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題名 企業併購流程與評價之個案研究分析
A Case Study on the M&A Process and Valuation作者 盧圜玉
Lu, Kelly貢獻者 蔡政憲
Tsai, Jason
盧圜玉
Lu, Kelly關鍵詞 併購
盡職調查
評價
綜效
阻礙成功的關鍵因素
M&A
Due diligence
Valuation
Synergy
Deal breaker日期 2015 上傳時間 4-Jan-2016 16:51:12 (UTC+8) 摘要 This thesis aims at understanding the M&A process from the beginning of strategy development, target screening, transaction execution, to integration and reorganization. On the buy side perspective knowing that during each process what are the key points and issues that a buyer/acquirer will encounter and fully prepare for it. In order to make a successful deal, a company must have a clear plan to fit its corporate strategy under the help with advisors toward the direction by using M&A as a choice to make expansion. It gives a successful first-timer deal making case study given that the buyer and seller’s company background, the motive behind this merge and the process. In addition to the overview of the case study it also identifies key issues during the transaction execution process. Finally it comes up with a synergy analysis to prove that why this deal is making a success. M&A is a complex topic involving with many business aspects and therefore in order to avoid failing, specific deal breakers should be careful during the process. There is a saying from Sun Tzu “know yourself, know your enemy, and you shall win a hundred battles without loss” and this is the right attitude toward an M&A deal in considering every issues that might have happened.
Chapter 1. Introduction 1 1.1. Motivation 1 1.2. Purpose of the Study 1 1.3. Analysis Structure 2 Chapter 2. M&A Overview 3 2.1. Definition & Development 3 2.2. Types of M&A 4 2.3. Motives of M&A 5 Chapter 3. M&A Process 7 3.1. Strategy Development 7 3.2. Target Screening 9 3.2.1. Valuation & Financial Modeling 10 3.2.1.1. Pros and Cons of Valuation Method 13 3.3. Transaction Execution 15 3.3.1. Financial & Tax Due Diligence 16 3.3.2. Legal Due Diligence 17 3.3.1. Business Due Diligence 17 3.3.1.1. Integrity Due Diligence 17 3.3.1.2. Commercial Due Diligence 18 3.3.1.3. Operational Due Diligence 18 3.3.4. Negotiation 19 3.3.5. Implementation 19 3.4. Integration and Reorganization 19 3.4.1. Finance and Administration 20 3.4.2. Human Resources 20 3.4.3. Information Technology 21 3.4.4. Supply Chain Management 21 3.4.5. Post-Merger Business Processes and Internal Controls 21 3.4.6. Intellectual Property 22 Chapter 4. The Case of TSRC & Dexco 23 4.1. Introduction of TSRC 23 4.1.1. TSRC History & Milestones 24 4.1.2. TSRC Product Portfolio 25 4.2. Introduction of Dexco 27 4.2.1. Dexco History & Milestones 28 4.2.2. Dexco Product Portfolio 28 4.3. Industry 29 4.4. Product Application 29 Chapter 5. The Merging Process 31 5.1. Merger Overview 31 5.2. Motive & Strategy of the Merger 32 5.3. Key Issues 33 5.4. Deal Breaker 33 5.4.1 Financial – Valuation and Price 34 5.4.2. Funding 34 5.4.3. Legal and Tax 34 5.4.4. Human capital 35 5.4.5. Negotiating 35 5.5. Transaction Execution Findings 35 5.5.1. Financial 37 5.5.2. Tax 37 5.5.3. Antitrust 38 5.6. Deal Closing 38 Chapter 6. Synergy 39 6.1. Post-Merger Synergy Analysis 39 6.1.1 Stock Price 40 6.1.2. Financial 41 Chapter 7. Conclusion and Recommendation 45 7.1 Conclusion 45 7.2 Recommendation 46 Reference 48參考文獻 Alexandra Lajoux, Charles Elson. 2010. “The Art of M&A Due Diligence, Second Edition” United States. Christensen, Clayton M., Alton, Richard and Rising, Curtis. 2011. The Big Idea: The New M&A Playbook. Harvard Business Review. March 2011. Corporate Finance in Europe. M&A deal breakers in transactions (business sales)? http://www.corporatefinanceineurope.eu/blog/deal-breakers.htm. Accessed Sep. 29, 2015. Deloitte. 2011. China Mergers & Acquisition Playbook. http://www2.deloitte.com/content/dam/Deloitte/mx/Documents/China/China_MA_Playbook.pdf. Accessed Jul. 29, 2015. Dexco Company Website. http://tsrcdexco.com/en/about/history. Accessed Oct. 15, 2015. Ferris, Kenneth and Petitt, Barbara. FT Press Financial Times. 2013. Valuation for Mergers and Acquisition: An Overview. http://www.ftpress.com/articles/article.aspx?p=2109325&seqNum=2. Accessed Jul. 29, 2015. Fontinelle, Amy. Investopedia. 2012. Taking Advantage of Property Tax Abatement Programs. http://www.investopedia.com/articles/mortgages-real-estate/12/property-tax-abatement.asp#ixzz3kZanVRCX. Accessed Jul. 29, 2015. Harroch, Richard. Forbes. 2013. 9 Key Ways To Prepare For A Merger And Acquisition Transaction. http://www.forbes.com/sites/allbusiness/2013/07/03/9-key-ways-to-prepare-for-an-ma-transaction/. Accessed Jul. 29, 2015. Investopedia. Letter of Intent - LOI. http://www.investopedia.com/terms/l/letterofintent.asp. Accessed Sep. 29, 2015. Jeffrey C. Hooke. 2014. “M&A: A Practical Guide to Doing the Deal Second Edition” Hoboken, New Jersey. Keohane, David. FT Alphaville. 2014. A brief history of M&A. http://ftalphaville.ft.com/2014/04/15/1829112/a-brief-history-of-ma/. Accessed Sep. 29, 2015. Martin. Entrepreneurial Insights. 2015. Different types of Mergers and Acquisitions (M&A). http://www.entrepreneurial-insights.com/different-types-of-mergers-and-acquisitions-ma/. Accessed Jul. 25, 2015. Mindfully Green. Brief History & Introduction of Rubber. http://www.mindfully.org/Plastic/Polymers/Rubber-History-Intro.htm. Accessed Jul. 30, 2015. Murray, Jean. Nexus (Tax Nexus). http://biztaxlaw.about.com/od/glossaryn/g/nexusdef.htm. Accessed Jul. 25, 2015. Peavler, Rosemary. Conglomerate and Cogeneric Mergers. http://bizfinance.about.com/od/Basic-Financial-Management/a/conglomerate-and-congeneric-mergers.htm. Accessed Jul. 25, 2015. Peavler, Rosemary. Why Do Companies Merge? Mergers and Acquisitions Explained. http://bizfinance.about.com/od/Basic-Financial-Management/f/why-do-companies-merge-mergers-and-acquisitions-explained.htm. Accessed Jul. 25, 2015. Primack, Dan. Fortune. 2015. 2014 was a huge year for M&A and private equity. http://fortune.com/2015/01/05/2014-was-a-huge-year-for-ma-and-private-equity/. Accessed Jul. 25, 2015. PwC. 2015 Overseas MNA. https://www.pwc.tw/zh/publications/assets/2015-overseas-mna.pdf. Accessed Sep. 17, 2015. Smithson, Duncan, Moritt, Chuck and Cox, Jeff. Mercer. Drivers of Deal Success in Global M&A. http://www.mercer.com/content/dam/mercer/attachments/global/MandA/pub-The-M-A-Journal-Drivers-of-Deal-Success-in-Global-M-A-Mercer.pdf. Accessed Sep. 17, 2015. Accessed Jul. 25, 2015. Street of Walls. Valuation Techniques Overview. Street of Walls. http://www.streetofwalls.com/finance-training-courses/investment-banking-technical-training/valuation-techniques-overview/. Accessed Sep. 17, 2015. Taiwan Stock Exchange. Market Observation Post System. http://mops.twse.com.tw/mops/web/t05st03. Accessed Aug. 26, 2015. TSRC Company Website. http://www.tsrc.com.tw/EN/index.php. Accessed Sep. 5, 2015. What Are Horizontal and Vertical Mergers? http://bizfinance.about.com/od/Basic-Financial-Management/f/what-are-horizontal-and-vertical-mergers.htm. Accessed Jul. 25, 2015. Wikipedia. Foreign Corrupt Practices Act. https://en.wikipedia.org/wiki/Foreign_Corrupt_Practices_Act. Accessed Sep. 29, 2015. Wikipedia. Non-disclosure agreement. https://en.wikipedia.org/wiki/Non-disclosure_agreement. Accessed Jul. 25, 2015. Wikipedia. Synthetic rubber. https://en.wikipedia.org/wiki/Synthetic_rubber. Accessed Sep. 17, 2015. Wikipedia. United States antitrust law. https://en.wikipedia.org/wiki/United_States_antitrust_law. Accessed Sep. 17, 2015. MAPECT 台灣併購與私募協會. 2011. MAPECT. 2011. 台橡/Dexc進行期間：西元2010年9月 – 台灣併購金鑫獎. http://www.台灣併購金鑫獎.tw/lyadmin/pages/uploads/file/pro_jgiduvrt4o.pdf. Accessed Aug. 27, 2015. 吳安妮，1992，「台灣企業併購綜效及績效之實證研究」，會計評論，頁1-28。 姚蕙芸，2001，「企業併購類型、評價方法、及綜效之探討」，國立臺北商業技術學院學報。 製造業營業額及投資統計. Department of Statistics, Ministry of Economic Affairs. http://dmz9.moea.gov.tw/gmweb/investigate/InvestigateEC.aspx. Accessed Sep. 17, 2015. 2103. TW. Yahoo Finance. http://finance.yahoo.com/q?uhb=uh3_finance_vert&fr=&type=2button&s=2103.TW%2C. Accessed Sep. 5, 2015. 描述 碩士
國立政治大學
國際經營管理英語碩士學位學程(IMBA)
102933017資料來源 http://thesis.lib.nccu.edu.tw/record/#G0102933017 資料類型 thesis dc.contributor.advisor 蔡政憲 zh_TW dc.contributor.advisor Tsai, Jason en_US dc.contributor.author (Authors) 盧圜玉 zh_TW dc.contributor.author (Authors) Lu, Kelly en_US dc.creator (作者) 盧圜玉 zh_TW dc.creator (作者) Lu, Kelly en_US dc.date (日期) 2015 en_US dc.date.accessioned 4-Jan-2016 16:51:12 (UTC+8) - dc.date.available 4-Jan-2016 16:51:12 (UTC+8) - dc.date.issued (上傳時間) 4-Jan-2016 16:51:12 (UTC+8) - dc.identifier (Other Identifiers) G0102933017 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/80277 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 國際經營管理英語碩士學位學程(IMBA) zh_TW dc.description (描述) 102933017 zh_TW dc.description.abstract (摘要) This thesis aims at understanding the M&A process from the beginning of strategy development, target screening, transaction execution, to integration and reorganization. On the buy side perspective knowing that during each process what are the key points and issues that a buyer/acquirer will encounter and fully prepare for it. In order to make a successful deal, a company must have a clear plan to fit its corporate strategy under the help with advisors toward the direction by using M&A as a choice to make expansion. It gives a successful first-timer deal making case study given that the buyer and seller’s company background, the motive behind this merge and the process. In addition to the overview of the case study it also identifies key issues during the transaction execution process. Finally it comes up with a synergy analysis to prove that why this deal is making a success. M&A is a complex topic involving with many business aspects and therefore in order to avoid failing, specific deal breakers should be careful during the process. There is a saying from Sun Tzu “know yourself, know your enemy, and you shall win a hundred battles without loss” and this is the right attitude toward an M&A deal in considering every issues that might have happened. en_US dc.description.abstract (摘要) Chapter 1. Introduction 1 1.1. Motivation 1 1.2. Purpose of the Study 1 1.3. Analysis Structure 2 Chapter 2. M&A Overview 3 2.1. Definition & Development 3 2.2. Types of M&A 4 2.3. Motives of M&A 5 Chapter 3. M&A Process 7 3.1. Strategy Development 7 3.2. Target Screening 9 3.2.1. Valuation & Financial Modeling 10 3.2.1.1. Pros and Cons of Valuation Method 13 3.3. Transaction Execution 15 3.3.1. Financial & Tax Due Diligence 16 3.3.2. Legal Due Diligence 17 3.3.1. Business Due Diligence 17 3.3.1.1. Integrity Due Diligence 17 3.3.1.2. Commercial Due Diligence 18 3.3.1.3. Operational Due Diligence 18 3.3.4. Negotiation 19 3.3.5. Implementation 19 3.4. Integration and Reorganization 19 3.4.1. Finance and Administration 20 3.4.2. Human Resources 20 3.4.3. Information Technology 21 3.4.4. Supply Chain Management 21 3.4.5. Post-Merger Business Processes and Internal Controls 21 3.4.6. Intellectual Property 22 Chapter 4. The Case of TSRC & Dexco 23 4.1. Introduction of TSRC 23 4.1.1. TSRC History & Milestones 24 4.1.2. TSRC Product Portfolio 25 4.2. Introduction of Dexco 27 4.2.1. Dexco History & Milestones 28 4.2.2. Dexco Product Portfolio 28 4.3. Industry 29 4.4. Product Application 29 Chapter 5. The Merging Process 31 5.1. Merger Overview 31 5.2. Motive & Strategy of the Merger 32 5.3. Key Issues 33 5.4. Deal Breaker 33 5.4.1 Financial – Valuation and Price 34 5.4.2. Funding 34 5.4.3. Legal and Tax 34 5.4.4. Human capital 35 5.4.5. Negotiating 35 5.5. Transaction Execution Findings 35 5.5.1. Financial 37 5.5.2. Tax 37 5.5.3. Antitrust 38 5.6. Deal Closing 38 Chapter 6. Synergy 39 6.1. Post-Merger Synergy Analysis 39 6.1.1 Stock Price 40 6.1.2. Financial 41 Chapter 7. Conclusion and Recommendation 45 7.1 Conclusion 45 7.2 Recommendation 46 Reference 48 - dc.description.tableofcontents Chapter 1. Introduction 1 1.1. Motivation 1 1.2. Purpose of the Study 1 1.3. Analysis Structure 2 Chapter 2. M&A Overview 3 2.1. Definition & Development 3 2.2. Types of M&A 4 2.3. Motives of M&A 5 Chapter 3. M&A Process 7 3.1. Strategy Development 7 3.2. Target Screening 9 3.2.1. Valuation & Financial Modeling 10 3.2.1.1. Pros and Cons of Valuation Method 13 3.3. Transaction Execution 15 3.3.1. Financial & Tax Due Diligence 16 3.3.2. Legal Due Diligence 17 3.3.1. Business Due Diligence 17 3.3.1.1. Integrity Due Diligence 17 3.3.1.2. Commercial Due Diligence 18 3.3.1.3. Operational Due Diligence 18 3.3.4. Negotiation 19 3.3.5. Implementation 19 3.4. Integration and Reorganization 19 3.4.1. Finance and Administration 20 3.4.2. Human Resources 20 3.4.3. Information Technology 21 3.4.4. Supply Chain Management 21 3.4.5. Post-Merger Business Processes and Internal Controls 21 3.4.6. Intellectual Property 22 Chapter 4. The Case of TSRC & Dexco 23 4.1. Introduction of TSRC 23 4.1.1. TSRC History & Milestones 24 4.1.2. TSRC Product Portfolio 25 4.2. Introduction of Dexco 27 4.2.1. Dexco History & Milestones 28 4.2.2. Dexco Product Portfolio 28 4.3. Industry 29 4.4. Product Application 29 Chapter 5. The Merging Process 31 5.1. Merger Overview 31 5.2. Motive & Strategy of the Merger 32 5.3. Key Issues 33 5.4. Deal Breaker 33 5.4.1 Financial – Valuation and Price 34 5.4.2. Funding 34 5.4.3. Legal and Tax 34 5.4.4. Human capital 35 5.4.5. Negotiating 35 5.5. Transaction Execution Findings 35 5.5.1. Financial 37 5.5.2. Tax 37 5.5.3. Antitrust 38 5.6. Deal Closing 38 Chapter 6. Synergy 39 6.1. Post-Merger Synergy Analysis 39 6.1.1 Stock Price 40 6.1.2. Financial 41 Chapter 7. Conclusion and Recommendation 45 7.1 Conclusion 45 7.2 Recommendation 46 Reference 48 zh_TW dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0102933017 en_US dc.subject (關鍵詞) 併購 zh_TW dc.subject (關鍵詞) 盡職調查 zh_TW dc.subject (關鍵詞) 評價 zh_TW dc.subject (關鍵詞) 綜效 zh_TW dc.subject (關鍵詞) 阻礙成功的關鍵因素 zh_TW dc.subject (關鍵詞) M&A en_US dc.subject (關鍵詞) Due diligence en_US dc.subject (關鍵詞) Valuation en_US dc.subject (關鍵詞) Synergy en_US dc.subject (關鍵詞) Deal breaker en_US dc.title (題名) 企業併購流程與評價之個案研究分析 zh_TW dc.title (題名) A Case Study on the M&A Process and Valuation en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) Alexandra Lajoux, Charles Elson. 2010. “The Art of M&A Due Diligence, Second Edition” United States. Christensen, Clayton M., Alton, Richard and Rising, Curtis. 2011. The Big Idea: The New M&A Playbook. Harvard Business Review. March 2011. Corporate Finance in Europe. M&A deal breakers in transactions (business sales)? http://www.corporatefinanceineurope.eu/blog/deal-breakers.htm. Accessed Sep. 29, 2015. Deloitte. 2011. China Mergers & Acquisition Playbook. http://www2.deloitte.com/content/dam/Deloitte/mx/Documents/China/China_MA_Playbook.pdf. Accessed Jul. 29, 2015. Dexco Company Website. http://tsrcdexco.com/en/about/history. Accessed Oct. 15, 2015. Ferris, Kenneth and Petitt, Barbara. FT Press Financial Times. 2013. Valuation for Mergers and Acquisition: An Overview. http://www.ftpress.com/articles/article.aspx?p=2109325&seqNum=2. Accessed Jul. 29, 2015. Fontinelle, Amy. Investopedia. 2012. Taking Advantage of Property Tax Abatement Programs. http://www.investopedia.com/articles/mortgages-real-estate/12/property-tax-abatement.asp#ixzz3kZanVRCX. Accessed Jul. 29, 2015. Harroch, Richard. Forbes. 2013. 9 Key Ways To Prepare For A Merger And Acquisition Transaction. http://www.forbes.com/sites/allbusiness/2013/07/03/9-key-ways-to-prepare-for-an-ma-transaction/. Accessed Jul. 29, 2015. Investopedia. Letter of Intent - LOI. http://www.investopedia.com/terms/l/letterofintent.asp. Accessed Sep. 29, 2015. Jeffrey C. Hooke. 2014. “M&A: A Practical Guide to Doing the Deal Second Edition” Hoboken, New Jersey. Keohane, David. FT Alphaville. 2014. A brief history of M&A. http://ftalphaville.ft.com/2014/04/15/1829112/a-brief-history-of-ma/. Accessed Sep. 29, 2015. Martin. Entrepreneurial Insights. 2015. Different types of Mergers and Acquisitions (M&A). http://www.entrepreneurial-insights.com/different-types-of-mergers-and-acquisitions-ma/. Accessed Jul. 25, 2015. Mindfully Green. Brief History & Introduction of Rubber. http://www.mindfully.org/Plastic/Polymers/Rubber-History-Intro.htm. Accessed Jul. 30, 2015. Murray, Jean. Nexus (Tax Nexus). http://biztaxlaw.about.com/od/glossaryn/g/nexusdef.htm. Accessed Jul. 25, 2015. Peavler, Rosemary. Conglomerate and Cogeneric Mergers. http://bizfinance.about.com/od/Basic-Financial-Management/a/conglomerate-and-congeneric-mergers.htm. Accessed Jul. 25, 2015. Peavler, Rosemary. Why Do Companies Merge? Mergers and Acquisitions Explained. http://bizfinance.about.com/od/Basic-Financial-Management/f/why-do-companies-merge-mergers-and-acquisitions-explained.htm. Accessed Jul. 25, 2015. Primack, Dan. Fortune. 2015. 2014 was a huge year for M&A and private equity. http://fortune.com/2015/01/05/2014-was-a-huge-year-for-ma-and-private-equity/. Accessed Jul. 25, 2015. PwC. 2015 Overseas MNA. https://www.pwc.tw/zh/publications/assets/2015-overseas-mna.pdf. Accessed Sep. 17, 2015. Smithson, Duncan, Moritt, Chuck and Cox, Jeff. Mercer. Drivers of Deal Success in Global M&A. http://www.mercer.com/content/dam/mercer/attachments/global/MandA/pub-The-M-A-Journal-Drivers-of-Deal-Success-in-Global-M-A-Mercer.pdf. Accessed Sep. 17, 2015. Accessed Jul. 25, 2015. Street of Walls. Valuation Techniques Overview. Street of Walls. http://www.streetofwalls.com/finance-training-courses/investment-banking-technical-training/valuation-techniques-overview/. Accessed Sep. 17, 2015. Taiwan Stock Exchange. Market Observation Post System. http://mops.twse.com.tw/mops/web/t05st03. Accessed Aug. 26, 2015. TSRC Company Website. http://www.tsrc.com.tw/EN/index.php. Accessed Sep. 5, 2015. What Are Horizontal and Vertical Mergers? http://bizfinance.about.com/od/Basic-Financial-Management/f/what-are-horizontal-and-vertical-mergers.htm. Accessed Jul. 25, 2015. Wikipedia. Foreign Corrupt Practices Act. https://en.wikipedia.org/wiki/Foreign_Corrupt_Practices_Act. Accessed Sep. 29, 2015. Wikipedia. Non-disclosure agreement. https://en.wikipedia.org/wiki/Non-disclosure_agreement. Accessed Jul. 25, 2015. Wikipedia. Synthetic rubber. https://en.wikipedia.org/wiki/Synthetic_rubber. Accessed Sep. 17, 2015. Wikipedia. United States antitrust law. https://en.wikipedia.org/wiki/United_States_antitrust_law. Accessed Sep. 17, 2015. MAPECT 台灣併購與私募協會. 2011. MAPECT. 2011. 台橡/Dexc進行期間：西元2010年9月 – 台灣併購金鑫獎. http://www.台灣併購金鑫獎.tw/lyadmin/pages/uploads/file/pro_jgiduvrt4o.pdf. Accessed Aug. 27, 2015. 吳安妮，1992，「台灣企業併購綜效及績效之實證研究」，會計評論，頁1-28。 姚蕙芸，2001，「企業併購類型、評價方法、及綜效之探討」，國立臺北商業技術學院學報。 製造業營業額及投資統計. Department of Statistics, Ministry of Economic Affairs. http://dmz9.moea.gov.tw/gmweb/investigate/InvestigateEC.aspx. Accessed Sep. 17, 2015. 2103. TW. Yahoo Finance. http://finance.yahoo.com/q?uhb=uh3_finance_vert&fr=&type=2button&s=2103.TW%2C. Accessed Sep. 5, 2015. zh_TW
