| 合併、收購、與重整 |
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| Spring, 2024 |
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| 授課老師:吳啟銘, Ph.D., CFA |
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| 政大財管系 |
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| Tue. 9;10~12:00 |
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| 上課地點:商院 301 |
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| 預習及報告繳交email : |
ericwu@g.nccu.edu.tw |
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| 課程目標 |
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| 近年來, 愈來愈多企業或是私募股權基金利用收購合併(M&A)與重組方式, 掌握商機與建立核心競爭力。 |
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| 本課程將採理論, 實証研究 (佔70%時間)與個案實務教學(佔30%時間)方式, 結合策略, 財金, 營運管理與法律專業, 使學生能夠了解企業重組與併購之動機、策略、相關法規、經濟分析, 影響成敗的因素以及如何進行財務評價, 支付工具設計, 融資安排, 併購戰術與購併重組後的決策等，以使學生能透過企業重組與併購決策, 提昇企業價值。 |
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| 本課程以參與討論教學為主，希望透過討論與省思，建構學員的知識基礎。 |
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| 使學生了解 |
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| 1. 環境衝擊, 管理者激勵誘因與決策者行為特質等因素如何促成購併與重組. |
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| 2. 使學生了解購併時机, 公司特性, 與交易特性等因素如何影響購併成敗. |
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| 3. 使學生知道如何確認購併是否具策咯互補, 與文化互補, 以了解綜效的來源與風險 |
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| 4. 使學生知道如何透過評價, 支付工具設計, 融資工具安排, 談判來避免買貴或賤賣的風險. |
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| 5. 使學生了解購併績效如何衝量與解讀資本市場的反應. |
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| 教材:期刊論文、哈佛商業評論、指導個案研討 |
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| 上課進度 |
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| 週次 |
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課程主題 |
課程內容與指定閱讀 |
教學活動與作業 |
學習投入時間 |
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| Week |
Date |
Topic |
Content and Reading Assignment |
Teaching Activities and Homework |
Student workload expectation |
| 1 |
2月20日 |
課程說明 |
分組/選课代/建立群組, 個案引言分配 (20分鐘 ) |
學習重點/準備 |
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2月27日 |
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* US merger waves & industry life cycle and M&A types (2021 CFA materials) |
Q 如何衡量購併績效? |
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** JBF_2022_The evolution of bidder gains and acquisition discounts in M_A |
Q: 什麼促成購併? PESTEL Analysis |
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** Firing frictions and the U.S. mergers and acquisitions market (JFB, 2021) |
Q: M&A 的未來趨勢為何? |
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* Does carbon risk matter for corporate acquisition decisions? |
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** JCF_2022_Nowhere to hide Response of corporate restructuring activities to mandatory segment disclosure |
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**JCF_2022_The JOBS Act and mergers and acquisitions |
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* The timing of mergers along the production chain, capital structure, and risk dynamic (J. Banking and Finance, 2015) |
Q:何時是執行垂直購併最佳時機? |
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| 3 |
3月5日 |
交易特性與購併績效(1) 管制下的金融業購併策略? 如何善用財務顧問? |
Case: Amazon併Wholefood (2017) |
個案分析 –Q1:嘗試回答由industry shocks, agency theories,and behavioral角度來看, 是否是個 good deal? Q2: 此個案購併績效是否為正? Q3: 市場反應是否符合預期? |
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**JCF_2021_The effect of cultural and institutional factors on initiation, completion, and duration of cross-border acquisitions |
Q4:如何提高跨國購併的成功機率? |
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* The determinants of failed takeovers in the banking sector: Deal or country characteristics? (J. of banking and Finance, 2016) |
Q5: 金融業的購併特性為何? 如何避免購併失敗? |
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JFI_2021_The impacts of stricter merger legislation on bank mergers and acquisitions Too-Big-To-Fail and competition |
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** JCF_2021_Winning megadeals The dual role of acquirer advisors in loan-financed mergers and acquisitions |
Q6: 如何善選及善用財務顧問提高購併成功機率? |
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* The certification role of financial advisors in cross-border M&As |
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3月12日 |
公司特性與購併績效(1) |
Case3: 百威併SAS Miller(2016) |
paper討論 – Q1:什麼公司特性帶來正的購併績效? |
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* JBF_2021_Management practices and M_A success |
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* Costs and benefits of friendly boards during mergers and acquisitions |
個案分析—Q2: 什麼促成此購併? Q3:嘗試回答由交易/公司特性研判是否是個 good deal? Q4:此個案購併績效是否為正? Q5: 市場反應是否符合預期? |
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BUYING YOUR
WAY INTO
ENTREPRENEURSHIP |
Q: 如何透過購併創業? |
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3月19日 |
公司特性與購併績效(2) |
* Eecutive compensation and informed trading in acquiring firms around merger announcements |
Q1:如何避免內線交易觸法? |
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**JCF_2022_Too much to learn The (un)intended consequences of RegTech development on mergers and acquisitions |
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RFS_2023_Mandatory Financial Disclosure and M_A Activity |
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JCF_2023_The information value of M_A press releases |
Q2: 如何執行購併套利? |
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JFM_2021_The invisible burden |
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JFE_2021_Does target firm insider trading signal the target_s synergy potential in mergers and acquisitions |
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JFE_2021_Industry asset revaluations around public and private acquisitions |
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* 主併宣告報酬傾向低估購併綜效 (Bid anticipation, information revelation, and merger gains , JFE 2018)
Wenyu Wang) |
Q3: 主併公司的宣告報酬, 在何情況下傾向低估購併綜效? |
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3月26日 |
交易特性與購併績效(2) (本次停課, 補課時間再另訂); |
l. How do acquirers choose between mergers and tender offers? |
Q1:樂生案的啟示 Q2: 富邦金為何選撐公開收購日盛 |
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樂陞案研究 2020 |
Q3: 如何由Social Tie預判購併結果? |
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企業併購案例分析：以富邦金併購日盛金為例_浮水印版 |
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* Acquirer-target social ties and merger outcomes |
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| 8 |
4月2日 |
期中複習, 分組討論及 與老師 Q&A |
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| 7 |
4月9日 |
如何判斷策略互補, 文化互補與綜效來源 |
Case: Comcast 併 Sky (2021) |
回答: Q1: 購併成功的 CSFs是什麼? |
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The Journal of Finance - 2023 - KEPLER - Stealth Acquisitions and Product Market Competition |
個案分析 – Q2: 什麼促成此購併? Q3: 此個案是否具有促成購併成功的公司/交易特性? Q4: 此個案是否策略互補/文化互補, 主要綜效來源及可能的綜效風險為何? Q5: 市場反應是否符合預期? |
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* JBF_2023_The sources of value creation in acquisitions of intangible assets |
Q6: 如何判定, 衡量及利用被購併者的無形資產? |
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* Innovation Activities and Integration through Vertical Acquisitions(2019) |
Case question:如何解決Innovation protection and incentive problem? |
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4月16日 |
如何進行購併評價以避免Overpay |
Case: Flinder Valves and Controls Inc. |
回答: Q1: 購併評價如何影響購併績效? Q2: 如何避免購併評偏誤? |
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Word file(TN) |
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Excel file |
個案分析 – Q3: 此個案的主要綜效來源及可能的綜效風險為何? Q4: 主併的出價上限為何? Q5: 雙方如何說服對方, 取得好的交易條件? |
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* Methods of Valuation for Mergers and Acquisitions ((Case studies in Finance, 7th edition, Bruner et al case#42, pp.569~587) |
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JFE_2021_Peer selection and valuation in mergers and acquisitions |
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RFS_2023_Neglected Peers in Merger Valuations |
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| 10 |
4月23日 |
如何設計支付工具以促成好交易 |
* Decoupling by clienteles and by time in the financial markets: The case of two-stage stock-financed mergers |
回答: Q1: 購併雙方如何決定支付工具? Q2: 支付工具如何影響購併績效? |
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JCF_2022_Financial constraints, ownership dilution, and the method of payment in M_A transactions |
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JFE_2022_Does short-selling potential influence merger and acquisition payment choice |
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4月30日 |
如何透過談判以促成好交易 |
Case: LV併Tiffany (2021) |
paper討論 -- 回答: Q1: 購併雙方如何取得較佳的談判以促成好交易? |
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* Who Writes the News? Corporate Press Releases during Merger Negotiations (JF,2014) |
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Joint Ventures and Partnerships in a Downturn (HBR 2020) |
Q2:如何促成合資成功? (HBR article) |
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The Journal of Finance - 2021 - LIU - Rent Extraction with Securities Plus Cash |
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| 14 |
5月7日 |
期中複習, 分組討論及 與老師 Q&A |
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| 12 |
5月14日 |
購併融資安排 |
Case: The Timken Company |
paper討論 -- 回答: Q1: 主併方如何進行購併融資安排? |
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** JCF_2022_Strategic underleveraging and acquisitions |
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*Acquisition-finance-and-market-timing (2014,Journal of Corporate Finance) |
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* Credit ratings and the choice of payment method in mergers and acquisitions |
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Learned from M&A整合成功法則 |
* Failure and success in mergers and acquisitions |
paper討論 -- 回答: Q1: 如何透過learning提高購併成功率? |
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* Learning from repetitive acquisitions: Evidence from the time between deals |
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* Can firms learn by observing? Evidence from cross-border M&As |
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| 5月21日 |
JFE_2022_Do firms with specialized M_A staff make better acquisitions |
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JCF_2023_Technology centrality, bilateral knowledge spillovers and mergers and acquisitions |
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* MA The One Thing You Need to Get Right (HBR2016) How to make synergy happen |
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| 16 |
5月28日 |
企業重組與績效 |
*Golden Parachutes and the Wealth of Shareholders |
paper討論 -- 回答: Q1: 影響企業重組成功的關鍵因素為何? Q2: 金降落傘設計是否有助提昇股東財富? |
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JCF_2022_The role of divestitures in horizontal mergers |
Q3: 如何進行整併及資產重組? |
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The Journal of Finance - 2023 - CHEN - Optimal Sequential Selling Mechanism and Deal Protections in Mergers and |
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RFS_2022_Activism and Takeovers |
Q4: 積極投資人是否帶來企業價值提昇? |
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* Activism and empire building(JFE,2020) |
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私募基金與購併績併 |
* What do private equity firms say they do (JFE,2016) |
paper討論 -- 回答: Q1: PE是否帶來價值? Q2: 如何導入PE, 帶來股東價值? |
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| 6月4日 |
JFM_2023_Dissecting the listing gap Mergers, private equity, or regulation |
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The CEO of New Mountain Capital on Using PE Management to Ignite Growth. PE基金如何確保成功pdf (HBR 2022) |
Q3: PE fund成功關鏈因素? |
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JBF_2022_Buy low, sell high, Do private equity fund managers have market timing abilities |
Q4: 企業如何善用PE? |
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The Journal of Finance - 2022 - FRACASSI - Barbarians at the Store Private Equity Products and Consumers |
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RFS_2020_Private Equity Buyouts and Workplace Safety |
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*What drives corporate minority acquisitions around the world? |
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期末個案或paper 報告 |
Final case study format/content or paper comments: |
分組報告, 每組25分鐘 |
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A. 事先分析 |
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1. 什麼促成購併? PEST analysis /公司治理/行為面分析 |
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2. 交易特性與公司特性 |
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3. 是否 strategic fit & cultural fit? |
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4. Main sources of synergy & possible synergy risk? |
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B. 事中分析 |
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5. 是否主併方的 Take >Give? (评價演練) |
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6. 支付工具設計是否適當? |
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7. 購併融資安排是否合理? |
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8. 誰的談判技巧與地位較佳? |
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C. 事後分析 |
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9. 購併績效是否大於零? |
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10. 市場的反應是否與交易/公司特性相符? |
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11. 市場的反應是否與購併評價結果相符? |
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12. 市場的反應是否與購併支付工具相符? |
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13. 購併後做了那些決策? 購併綜效是否如預期? |
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D. 個案結語及啓示 |
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6月18日 |
Deadline for revised personal and team report |
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| 評分依據 |
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| 1. 預習作業及期末revised 40% (1-2 pages, typed ) |
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| 2. 期末個案 or papers 報告 40% |
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| 3. 課堂參與 20% |
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