| dc.contributor.advisor | 傅冶天 | zh_TW |
| dc.contributor.advisor | Fu, Yee-Tian (Ted Fu) | en_US |
| dc.contributor.author (Authors) | 葉麗娜 | zh_TW |
| dc.contributor.author (Authors) | Elena, N. Nossova | en_US |
| dc.creator (作者) | 葉麗娜 | zh_TW |
| dc.creator (作者) | Elena, N. Nossova | en_US |
| dc.date (日期) | 1998 | en_US |
| dc.date.accessioned | 18-Sep-2009 18:54:07 (UTC+8) | - |
| dc.date.available | 18-Sep-2009 18:54:07 (UTC+8) | - |
| dc.date.issued (上傳時間) | 18-Sep-2009 18:54:07 (UTC+8) | - |
| dc.identifier (Other Identifiers) | B2002001526 | en_US |
| dc.identifier.uri (URI) | https://nccur.lib.nccu.edu.tw/handle/140.119/36579 | - |
| dc.description (描述) | 碩士 | zh_TW |
| dc.description (描述) | 國立政治大學 | zh_TW |
| dc.description (描述) | 國際經營與貿易研究所 | zh_TW |
| dc.description (描述) | 86351031 | zh_TW |
| dc.description (描述) | 87 | zh_TW |
| dc.description.abstract (摘要) | 成功的企業購併需仰賴正確的投資評估以及有效的購併過程管理,本文包含兩個部分,第一部分主要探討購併利益評估的問題,使用的方法為real-option approach簡化了購併效益之評估,且可獲得較正確的結果;第二部分為兩家國際出版業合併之個案研究,就此成功的例子而言,管理者可以獲得較有利且完善的合併經營方法。 | zh_TW |
| dc.description.abstract (摘要) | Successful mergers depend on proper valuation of this special type of investment and effective management of this process. First essay devoted to the problem of merger profitability valuation. Using real-option approach, a simple model is developed to expand accuracy in decision making process about merger possibility. This model considers uncertainty of situation and provides flexibility in company’s strategy. According to this approach profitability of merger may be calculated by using value of premium paid for acquiring company and value of synergy that expected from merge of two companies. Main problem of merger’s valuation in this approach is correct definition of synergy. In second essay, merger of two publishing companies Addison Wesley Longman and Simon & Schuster is analyzed. Positive experience in choosing candidates for merge, pre- and post-acquisition decision making process can serve as a good example of effective merger’s management. | en_US |
| dc.description.tableofcontents | I. Introduction 1 II. Literature Review 4 II.1. Factors of Merger 4 II.2. Merger Motivations 4 II.3. Types of Merger 9 II.4. Types of Acquirer 12 II.5. Strategy of M&A 13 II.5.1. Strategy methodologies 14 II.6. Strategic Analysis 20 II.7. The process of acquisition 25 II.8. Valuation of Company 30 II.8.1. Valuation of listed company 30 II.8.2. Valuation of unlisted companies 31 II.9. Impact of Acquisition Announcement on Buyer’s Stock 32 II.10. Benefits and Problems of M&A 34 III. Essay I: The Option-Based Approach in Process of Merger and Acquisitions 35 III.1. The Type of Real Options 35 III.2. The Real-Option Frontier 36 III.3. The Black and Scholes equation 38 III.4. Correspondence between the Project Characteristics and the Five Options Variables. 40 III.5. Three Potential Outcomes of M&A Project 43 III.6. Option Space 44 III.6.1. Metrics for the Option Space 44 III.6.2. Option Space 46 III.7. Definition of Project Characteristics 47 III.7.1. Premium 47 III.7.2. Synergy 48 III.7.3. Volatility 50 III.8. Linking Metrics of the Project to the Black-Scholes Model 51 III.9. Limits of Applications of the Market Discipline 54 III.10. Conclusions and Recommendations 55 IV. Essay II: Case Study: Pearson Education 56 IV.1. Research Description 56 IV.2 Case Description 59 IV.2.1. Viacom Inc 59 IV.2.2. Pearson Pcl 63 IV.2.3. The Deal and Short-Term Post-Acquisition Results 69 IV.3. The Case Analysis and Recommendations 72 Appendix 1. Black-Scholes Value of European Call Option, as Percentage of Underlying Asset Value 77 Appendix 2. Interview agenda 78 References 79 | zh_TW |
| dc.language.iso | en_US | - |
| dc.source.uri (資料來源) | http://thesis.lib.nccu.edu.tw/record/#B2002001526 | en_US |
| dc.subject (關鍵詞) | 國際購併 | zh_TW |
| dc.subject (關鍵詞) | 購併效益評估 | zh_TW |
| dc.subject (關鍵詞) | Merger | en_US |
| dc.subject (關鍵詞) | Synergy | en_US |
| dc.subject (關鍵詞) | Premium | en_US |
| dc.subject (關鍵詞) | Real-option | en_US |
| dc.subject (關鍵詞) | Pearson | en_US |
| dc.subject (關鍵詞) | Simon & Schuster | en_US |
| dc.title (題名) | 國際購併研究之評論 | zh_TW |
| dc.title (題名) | Essays in International Mergers and Acqusition Research | en_US |
| dc.type (資料類型) | thesis | en |
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