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    题名: 企業併購個案分析: 以迪⼠尼併購⼆⼗⼀世紀福斯為例
    Merger and Acquisition case study: Disney’s acquisition of Twenty-First Century Fox
    作者: 張暘全
    Chang, Yang-Chuan
    贡献者: 吳啟銘
    張暘全
    Chang, Yang-Chuan
    关键词: 企業併購
    部分收購
    媒體娛樂產業
    浮動換股比率
    Merger and Acquisition
    Divestiture transaction
    Media and entertainment industry
    Floating stock exchange ratio
    日期: 2021
    上传时间: 2021-07-01 21:32:26 (UTC+8)
    摘要: 近年來，串流影音平台的興起為娛樂媒體產業帶來了破壞性創新，改變消費者收看影音內容的方式，並掀起一波剪線潮。首當其衝的傳統娛樂媒體巨頭規劃應對策略，其中一種方式就是透過產業內的合併，本研究個案迪士尼併購21世紀福斯為此背景下發生之併購案，本研究將透過探討此個案之併購外部環境因素與內部併購動機，分析併購案的綜效來源為何? 同時也將針對此併購案的特定交易特性(支付工具與併購型態的選擇)去做詳細分析，了解這些特性對於併購案成功機率與併購績效之影響。另外，我們也透過企業評價來檢驗併購綜效與支付價格之合理性。最後將透過檢視市場反應來剖析此併購案是否能夠為股東帶來價值。

    本研究發現，成熟期產業面對其主要現金創造事業受到嚴重威脅時，在轉型過程中，透過併購產業內同業，將能夠提升營運效率同時加強核心能力，特別是在以內容為核心的影視產業，透過合併增強內容製作能力與取得作品智財權在產業競爭中是非常重要的。此外在大併大的交易特性下，若僅收購與主併方核心業務相關的資產而不是完全收購，將能夠避免overpay和過度多角化，並且更容易達成策略性互補以實現綜效，市場也會給予正面的評價。

    最後經過企業評價並計算出綜效後，驗證迪士尼在此併購案之中並未overpay，也符合市場上的正面反應。另外迪士尼雖使用股票作為一部分的支付工具，但是搭配浮動換股比率給與被併方較多保障，能夠幫助迪士尼減緩使用股票支付的負面影響。本個案研究可提供經理人在進行大型娛樂媒體相關合併、收購交易的策略規劃、效益評估和交易手段之參考。
    In recent years, the rise of OTT(Over-the-top media services) has brought disruptive innovations to the media and entertainment industry, changing the way consumers watch video content, and setting off a wave of cord-cutting. Traditional media and entertainment giants are planning to resist this shock, and one of the strategies is merger and acquisition within the industry. A representative case is Disney’s acquisition of 21 Century Fox in 2019 . This study would discuss the external and internal motivation of this deal, and also identify the origin of synergy. In addition, this study would put more focus on analyzing specific deal features including payment method and transaction form to understand the influence of these factors on the possibility of success and the return of this deal. Furthermore, this study would conduct valuation to examine the rationality of payment amount.

    This study found that in the mature industry, when there is an enormous threat on cash cow business, companies tend to consolidate. The consolidation can improve the operation and strengthen the core competence. Especially, in media and entertainment industry, it is important to integrate the content producing capability and the intellectual property to gain competitive advantage. In particular, in the scenario of large-scale company acquisition, buying only part of target company that fit acquirer’s core operation can generate more value than whole-firm buyout, because it can prevent acquiring firm from overpaying as well as over-diversify. Moreover, it is more likely to achieve strategic fit under this form of acquisition.

    This study had undertaken the business valuation and calculated the amount of synergy. The results indicated that Disney did not overpay in this deal and was consistent with the positive market reaction. To analyze the impact of payment in this deal, this study found that Disney used floating stock exchange ratio to give 21 Century Fox more protection. Using floating stock exchange ratio could mitigate the negative influence of stock payment. Finally, this case study can be a reference for managers who is planning large-scale media merger and acquisition deals to develop deal strategies and evaluate benefit of the transactions.
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    英文部分:
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    描述: 碩士
    國立政治大學
    企業管理研究所(MBA學位學程)
    108363051
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0108363051
    数据类型: thesis
    DOI: 10.6814/NCCU202100500
    显示于类别:[企業管理研究所（MBA學位學程）] 學位論文

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