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    Title: 企業併購案例分析:以Amazon併購Whole Foods為例
    Merger and Acquisition case study: Amazon’s acquisition of Whole Foods
    Authors: 林威誠
    Lin, Wei-Cheng
    Contributors: 吳啟銘
    Wu, Chi-Ming
    林威誠
    Lin, Wei-Cheng
    Keywords: 併購
    企業評價
    虛實整合
    多角化
    Merger and acquisition
    Business valuation
    Clicks-and-mortar
    Diversification
    Date: 2018
    Issue Date: 2018-07-12 14:07:57 (UTC+8)
    Abstract: 零售業近幾年已經發展成全通路概念,實體通路跟虛擬通路的結合勢在必行,才能創造更好的消費品質、服務及便利度給消費者。本研究透過Amazon併購Whole Foods,以事前分析的內外部因子、雙方策略互補綜效性,事中分析的企業平價合理性、支付工具選擇以及融資安排,事後分析的公司、交易特性對於綜效影響、市場反應以及整合上實際的作法以及可能遇到的問題對綜效影響。
    這份研究中發現,大強公司以關聯性多角化策略併購大弱公司後,因主倂方具有豐富資源及優秀管理能力,可將被併方管理上的缺陷進行調整,雙方的業務快速進行結合,發揮出1+1>2的綜效。同時,大強公司在企業文化整合上,多數採用積極的吸納式,原本被併公司高階經理人幾乎都會被換掉,以利強勢的風格將企業文化或者策略導入被併公司,Amazon卻有別於多數公司的作法保留原本的CEO續任CEO,以不一樣的策略作法進行雙方整合。
    藉由這例個案,可以推論當兩家公司企業文化差異很大時,透過保留原CEO續任合併後新公司CEO,擔任與原被併方員工之溝通協調整合角色並以吸納式的進行雙方文化整合,一方面可快速執行主倂方策略規劃,二方面也可安撫被倂方員工心情上的調整,以減少企業文化所延伸的問題跟衝突,因而創造出更好的綜效預期。本研究可以作為企業在進行關聯性多角化併購案時採取吸納式企業文化策略做法的參考。
    Reference: 1. Stowell, D.P著,黃嵩、趙鵬譯(2013)。投資銀行、對沖基金和私募股權投資。北京市:機械工業出版社。
    2. Charles Hill著,朱文儀、陳建男譯(2017)。策略管理(12版)。台北市:華泰文化。
    3. 天下雜誌630期陳良榕著,亞馬遜七大不可思議管理法,上網日期2018年5月21日,檢自:https://www.cw.com.tw/article/article.action?id=5084660
    4. 伍忠賢,(1998) 。企業併購聖經。台北市:遠流出版社
    5. 吳啟銘,(2011) 。企業評價-個案實證分析。台北市:智勝文化事業
    6. 阿里研究院(2017),C時代新零售-阿里研究院新零售研究報告
    7. 徐俊明,(2016)。企業併購與重組初版。台北市:新陸書局
    8. 游明德,(2016) 。企業併購策略與最佳實務(第三版)。台北市:財團法人資誠教育基金會
    9. 阿里研究院(2017),C時代新零售-阿里研究院新零售研究報告
    10. 勤業眾信(2017),全球零售力量報告2017
    11. 彭博商業周刊中文版,全食超市的經營危機,上網日期2018年5月21日,檢自:http://hk.bbwc.cn/wwvg5e.html
    12. Amazon(2016),Form10K
    13. Amazon’s share of US Ecommerce to Surpass 40% in 2017, Oct, 26, 2017 from: http://www.emarketer.com/newsroom/index.php/amazons-share-us-ecommerce-surpass-40-2017/
    14. Amazon vs. Whole Foods: When Cultures Collide, Retrieved May, 21, 2018, from: https://hbswk.hbs.edu/item/amazon-vs-whole-foods-when-cultures-collide
    15. Bit by bit, Whole Foods Gets an Amazon Touch, Retrieved May, 28, 2018, from: https://www.nytimes.com/2018/03/01/technology/bit-by-bit-whole-foods-gets-an-amazon-touch.html
    16. Bloomberg 系統平台
    17. Deborah A. Pikula, (1999). Mergers & Acquisitions: Organizational Culture & HR Issues. Journal, no, 7
    18. Morgan Stanley(2017), Can Amazon Go Pass? Part 1: why is Amazon going this and what’s the cost?
    19. Morgan Stanley(2017), Whole Foods: what happens next and how big will be?
    20. National Data, April, 27, 2018, from: https://www.bea.gov/iTable/iTable.cfm?ReqID=19&step=2#reqid=19&step=3&isuri=1&1910=x&0=-99&1921=underlying&1903=2017&1904=2015&1905=2016&1906=a&1911=0
    21. Nikolaos Karampatsas, Dimitris Petmezas, Nickolaos G. Travlos(2013), Credit ratings and the choice of payment method in mergers and acquisitions, 4.
    22. Number of Amazon Prime numbers in the United State as of September 2017, Retrieved 2018, from: https://www.statista.com/statistics/546894/number-of-amazon-prime-paying-members/
    23. Quarterly share of e-commerce sales of total U.S. retail sales from 1st quarter 2010 to 4th quarter 2017, Retrieved 2018, from: https://www.statista.com/statistics/187439/share-of-e-commerce-sales-in-total-us-retail-sales-in-2010/
    24. Supermarket and other grocery stores sales in the US form 1992-2016(billions in USD), Retrieved 2018, from: https://www.statista.com/statistics/197626/annual-supermarket-and-other-grocery-store-sales-in-the-us-since-1992/
    25. Whole Foods Market(2016),Form10K
    26. Whole Foods Market(2017),Schedule 14A
    27. Whole Foods CEO calls activist investors greedy bastards as shareholders accuse chain of hemorrhaging customers, Jun, 14, 2017, from: http://www.businessinsider.com/whole-foods-ceo-lashes-out-at-activist-investor-jana-partners-2017-6
    28. Will the Whole Foods Deal Boost Amazon Fresh Availability?, Retrieved Jun, 19, 2017, from: https://www.statista.com/chart/9888/whole-foods-stores-by-state/
    Description: 碩士
    國立政治大學
    企業管理研究所(MBA學位學程)
    106363062
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0106363062
    Data Type: thesis
    DOI: 10.6814/THE.NCCU.MBA.031.2018.F08
    Appears in Collections:[企業管理研究所(MBA學位學程)] 學位論文

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