學術產出-學位論文
文章檢視/開啟
書目匯出
-
題名 航運業併購之探討-以中遠海控併購東方海外為例
Analysis on M&A of Shipping & Transportation Industry- A Case Study of COSCO Acquires OOCL作者 阮豪民
Ruan, Haomin貢獻者 陳威光
Chen, Wei-Kuang
阮豪民
Ruan, Haomin關鍵詞 併購
航運業
規模經濟
運力過剩
M&A
Shipping and Transportation Industry
Economies of Scale
Excess Capacity日期 2020 上傳時間 2-九月-2020 11:50:51 (UTC+8) 摘要 2008金融海嘯之前，航運業各家公司通過積極訂購新船擴大運力。金融海嘯導致了全球貿易量的下滑，因此航運市場面臨著由於運力過剩引發的運價下跌和金流短缺的問題。在這樣一個大環境下通過併購達成規模經濟成為了各家航運公司來增加自身競爭力的常見辦法。最近十餘年間業內併購整合加劇。作為主併公司的中遠海控是一家中國的國有航運公司；而被併購公司東方海外是一家在業內口碑良好的香港航運公司。在併購之後中遠海控的市佔率一躍成為世界第三。本文通過研究中遠海控併購東方海外一例來探究併購雙方內外部動機為何、根據估值判別併購報價是否合理、併購之後併購雙方如何整合自身資源。研究發現中遠海運併購東方海外出價略高：現金流量折現法的估值結果較出價高5.7%-27.5%；可比公司法計算得出的結果也較行業平均高。根據併購後整合的效益分析情況，中遠海運的這筆交易達到了其擴大市佔率，增加收入，豐富碼頭和航線資源的戰略目的，同時出價包含控制權,因此出價較為合理。
Before the financial crisis in 2008, Shipping companies relied on ordering a large number of new ships to boost their capacities. The financial crisis led to a large drop of trade volume, so the shipping and transportation industry faced the problem of falling freight fees and shortage of cash flow caused by the excess capacity. Under such circumstance, achieving economies of scale through M&A has become a common way for shipping companies to increase their own competitiveness. M&A deals of the shipping and transportation industry happened frequently in the last decade.COSCO, a state-owned shipping company in China mainland acquired OOCL, which is a well-established Hong Kong shipping company. After the acquisition, the market share of COSCO rose to the third-highest in the world. By researching this M&A case, this paper intends to explore the internal and external motivations of both sides, judging whether the offer price is reasonable and how the two sides integrate their own resources after the acquisition.According to the valuation part, the study shows that COSCO’s bid price was slightly high. The price which uses the DCF method is higher than the bid price, the range is between 5.7% and 27.5%. Besides, the reasonable stock value calculated by the comparable company method is also higher than the industry average level. However, according to the analysis of post-merger integration, COSCO achieved its strategic goal of expanding market share, increasing profit and enriching harbors and shipping routes resources. Meanwhile, the offer price included control right, so the offer price is reasonable.參考文獻 1. Agrawal, A., Jaffe, J. F., & Mandelker, G. N. (1992). The post‐merger performance of acquiring firms: a re-examination of an anomaly. The Journal of finance, 47(4), 1605-1621.2. Armstrong, G. M., Kotler, P., Harker, M., & Brennan, R. (2015). Marketing: an introduction. Pearson UK.3. Baumol, C. M. (1982). An Uprising in the Theory of Industry Structure, 72 AM. Econ. Rev, 1, I4.4. Bodmer, E. (2014). Corporate and project finance modeling: theory and practice. John Wiley & Sons.5. Birkinshaw, J., Bresman, H., & Håkanson, L. (2000). Managing the post‐acquisition integration process: How the human iintegration and task integration processes interact to foster value creation. Journal of management studies, 37(3), 395-425.6. Bradley, M., Desai, A., & Kim, E. H. (1988). Synergistic gains from corporate acquisitions and their division between the stockholders of target and acquiring firms. Journal of financial Economics, 21(1), 3-40.7. Bruner, R. F. (2010). Note on Valuation Analysis for Mergers and Acquisitions.8. Federgruen, A., & Pierson, M. P. (2011). The Impact of Horizontal Merger and Acquisitions in Price Competition Models. Available at SSRN 2405550.9. Johnson, G., Scholes, K., & Whittington, R. (2009). Exploring corporate strategy: text & cases. Pearson education.10. Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of financial economics, 3(4), 305-360.11. Jensen, M. C., & Ruback, R. S. (1983). The market for corporate control: The scientific evidence. Journal of Financial economics, 11(1-4), 5-50.12. Lewellen, W. G. (1971). A pure financial rationale for the conglomerate merger. The journal of Finance, 26(2), 521-537.13. Mueller, D. C. (1985). Mergers and market share. The Review of Economics and statistics, 259-267.14. Rani, N., Yadav, S. S., & Jain, P. K. (2015). Impact of mergers and acquisitions on shareholders’ wealth in the short run: An event study approach. Vikalpa, 40(3), 293-312.15. Rau, P. R., & Vermaelen, T. (1998). Glamour, value and the post-acquisition performance of acquiring firms. Journal of financial economics, 49(2), 223-253.16. Roll, R. (1986). The hubris hypothesis of corporate takeovers. Journal of business, 197-216.17. Trifts, J. W. (1991). Corporate takeover bids, methods of payment, and the effects of leverage. Quarterly Journal of Business and Economics, 33-47.18. Travlos, N. G. (1987). Corporate takeover bids, methods of payment, and bidding firms` stock returns. The Journal of Finance, 42(4), 943-963.19. Williamson, O. E. (1968). Economies as an antitrust defense: The welfare tradeoffs. The American Economic Review, 58(1), 18-36.20. 李檥萱（2012），主併公司宣告併購與完成併購和併購時程、籌資時程關係之研究，國立政治大學，財務管理學系，台灣。21. 姜悅（2016），移動互聯網產業的企業併購研究-以阿里巴巴併購高德軟件為例。未發表之碩士論文，國立政治大學，金融系，台灣。22. 黃雅惠（2017），企業併購案例分析：以Google併購Nest為例，未發表之碩士論文，國立政治大學，企業管理系，台灣。 描述 碩士
國立政治大學
金融學系
107352048資料來源 http://thesis.lib.nccu.edu.tw/record/#G0107352048 資料類型 thesis dc.contributor.advisor 陳威光 zh_TW dc.contributor.advisor Chen, Wei-Kuang en_US dc.contributor.author (作者) 阮豪民 zh_TW dc.contributor.author (作者) Ruan, Haomin en_US dc.creator (作者) 阮豪民 zh_TW dc.creator (作者) Ruan, Haomin en_US dc.date (日期) 2020 en_US dc.date.accessioned 2-九月-2020 11:50:51 (UTC+8) - dc.date.available 2-九月-2020 11:50:51 (UTC+8) - dc.date.issued (上傳時間) 2-九月-2020 11:50:51 (UTC+8) - dc.identifier (其他 識別碼) G0107352048 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/131513 - 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) 107352048 zh_TW dc.description.abstract (摘要) 2008金融海嘯之前，航運業各家公司通過積極訂購新船擴大運力。金融海嘯導致了全球貿易量的下滑，因此航運市場面臨著由於運力過剩引發的運價下跌和金流短缺的問題。在這樣一個大環境下通過併購達成規模經濟成為了各家航運公司來增加自身競爭力的常見辦法。最近十餘年間業內併購整合加劇。作為主併公司的中遠海控是一家中國的國有航運公司；而被併購公司東方海外是一家在業內口碑良好的香港航運公司。在併購之後中遠海控的市佔率一躍成為世界第三。本文通過研究中遠海控併購東方海外一例來探究併購雙方內外部動機為何、根據估值判別併購報價是否合理、併購之後併購雙方如何整合自身資源。研究發現中遠海運併購東方海外出價略高：現金流量折現法的估值結果較出價高5.7%-27.5%；可比公司法計算得出的結果也較行業平均高。根據併購後整合的效益分析情況，中遠海運的這筆交易達到了其擴大市佔率，增加收入，豐富碼頭和航線資源的戰略目的，同時出價包含控制權,因此出價較為合理。 zh_TW dc.description.abstract (摘要) Before the financial crisis in 2008, Shipping companies relied on ordering a large number of new ships to boost their capacities. The financial crisis led to a large drop of trade volume, so the shipping and transportation industry faced the problem of falling freight fees and shortage of cash flow caused by the excess capacity. Under such circumstance, achieving economies of scale through M&A has become a common way for shipping companies to increase their own competitiveness. M&A deals of the shipping and transportation industry happened frequently in the last decade.COSCO, a state-owned shipping company in China mainland acquired OOCL, which is a well-established Hong Kong shipping company. After the acquisition, the market share of COSCO rose to the third-highest in the world. By researching this M&A case, this paper intends to explore the internal and external motivations of both sides, judging whether the offer price is reasonable and how the two sides integrate their own resources after the acquisition.According to the valuation part, the study shows that COSCO’s bid price was slightly high. The price which uses the DCF method is higher than the bid price, the range is between 5.7% and 27.5%. Besides, the reasonable stock value calculated by the comparable company method is also higher than the industry average level. However, according to the analysis of post-merger integration, COSCO achieved its strategic goal of expanding market share, increasing profit and enriching harbors and shipping routes resources. Meanwhile, the offer price included control right, so the offer price is reasonable. en_US dc.description.tableofcontents 第一章 緒論 1第一節 研究背景與動機 1第二節 研究目的與架構 1第二章 文獻回顧 3第一節 企業併購定義與分類 3第二節 企業併購之相關理論 5第三節 企業併購之相關研究 6第三章 個案併購交易事前分析 8第一節 個案交易簡介 8第二節 產業分析 11第三節 個案公司介紹 15第四節 併購動機之外部環境分析 21第五節 併購動機之內部環境分析 24第四章 個案併購交易事後分析 26第一節 被併方估值分析 26第二節 市場反應 34第三節 併購效益分析 36第五章 結論與建議 41第一節 研究結論 41第二節 研究限制與建議 42參考文獻 43 zh_TW dc.format.extent 1558422 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0107352048 en_US dc.subject (關鍵詞) 併購 zh_TW dc.subject (關鍵詞) 航運業 zh_TW dc.subject (關鍵詞) 規模經濟 zh_TW dc.subject (關鍵詞) 運力過剩 zh_TW dc.subject (關鍵詞) M&A en_US dc.subject (關鍵詞) Shipping and Transportation Industry en_US dc.subject (關鍵詞) Economies of Scale en_US dc.subject (關鍵詞) Excess Capacity en_US dc.title (題名) 航運業併購之探討-以中遠海控併購東方海外為例 zh_TW dc.title (題名) Analysis on M&A of Shipping & Transportation Industry- A Case Study of COSCO Acquires OOCL en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 1. Agrawal, A., Jaffe, J. F., & Mandelker, G. N. (1992). The post‐merger performance of acquiring firms: a re-examination of an anomaly. The Journal of finance, 47(4), 1605-1621.2. Armstrong, G. M., Kotler, P., Harker, M., & Brennan, R. (2015). Marketing: an introduction. Pearson UK.3. Baumol, C. M. (1982). An Uprising in the Theory of Industry Structure, 72 AM. Econ. Rev, 1, I4.4. Bodmer, E. (2014). Corporate and project finance modeling: theory and practice. John Wiley & Sons.5. Birkinshaw, J., Bresman, H., & Håkanson, L. (2000). Managing the post‐acquisition integration process: How the human iintegration and task integration processes interact to foster value creation. Journal of management studies, 37(3), 395-425.6. Bradley, M., Desai, A., & Kim, E. H. (1988). Synergistic gains from corporate acquisitions and their division between the stockholders of target and acquiring firms. Journal of financial Economics, 21(1), 3-40.7. Bruner, R. F. (2010). Note on Valuation Analysis for Mergers and Acquisitions.8. Federgruen, A., & Pierson, M. P. (2011). The Impact of Horizontal Merger and Acquisitions in Price Competition Models. Available at SSRN 2405550.9. Johnson, G., Scholes, K., & Whittington, R. (2009). Exploring corporate strategy: text & cases. Pearson education.10. Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of financial economics, 3(4), 305-360.11. Jensen, M. C., & Ruback, R. S. (1983). The market for corporate control: The scientific evidence. Journal of Financial economics, 11(1-4), 5-50.12. Lewellen, W. G. (1971). A pure financial rationale for the conglomerate merger. The journal of Finance, 26(2), 521-537.13. Mueller, D. C. (1985). Mergers and market share. The Review of Economics and statistics, 259-267.14. Rani, N., Yadav, S. S., & Jain, P. K. (2015). Impact of mergers and acquisitions on shareholders’ wealth in the short run: An event study approach. Vikalpa, 40(3), 293-312.15. Rau, P. R., & Vermaelen, T. (1998). Glamour, value and the post-acquisition performance of acquiring firms. Journal of financial economics, 49(2), 223-253.16. Roll, R. (1986). The hubris hypothesis of corporate takeovers. Journal of business, 197-216.17. Trifts, J. W. (1991). Corporate takeover bids, methods of payment, and the effects of leverage. Quarterly Journal of Business and Economics, 33-47.18. Travlos, N. G. (1987). Corporate takeover bids, methods of payment, and bidding firms` stock returns. The Journal of Finance, 42(4), 943-963.19. Williamson, O. E. (1968). Economies as an antitrust defense: The welfare tradeoffs. The American Economic Review, 58(1), 18-36.20. 李檥萱（2012），主併公司宣告併購與完成併購和併購時程、籌資時程關係之研究，國立政治大學，財務管理學系，台灣。21. 姜悅（2016），移動互聯網產業的企業併購研究-以阿里巴巴併購高德軟件為例。未發表之碩士論文，國立政治大學，金融系，台灣。22. 黃雅惠（2017），企業併購案例分析：以Google併購Nest為例，未發表之碩士論文，國立政治大學，企業管理系，台灣。 zh_TW dc.identifier.doi (DOI) 10.6814/NCCU202001373 en_US
