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    Title: 百事可樂併購Sodastream之研究
    The study of M&A —Using the Pepsi Co./Sodastream International Ltd as a Case Study
    Authors: 王俊傑
    Wang, Chun-Chieh
    Contributors: 巫立宇
    張元晨

    王俊傑
    Wang, Chun-Chieh
    Keywords: 百事可樂
    併購
    氣泡水
    Sodastream
    Date: 2020
    Issue Date: 2020-08-03 18:43:13 (UTC+8)
    Abstract: 本次研究透過深入的個案剖析,來了解百事可樂併購Sodastream背後的原因、動機以及交易時的交易價格、交易後的市場反應、綜效等來了解該併購案的成敗,並給予類似併購案在併購時的一些建議。
    為了能對此個案最完整的分析,本文首先帶出了企業併購的概念以及在做企業併購時的估值方法介紹,並透過事前、事中、事後等併購交易的流程來探討該併購的實際狀況。
    而經過DCF法之計算,我們可以發現該公司在收購對價上尚屬合理,另外Sodastream未來市場潛力極大藉由百事可樂的資源更加速了Sodastream的擴張速度,加上該公司在氣泡水機市場的龐大市占率、產品的創新研發能力,本文認為該併購實屬一成功併購案之結論。
    Reference: 一、 英文文獻
    1. Annual report , Pepsi & Sodastream (2018,2019)
    2. Bottle water market research , Grand View Research (2019)
    3. Cui, Huijie, and Sidney Chi-Moon Leung. "The long-run performance of acquiring firms in mergers and acquisitions: Does managerial ability matter?." Journal of Contemporary Accounting & Economics 16.1 (2020): 100185.
    4. Franks, Julian R., and Robert S. Harris. "Shareholder wealth effects of corporate takeovers: the UK experience 1955–1985." Journal of financial Economics 23.2 (1989): 225-249.
    5. Healy, Paul M., Krishna G. Palepu, and Richard S. Ruback. "Does corporate performance improve after mergers?." Journal of financial economics 31.2 (1992): 135-175.
    6. Kalinowska, Aleksandra, and Paweł Mielcarz. "Methods of payment in M&A transactions and the operational performance of acquirers." Available at SSRN 2419742 (2014).
    7. Marc Goedhart, Tim Koller, and David Wessels, The six types of successful acquisitions, McKinsey(2017)
    8. Martynova, Marina, and Luc Renneboog. "A century of corporate takeovers: What have we learned and where do we stand?." Journal of Banking & Finance 32.10 (2008): 2148-2177.
    9. RTD coffee market research , MordorIntelligence (2019)
    10. RTD coffee market research , Fortune Insight (2019)
    11. Singh, Ajit. Take-overs: Their Relevance to the Stock Market and the Theory of the Firm. Vol. 19. CUP Archive, (1971)
    12. Soda Water Dispenser Market Size, Share & Trends Analysis Report , GrandViewResearch (2019)
    13. Sophie Shulman, It's 2020, and SodaStream Is Taking on America, calcalist (2020)
    14. Sparkling Water Market , Rersistence(2020)
    15. Sparkling Water Market Analysis , ResearchCosmos (2019)
    16. Wise Guy Consultants Pvt. Ltd. , Sparkling Water Dispenser -Market Demand, Growth, Opportunities and Analysis Of Top Key Player Forecast To 2025 , Einpresswire (2019)

    二、 中文文獻
    1. Catherine,SodaStream(SODA)氣泡水機銷售量是關鍵,股感知識庫,2018/05/07
    2. Catherine,SodaStream(SODA)氣泡水機的先驅,股感知識庫,2018/05/01
    3. Olivia Lo,PepsiCo Inc (PEP) 飲料與零食的巨擘,股感知識庫,2020/01/03
    4. 股感知識庫,讓可樂巨頭害怕 異軍突起的飲料超新星,股感知識庫,2018/04/10
    5. 王泰允,企業購併實用,遠流出版公司,1991
    6. 全球併購研究中心,《中國併購報告2009》,中國金融出版社,2009
    7. 林威誠,企業併購案例分析 : 以Amazon併購Whole Foods為例,2018
    8. 姜悅,移動互聯網產業的企業併購研究 ——以阿里巴巴併購高德軟件為例,2016
    9. 馮勃翰,從破產爬回來 百事可樂的豪賭,天下雜誌577期,2015/07/21
    10. 凌郁涵,百事將投32億美元收購SodaStream,鉅亨網,2018/08/20
    11. 張鼎聲、黃俊榮、陳弈翔,如何評估公司價值-常見的估值方法,勤業眾信
    12. 黃雅惠,企業併購案例分析 : 以Google併購Nest為例,2017
    Description: 碩士
    國立政治大學
    企業管理研究所(MBA學位學程)
    107363070
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0107363070
    Data Type: thesis
    DOI: 10.6814/NCCU202000675
    Appears in Collections:[企業管理研究所(MBA學位學程)] 學位論文

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