Loading...
|
Please use this identifier to cite or link to this item:
https://nccur.lib.nccu.edu.tw/handle/140.119/67561
|
| Title: | 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 |
| Authors: | 吳宜頻
Wu, I Pin |
| Contributors: | 吳啟銘
Wu, Chi Ming
吳宜頻
Wu, I Pin |
| Keywords: | 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. |
| Date: | 2013 |
| Issue Date: | 2014-07-21 15:33:18 (UTC+8) |
| Abstract: | 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. |
| Reference: | 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. |
| Description: | 碩士
國立政治大學
企業管理研究所
101355013
102 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0101355013 |
| Data Type: | thesis |
| Appears in Collections: | [企業管理學系] 學位論文
|
Files in This Item:
| File |
Size | Format | |
|---|
| 501301.pdf | 1638Kb | Adobe PDF2 | 410 | View/Open |
|
All items in 政大典藏 are protected by copyright, with all rights reserved.
|
