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題名 已開發國家食品產業跨國購併宣告效果之研究
Announcement Effect of Food Industry Cross-Border Mergers and Acquisitions - Evidence from Developed Countries
作者 吳宜頻
Wu, I Pin
貢獻者 吳啟銘
Wu, Chi Ming
吳宜頻
Wu, I Pin
關鍵詞 食品業
跨國購併
事件研究法
宣告效果
雀巢集團
Food Industry
Cross-border M&A
Event Study
Announcement Effect
Nestle S.A.
日期 2013
上傳時間 21-Jul-2014 15:33:18 (UTC+8)
摘要 本研究以2002年至2012年已開發國家食品產業跨國購併案為樣本，以事件研究法，比較已開發國家食品產業跨國購併已開發國家及開發中國家企業的購併宣告效果，去看在跨國購併的文獻議題上和實證結果是否相符。並以雀巢集團為收購公司之案例，比較其進軍已開發國家(美國惠氏營養品)及開發中國家(中國徐福記)的策略及收購後營運與財務績效，可否套用於產業研究結果，希望為後續食品產業購併提供研究參考。
本研究有以下三點發現：1.食品產業自已開發國家購併已開發國家對收購公司的股價宣告效果，較購併開發中國家對收購公司的股價宣告效果佳。2.已開發國家之食品產業收購與該產業相關性越高的企業，對其收購公司的股價宣告效果並無重大顯著之影響。3.無法將雀巢集團收購惠氏營養品之個案套用於產業研究結果，收購徐福記之個案則與實證結果相似，無正向顯著的宣告效果。此二個案皆著重搶攻新興國家市場，並以水平整合及策略互補方式，擴大市佔率及強化產品線，近五年之財務狀況，與同業相比有較佳之獲利表現，且繼續經營之價值。
已開發國家食品產業在選擇跨國購併對象時，可以已開發國家企業為主要收購對象，降低文化及地理距離帶來的資訊不對稱問題及取得策略性資產，投資人對其有較佳的預期，在選擇向前垂直整合策略時需留意，因零售通路需較大規模之經營整合，對於該市場需有更深入之了解，才適合投入至通路端。
This paper treated cross-border Mergers and Acquisitions (M&A) cases of developed countries’ food industry over the period of 2002 to 2012 with event study.
We compared the announcement effects of acquired companies following developed or developing countries M&A and to confirm that whether the empirical results are consistent with the literature. We used Nestle S.A. as acquiring company to compare its M&A’s strategies and performance when acquiring Wyeth Nutrition and Hsu Fu Chi. Hope to be the reference for the following food industry M&A research.
The major research finding as follows. First, the announcement effects of developed countries’ food industry following developed countries M&A are better than developing countries M&A. Second, the results demonstrated that the announcement effect had no significant difference among different industrial relevance of target companies. Third, the case of Hsu Fu Chi acquisition is similar with the empirical results but Wyeth Nutrition acquisition cannot. Furthermore, both cases were focused on the emerging markets and complementary strategies.
Developed countries’ food industry can chooses the developed countries’ firms as target companies to decrease asymmetric information which caused by cultural, economic and geographic distance and to acquire strategic assets. They also should have enough acquaintance of the markets before they invest in the channel.
參考文獻 一、英文部分
Antoniou, A., P. Arbour, and H. Zhao. (2008). How much is too much: Are merger premiums too high? European Financial Management, 14, pp. 268-287.
Bulent, A. and A. Ficici. (2009). Cross-border acquisitions and firm value: An analysis of emerging-market multinationals. Journal of International Business, 40, pp. 1317-1338.
Chari, A., P. Ouimet and L. Tesar. (2004). Acquiring control in emerging markets: Evidence from the stock market. National Bureau of Economic Research, 10872.
Charles, W. L. and G. R. Jones. (2012). Theory of Srategic Management (10 ed.). Singapore: Gengage Learning.
Chen, Y. Y. and M. N. Yang. (2009). Cross-border mergers and acquisitions by Chinese listed companies: A principal-principal perspective. Asia Pacific Journal of Management, pp. 523-539.
China Food & Drink Report Q4 2013. (2013). United Kingdom: Business Monitor Internaitonal.
Clark, R. C. (1986). Corporate Laws. United Kingdom: Little, Brown Book Group Limited.
Company Profile: Nestle S.A. (2013). United Kingdom: Market Line.
Das, N. (2013). Importance of corporate governance: Case of US-China cross border M&A. International Journal of Business Strategy, pp. 102-110.
Datta, D.K., and G. 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), pp. 337-359.
Doukas, J., and N. G. Travlos. (1988). The effect of corporate multinationalism on shareholders’ wealth effect: evidence from international acquisitions. Journal of Finance, 43, pp. 1165-1175.
Harrison, J. S., M. A. Hitt, R. E. Hoskisson and R.D. Ireland . (1991). Synergies and post-acquisition performance: Differences versus similarities in resource allocations. Journal of Management, 17(1), pp. 173-190.
Harzing, A. (2002). Acquisitions versus greenfield investments: International strategy and management of entry modes. Strategic Management Journal, 23(3), pp. 211-227.
Jovanovic, B. and P. L. Rousseau. (2008). Mergers as reallocation. The Review of Economics and Statistics, 90(4), pp. 765-776.
Lamacchia, T. F. (1997). Cross-border M&A: A guide to global strategic direct investment for Asian companies. Hong Kong: Asia Law & Practice Publishing.
Liu, Q. and L. D. Qiu. (2013). Characteristics of acquirers and targets in domestic and cross-border mergers and acquisitions. Review of Development Economics, 17(3), pp. 474-493.
Mike, W. P. (2006). Making M&A fly in China. Harvard Business Review, 84(3), pp. 26-27.
Moeller, S. B. and F. P. Schlingemann. (2005). Global diversification and bidder gains: A comparison between cross-border and domestic acquisitions. Journal of Banking and Finance, 29, pp. 533-564.
Morosini, P., S. Shane and H. Singh. (1998). National cultural distance and cross-border acquisition performance. Journal of International Business Studies, 29(1), pp. 137-158.
Mulherin, J. H. and A. L. Boone. (2000). Comparing acquisitions and divestitures. Journal of Corporate Finance, 6, pp. 117-139.
Myers, S. C. and N. S. Majluf. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13, pp. 187-221.
Nicholson, R. R. & J. Salaber. (2013). The motives and performance of cross-border acquirers from emerging economies: Comparison between Chinese and Indian firms. International Business Review, 22, pp. 963-980.
Pradhan, J.P. and V. Abraham. (2005). Overseas mergers and acquisitions by Indian enterprises: Patterns and motivations. Indian Journal of Economics, 85(33), pp. 365-386.
Protiti, D. and Z. Srilata. (2010). Dealing with information asymmetry in cross-border acquisitions: Distance matters. Academy of Management, 8(1), pp. 1-6.
Rani, N., S. Yadav and P. Jain. (2009). The role of corporate givernance on financial performance changes associated with mergers and acquisitions. Global Journal of Business Excellence, pp. 7-13.
Rappaport, A.and M. L. Sirower. (1999). Stock or cash? The trade-offs for buyers and sellers in mergers and acquisitions. Harvard Business Review, 77(6), pp. 147-217.
Shimizu, K., M. Hitt, D. Vaidyanath and V. 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, pp. 7-353.
Stiebale, J. (2013). The impact of cross-border mergers and acquisitions on the acquirers` R&D-Firm-level evidence. International Journal of Industrial Organization, 31(4), pp. 307-321.
Travlos, N. G. (1987). Corporate takeover bids, methods of payment & bidding firms’ stock returns. Journal of Finance, 3, pp. 943-963.
UNCTAD. (2000). World investment report 2000, cross-border mergers and acquisitions and development. New York and Geneva: United Nations.
UNCTAD. (2013). World investment report 2013, global value chain: investment and trade for development. New York and Geneva: United Nations.
Wang, C. and F. Xie. (2009). Corporate governance transfer and synergistic gains from mergers and acquisitions. The Review of Financial Studies, 22, pp. 830-858.

二、中文部分
Chris Z. and A. James. (2001). 從核心擴張. (楊幼蘭, 譯者) 台北: 商智文化.
台灣併購金鑫獎. (2011). 案例解析：雀巢參股徐福記-參股事件. 台北: 台灣併購與私募股權協會.
甘文光. (2005). 地主國吸引外人直接投資的決定性因素. 國立政治大學行政管理碩士學程碩士論文.
伍忠賢. (2000). 企業購併-理論與實務. 台北: 樂觀文化.
吳啟銘. (2013). 企業評價-個案實證分析. 台北: 智勝文化.
沈中華、李建然. (2000). 事件研究法-財務與會計實證研究必備. 台北: 華泰文化.
財團法人食品工業發展研究所. (2013). 2013食品產業年鑑. 經濟部技術處產業技術知識服務計畫.
財團法人食品工業發展研究所. (2012). 2012食品產業年鑑. 經濟部技術處產業技術知識服務計畫.
潘麗仙. (2008). 台灣企業跨國併購宣告效果與資訊內涵. 國立台灣大學國際企業學系碩士論文.
鄭帝允. (2007). 購併動機之實證研究-以美國上市上櫃公司為例. 國立政治大學國際貿易學系碩士論文.
薛伊琇. (2011). 開發中國家企業進行跨國購併對公司股東價值之實證研究. 國立政治大學國際貿易學系碩士論文.
謝劍平. (2010). 現代投資銀行. 台北: 智勝文化.
描述 碩士
國立政治大學
企業管理研究所
101355013
102
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0101355013
資料類型 thesis
dc.contributor.advisor 吳啟銘zh_TW
dc.contributor.advisor Wu, Chi Mingen_US
dc.contributor.author (Authors) 吳宜頻zh_TW
dc.contributor.author (Authors) Wu, I Pinen_US
dc.creator (作者) 吳宜頻zh_TW
dc.creator (作者) Wu, I Pinen_US
dc.date (日期) 2013en_US
dc.date.accessioned 21-Jul-2014 15:33:18 (UTC+8)-
dc.date.available 21-Jul-2014 15:33:18 (UTC+8)-
dc.date.issued (上傳時間) 21-Jul-2014 15:33:18 (UTC+8)-
dc.identifier (Other Identifiers) G0101355013en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/67561-
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zh_TW
dc.description (描述) 101355013zh_TW
dc.description (描述) 102zh_TW
dc.description.abstract (摘要) 本研究以2002年至2012年已開發國家食品產業跨國購併案為樣本，以事件研究法，比較已開發國家食品產業跨國購併已開發國家及開發中國家企業的購併宣告效果，去看在跨國購併的文獻議題上和實證結果是否相符。並以雀巢集團為收購公司之案例，比較其進軍已開發國家(美國惠氏營養品)及開發中國家(中國徐福記)的策略及收購後營運與財務績效，可否套用於產業研究結果，希望為後續食品產業購併提供研究參考。
本研究有以下三點發現：1.食品產業自已開發國家購併已開發國家對收購公司的股價宣告效果，較購併開發中國家對收購公司的股價宣告效果佳。2.已開發國家之食品產業收購與該產業相關性越高的企業，對其收購公司的股價宣告效果並無重大顯著之影響。3.無法將雀巢集團收購惠氏營養品之個案套用於產業研究結果，收購徐福記之個案則與實證結果相似，無正向顯著的宣告效果。此二個案皆著重搶攻新興國家市場，並以水平整合及策略互補方式，擴大市佔率及強化產品線，近五年之財務狀況，與同業相比有較佳之獲利表現，且繼續經營之價值。
已開發國家食品產業在選擇跨國購併對象時，可以已開發國家企業為主要收購對象，降低文化及地理距離帶來的資訊不對稱問題及取得策略性資產，投資人對其有較佳的預期，在選擇向前垂直整合策略時需留意，因零售通路需較大規模之經營整合，對於該市場需有更深入之了解，才適合投入至通路端。		zh_TW
dc.description.abstract (摘要) This paper treated cross-border Mergers and Acquisitions (M&A) cases of developed countries’ food industry over the period of 2002 to 2012 with event study.
We compared the announcement effects of acquired companies following developed or developing countries M&A and to confirm that whether the empirical results are consistent with the literature. We used Nestle S.A. as acquiring company to compare its M&A’s strategies and performance when acquiring Wyeth Nutrition and Hsu Fu Chi. Hope to be the reference for the following food industry M&A research.
The major research finding as follows. First, the announcement effects of developed countries’ food industry following developed countries M&A are better than developing countries M&A. Second, the results demonstrated that the announcement effect had no significant difference among different industrial relevance of target companies. Third, the case of Hsu Fu Chi acquisition is similar with the empirical results but Wyeth Nutrition acquisition cannot. Furthermore, both cases were focused on the emerging markets and complementary strategies.
Developed countries’ food industry can chooses the developed countries’ firms as target companies to decrease asymmetric information which caused by cultural, economic and geographic distance and to acquire strategic assets. They also should have enough acquaintance of the markets before they invest in the channel.		en_US
dc.description.tableofcontents 摘要 i
謝詞 iii
目次 iv
圖目錄 v
表目錄 v

第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的及問題 3
第三節 研究架構 5

第二章 文獻回顧 6
第一節 購併定義與型態 6
第二節 跨國購併定義與動機 8
第三節 影響跨國購併績效因素之研究 11
第四節 食品產業發展概況 15

第三章 產業實證分析 22
第一節 研究假說 22
第二節 資料來源與研究方法 24
第三節 食品產業跨國購併策略探討 29
第四節 食品產業跨國購併績效分析 34

第四章 個案分析 39
第一節 個案公司簡介 39
第二節 資料來源與研究方法 42
第三節 購併前之策略探討 44
第四節 購併後之整合策略與績效分析 47
第五節 雀巢集團近五年之財務表現 52
第六節 小結 55

第五章 結論與建議 56
第一節 研究結論 56
第二節 研究限制 58
第三節 研究建議 59

參考文獻 61
一、英文部分 61
二、中文部分 64		zh_TW
dc.format.extent 1678052 bytes-
dc.format.mimetype application/pdf-
dc.language.iso en_US-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0101355013en_US
dc.subject (關鍵詞) 食品業zh_TW
dc.subject (關鍵詞) 跨國購併zh_TW
dc.subject (關鍵詞) 事件研究法zh_TW
dc.subject (關鍵詞) 宣告效果zh_TW
dc.subject (關鍵詞) 雀巢集團zh_TW
dc.subject (關鍵詞) Food Industryen_US
dc.subject (關鍵詞) Cross-border M&Aen_US
dc.subject (關鍵詞) Event Studyen_US
dc.subject (關鍵詞) Announcement Effecten_US
dc.subject (關鍵詞) Nestle S.A.en_US
dc.title (題名) 已開發國家食品產業跨國購併宣告效果之研究zh_TW
dc.title (題名) Announcement Effect of Food Industry Cross-Border Mergers and Acquisitions - Evidence from Developed Countriesen_US
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) 一、英文部分
Antoniou, A., P. Arbour, and H. Zhao. (2008). How much is too much: Are merger premiums too high? European Financial Management, 14, pp. 268-287.
Bulent, A. and A. Ficici. (2009). Cross-border acquisitions and firm value: An analysis of emerging-market multinationals. Journal of International Business, 40, pp. 1317-1338.
Chari, A., P. Ouimet and L. Tesar. (2004). Acquiring control in emerging markets: Evidence from the stock market. National Bureau of Economic Research, 10872.
Charles, W. L. and G. R. Jones. (2012). Theory of Srategic Management (10 ed.). Singapore: Gengage Learning.
Chen, Y. Y. and M. N. Yang. (2009). Cross-border mergers and acquisitions by Chinese listed companies: A principal-principal perspective. Asia Pacific Journal of Management, pp. 523-539.
China Food & Drink Report Q4 2013. (2013). United Kingdom: Business Monitor Internaitonal.
Clark, R. C. (1986). Corporate Laws. United Kingdom: Little, Brown Book Group Limited.
Company Profile: Nestle S.A. (2013). United Kingdom: Market Line.
Das, N. (2013). Importance of corporate governance: Case of US-China cross border M&A. International Journal of Business Strategy, pp. 102-110.
Datta, D.K., and G. 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), pp. 337-359.
Doukas, J., and N. G. Travlos. (1988). The effect of corporate multinationalism on shareholders’ wealth effect: evidence from international acquisitions. Journal of Finance, 43, pp. 1165-1175.
Harrison, J. S., M. A. Hitt, R. E. Hoskisson and R.D. Ireland . (1991). Synergies and post-acquisition performance: Differences versus similarities in resource allocations. Journal of Management, 17(1), pp. 173-190.
Harzing, A. (2002). Acquisitions versus greenfield investments: International strategy and management of entry modes. Strategic Management Journal, 23(3), pp. 211-227.
Jovanovic, B. and P. L. Rousseau. (2008). Mergers as reallocation. The Review of Economics and Statistics, 90(4), pp. 765-776.
Lamacchia, T. F. (1997). Cross-border M&A: A guide to global strategic direct investment for Asian companies. Hong Kong: Asia Law & Practice Publishing.
Liu, Q. and L. D. Qiu. (2013). Characteristics of acquirers and targets in domestic and cross-border mergers and acquisitions. Review of Development Economics, 17(3), pp. 474-493.
Mike, W. P. (2006). Making M&A fly in China. Harvard Business Review, 84(3), pp. 26-27.
Moeller, S. B. and F. P. Schlingemann. (2005). Global diversification and bidder gains: A comparison between cross-border and domestic acquisitions. Journal of Banking and Finance, 29, pp. 533-564.
Morosini, P., S. Shane and H. Singh. (1998). National cultural distance and cross-border acquisition performance. Journal of International Business Studies, 29(1), pp. 137-158.
Mulherin, J. H. and A. L. Boone. (2000). Comparing acquisitions and divestitures. Journal of Corporate Finance, 6, pp. 117-139.
Myers, S. C. and N. S. Majluf. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13, pp. 187-221.
Nicholson, R. R. & J. Salaber. (2013). The motives and performance of cross-border acquirers from emerging economies: Comparison between Chinese and Indian firms. International Business Review, 22, pp. 963-980.
Pradhan, J.P. and V. Abraham. (2005). Overseas mergers and acquisitions by Indian enterprises: Patterns and motivations. Indian Journal of Economics, 85(33), pp. 365-386.
Protiti, D. and Z. Srilata. (2010). Dealing with information asymmetry in cross-border acquisitions: Distance matters. Academy of Management, 8(1), pp. 1-6.
Rani, N., S. Yadav and P. Jain. (2009). The role of corporate givernance on financial performance changes associated with mergers and acquisitions. Global Journal of Business Excellence, pp. 7-13.
Rappaport, A.and M. L. Sirower. (1999). Stock or cash? The trade-offs for buyers and sellers in mergers and acquisitions. Harvard Business Review, 77(6), pp. 147-217.
Shimizu, K., M. Hitt, D. Vaidyanath and V. 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, pp. 7-353.
Stiebale, J. (2013). The impact of cross-border mergers and acquisitions on the acquirers` R&D-Firm-level evidence. International Journal of Industrial Organization, 31(4), pp. 307-321.
Travlos, N. G. (1987). Corporate takeover bids, methods of payment & bidding firms’ stock returns. Journal of Finance, 3, pp. 943-963.
UNCTAD. (2000). World investment report 2000, cross-border mergers and acquisitions and development. New York and Geneva: United Nations.
UNCTAD. (2013). World investment report 2013, global value chain: investment and trade for development. New York and Geneva: United Nations.
Wang, C. and F. Xie. (2009). Corporate governance transfer and synergistic gains from mergers and acquisitions. The Review of Financial Studies, 22, pp. 830-858.

二、中文部分
Chris Z. and A. James. (2001). 從核心擴張. (楊幼蘭, 譯者) 台北: 商智文化.
台灣併購金鑫獎. (2011). 案例解析：雀巢參股徐福記-參股事件. 台北: 台灣併購與私募股權協會.
甘文光. (2005). 地主國吸引外人直接投資的決定性因素. 國立政治大學行政管理碩士學程碩士論文.
伍忠賢. (2000). 企業購併-理論與實務. 台北: 樂觀文化.
吳啟銘. (2013). 企業評價-個案實證分析. 台北: 智勝文化.
沈中華、李建然. (2000). 事件研究法-財務與會計實證研究必備. 台北: 華泰文化.
財團法人食品工業發展研究所. (2013). 2013食品產業年鑑. 經濟部技術處產業技術知識服務計畫.
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