G0107933045 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/131050 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 國際經營管理英語碩士學位學程(IMBA) zh_TW dc.description (描述) 107933045 zh_TW dc.description.abstract (摘要) With the disruptive technology and the rapid change in the business environment, the current business environment results in a spike in the M&A activity. But is M&A beneficial to companies? Fundamental analysis on the actual financial performance for pre- and post-M&A of the sample M&A case, Bristol Myers Squibb – Celgene Acquisition is conducted to help determine if this business methodology truly bring about benefits to the companies over the study period. en_US dc.description.tableofcontents 1. Chapter 1 Introduction 11.1. Research Motive 11.2. Research Purpose 21.3. Thesis Structure 22. Chapter 2 Business Literature Review 42.1. Mergers and Acquisitions 42.2. Efficient Market Hypothesis (EMH) 52.3. Review of Relevant Literatures 53. Chapter 3 Data and Methodology 73.1. Data and Scope of Research 73.2. Scope of Research 73.3. Research Methodology 74. Chapter 4 Coherent Industry’s Information 94.1. General Information 94.2. Drug Development Process and Patent Issues 124.3. Industry M&A Trend 165. Chapter 5 Coherent Companies’ Information 205.1. Bristol-Myers Squibb Company 205.2. Celgene Corporation 236. Chapter 6 Acquisition Hypothesis 297. Chapter 7 Acquisition Analysis 307.1. Acquisition Transaction and Stock Market’s Reaction 307.2. Events After the Acquisition 327.3. Fundamental Analysis of the Acquired Company 327.4. Fundamental Analysis of the Acquiring Company 357.5. Fundamental Analysis of the Acquiring Company: Divestiture Adjustment 397.6. Stock Performance 418. Chapter 8 Summary 438.1. Conclusion 438.2. Suggestions 468.3. Limitation of the Study 479. Reference 4810. Appendix 5010.1. Appendix 1 Bristol-Myers Squibb Company’s Financial Statements 5010.2. Appendix 2 Celgene Corporation’s Financial Statements 5310.3. Appendix 3 Bristol-Myers Squibb Company: Fundamental Analysis 5510.4. Appendix 4 Celgene Corporation: Fundamental Analysis 56 zh_TW dc.format.extent 2527848 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0107933045 en_US dc.subject (關鍵詞) 合併與收購 zh_TW dc.subject (關鍵詞) 必治妥施貴寶 zh_TW dc.subject (關鍵詞) 賽爾基因收購案 zh_TW dc.subject (關鍵詞) 合併與收購的利益 zh_TW dc.subject (關鍵詞) Mergers and Acquisitions en_US dc.subject (關鍵詞) Bristol Myers Squibb en_US dc.subject (關鍵詞) Celgene Acquisition en_US dc.subject (關鍵詞) Benefit of Mergers and Acquisitions en_US dc.title (題名) 企業合併與收購之效益分析 zh_TW dc.title (題名) Analysis on the Benefit of the Coherent Mergers and Acquisitions en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) Arık, E., & Kutan, A. M. (2015). Do Mergers and Acquisitions Create Wealth Effects? Evidence from Twenty Emerging Markets. Eastern European Economics, 53(6), 529–550. https://doi.org/10.1080/00128775.2015.1099445Bansal, De Backer, and Ranade. (2018, October 10). What’s behind the pharmaceutical sector’s M&A push. Retrieved from https://www.mckinsey.com/business-functions/strategy-and-corporate-finance/our-insights/whats-behind-the-pharmaceutical-sectors-m-and-a-pushBRISTOL MYERS SQUIBB drug patent status, international patents. (2020, June 15). Retrieved from https://www.drugpatentwatch.com/p/applicant/Bristol%20Myers%20SquibbBrown, and Elmhirst. (2018, October 3). Few biopharma buyouts in quiet third quarter. Retrieved from https://www.evaluate.com/vantage/articles/data-insights/ma/few-biopharma-buyouts-quiet-third-quarterCelgene: A Winner in Biopharma. (2015, December 10). Retrieved from https://digital.hbs.edu/platform-rctom/submission/celgene-a-winner-in-biopharma/Hansell, Kotzen, Olsen, and Farag. (2016, October 25). Bristol-Myers Squibb: Reshaping the Portfolio to Create Superior Shareholder Value. Retrieved from https://www.bcg.com/publications/2016/value-creation-strategy-corporate-development-bristol-myers-squibb.aspxHealth at a Glance 2019: OECD Indicators | en | OECD. (2019, November 7). Retrieved from http://www.oecd.org/health/health-systems/health-at-a-glance-19991312.htmKengelbach, Keienburg, Gell, Nielsen, Bader, Degen, and Sievers. (2019, September 25). 2019 Mergers & Acquisitions (M&A) Report: Downturns Are a Better Time for Deal Hunting. Retrieved from https://www.bcg.com/publications/2019/mergers-and-acquisitions-report-shows-downturns-are-a-better-time-for-deal-hunting.aspxLobet and van Gampelaere, F. and C. (2018, February 15). Success and Failure in M&A Execution - An Empirical Study — Retrieved from https://gpmip.com/success-and-failure-in-ma-execution-an-empirical-study/M. Christensen, Alton, Rising, and Waldeck. (2011, March). The Big Idea: The New M&A Playbook. Retrieved from https://hbr.org/2011/03/the-big-idea-the-new-ma-playbookM. Szmigiera. (2020, February 24). Value of M&A deals globally 1985-2019. Retrieved from https://www.statista.com/statistics/267369/volume-of-mergers-and-acquisitions-worldwide/Melicher, R. W., & Norton, E. A. (2013). Introduction to Finance (15th ed.). Hoboken, NJ, United States: Wiley.NCHS. (2010, September). Products - Data Briefs - Number 42 - September 2010. Retrieved from https://www.cdc.gov/nchs/products/databriefs/db42.htmPMGroup Worldwide Limited. (2020, April 1). Pharma funding and M&A in 2020. Retrieved from http://www.pmlive.com/pharma_intelligence/Pharma_funding_and_M_and_A_in_2020_1328712Roser, Ortiz-Ospina and Ritchie. (2019, October). Life Expectancy. Retrieved from https://ourworldindata.org/life-expectancyTaylor, A. (2019, August 22). How to Measure M&A Success. Retrieved from https://hingemarketing.com/blog/story/how-to-measure-ma-successTorjesen, I. (2015, May 12). Drug development: the journey of a medicine from lab to shelf. Retrieved from https://www.pharmaceutical-journal.com/publications/tomorrows-pharmacist/drug-development-the-journey-of-a-medicine-from-lab-to-shelf/20068196.article?firstPass=falseTrefis Team. (2019, January 7). Why Is Celgene A Strategic Fit For Bristol-Myers Squibb. Retrieved from https://www.forbes.com/sites/greatspeculations/2019/01/07/why-is-celgene-a-strategic-fit-for-bristol-myers-squibb/#38bc850e76c2Vitez and Harrison. (2016, December 8). Trends in pharmaceutical mergers and acquisitions. Retrieved from https://biopharmadealmakers.nature.com/users/9880-biopharma-dealmakers/posts/13880-trends-in-pharmaceutical-mergers-and-acquisitionsWeintraub, A. (2020, March 26). Bristol Myers nabs long-sought FDA nod for Celgene’s MS drug ozanimod, but pandemic delays launch. Retrieved from https://www.fiercepharma.com/pharma/bristol-myers-investors-breathe-a-sigh-relief-as-fda-approves-celgene-s-ms-drug-ozanimod zh_TW dc.identifier.doi (DOI) 10.6814/NCCU202000993 en_US
