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    政大機構典藏 > 商學院 > 財務管理學系 > 學位論文 >  Item 140.119/136047
    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/136047


    Title: 反托拉斯法與監管對併購案的影響: 以AT&T併購時代華納為例
    The Influence of Anti-Trust Law and Regulation on M&A Cases : The Case of AT&T Merged Time Warner
    Authors: 吳柏毅
    Wu, Bo-Yi
    Contributors: 陳聖賢
    Chen, Sheng-Syan
    吳柏毅
    Wu, Bo-Yi
    Keywords: 反托拉斯法
    監管
    併購
    AT&T
    時代華納
    Date: 2021
    Issue Date: 2021-07-03 00:34:14 (UTC+8)
    Abstract:   本研究透過AT&T併購時代華納個案找尋出反托拉斯法對於併購案的具體影響。藉觀察交易雙方所處產業的變遷、業務面臨瓶頸、策略互補性,找出主被併雙方合併的原因與綜效來源;透過分析美國電信業與媒體業主管機關的併購審查歷史觀察主管機關對於電信與媒體相關產業的判決案例與論點,了解駁回本案反托拉斯訴訟的可能論點為何。另外本文也透過建立財務模型計算反托拉斯法對於併購案時程拖延的影響規模,並分析此判決對類似交易案的影響與市場對於併購案的反應。

      本研究發現反托拉斯法對於併購案流程的總拖延時間為14個月的訴訟期,具體影響為新線上串流平台的延後推出,在2019年4月至2021年3月之間共計造成14.99億美金的損失,佔併購案宣告規模的1.76%、支付規模的1.88%。在併購案發生後相關產業併購案的反向分手費有明顯提升,顯見在出現反托拉斯訴訟後,被併公司將基於併購案的失敗風險要求更高的補償。而主併方在併購案宣告與初審判決結果出爐的兩個重要時間點皆有負的CAR,除了反映主併公司有過高的槓桿比例,反托拉斯訴訟對於合併機率的影響也是關鍵原因之一。

      藉由本篇個案可以發現反托拉斯法對企業併購後的整併流程影響甚為關鍵,反托拉斯訴訟會延緩企業整合與實現綜效的時間點,對於新公司的股東造成價值破壞。而垂直併購案例不一定會導致消費者福利的損失,合併公司將加成定價比例(Mark-up) 部分回饋給消費者,併購案反而可以提高消費者福利。企業的合併並非皆是基於壟斷動機,產業外的競爭對手也可能是讓主被併雙方結合的原因,特別是在近年來快速變遷的媒體業與電信業。本研究可以做為跨產業或高度監管產業在進行併購時的參考。
    Reference: 中文參考文獻
    黃郁芬, (2017), 從AT&T 併購時代華納看數位匯流趨勢對中華電信之機會與挑戰, 國立交通大學管理學院財務金融學程碩士班.

    謝承斌,(2020), 企業併購個案分析:以 AT&T 併購時代華納為例, 國立政治大學企業研究所.

    白卿芬, (2019), 各國無線電視發展及監理政策, 國家通訊傳播委員會.

    陳炳宏, (2009), 媒體併購案例與媒體產權集中對內容多元影響之研究, 國家通訊傳播委員會.

    王如蘭, (2019), 來一記直球~迪士尼「直接面對消費者事業」將展開全面眼球攻霸戰, 公共電視新聞網.

    吳佳琳, (2019), 從AT&T併購時代華納反思我國通傳產業併購法制, 資訊工業策進會科技法律研究所.

    英文參考文獻
    AT&T, (2016), Annual Report.

    AT&T, (2016), AT&T to Acquire Time Warner press release.

    ANTENNA, (2021), Q4 2020 Streaming Report.

    ANTENNA, (2021), Q1 2021 Growth Report.

    Bloomberg Second Measure, (2019), Game of Thrones premiere spikes HBO Now signups.
    From: https://secondmeasure.com/datapoints/game-of-thrones-premiere-spikes-hbo-now-signups/

    ComScore, (2017), OTT Breaks Out of Its Netflix Shell.
    From: https://www.emarketer.com/chart/196603/us-tv-vs-digital-ad-spending-2015-2020-billions

    Department of Justice, (2017), Appeal from the United States District Court for the District of Columbia, United State of America vs AT&T.

    Discovery, (2020), FORM 8-K

    eMarketer, (2016), US TV* vs. Digital** Ad Spending, 2015-2020.
    From: https://www.emarketer.com/chart/196603/us-tv-vs-digital-ad-spending-2015-2020-billions

    Federal Communications Commission, (2017), Twentieth Mobile Wireless Competition Report.

    Federal Communications Commission, (2001), Memorandum Opinion and Order. Time Warner Inc. and America Online, Inc.

    Federal Communications Commission, (2003), Memorandum Opinion and Order. General Motors Corporation Hughes Electronics Corporation and The News Corporation Limited.

    James Hale, (2019), AT&T Will Invest $4 Billion In HBO Max Over Next 3 Years, Doesn’t Expect Profit Until 2024.
    From: https://www.tubefilter.com/2019/10/28/att-investment-hbo-max-original-content-subscription-cost/

    Jon Brodkin, (2017), FCC helps AT&T and Time Warner avoid lengthy merger review.
    From: https://arstechnica.com/tech-policy/2017/04/atttime-warner-merger-is-one-step-closer-to-government-approval/

    Josef Adalian, (2019), How Game of Thrones Helped HBO Break Into the Streaming World.
    From: https://www.vulture.com/article/game-of-thrones-hbo-streaming.html

    Marketing Charts, (2019), US Teens’ Daily Distribution of Video Time, Fall 2015 – Fall 2019.
    From: https://www.marketingcharts.com/charts/us-teens-daily-distribution-of-video-time-fall-2015-fall-2019

    Netflix, (2016), Annual Report.

    Oliver Gürtler & Matthias Kräkel, (2009), On the inefficiency of merger control, Economics Letters, 102, 53–55.

    Parks Associates, (2019), OTT Video Market Tracker.

    PwC, (2016), Global Entertainment & Media Outlook 2016–2020.

    Rentrak, (2016), Studio Market Share Summer 2015.

    Richard Leon, (2018), Memorandum Opinion: United State of America vs AT&T.

    Rex Woodbury, (2020), Breaking Down the Streaming Wars.
    From: https://digitalnative.substack.com/p/rewriting-culture-your-guide-to-the

    Time Warner, (2016), Annual Report.

    Todd Spangler, (2021), HBO Max Gains 3 Million Subscribers in Q1, AT&T Beats Wall Street Forecasts.
    From: https://variety.com/2021/digital/news/hbo-max-q1-2021-subscribers-att-earnings-1234957719/

    U.S. Department of Justice & The Federal Trade Commission, (2020), Vertical Merge Guidelines.
    Description: 碩士
    國立政治大學
    財務管理學系
    107357019
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0107357019
    Data Type: thesis
    DOI: 10.6814/NCCU202100586
    Appears in Collections:[財務管理學系] 學位論文

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