政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/119879
English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  Items with full text/Total items : 113648/144635 (79%)
Visitors : 51600168      Online Users : 801
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
Scope Tips:
  • please add "double quotation mark" for query phrases to get precise results
  • please goto advance search for comprehansive author search
    •  Adv. Search
    Home ‧ Login ‧ Upload ‧ Help ‧ About ‧ Administer Goto mobile version
    政大典藏 > College of Commerce > Department of Finance > Theses >  Item 140.119/119879


    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/119879


    Title: CVS Health併購Aetna Inc.
    CVS Health Corporation`s Acquisition of Aetna Inc.
    Authors: 姜國崴
    Jiang, Guo-Wei
    Contributors: 湛可南
    Chan, Konan
    姜國崴
    Jiang, Guo-Wei
    Keywords: 併購
    醫療保健產業
    CVS Health
    Aetna
    Healthcare industry
    Date: 2018
    Issue Date: 2018-09-03 15:47:21 (UTC+8)
    Abstract: 2017年12月3日，CVS Health（CVS）與Aetna宣佈簽署一項合併協議，宣布CVS將會以透過現金與股票來收購Aetna在外流通的所有股份，Aetna的股東最終會持有22%CVS的股票。交易總價值達到了770億美金，堪稱是美國醫藥供應鏈十年來最重大的交易、同時也是2017年所宣布最大金額的交易案。是什麼原因，促使CVS對Aetna提出併購提案，背後有什麼樣的動機？宣布併購協議後的市場反應為何？又CVS與Aetna合併後，會對美國醫療市場產生怎麼樣的影響？
    本個案主要描述美國醫療保健體系的發展與目前的產業概況，並在了解併購雙方公司的基本業務後，聚焦在併購雙方公司的相關聯競爭者的發展情況，提供相關資訊作為後續討論的參考資料。最後則是結論與相關建議，探討後續可以再研究方向。

    關鍵字：CVS Health、Aetna、併購、醫療保健產業
    CVS Health (CVS) announced a merger agreement with Aetna in 3 Dec. 2017. CVS would pay cash and common stock to acquire all outstanding shares of Aetna, and shareholders of Aetna would finally own 22% CVS’s shares. The deal size would be 77 billion. It would be the biggest deal in healthcare industry during the past ten years, being the largest deal announced in 2017. Why did CVS want to buy Aetna? How does capital market react after CVS and Aetna announced the merger agreement? What is the possible effect in healthcare industry once if CVS and Aetna have merged?
    The main part is the case description, and development of healthcare system in United States will be in this part. The basic introduction of CVS and Aetna is contained in this part, and the development of their potential rivals is also included. These pieces of information are provided for further discussions. There are conclusion and suggestions in the last paragraph.
    Key Words: CVS Health, Aetna, mergers and acquisitions, and healthcare industry
    Reference: 中文文獻
    S, Frank A., Chee-Ruey Hsieh著，劉亞明譯，(2016)。健康經濟學。台北市：學富文化。
    方嘉鱗等，(2017)。企業併購個案研究(九)。台北市：元照出版。
    吳啟銘，(2010)。企業評價─個案實證分析。台北市：智勝文化。
    吳德豐等著，游明德審，(2016)。企業併購策略與最佳實務，第三版。台北市：財團法人資誠教育基金會。
    游明德等，(2018)，2018台灣併購白皮書。檢自：https://www.pwc.tw/zh/
    publications/topic-invest/assets/2018-taiwan-mna.pdf。上網日期： 2018-06-12。
    鍾憲瑞，(2013)。產業分析精論：多元觀點與策略思維，第二版。台北市：虔誠文化。

    英文文獻
    Abelson, R. and Thomas, K. (2017), CVS and Aetna Say Merger Will Improve Your Health Care. Can They Deliver?, https://www.nytimes.com/2017/12/04/health/cvs-aetna-merger.html. The New York Times. Accessed 6 June 2018.
    Ansoff, H. I. and McDonnell, E. J. (1988), The new corporate strategy, John Wiley & Sons Inc.
    Blumenthal, D. (2018), Is M&A the Cure for a Failing Health Care System?, https://hbr.org/2017/12/is-ma-the-cure-for-a-failing-health-care-system. Harvard Business Review. Accessed 11 May 2018.
    Burns, L. R., Degraaff, R. A., Danzon, P., Kimberly, J. R., Kissick, W. L., and Pauly, M. V. (2002), The Wharton School Study of the Health Care Value Chain.
    Corey, S. (2015), CVS and Walgreens are completely dominating the US drugstore industry, http://www.businessinsider.com/cvs-and-walgreens-us-drugstore-market-share-2015-7. Business Insider. Accessed 11 May 2018.
    Japsen, B. (2017), Anthem Terminates Cigna Deal, Refuses To Pay $1.8B Break-Up Fee, https://www.forbes.com/sites/brucejapsen/2017/05/12/anthem-ending-cigna-deal-refuses-to-pay-termination-fee/#3f5060ca53a4 .Forbes. Accessed 10 May 2018.
    Mattioli, D., Nassauer, S., and Mathews, A. W. (2018), Walmart in Early-Stage Acquisition Talks With Humana, https://www.wsj.com/articles/walmart-in-early-stage-acquisition-talks-with-humana-1522365618 .The Wall Street Journal. Accessed 11 May 2018.
    Mattioli, D., Terlep, S., and Mathews, A. W. (2017), CVS Makes Blockbuster Aetna Bid, https://www.wsj.com/articles/cvs-health-is-in-talks-to-buy-aetna-sources-1509047642 .The Wall Street Journal. Accessed 12 May 2018.
    Merced, M. J., and Abelson, R. (2017), CVS to Buy Aetna for $69 Billion in a Deal That May Reshape the Health Industry,
    https://www.nytimes.com/2017/12/03/business/dealbook/cvs-is-said-to-agree-to-buy-aetna-reshaping-health-care-industry.html .The New York Times. Accessed 5 June 2018.
    Rappaport, A. and Sirower, M. L. (1999), Stock or cash? The trade-offs for buyers and sellers in mergers and acquisitions, Harvard business review, November-December 1999 Issue.
    Roumeliotis, G. (2015), Aetna to buy Humana for $37 billion in largest insurance deal, https://www.reuters.com/article/us-humana-m-a-aetna/aetna-to-buy-humana-for-37-billion-in-largest-insurance-deal-idUSKCN0PD04720150703. Reuters. Accessed 5 June 2018.
    Rowe, J. W. (2017), Former Aetna CEO: Here’s What the CVS-Aetna Deal Really Means, http://fortune.com/2017/12/04/cvs-aetna-merger-bought-buys-purchase.
    Forbes. Accessed 5 June 2018.
    Siconolfi, M., Mattioli, D., and Walker, J. (2018), Walgreens Has Made Takeover Approach to AmerisourceBergen, https://www.wsj.com/articles/walgreens-has-made-takeover-approach-to-amerisourcebergen-1518480542.The Wall Street Journal. Accessed 5 June 2018.
    Whitehouse.gov (2018), President Donald J. Trump’s Blueprint To Lower Drug Prices, https://www.whitehouse.gov/briefings-statements/president-donald-j-trumps-blueprint-lower-drug-prices. Accessed 7 June 2018.
    Description: 碩士
    國立政治大學
    財務管理學系
    105357017
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0105357017
    Data Type: thesis
    DOI: 10.6814/THE.NCCU.Finance.024.2018.F07
    Appears in Collections:[Department of Finance] Theses

    Files in This Item:

    File SizeFormat
    701701.pdf4356KbAdobe PDF237View/Open


    All items in 政大典藏 are protected by copyright, with all rights reserved.


    社群 sharing

    著作權政策宣告 Copyright Announcement
    1.本網站之數位內容為國立政治大學所收錄之機構典藏，無償提供學術研究與公眾教育等公益性使用，惟仍請適度，合理使用本網站之內容，以尊重著作權人之權益。商業上之利用，則請先取得著作權人之授權。
    The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

    2.本網站之製作，已盡力防止侵害著作權人之權益，如仍發現本網站之數位內容有侵害著作權人權益情事者，請權利人通知本網站維護人員(nccur@nccu.edu.tw)，維護人員將立即採取移除該數位著作等補救措施。
    NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - Feedback