| Summary: | 碩士 === 國立臺灣科技大學 === 管理研究所 === 105 === ABSTRACT
Global enterprises are facing intense and fast competitions in the rapidly changing market. In order to be able to continuously maintain a stable growth, enterprises need to improve business value, competitive advantages and maintained its market leadership position. Not only to maintain a competitive advantage, growth momentum and generated more profits, but also to met the interests of shareholders and investors’ expectations, so the enterprises needed to focus on the research and development of new products , developed brandnew business models, or keeped ongoing optimization and innovation of the products, services, manufacturing, management and marketing . Mergers and acquisitions activities as an important strategy to help enterprises rapidly expanded and grew. In recent years, the pharma industry merger size and value became higher and higher, flourished and compelling. Therefore, the purpose of this research explored the synergy of mergers and acquisition activities related to the world's third-largest pharmaceutical company – Novartis merged the golobal market leader of eye care company-Alcon as a case study. The quality of the way through research, the collection of secondary datas and in the case of the merger of the relevant theory and to explore the perspective of financial analysis the merger performance before and after . The study has found, first, after the merger of the short-term performance on the company’s stock price rised, excessed profits for shareholders; long-term performance of the market and a significant part of the operational synergies. Second, acquisition motived consistent with efficiency theory; the case of industry-related horizontal merger of diversified operations, Novartis, became the global market leader with market share of approximately 70% in the eye care health, whether in operations, financial and market portion of the scales which included economies of scale expansion, market share, costs down and access to the research and development of technology produced a merger synergies. To achieve strategical objectives of the company, also the risk of decentralized management and expansion rapidly.
Keywords: mergers, horizontal consolidation, financial performance, efficiency theory。
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