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題名 跨國併購個案分析:以利潔時併購美強生為例
Cross-Border Merger and Acquisition: A Case Study of Reckitt Benckiser and Mead Johnson
作者 徐舒芩
Hsu, Shu-Chin
貢獻者 吳啟銘
Wu, Chi-Ming
徐舒芩
Hsu, Shu-Chin
關鍵詞 利潔時
美強生
跨國併購
快速消費品產業
多角化策略
國家風險
Reckitt Benckiser
Mead Johnson
Cross-border M&A
FMCG industry
Diversification strategy
Country risk
日期 2021
上傳時間 10-Feb-2022 13:22:35 (UTC+8)
摘要 與消費者日常生活緊密關聯的快速消費品產業,面對產業環境、顧客偏好、技術發展等變化時,經常藉由外部成長策略擴展產品線及市場通路,進而發揮規模經濟與品牌延伸效果。而其中此產業之目標公司多元性高,而出現跨市場、跨產品的多角化策略,也因此可能增加併購綜效實現之風險。

在此背景之下,本研究針對2017年快速消費品產業中的大型跨國併購交易進行探討,透過個案探討方式,以英國消費品公司利潔時(Reckitt Benckiser)收購美國嬰幼兒營養食品公司美強生(Mead Johnson)為例,了解此跨國多角化併購交易之策略互補性、分析及評估交易支付價格之合理性、支付工具選擇之適當性及價值之創造。

本研究發現此併購交易具有策略互補,但綜效實現之風險高;另外,支付部分透過企業價值評價發現有Overpay現象,且現金支付方式對主併方而言較為不利;而在進行市場反應與財務績效評估時,了解到多角化策略與國家風險將對併購綜效實現產生較負面影響;同時,考量業務相關性的事業部型態較有利於組織整合。

藉由本研究之個案探討,提供管理者跨國多角化併購策略的思考方向,在購併標的之選擇上,應留意多角化策略的適用性,在思考本身競爭優勢延伸及進行策略性資產配置時,須同時考量目標公司對於自身公司之策略互補性質高低與風險因子,且目標公司的國家風險與其主要市場之國家風險皆須關注,以避免因新興市場環境變化大而影響預期綜效實現,並可利用支付工具進行風險分攤。
Having a closed connection with consumers’ daily lives, the Fast-Moving Consumer Goods (FMCG) Industry is facing multiple challenges, including the change of industry environment and customers’ preference. Under the circumstances, external growth strategies are often used to restructure the company’s brand portfolio and expand the markets, making companies be able to gain benefits from economies of scale and the effect of brand extensions. Besides, diversified target firms are commonly observed. Concurrently, it brings a higher risk of synergy realization from these diversification strategies.

Hence, this thesis discusses one of the largest cross-border M&A (CBM&A) deals of the FMCG Industry in 2017, focusing on the case of British consumer products company, Reckitt Benckiser (RB), and American infant nutrition company, Mead Johnson (MJN). The thesis aims to explore the strategic fit of the deal, value the overpayment potential, and analyze the payment choice, in order to understand whether the deal creates value and what value it creates.

Findings suggest that strategic fit could be identified in this CBM&A deal, whereas the risk of synergy realization is expected to be high. And according to the result of valuation, the acquirer (RB) seems to overpay for the deal. Due to the characteristic of the CBM&A deal, cash payment is not a favorable tool for the acquirer. From the post-merger market reaction and financial performance analysis, diversification risk and country risk are found to have a negative impact on synergy realization. Lastly, the divisional structure that considers business relevance is beneficial to organizational integration.

This thesis expects to shed light on helping the management develop CBM&A strategies. It indicates that when considering the extension of acquirers’ competitive advantages and strategic asset allocation, strategic fit and risk factors play important roles, especially the country risk of acquiree’s target market. Also, the management could use different payment methods to mitigate the risk of synergy realization for CBM&A deals.
參考文獻 吳啟銘(2005)。企業評價:個案實證分析。台北:智勝。
李盼、魏于翔、江佳純(2017)。國際奶粉市場發展趨勢分析。農業生技產業季刊,51,21-28。
張哲彰(2017)。以併購做為多角化發展之關鍵成功因素-以Intel併購Mobileye為例。國立政治大學企業管理研究所(MBA學位學程)未出版碩士論文
陳儀譯(譯)(2002)。企業併購:全方位評估並掌握當前M&A環境。台北:美商麥格羅•希爾國際。(Weaver, Samuel C. & J. Fred Weston, 2001)
陳品蓉(2018)。企業併購案例分析:以Tesla併購Solarcity為例。國立政治大學企業管理研究所(MBA學位學程)未出版碩士論文
梁正學(2006)。多角化、事業部組織、人力資源管理與組織績效之關聯。國立國立中央大學人力資源管理研究所未出版碩士論文
葉士榮(2006)。主併公司併購後短期宣告效果與營運績效衡量—台灣上市公司之實證研究。國立交通大學財務金融研究所未出版碩士論文
楊仁壽、許碧芬、俞慧芸(譯)(2006)。組織理論與管理:理論與個案(四版)。台北:雙葉書廊。(Gareth R. Jones, 2003)
廖俊杰、陳家妤(2009)。買貴了還是買對了?主併者併購溢價與長短期股票報酬的非線性關係。中華管理評論國際學報,12 (2),1-27。
鄭帝允(2007)。併購動機之實證研究—以美國上市上櫃公司為例。國立政治大學國際經營與貿易研究所未出版碩士論文
中國國家食品藥品監督管理總局(2016)。嬰幼兒配方乳粉產品配方註冊管理辦法。取自中國政府網:http://extwprlegs1.fao.org/docs/pdf/chn160115.pdf
改變市場基金會(2018)。打破奶粉商科學神話。取自改變市場基金會官方網站:https://reurl.cc/1gnq99

Alfred D Chandler (1962). Strategy and Structure:Chapters in the History of American Industrial Enterprise. MIT Press:Cambridge, MA.
Bill B. Francis, Iftekhar Hasan & Xian Sun (2014). The certification role of financial advisors in cross-border M&As. International Review of Financial Analysis, 32, 143-158.
Chinmoy Ghosh, Lisa Hartmann & Milena Petrova (2010). The Effect of the Financial Advisor`s Reputation in M&A Deals by European Firms. Working paper, Whitman School of Management.
Constantinos C. Markides (1997). To Diversify or Not To Diversify. Retrieved from Harvard Business Review: https://reurl.cc/zb2ED0
David Becher & Jennifer L. Juergens (2013). Do Acquirer CEO Incentives Impact Mergers?. Available at SSRN: https://ssrn.com/abstract=2117397
Daojuan Wang & Hamid Moini (2012). Motives for Cross-border Mergers and Acquisitions: Some Evidence from Danish Firms. The Faculty of Social Sciences, International Business Research Group.
Deepak K. Datta & George Puia (1995). Cross-border acquisitions: An examination of the influence of relatedness and cultural fit on shareholder value creation in US acquiring firms, Management International Review, 35 (4), 337-359.
Elazar Berkovitch & M. P. Narayanan (1993), Motives for takeovers: An empirical investigation. Journal of Financial and Quantitative Analysis, 28, 347-362.
George Alexandridis, Andreas G. F. Hoepner, Zhenyi Huang & Ioannis Oikonomou (2016). The Impact of Corporate Cultural Distance on Mergers and Acquisitions. Working Paper, University of Reading.
George Alexandridis, Kathleen P.Fuller, LarsTerhaara & Nickolaos G.Travlos (2013). Deal size, acquisition premia and shareholder gains. Journal of Corporate Finance, 20, 1-13.
Haithm Mohammed H. Al-Sabri, Norhafiza Nordin & HanitaShahar (2020). M&A Likelihood: Impact of Firm Characteristics. Saudi Journal of Economics and Finance, 4, 15-22.
Hardjo Koerniadi, Chandrasekhar Krishnamurti & Alireza Tourani-Rad (2015). Cross-border mergers and acquisitions and default risk. International Review of Financial Analysis, 42, 336-348.
Harry I. Ansoff (1957). Strategies for diversification. Harvard business review, 35 (5), 113-124
Hsiu-Yu Yang (2009). The Determinants of M&A Survival Likelihood (Master’s thesis). Available from National Digital Library of Thesis and Dissertations in Taiwan
Isabel Feito-Ruiz & Menéndez-Requejo (2014). Determinants of the acquisition of listed versus unlisted firms in different legal and institutional environments. Applied Economics, 46:23, 2814-2832.
Jamie Nimmo (2017). Mead Johnson bosses hit £25 million jackpot after Reckitt takeover. Retrieved from Evening Standard: https://reurl.cc/NX59R5
Jeffrey J Reuer, Oded Shenkar & Roberto Ragozzino (2004). Mitigating risk in international mergers and acquisitions: the role of contingent payouts. Journal of International Business Studies, 35, 19-32.
J. S. Keehnen (2016). The effects of the method of payment in M&A transactions on the long-term share price results of acquiring firms (Master’s thesis). Available from http://arno.uvt.nl/show.cgi?fid=142146
Katsuhiko Shimizu, Michael M. Hitt, Deepa Vaidyanath & Vincenzo Pisano (2004). Theoretical foundations of cross-border mergers and acquisitions: A review of current research and recommendations for the future. Journal of International Management, 10 (3), 307-353.
Keith W. Glaister & Mohammad Faisal Ahammad (2010). Motives for Cross Border Mergers and Acquisitions: Perspective of UK firms. Mergers and Acquisitions in Practice, 1, 1-28.
Lucian Bebchuk, Alma Cohen & Charles C.Y. Wang (2014). Golden Parachutes and the Wealth of Shareholders. Journal of Corporate Finance, 25, 140-154.
Micah S. Officer (2003). Termination fees in mergers and acquisitions. Journal of Financial Economics, 69 (3), 431-467.
Paul Halpern (1983). Corporate Acquisitions: A Theory of Special Cases? A Review of Event Studies Applied to Acquisitions. Journal of Finance, 38 (2), 297-317.
Peng Huang, Micah S. Officer & Ronan Powell (2016). Method of payment and risk mitigation in cross-border mergers and acquisitions. Journal of Corporate Finance, 40, 216-234.
Richard P. Rumelt (1982). Diversification strategy and profitability. Strategic Management Journal, 3 (4), 359-369.
Robert M. Grant & Howard Thomas (1988). Diversity, Diversification and Profitability among British Manufacturing Companies, 1972-84. The Academy of Management Journal, 31 (4), 771-802.
Randall Morck, Andrei Shleifer & Robert W. Vishny (1988). Characteristics of Targets of Hostile and Friendly Takeovers. 101-136. Chicago: University of Chicago Press.
Shantanu Dutta, Samir Saadi & Peng Cheng Zhu (2013). Does payment method matter in cross-border acquisitions?. International Review of Economics and Finance, 25, 91-107.
Udo Kopka, Eldon Little, Jessica Moulton, René Schmutzler & Patrick Simon (2020). What got us here won’t get us there: A new model for the consumer goods industry. Retrieved from McKinsey & Company: https://reurl.cc/5o7zpG
Yi Chen (2018). Global infant formula products market: estimations and forecasts for production and Consumption. Retrieved from Gira: https://reurl.cc/5o7zjy
描述 碩士
國立政治大學
企業管理研究所(MBA學位學程)
108363012
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0108363012
資料類型 thesis
dc.contributor.advisor 吳啟銘zh_TW
dc.contributor.advisor Wu, Chi-Mingen_US
dc.contributor.author (Authors) 徐舒芩zh_TW
dc.contributor.author (Authors) Hsu, Shu-Chinen_US
dc.creator (作者) 徐舒芩zh_TW
dc.creator (作者) Hsu, Shu-Chinen_US
dc.date (日期) 2021en_US
dc.date.accessioned 10-Feb-2022 13:22:35 (UTC+8)-
dc.date.available 10-Feb-2022 13:22:35 (UTC+8)-
dc.date.issued (上傳時間) 10-Feb-2022 13:22:35 (UTC+8)-
dc.identifier (Other Identifiers) G0108363012en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/139004-
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) 108363012zh_TW
dc.description.abstract (摘要) 與消費者日常生活緊密關聯的快速消費品產業,面對產業環境、顧客偏好、技術發展等變化時,經常藉由外部成長策略擴展產品線及市場通路,進而發揮規模經濟與品牌延伸效果。而其中此產業之目標公司多元性高,而出現跨市場、跨產品的多角化策略,也因此可能增加併購綜效實現之風險。

在此背景之下,本研究針對2017年快速消費品產業中的大型跨國併購交易進行探討,透過個案探討方式,以英國消費品公司利潔時(Reckitt Benckiser)收購美國嬰幼兒營養食品公司美強生(Mead Johnson)為例,了解此跨國多角化併購交易之策略互補性、分析及評估交易支付價格之合理性、支付工具選擇之適當性及價值之創造。

本研究發現此併購交易具有策略互補,但綜效實現之風險高;另外,支付部分透過企業價值評價發現有Overpay現象,且現金支付方式對主併方而言較為不利;而在進行市場反應與財務績效評估時,了解到多角化策略與國家風險將對併購綜效實現產生較負面影響;同時,考量業務相關性的事業部型態較有利於組織整合。

藉由本研究之個案探討,提供管理者跨國多角化併購策略的思考方向,在購併標的之選擇上,應留意多角化策略的適用性,在思考本身競爭優勢延伸及進行策略性資產配置時,須同時考量目標公司對於自身公司之策略互補性質高低與風險因子,且目標公司的國家風險與其主要市場之國家風險皆須關注,以避免因新興市場環境變化大而影響預期綜效實現,並可利用支付工具進行風險分攤。
zh_TW
dc.description.abstract (摘要) Having a closed connection with consumers’ daily lives, the Fast-Moving Consumer Goods (FMCG) Industry is facing multiple challenges, including the change of industry environment and customers’ preference. Under the circumstances, external growth strategies are often used to restructure the company’s brand portfolio and expand the markets, making companies be able to gain benefits from economies of scale and the effect of brand extensions. Besides, diversified target firms are commonly observed. Concurrently, it brings a higher risk of synergy realization from these diversification strategies.

Hence, this thesis discusses one of the largest cross-border M&A (CBM&A) deals of the FMCG Industry in 2017, focusing on the case of British consumer products company, Reckitt Benckiser (RB), and American infant nutrition company, Mead Johnson (MJN). The thesis aims to explore the strategic fit of the deal, value the overpayment potential, and analyze the payment choice, in order to understand whether the deal creates value and what value it creates.

Findings suggest that strategic fit could be identified in this CBM&A deal, whereas the risk of synergy realization is expected to be high. And according to the result of valuation, the acquirer (RB) seems to overpay for the deal. Due to the characteristic of the CBM&A deal, cash payment is not a favorable tool for the acquirer. From the post-merger market reaction and financial performance analysis, diversification risk and country risk are found to have a negative impact on synergy realization. Lastly, the divisional structure that considers business relevance is beneficial to organizational integration.

This thesis expects to shed light on helping the management develop CBM&A strategies. It indicates that when considering the extension of acquirers’ competitive advantages and strategic asset allocation, strategic fit and risk factors play important roles, especially the country risk of acquiree’s target market. Also, the management could use different payment methods to mitigate the risk of synergy realization for CBM&A deals.
en_US
dc.description.tableofcontents 第一章 緒論............................................1
第一節 研究動機與問題...................................1
第二節 研究方法及架構...................................3
第二章 文獻回顧.........................................5
第一節 跨國併購動機.....................................5
第二節 企業多角化策略意涵................................6
第三節 綜效來源及風險...................................7
第四節 支付工具選擇.....................................8
第三章 併購交易背景說明................................ 10
第一節 併購交易概述....................................10
第二節 公司介紹........................................10
第三節 公司特性分析....................................19
第四節 交易特性分析....................................22
第四章 跨國多角化併購動機與風險.........................27
第一節 併購動機之外部因子分析:總體環境分析..............27
第二節 併購動機之外部因子分析:產業分析..................32
第三節 併購動機之內部因子分析:個體公司分析..............41
第四節 預期綜效來源....................................45
第五節 綜效實現風險....................................46
第五章 溢價合理性探討及支付工具選擇.....................49
第一節 企業價值評價....................................49
第二節 併購交易支付工具選擇.............................58
第三節 支付能力分析與融資安排...........................60
第六章 價值創造評估與整合..............................64
第一節 市場反應.......................................64
第二節 財務績效表現....................................66
第三節 商業實質表現....................................71
第四節 跨國購併整合行動與策略...........................73
第七章 結論與建議......................................79
第一節 研究結論與發現..................................79
第二節 研究限制........................................81
第三節 後續研究建議.....................................81
參考文獻...............................................82
zh_TW
dc.format.extent 3158353 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0108363012en_US
dc.subject (關鍵詞) 利潔時zh_TW
dc.subject (關鍵詞) 美強生zh_TW
dc.subject (關鍵詞) 跨國併購zh_TW
dc.subject (關鍵詞) 快速消費品產業zh_TW
dc.subject (關鍵詞) 多角化策略zh_TW
dc.subject (關鍵詞) 國家風險zh_TW
dc.subject (關鍵詞) Reckitt Benckiseren_US
dc.subject (關鍵詞) Mead Johnsonen_US
dc.subject (關鍵詞) Cross-border M&Aen_US
dc.subject (關鍵詞) FMCG industryen_US
dc.subject (關鍵詞) Diversification strategyen_US
dc.subject (關鍵詞) Country risken_US
dc.title (題名) 跨國併購個案分析:以利潔時併購美強生為例zh_TW
dc.title (題名) Cross-Border Merger and Acquisition: A Case Study of Reckitt Benckiser and Mead Johnsonen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 吳啟銘(2005)。企業評價:個案實證分析。台北:智勝。
李盼、魏于翔、江佳純(2017)。國際奶粉市場發展趨勢分析。農業生技產業季刊,51,21-28。
張哲彰(2017)。以併購做為多角化發展之關鍵成功因素-以Intel併購Mobileye為例。國立政治大學企業管理研究所(MBA學位學程)未出版碩士論文
陳儀譯(譯)(2002)。企業併購:全方位評估並掌握當前M&A環境。台北:美商麥格羅•希爾國際。(Weaver, Samuel C. & J. Fred Weston, 2001)
陳品蓉(2018)。企業併購案例分析:以Tesla併購Solarcity為例。國立政治大學企業管理研究所(MBA學位學程)未出版碩士論文
梁正學(2006)。多角化、事業部組織、人力資源管理與組織績效之關聯。國立國立中央大學人力資源管理研究所未出版碩士論文
葉士榮(2006)。主併公司併購後短期宣告效果與營運績效衡量—台灣上市公司之實證研究。國立交通大學財務金融研究所未出版碩士論文
楊仁壽、許碧芬、俞慧芸(譯)(2006)。組織理論與管理:理論與個案(四版)。台北:雙葉書廊。(Gareth R. Jones, 2003)
廖俊杰、陳家妤(2009)。買貴了還是買對了?主併者併購溢價與長短期股票報酬的非線性關係。中華管理評論國際學報,12 (2),1-27。
鄭帝允(2007)。併購動機之實證研究—以美國上市上櫃公司為例。國立政治大學國際經營與貿易研究所未出版碩士論文
中國國家食品藥品監督管理總局(2016)。嬰幼兒配方乳粉產品配方註冊管理辦法。取自中國政府網:http://extwprlegs1.fao.org/docs/pdf/chn160115.pdf
改變市場基金會(2018)。打破奶粉商科學神話。取自改變市場基金會官方網站:https://reurl.cc/1gnq99

Alfred D Chandler (1962). Strategy and Structure:Chapters in the History of American Industrial Enterprise. MIT Press:Cambridge, MA.
Bill B. Francis, Iftekhar Hasan & Xian Sun (2014). The certification role of financial advisors in cross-border M&As. International Review of Financial Analysis, 32, 143-158.
Chinmoy Ghosh, Lisa Hartmann & Milena Petrova (2010). The Effect of the Financial Advisor`s Reputation in M&A Deals by European Firms. Working paper, Whitman School of Management.
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dc.identifier.doi (DOI) 10.6814/NCCU202200110en_US