| dc.contributor.advisor | 周行一 | zh_TW |
| dc.contributor.advisor | CHOW, EDWARD H. | en_US |
| dc.contributor.author (Authors) | 鄧森文 | zh_TW |
| dc.contributor.author (Authors) | DERN, VINCENT | en_US |
| dc.creator (作者) | 鄧森文 | zh_TW |
| dc.creator (作者) | DERN, VINCENT | en_US |
| dc.date (日期) | 2003 | en_US |
| dc.date.accessioned | 14-Sep-2009 09:45:46 (UTC+8) | - |
| dc.date.available | 14-Sep-2009 09:45:46 (UTC+8) | - |
| dc.date.issued (上傳時間) | 14-Sep-2009 09:45:46 (UTC+8) | - |
| dc.identifier (Other Identifiers) | G0091933012 | en_US |
| dc.identifier.uri (URI) | https://nccur.lib.nccu.edu.tw/handle/140.119/31302 | - |
| dc.description (描述) | 碩士 | zh_TW |
| dc.description (描述) | 國立政治大學 | zh_TW |
| dc.description (描述) | 國際經營管理碩士班(IMBA) | zh_TW |
| dc.description (描述) | 91933012 | zh_TW |
| dc.description (描述) | 92 | zh_TW |
| dc.description.abstract (摘要) | Despite high failure rate, M&A remains a dominant strategy for corporations seeking expansion in a mature market, such as Taiwan’s financial market. What’s more, acquirers often pay premiums over targets’ market price for acquisitions. A combination of M&A and real options theories is introduced to better explain management’s rationale behind strategic acquisitions. To highlight the strategic moves without mathematical calculation, this paper adopts a strategic real options approach to analyze a case in point – the Fubon-Taipeibank merger. Using the real options strategy, the acquisition becomes an initial service platform expansion toward Fubon’s vision of becoming a leading regional financial institution in Asia. The exercise of Fubon’s option (buying Taipeibank) solidifies its market position with enhanced capitals and revenues, and serves as an option of follow-up M&As. Real options also inspire the M&A integration process. Three key stages, namely target identification, negotiation, and integration, are taken as options, one leads to another. The purpose is to maximize shareholders’ value by applying real option thinking to demonstrate management flexibility along the M&A process, which cannot be seen by other capital budgeting approaches. | zh_TW |
| dc.description.abstract (摘要) | Despite high failure rate, M&A remains a dominant strategy for corporations seeking expansion in a mature market, such as Taiwan’s financial market. What’s more, acquirers often pay premiums over targets’ market price for acquisitions. A combination of M&A and real options theories is introduced to better explain management’s rationale behind strategic acquisitions. To highlight the strategic moves without mathematical calculation, this paper adopts a strategic real options approach to analyze a case in point – the Fubon-Taipeibank merger. Using the real options strategy, the acquisition becomes an initial service platform expansion toward Fubon’s vision of becoming a leading regional financial institution in Asia. The exercise of Fubon’s option (buying Taipeibank) solidifies its market position with enhanced capitals and revenues, and serves as an option of follow-up M&As. Real options also inspire the M&A integration process. Three key stages, namely target identification, negotiation, and integration, are taken as options, one leads to another. The purpose is to maximize shareholders’ value by applying real option thinking to demonstrate management flexibility along the M&A process, which cannot be seen by other capital budgeting approaches. | en_US |
| dc.description.abstract (摘要) | Section 1 Introduction 1 Section 2 Background Information 5 2.1 The Liberalization of Taiwan’s Financial Market 5 2.2 Introduction of Fubon Financial Holding Company 10 2.3 Introduction of Taipeibank 14 2.4 The Merger 16 Section 3 Literature Review 21 3.1 Mergers and Acquisitions 21 3.2 Real Options 35 Section 4 Research Methodology 51 4.1 Mapping a M&A Investment onto a Call Option 52 4.2 Multistage Real Options of Acquisition 55 Stage 1: Target Identification 59 Stage 2: Negotiation 60 Stage 3: Integration 63 4.3 When to Exercise 65 Section 5 Analysis 68 5.1 Strategic Value and Thinking Effort 71 Strategic Value 1: Think Big 72 Strategic Value 2: Bank’s Unique Role as a Service Channel 73 Strategic Value 3: Complement to the Composition of Fubon Financial 74 Strategic Value 3: Keep Options Open 75 Strategic Value 4: Strategic Fit of Product Lines and Sales Channel 76 Strategic Value 5: Now or Never 78 5.2 Flexibility Value and Acquisition Premium 79 Flexibility Value: Stock Swap 80 Avoid Overpricing: Due Diligence 82 5.3 Synergistic Value and Integration Cost 83 Integration Cost: Employee Resistance 83 Synergistic Value: Economies of Scope and Scale 87 5.4 Options in a Business Strategy 88 5.5 Post Merger Performance 92 Business Performance 92 Panelist Survey 96 Section 6 Conclusion 98 Bibliography 102 | - |
| dc.description.tableofcontents | Section 1 Introduction 1 Section 2 Background Information 5 2.1 The Liberalization of Taiwan’s Financial Market 5 2.2 Introduction of Fubon Financial Holding Company 10 2.3 Introduction of Taipeibank 14 2.4 The Merger 16 Section 3 Literature Review 21 3.1 Mergers and Acquisitions 21 3.2 Real Options 35 Section 4 Research Methodology 51 4.1 Mapping a M&A Investment onto a Call Option 52 4.2 Multistage Real Options of Acquisition 55 Stage 1: Target Identification 59 Stage 2: Negotiation 60 Stage 3: Integration 63 4.3 When to Exercise 65 Section 5 Analysis 68 5.1 Strategic Value and Thinking Effort 71 Strategic Value 1: Think Big 72 Strategic Value 2: Bank’s Unique Role as a Service Channel 73 Strategic Value 3: Complement to the Composition of Fubon Financial 74 Strategic Value 3: Keep Options Open 75 Strategic Value 4: Strategic Fit of Product Lines and Sales Channel 76 Strategic Value 5: Now or Never 78 5.2 Flexibility Value and Acquisition Premium 79 Flexibility Value: Stock Swap 80 Avoid Overpricing: Due Diligence 82 5.3 Synergistic Value and Integration Cost 83 Integration Cost: Employee Resistance 83 Synergistic Value: Economies of Scope and Scale 87 5.4 Options in a Business Strategy 88 5.5 Post Merger Performance 92 Business Performance 92 Panelist Survey 96 Section 6 Conclusion 98 Bibliography 102 | zh_TW |
| dc.language.iso | en_US | - |
| dc.source.uri (資料來源) | http://thesis.lib.nccu.edu.tw/record/#G0091933012 | en_US |
| dc.subject (關鍵詞) | 併購 | zh_TW |
| dc.subject (關鍵詞) | 實用選擇權 | zh_TW |
| dc.subject (關鍵詞) | 富邦金控 | zh_TW |
| dc.subject (關鍵詞) | 台北銀行 | zh_TW |
| dc.subject (關鍵詞) | Mergers and acquisitions | en_US |
| dc.subject (關鍵詞) | Real options | en_US |
| dc.subject (關鍵詞) | Fubon Financial | en_US |
| dc.subject (關鍵詞) | Taipeibank | en_US |
| dc.title (題名) | 實用選擇權觀點下之策略性併購：以富邦北銀之合併為例 | zh_TW |
| dc.title (題名) | Real Options in Strategic Acquisition: A Case Study of the Fubon-Taipeibank Merger | en_US |
| dc.type (資料類型) | thesis | en |
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