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課程名稱 |
企業合併與收購
MERGER AND ACQUISITION |
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開課學期 |
97-2 |
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授課對象 |
管理學院 財務金融學研究所 |
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授課教師 |
邱顯比 |
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課號 |
Fin5012 |
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課程識別碼 |
723 U3100 |
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班次 |
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學分 |
3 |
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全/半年 |
半年 |
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必/選修 |
選修 |
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上課時間 |
星期二A,B,C(18:25~21:05) |
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上課地點 |
管一103 |
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備註 |
本課程中文授課,使用英文教科書。先修科目：財務管理。
限學士班四年級以上
總人數上限：60人
外系人數限制：25人 |
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Ceiba 課程網頁 |
http://ceiba.ntu.edu.tw/972ma |
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課程簡介影片 |
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核心能力關聯 |
核心能力與課程規劃關聯圖 |
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課程大綱
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為確保您我的權利,請尊重智慧財產權及不得非法影印
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課程概述 |
This course will cover
critical issues in mergers and
acquisitions, including
valuation, deal structuring,
takeover defense, risk
management, etc. Students are
expected to be familiar with
the practice in M&A through
case studies and class
discussion. |
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課程目標 |
The course aims to introduce
M&A theories and practices to
students with background in
finance. Those intending to
enter investment banking or
expand the knowledge in
takeovers or corporate
restructuring will be
interested in it. |
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課程要求 |
Class preparation and participation are major components of this course. Students are expected to read the assigned material and come prepared to discuss them. Students will be randomly chosen to lead discussion in the assigned topics and should expect to be cold-called. |
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預期每週課後學習時數 |
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Office Hours |
另約時間 備註： by appointment (send email) |
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指定閱讀 |
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參考書目 |
Textbook Weston, Mitchell,
Mulherin, Takeovers,
Restructuring, and Corporate
Governance, Fourth Edition,
Prentice Hall 2004
（雙葉書局代理 02-2368-4198）
References 1
Robert F. Bruner (BRU),
Applied Mergers & Acquisitions,
John Wiley & Sons, Inc., 2004
(ISBN: 0471395056)
2 Gaughan, Mergers,
Acquisitions, and Corporate
Restructurings,
4th ed. (GAU), John Wiley &
Sons, Inc., 2007 (ISBN:
9780471705642)
3 Koller, Goedhart, and
Wessels (KGW),
Valuation：Measuring and
Managing the Value of
Companies, 4th edition,
McKinsey & Company, Inc., 2005
(ISBN:0471702188) 華泰書局
(02) 2377-3877
BenDaniel, Rosenbloom, and
Hanks, International M&A,
Joint Ventures & Beyond, John
Wiley & Sons, Inc., 2002
(ISBN: 0471022500)
Robert F. Bruner, Deals from
Hell: M&A Lessons That Rise
Above the Ashes, John Wiley &
Sons, Inc., 2005 (ISBN:
0471395951)
Arzac, Valuation: For
Mergers, Buyouts, and
Restructuring, Wiley, 2005,
(ISBN: 047144944X)
Lajoux, The Art of M&A
Integration：A Guide to
Merging Resources, Processes,
and Responsibilities, 2nd
edition McGraw-Hill, 2005
(ISBN: 0071448101) 新陸書
局 (02) 2396-3862
Morosini & Steger, Managing
Complex Mergers, Prentice
Hall, 2004, (ISBN:027366143)
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評量方式
(僅供參考) |
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No. |
項目 |
百分比 |
說明 |
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1. |
Participation |
20% |
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2. |
Homework |
30% |
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3. |
Project- Presentation: |
25% |
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4. |
Project- Written Report: |
25% |
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週次 |
日期 |
單元主題 |
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第1週 |
2/17 |
Introduction |
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第2週 |
2/24 |
Rationales for Mergers & Acquisitions |
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第3週 |
3/03 |
Identifying Candidates, Due Diligence, and Negotiation |
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第4週 |
3/10 |
Valuation (I) |
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第5週 |
3/17 |
Valuation（II）
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第6週 |
3/24 |
Deal Structuring
*Case proposal due
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第7週 |
3/31 |
Leveraged Transactions
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第8週 |
4/07 |
Takeover Defense
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第9週 |
4/14 |
Corporate Restructuring (I)
Case 2: 富邦金參股廈門銀行：台灣金融業進軍大陸的模式？ |
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第10週 |
4/21 |
Risk Management in M&A
Case 1: 旺旺收購中時集團：多角化是否帶來綜效？
Case 3: 可口可樂併匯源果汁：超高溢價值得嗎？
Case 4: Lehman Brother 的破產：When to say yes?
*Homework due |
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第11週 |
4/28 |
Corporate Governance and Performance
Case 5: 野村證劵收購Lehman Brother亞洲部門：日本再起？
Case 6: 富邦金收購台灣ING保險：天上掉下來的禮物？ |
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第12週 |
5/05 |
M&A Integration (I)
Guest Speech: 黃克強(Albert Wong), 大中國區總裁, GE Enterprise Solution
Case 7: BOA併Merrill Lynch &Co.：金融業典範轉移？ |
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第13週 |
5/12 |
M&A Integration (II)
Case 8: 輝瑞併惠氏藥廠：金融海嘯中罕見的大型併購
Case 9: Novartis收購Alcon部份股權：附加的call & put options
Case 10: Microsoft 收購Yahoo破局：Management |
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第14週 |
5/19 |
Presentation & Discussion
Case 11: Microsoft 收購Yahoo破局：Management Entrenchment?
Case 12: 台新&彰銀：再這樣下去，也不是辦法 |
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第15週 |
5/26 |
Presentation & Discussion
Case 13: DRAM產業重整方案
Case 14: To be Announced |
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第16週 |
6/02 |
Preparing Final Report |
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第17週 |
6/09 |
Presentation & Discussion
Case 15: 大聯大：愈聯愈大，IC通路的整合
Case 16: To be Announced |
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