簡易檢索 / 詳目顯示

回結果列表
研究生： 美金
VO, THI MY KIM
論文名稱： 在越南跨境併購與整合的動機 - 以Thai Beverage收購SABECO為研究案例
Motivations for cross-border Mergers and Acquisitions in Vietnam with Thai Beverage’s Acquisition of SABECO as a case study
指導教授： 林哲群
Lin, Che-Chun
口試委員: 張焯然
Chang, Jow-Ran
楊屯山
Yang, Twan-Shan
蔡錦堂
Tsay, Jiin-Tarng
學位類別： 碩士
Master
系所名稱： 科技管理學院 - 國際專業管理碩士班
International Master of Business Administration(IMBA)
論文出版年： 2019
畢業學年度： 107
語文別： 英文
論文頁數： 59
中文關鍵詞： 跨境併購與整合 、越南 、動機 、Sabeco 、Thai Beverage
外文關鍵詞： cross-border mergers and acquisitions, Vietnam, motivations, Sabeco, Thai Beverage
相關次數： 點閱：3  下載：0 
分享至:
查詢本校圖書館目錄 查詢臺灣博碩士論文知識加值系統 勘誤回報

    • N/A

    With steady economic growth, Vietnam has recently witnessed a significant increase in M&A activity and remained one of the most favorable destinations for foreign investment. Therefore, this research aims to explore the cross-border mergers and acquisitions transactions in Vietnam focused on motivations of both buy-side and sell-side. A conceptual framework is carried out to provide a synthesis of previous studies related to cross-border mergers and acquisitions. The research findings show that cross-border M&A in Vietnam are primarily motivated by facilitating faster entry into foreign market, market power and market access, synergies or other motives as growth and diversification, complementary resources…In addition, integral motivation of seller comes from the equitization and divestment plan of state-own enterprises (SOEs), which attracts foreign acquirers. A case study: M&A transaction between Saigon Beer-Alcohol-Beverage Joint Stock Corporation (Sabeco) and Thai Beverage is also analyzed in term of overview, deal structure, valuation and motivations behind.

    ABSTRACT ................................................................................................................................ i ACKNOWLEDGEMENTS ....................................................................................................... ii TABLE OF CONTENTS .......................................................................................................... iii LIST OF FIGURES ....................................................................................................................v Chapter 1: INTRODUCTION .....................................................................................................1 1.1 Research Background ........................................................................................................1 1.2 Research Motivation ..........................................................................................................2 1.3 Presenting Problems ..........................................................................................................3 Chapter 2: LITERATURE REVIEW ..........................................................................................4 2.1 The Essence of Mergers and Acquisitions ........................................................................4 2.1.1 Definition of Mergers and Acquisitions .....................................................................4 2.1.2 Type of Mergers and Acquisitions..............................................................................5 2.1.3 Cross-border Mergers and Acquisitions .....................................................................7 2.1.4 Cross-border M&As Motivations .............................................................................12 2.2 Cross-border mergers and acquisitions in Vietnam.........................................................22 2.2.1 Foreign Direct Investment in Vietnam .....................................................................22 2.2.2 Overview about cross-border M&A activities in Vietnam .......................................23 2.2.3 Cross-border M&As Motivations in Vietnam ..........................................................28 Chapter 3: RESEARCH METHODOLOGY ............................................................................34 3.1 Research Approach: Case Study Analysis ......................................................................34 3.2 Data Collection ................................................................................................................34 3.3 Research Limitations .......................................................................................................35 Chapter 4: CASE COMPANY ANALYSIS .............................................................................36 4.1 Sell-Side: SABECO (Socialist Republic of Vietnam).....................................................36 4.1.1 Company Overviews.................................................................................................36 4.1.3 Financial Highlight ...................................................................................................37 4.2 Buy-Side: Vietnam Beverage Company Limited (Thai Beverage) .................................40 4.2.1 Legal Issues...............................................................................................................40 4.2.2 Company Overviews.................................................................................................42 4.2.3 M&A Story ...............................................................................................................43 4.3 Acquisition of Sabeco .....................................................................................................43 4.4 Sabeco Valuation .............................................................................................................48 4.5 Motivations for the acquisition ........................................................................................49 4.5.1 Seller Motives (Socialist Republic of Vietnam) .......................................................49 4.5.2 Buyer Motives (Thai Beverage) ...............................................................................50 Chapter 5: CONCLUSION ...................................................................................................... 53 5.1 Major Research Findings .................................................................................................53 5.2 Further Research ..............................................................................................................54 REFERENCES ..........................................................................................................................55

    ASEAN (2018), ASEAN Investment Report, ASEAN publishing, Jakarta https://asean.org/?static_post=asean-investment-report-2018&preview=true
    Campbell, D. (2011). Mergers and acquisitions in Europe: Selected issues and jurisdictions. Alphen aan den Rijn: Kluwer Law International.
    Cao Son (15 Dec 2017), Chi 4,6 ty de mua Sabeco dai gia Thai lach luat the nao? Retrieved May 15, 2019, from https://www.baogiaothong.vn/chi-46-ty-usd-de-mua-sabeco-dai-gia-thai-lach-luat-the-nao-d236781.html
    Christofferson, S. A., McNish, R. S. and Sias, D. L. Where mergers go wrong. McKinsey Quarterly, 2004 No. 2, pp 92-99
    Curtis Kroeker (2013, May 09). What business buyers want. Retrieved April 22, 2019, from https://www.inc.com/curtis-kroeker/what-business-buyers-want.html
    Gaughan, P. A. (2005). Mergers: What can go wrong and how to prevent it. Hoboken, NJ: J. Wiley.
    Gaughan, P. A. (2007). Mergers, Acquisitions and Corporate Restructuring. New York: John Wiley & Sons.
    Gia Hung (2018). Vay 5 ty mua Sabeco: Nguoi Viet uong bia Sai Gon tra no cho ty phu Thai. Retrieved May 10, 2019, from https://vietnamnet.vn/vn/kinh-doanh/dau-tu/vay-5-ty-usd-mua-bia-sai-gon-ty-phu-thai-toan-tinh-gi-o-sabeco-456429.html
    Gregoriou, G. N., & Renneboog, L. (2007). International mergers and acquisitions activity since 1990: Recent research and quantitative analysis. Amsterdam: Elsevier/Academic Press.
    Hitt, M. A., Ireland, R. D., Camp, S. M., & Sexton, D. L. (2001). Strategic entrepreneurship: Entrepreneurial strategies for wealth creation. Strategic Management Journal,22(6-7), 479-491. doi:10.1002/smj.196
    Is ThaiBev's Sabeco deal too expensive? (2017, December 20). Singapore Business Review Publishing. Retrieved May 03, 2019, from https://sbr.com.sg/food-beverage/news/thaibevs-sabeco-deal-too-expensive
    Jia, X. (2017). How Do Emerging-Market Acquirers Create Value in Cross-Border Mergers & Acquisitions? SSRN Electronic Journal. doi:10.2139/ssrn.2981120
    JP Morgan (2018). Global M&A Outlook: Unlocking value in a dynamic market, J.P. Morgan Publishing
    JP Morgan (2019). Global M&A Outlook: Unlocking value in a dynamic market, J.P. Morgan Publishing
    Kang, N. and S. Johansson (2000), Cross-Border Mergers and Acquisitions: Their Role in Industrial Globalisation, OECD Science, Technology and Industry Working Papers, No. 2000/01, OECD Publishing, Paris, https://doi.org/10.1787/137157251088.
    King, D.R., Covin, J. G. & Hegarty, W. H. (2003). Complementary Resources and the Exploitation of Technological Innovations. Journal of Management,29(4), 589-606. doi:10.1016/s0149-2063_03_000266
    KPMG (2017) M&A Outlook. Vietnam: KPMG
    Krause, B., & Spinowitz, M. (2019, January 17). US Tax Reform and Cross-Border M&A: Considering the Impact, One Year In. Skadden's 2019 Insights. Retrieved April 20, 2019, from https://www.skadden.com/insights/publications/2019/01/2019-insights/us-tax-reform-and-cross-border-ma
    Krishnamurti, C., & Vishwanath, S. R. (2008). Mergers, Acquisitions, and Corporate Restructuring Text and Cases. Los Angeles: Sage.
    Lang, L., Stulz, R., Walkling, R., 1989. Managerial performance, Tobin’s q, and the gains from successful tender offers. Journal of Financial Economics 24, 137−154
    Mai, C., & Nguyen, G. (2017, December 17). ThaiBev Bets Big in Vietnam With $4.8 Billion Brewery Stake. Retrieved May 01, 2019, from https://www.bloomberg.com/news/articles/2017-12-17/thaibev-unit-registers-to-bid-for-4-8-billion-sabeco-shares
    Miller, E. (2008). Mergers and Acquisitions: a step-by-step legal and practical guide. Hoboken, N.J.: Wiley
    Morck, R., Shleifer, A., & Vishny, R. (1990). Do Managerial Objectives Drive Bad Acquisitions? The Journal of Finance, 45(1), 31-48. doi:10.2307/2328808
    Morresi, O., & Pezzi, A. (2015). Cross-Border Mergers and Acquisitions: Theory and empirical evidence. UK: Palgrave Macmillan.
    OECD (2018), OECD Investment Policy Reviews: Vietnam 2018, OECD Publishing, Paris, https://dx.doi.org/10.1787/9789264282957-en
    Phillips, G., & Zhdanov, A. (2012). R&D and the Incentives from Merger and Acquisition Activity. doi:10.3386/w18346
    Röller, L., Stennek, J., & Verboven, F. (n.d.). Efficiency Gains from Mergers. European Merger Control. doi:10.4337/9781781952993.00010
    Rosenbaum, Joshua, & Pearl. (2013). Investment Banking. John Wiley & Sons.
    Rothaermel, F. T, Hitt, M. A., Jobe, L. A., 2006. Balancing vertical integration and strategic outsourcing: effects on product portfolio, product success, and firm performance, Strategic Management Journal 27 (11), pp.1033–1056.
    SCG (2018) Annual Report. Thailand: SCG
    Servaes, H. (1991), Tobin's Q and the Gains from Takeovers. The Journal of Finance, 46: 409-419. doi:10.1111/j.1540-6261.1991.tb03758.x
    Sherman, A. J., & Hart, M. A. (2006). Mergers and Acquisitions from A to Z. New York: AMACOM, American Management Association.
    Stoxplus (2017) Vietnam M&A Report. Vietnam: Stoxplus
    Stoxplus (2018) Vietnam M&A Report. Vietnam: Stoxplus
    Sudarsanam, S. (2011). Creating Value from Mergers and Acquisitions the Challenges. México: Pearson Educación.
    Thai Beverage (2017) Annual Report. Thailand: Thai Beverage
    Thai Beverage (2018) Annual Report. Thailand: Thai Beverage
    Tran Anh (03 Aug 2018), Sabeco becomes Leicester City’s official sleeve sponsor. Retrieved May 20, 2019, from https://e.theleader.vn/sabeco-becomes-leicester-citys-official-sleeve-sponsor-1533204407989.htm
    Truong An (29 Dec 2017), ThaiBev di vay toan bo 5 ty USD de thanh toan tien mua co phan Sabeco. Retrieved May 22, 2019, from http://cafef.vn/thaibev-di-vay-toan-bo-5-ty-usd-de-thanh-toan-tien-mua-co-phan-sabeco-20171229130518132.chn
    Vietnam Investment Review (03 May 2018). Developing a new strategy for FDI. Retrieved April 25, 2019, from https://www.vir.com.vn/developing-a-new-strategy-for-fdi-62816.html
    Vietnam Investment Review (24 Dec 2018). Vietnam witnesses over 4,350 successful M&A deals in 10 years. Retrieved May 11, 2019, from https://www.vir.com.vn/vietnam-witnesses-over-4350-successful-ma-deals-in-10-years-64807.html
    Whitaker, S. C. (2016). Cross-Border Mergers and Acquisitions. John Wiley & Sons.
    Yang, X. (2016). Differences between “exploration” and “exploitation” of cross-border mergers & acquisitions and its value creation effect. SHS Web of Conferences,24, 01010. doi:10.1051/shsconf/20162401010

    QR CODE