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    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/35350


    Title: 購併後整合之個案研討
    Authors: 丁雙慶
    Contributors: 吳啟銘
    丁雙慶
    Keywords: 購併
    雀巢
    福樂
    整合
    國際性企業購倂國內企業
    Date: 2005
    Issue Date: 2009-09-18 14:48:15 (UTC+8)
    Abstract: 近數十年來國內廠商的購倂活動,呈現上生的趨勢,因此廠商購倂的效果或是績效為何,為待研究的課題,尤其是購倂後整合的成功與否,甚少人探討。而本文更是國內極少數有國際性企業購倂國內企業的例子,對於國際性企業購倂國內廠商其策略及目地為何,對其國際性的形像有何正面作用,對國內企業又有何激勵作用。

    本文利用雀巢集團購倂福樂食品股份有限公司的相關過去十年資料,做購倂前之策略考量與購倂後之整合,透過人力資源、品牌、財務、業務組織架構及文化來探討。如何從總公司所制定之策略進入從未經營之行業,依據市場之需求不斷改變組織結構,來順應市場及做為進入大陸市場之借鏡,畢竟台灣市場遠較於大陸市場,較具開發與競爭,在許多生活習慣與傳統思想相似。

    依據不同公司之背景、資料分析其購倂福樂之動機與目的,如何在相同類型公司中選擇,以及完成購倂後之不斷組織調整,以適應市場競爭,品牌策略之改變,對市場或公司本身產生之影響,也作為將來其它國家如中國大陸之借鏡,降低將來之購倂及整合之成本。

    在市場不具競爭力或是學得經驗後,應如何快速離開市場,亦是購倂行為中應加思考的部份。
    Reference: 中文部份
    1. 王泰允,企業購倂實用,台北遠流1992年4月初版三刷。
    2. 方螢基,企業合併策略對營運及績效影響之研究,中山大學企業管理研究所碩士論文1990年6月。
    3. 何森茂,企業購倂後整合管理之研究,國立政治大學企業管理研究所碩士論文,1994年7月。
    4. 沈建良,上市公司購倂宣告對股價影響之研究,國立政治大學企業管理學係系碩士論文2000年6月。
    5. 吳安妮,(1992)台灣企業倂購動機之實證研究管理評論,政大企研所出版1992年11月,
    6. 吳啟銘,企業合併之策略分析與財務評估 --- 個案研究,台灣大學商學研究所碩士論文。1984年7月
    7. 俞海琴,合併重建與公司控制,2003年5月11日財管講題。
    8. 陳志榮,企業購倂程序中理論與實際之比較,台灣大學商學研究所碩士論文,1990年6月
    9. 陳隆麒,現代財務管理—理論與應用,台北華泰1992年2月初版,pp757~786
    10. 陳雅惠,購倂後整合管理之研究,國立政治大學企業管理研究所碩士論文,1999年6月。
    11. 游景翔: 廠商合併行為與其生產力之研究,國立台灣大學經濟學研究所碩士論文,2003年6月。
    12. 黃湘芬,頂新集團收購味全公司之策略面及財務面分析,國立中央大學財務管理研究所碩士論文。2001年6月
    13. 蔡淑賢,追逐購倂陷阱重重,台北戰略生產力雑誌1989年7月PP.48-51。
    14. 謝佩霓,企業合併綜效及其影響因素之研究報告。2001年6月
    15. 魏啟林,台灣廠商跨國經營之購倂策略分析,台灣企業國際化研討會論文。1992年10月
    16. 蕭惠元,購倂活動對股價行為與會計資訊之影響—以台灣上市公司為例,東吳大學會計系研究所碩士論文,民國八十五年六月

    英文部份
    1. Aalto-Setala, Ville: The effect of concentration and market power on food prices: evidence from Finland, Journal of Retailing 78 (2002) 207~216
    2. Amit, Raphael and Joshua Livant, “Diversification Strategic, Businesses Cycle and Economic Performance, “ Strategic Management Journal, 9(2), 1988, pp99~110
    3. Ansoff, H. I. “Strategic Management of technology”, Journal of Business Strategy, Winter 1987, p.37
    4. Brown, David T.; Michael D. Ryngaert: The Mode of Acquisition in Takeovers: Taxes and Asymmetric Information; The Journal of Finance, Vol. 46, No. 2 (Jun., 1991) 653~669
    5. Copeland, E.T., and J.F. Weston, Financial Theory and Corporate Policy. 2ed Addition-Edition Publishing Company, Inc., 1979. Pp41~58
    6. Fowler, L.K. and R.D. Schmidt, “Tender Offers, Acquisition, and Subsequent Performance in Manufacturing Firm, Academy of Management Journal, 31(4), 1988, pp962~974
    7. Fowler, L.K. and R.D. Schmidt, “Tender Offers, Acquisition, and Subsequent Performance in Manufacturing Firm, Academy of Management Journal, 31(4), 1988, pp962~974
    8. Ghosh, Alock “Does Operating Performance Really Improve Following Corporate Acquisitions?” Journal of Corporate Finance, 6(4), 2000, pp377~402
    9. Healy, Paul M., Palepu, Krishna G., Ruback, Richard S. “Does Corporate Performance Improve after Merger?” Journal of Financial Economics, Vo1. 31, No. 2, April 1992, pp135~175
    10. Higgins, R.C. and Schall, L.D. “Corporate Bankruptcy and Conglomerate Merger” Journal of finance. 30, 1975, pp93~133
    11. Kitching, J. “Why Do Merger Miscarry?” Harvard Business Review, 45, 1967, pp84~101
    12. Levy, H., and Sarnat, M., “Diversification, Portfolio Analysis and the Uneasy Case for Conglomerate Mergers.” The journal of finance, 25, 1970, pp795~802
    13. Lewellen, W.G., “A Pure Financial Rationale for The Conglomerate Merger”, Journal of finance, May 1971, pp.521~437
    14. Lubatkin, M. (1987). “Mergers and the Performance of the Acquisition Firm.” Academy of Management Review, Vol.8, pp.218~225
    15. McConnell, J. E. And Gilkey R. “Joining Forces Creating & Managing Successful Mergers & Acquisitions”, Prentice-Hall, New Jersey, 1988, pp.5~17
    16. McConnell, J. E. And Gilkey R. “Joining Forces Creating & Managing Successful Mergers & Acquisitions”, Prentice-Hall, New Jersey, 1988, pp.5~17
    17. Mueller, Dennis C.: Mergers and Market Share, The Review of Economics and Statistics, Vol.67, No. 2 (may 1985), 259~267
    18. Myers, S., and N. Majluf, “Capital Financing and Investment Decisions When Firms Have Information That Investors Do Not Have”, Journal of financial Economics, 13, 1984, pp.187~221
    19. North, David S.: The role of managerial incentives in corporate acquisitions: the 1990s evidence, Journal of Financial Economics 7 (2000) 125~149
    20. Petroni, Alberto; Panciroli, Barbara: Innovation as a determinant of suppliers’ roles and performances: an empirical study in the food machinery industry, European Journal of Purchasing & Supply Management 8 (2002) 135~149
    21. Sirower, Mark L.: Synergy Trap, How companies lose the acquisition game.
    22. Porter, M.E. “Competitive Advantage”, The Free Press, N.Y. 1985, pp.317~326
    23. Rhoades, Stephen A, “Efficiency Effects of Horizontal Bank Merger: Journal of Banking & Finance, 17(2), 1993, pp411~422
    24. Seth, A., “Value Creation in Acquisitions: Reexamination of Performance Issue,” Strategic Management Journal 11(7), 1990, PP523~534
    25. Singh, Harbir and Cynthia A. Montgomery: “Corporate Acquisition Strategies and Economic Performance” Strategic Management Journal, 8 (4), 1987 PP377~386
    26. Stapleton, Rl.C., “Merger, Debt capacity, and Valuation of Corporate Loan” Merger and Acquisitions. Lexington Book, Lexington, MA. 1982
    27. Gillan, Stuart L., John W. Kensinger, John D. Martin: Value creation and corporate diversification the case of Sears, Roebuck & Co. Journal of financial Economics 55 (2000) 103~137
    28. Lewellwn, Wilbur G.: A pure Financial Rational for the Conglomerate Merger, The Journal of Finance
    29. Lys, Thomas; Linda Vincent: An analysis of value destruction in AT&T’s acquisition of NCR, Journal of Financial Economics 39 (1995) 353~378
    30. Weston, J. Fred;Chung, Kwang S., Hoag, Susan E., “Merger, Restructuring, and Corporate Control”, Prentice-Hall, 1990 pp.56~82
    Description: 碩士
    國立政治大學
    經營管理碩士學程(EMBA)
    90932706
    94
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0090932706
    Data Type: thesis
    Appears in Collections:[經營管理碩士學程EMBA] 學位論文

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