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| DC 欄位 | 值 | 語言 |
|---|---|---|
| dc.contributor.advisor | 郭瑞祥 | |
| dc.contributor.author | Ting-Ting Sheu | en |
| dc.contributor.author | 許亭亭 | zh_TW |
| dc.date.accessioned | 2021-06-08T07:23:28Z | - |
| dc.date.copyright | 2011-08-22 | |
| dc.date.issued | 2011 | |
| dc.date.submitted | 2011-08-10 | |
| dc.identifier.citation | 1. Agnese, J., “Stock Report-Thomson Reuters Corp.” Standard & Poors, April 9, 2011
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Bloomberg, M., “ Bloomberg by Bloomberg,” John Wiley & Sons, 1997 12. Braley, M., “Thomson Reuters - A powerful combination,” Deutsche Bank, August 21, 2007 13. Bruner. R., “Applied Mergers & Acquisitions,” John Wiley & Sons, Inc., 2004 14. Bruner, R., “Deals from Hell: M&A Lessons That Rise Above the Ashes,” John Wiley & Sons, Inc., 2005 15. Bryan, B., and John, H., “Barbarians at the Gate: The Fall of RJR Nabisco.” 2009 16. Choi, K., and Fleck, S., “The Thomson Corporation - A large acquisition in the horizon?” Merrill Lynch, May 4, 2007 17. Dempsey, N., “Publishers-overlooked, undervalued,” Barclays Capital, March 29, 2011 18. Deneckere, R., and Davidson, C., “Incentives to form coalitions with Bertrand competition,” Rand Journal of Economics, 1985 19. “Dow Jones Completes Acquisition of Full-Ownership of Factiva,” www.dowjones. com. December 15, 2006. 20. “Down to the wire: Dow Jones and Reuters are both on the block. Is Bloomberg next?” The Economist, May 10, 2007 21. Dumon, M., “What Makes An M&A Deal Work?” The Investopedia, October 20, 2008 22. Erard, B., and Schaller, H., “Acquisitions and Investment,” Economica, 2002 23. “Factiva, a Dow Jones & Reuters Company,” www.factiva.com. 24. Fullera, K., Nettera, J., and Stegemollera, M., “What do Returns to Acquiring Firms Tell Us? Evidence from Firms that Make Many Acquisitions,” 2001 25. Gaughan, P., “Mergers, Acquisitions, and Corporate Restructurings,” 4th edition, John Wiley & Sons, Inc., 2007. 26. Gorton, G., Kahl, M., and Rosen, R., “Eat or Be Eaten: A Theory of Mergers and Merger Waves,” 2005 27. Harford, J., “What Drives Merger Waves?” Journal of Financial Economics, 2005 28. Huang, P., “First Read: Thomson Reuters – Shrewd redeployment of capital,” UBS Investment Research, June 6, 2011 29. Huang, P., “Outlook to reflect cyclical recovery,” UBS Investment Research, February 2, 2011 30. “It didn't take much” The Economist, October 30, 2003 31. Jones, R., “Europe: Media -- Further increase to forecasts but slight switch towards publishers,” Goldman Sachs, September 3, 2009 32. Jovanovic, B., and Rousseau, P., “Mergers as Reallocation,” October, 2002 33. Karimzed, B., and Huan, G., “Bloomberg’s internal goals reflect steady terminal growth,” Goldman Sachs, December 12, 2010 34. Karimzed, B., and Huan, G., “Thomson Reuters Corp.-margin base reset, the wait for double-digit profit growth ensues,” Goldman Sachs, February 11, 2011 35. Karimzard, B., and Huan, G., “2011 Shaping up to be a year of breaking in its new platform,” Goldman Sachs, March 31, 2011 36. Kassab, S., “Switch out of Reed Elsevier into Thomson Reuters,” Exane BNP Paribas, September 10, 2008 37. Koller, Goedhart, and Wessels, “Valuation：Measuring and Managing the Value of Companies,” 5th edition, McKinsey & Company, Inc., 2010 38. Lajoux, “The Art of M&A Integration：A Guide to Merging Resources, Processes, and Responsibilities,” 2nd edition McGraw-Hill, 2005 39. Lambrecht, B., “The Timing and Terms of Takeovers Motivated by Economies of Scale,” Journal of Financial Economics, 2004 40. Meltz, M., “Thomson Reuters – Highlights from Recent Management Meetings,” J.P.Morgan North America Equity Research, June 13, 2011 41. “Missing Mike: A media and data business is pining for its inspirational leader,” The Economist, September 2, 2004 42. Mitchell, M., and Harold, M., “The Impact of Industry Shocks on Takeover and Restructuring Activity,” Journal of Financial Economics, June, 1996 43. Moore, C., “Thomson Reuters Corporation – Redefining the Core,” Credit Suisse Equity Research, June 7, 2011 44. Morosini and Steger, “Managing Complex Mergers,” Prentice Hall, 2004 45. “Our company Independence & Trust Principles,” www.reuters.com. 46. Pautler, P. “Evidence on Mergers and Acquisitions,” 2001 47. Perry, M., and Porter, R., “Oligopoly and the incentives for horizontal merger,” American Economic Review, 1985 48. Phillips, S., “Alpha Preferences-Canada,” UBS Investment Research, June 7, 2011 49. Porter, M., “The Competitive Advantage of Nations,” MacMillan Press, 1990 50. Prager, R., and Hannan T., “Do Substantial Horizontal Mergers Generate Significant Price Effects? Evidence from the Banking Industry.” Journal of Industrial Economics December, 1998 51. “Reuters Trust Principles,” www.thomsonreuters.com. 52. Roch, J., “European Media-- Media Watch III- Rising tide” Barclays Capital, January 28, 2011 53. “Screen test: Is Reuters terminally ill?” The Economist, February 2, 2003 54. Shanmugasundaram, S., “Morningstar Equity Research-Thomson Reuters Corporation,” Morningstar, April 28, 2011 55. Stigler, J., ”Monopoly and oligopoly by merger” The American Economic Review, 1950 56. Sullivan, P., “Thomson Reuters Cor.-Revenue pick-up, but margins lag.” Barclays Capital, February 14, 2011 57. Tennant, C., and Gulati, K., “European Equity Research - Thomson Reuters Corp.” Nomura International, February 25, 2011 58. “Terminal decline?” The Economist, February 5, 1998 59. “The beat goes on: Feeling a sense of déjà-vu about the current takeover frenzy? It's different this time—but only up to a point.” The Economist, May 10, 2007 60. “The geek as boss,” The Economist, January 11, 2001 61. “The urge to merge: Mergers and acquisitions could boom again next year.” The Economist, December 2, 2008 62. Valentini, V., “Thomson Reuters Corp. - Dilution Likely Until Asset Sale Proceeds are Deployed,” TD Newcrest Equity Research, June 7, 2011 63. “Waiting for a wave: A flurry of deals makes bankers salivate.” The Economist, August 26, 2010 64. Weston, F., “ Merger And Acquisitions: As Adjustment Processes,” 2002 65. Weston, Mitchell, Mulherin, “ Takeovers, Restructuring, and Corporate Governance,” 4th edition, Prentice Hall, 2004 66. “Wikipedia” http://www.wikipedia.org/ | |
| dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/26741 | - |
| dc.description.abstract | 併購及企業重整是財務金融界非常重要的一個領域。併購的內涵非常廣泛，通常是指合併及收購。其基本類型分：1、橫向併購 (同業間的併購)。 2、縱向併購 (在同一產業的上下游之間的併購)。 3、混合併購 (發生在不同行業企業之間的併購)。
一般來說，企業併購都要經過發展併購策略階段、鑑定和評估目標公司、談判、交易、和交易後整合五個階段。 而產生併購行為最基本的動機就是尋求企業的發展。 具體到理論方面，併購的最常見的動機為: 1、效率理論。併購產生的綜效含—經營綜效、財務綜效、和管理綜效。 2、價值低估理論。併購活動的發生主要是目標企業的價值被低估。 3、市場勢力理論。透過併購減少競爭對手,提高市場占有率，從而獲得更多的壟斷利潤。 4、稅負利益理論。透過併購而產生而稅賦上的節省 。 5、每股盈餘理論。利用併購活動來提升每股盈收的比率。 6、風險分散理論。透過收購跨入新的行業，實施多元化戰略，分散投資風險。 許多企業主管似乎較為忽略合併後的組織整併才是最艱困的，特別是要克服文化衝突。麥肯錫的研究調查發現百分之七十的併購並無法達成其預期的盈收增加目標，併購成功者似乎為幸運的少數。僅管併購的失敗率極高，但財經資訊產業中卻充斥著許許多多的併購案件，且不斷地上演著併人及被併的戲碼。拿個案公司為例，它先是買下其第二大的競爭對手B公司及其子公司M資訊公司，之後卻被其第三大的競爭對手T集團合併。 本文是利用個案研究的方式來分析個案公司在2008年的合併一案，利用SDC資料庫找出過去三十年財經資訊產業的併購案數及其中案例來探索該產業的併購趨勢；利用RK智庫找尋業界競爭資料；利用商情資訊及投行研究報告找出該合併案的細節資料；然後再利用教科書上所提及的併購理論加以佐證。本研究發現不論是利用以上所提及的效率理論、市場勢力理論、每股盈餘理論、及風險分散理論等角度分析，該合併案對兩家公司而言實屬一個雙羸策略。 | zh_TW |
| dc.description.abstract | Mergers and acquisitions (M&A) and corporate restructuring are a big part of the corporate finance world. When strategic and operational drivers are compelling enough, companies buy other companies in order to enhance their positioning in the competitive landscape, capture growth and realize synergies. If a merger goes well, the new company should appreciate in value as investors anticipate synergies to be actualized, creating cost savings and/or increased revenue for the new entity.
However, time and again, executives face major stumbling blocks after the deal is consummated. Cultural clashes and turf wars can prevent post-integration plans from being properly executed. M&A has such a bad track record that it will be a lucky minority who can create and sustain value from their deals. A McKinsey study found that 70% of mergers fail to produce expected gains in revenues. Despite the high failure rate, companies in financial information industry seem obsessive to the M&A game and continuously eat and be eaten. Take Company R as an example, it acquired its 2nd largest rival, Company B in 2001, and bought Company M in 2005, but was acquired by Company T in 2008. The purpose of this research is to conduct a case study in analyzing the TR merger in 2008 by accessing SDC database for industry M&A deals in past 30 years to view the M&A trend in the financial information industry; accessing to RK database for competitor analysis; and i-banks’ research reports for the 2008 TR merger details; then, backing up with M&A theories to review the outcomes of this merger. This research found that TR merger is a win-win case as most of results show positive signs no matter from efficiency aspect (with cost saving, and higher financial margin), market power aspect (gain back market leader position which lost in 2003), EPS game (improved EPS figures), and diversification aspect (truly global presence and no longer tight up with stock market cycle as the other Division supports half of the merged company’s earnings). | en |
| dc.description.provenance | Made available in DSpace on 2021-06-08T07:23:28Z (GMT). No. of bitstreams: 1 ntu-100-P98748031-1.pdf: 1026277 bytes, checksum: 08990eb7a84ddc629fdac4a3c095f154 (MD5) Previous issue date: 2011 | en |
| dc.description.tableofcontents | 誌 謝 ii
List of Figures vi List of Tables vi CHAPTER I INTRODUCTION 1 1.1 General Introduction 1 1.1.1 General Introduction to Merger and Acquisition 1 1.1.2 General Introduction to TR Merger 3 1.2 Research Objective and Structure 4 1.2.1 Research Objectives 4 1.2.2 Research Structure 5 CHAPTER II LITERATURE REVIEW 7 2.1 Literature Introduction to Merger and Acquisition 7 2.2 Phases in the Merger and Acquisition Process 8 2.3 Motives for Mergers & Acquisitions 11 CHAPPTER III THE INDUSTRY 16 3.1 Financial Information Industry 16 3.2 Industry Trend in Consolidation 18 CHAPTER IV THE CASE STUDY OF THE TR MERGER 26 4.1. The T Group 26 4.1.1 The Company T 26 4.1.2 Introduction to Company TF 28 4.2. The R Group 29 4.2.1 The Company R 29 4.2.2 Company R’s Ups and Downs through out the Mergers 30 4.2.3 Company R’s Major Competitors 36 4.3 SWOT Analysis of Company T and R before the Merger: 37 4.4 The TR Merger 38 4.5 Evaluation of the TR Merger 42 4.5.1 Evaluate the Merger from Theoretical Point of View: 42 4.5.2 The Corporate Strategy behind the Merger 44 4.5.3 Motive for Efficiency 45 4.5.4 Motive for Market Power 47 4.5.5 Motive for the Earnings Per Share 48 4.5.6 Motive for Diversification 49 4.5.7 Before and After Merger Comparisons 50 CHAPTER V CONCLUSIONS AND SUGGESTIONS 51 5.1 Conclusions 51 5.2 Suggestions 54 5.3 Research Limitation 55 References 57 | |
| dc.language.iso | en | |
| dc.subject | 併購 | zh_TW |
| dc.subject | Mergers & Acquisitions | en |
| dc.title | 併購趨勢下的財經資訊整合以TR公司合併為例 | zh_TW |
| dc.title | The Integration of Financial Information Industry under M&A Trend:A Case Study of TR Merger | en |
| dc.type | Thesis | |
| dc.date.schoolyear | 99-2 | |
| dc.description.degree | 碩士 | |
| dc.contributor.oralexamcommittee | 陳俊忠,余峻瑜 | |
| dc.subject.keyword | 併購, | zh_TW |
| dc.subject.keyword | Mergers & Acquisitions, | en |
| dc.relation.page | 60 | |
| dc.rights.note | 未授權 | |
| dc.date.accepted | 2011-08-10 | |
| dc.contributor.author-college | 管理學院 | zh_TW |
| dc.contributor.author-dept | 商學組 | zh_TW |
| 顯示於系所單位： | 商學組 | |
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