盈科数码动力并购香港电讯的个案研究
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摘要
本论文分案例和案例分析两部分
案例部分主要是描述盈科数码动力(简称“盈动”)并购香港电讯事件。首先介绍并购参与者新加坡电讯、香港电讯及盈科数码动力的背景、财务状况。然后详尽描述盈动并购香港电讯的过程，并购方案内容以及所需的财务安排。
案例分析以财务管理理论为基础，首先探讨盈动并购香港电讯的战略，用SWOT来分析盈动及香港电讯的优势、劣势、机会及威胁。然后分析各并购参与者的动机及并购风险。再深入剖析盈动及香港电讯成功合并前的股价变动。最后，从成功合并后的业务发展、财务状况及股价表现去印证并购主要目的-股东财富最大化与其它并购动机是否达成，从而推断新经济企业并购旧经济企业是否合适
This paper consists of two parts: case description and case analysis.
The case mainly describes the whole event of merger and acquisition between Pacific Century Cyberworks Limited and Cable & Wireless HKT Limited. The background and financial status of all parties including Singapore Telecoms, Pacific Century Cyberworks Limited and Cable & Wireless are introduced firstly. Then the process, content of scheme and financial arrangements of the merger and acquisition are described in details.
The case analysis is based on the theory of financial management. By using SWOT to analyze the strength, weakness, opportunities and threat, the strategy of acquisition of Cable & Wireless by Pacific Century Cyberworks is discussed firstly. Then the motives, risks and movement of share price before and after the merger are analyzed in details. Lastly, the post-merger performance is tested by analyzing the business development, financial status and share price to see whether the major goal of merger - maximization of shareholders fund and other goals are achieved or not. Thus, a conclusion can be drawn on whether the merger between a new economy enterprise and a traditional economy enterprise is suitable or not.
案例部分主要是描述盈科数码动力(简称“盈动”)并购香港电讯事件。首先介绍并购参与者新加坡电讯、香港电讯及盈科数码动力的背景、财务状况。然后详尽描述盈动并购香港电讯的过程，并购方案内容以及所需的财务安排。
案例分析以财务管理理论为基础，首先探讨盈动并购香港电讯的战略，用SWOT来分析盈动及香港电讯的优势、劣势、机会及威胁。然后分析各并购参与者的动机及并购风险。再深入剖析盈动及香港电讯成功合并前的股价变动。最后，从成功合并后的业务发展、财务状况及股价表现去印证并购主要目的-股东财富最大化与其它并购动机是否达成，从而推断新经济企业并购旧经济企业是否合适
This paper consists of two parts: case description and case analysis.
The case mainly describes the whole event of merger and acquisition between Pacific Century Cyberworks Limited and Cable & Wireless HKT Limited. The background and financial status of all parties including Singapore Telecoms, Pacific Century Cyberworks Limited and Cable & Wireless are introduced firstly. Then the process, content of scheme and financial arrangements of the merger and acquisition are described in details.
The case analysis is based on the theory of financial management. By using SWOT to analyze the strength, weakness, opportunities and threat, the strategy of acquisition of Cable & Wireless by Pacific Century Cyberworks is discussed firstly. Then the motives, risks and movement of share price before and after the merger are analyzed in details. Lastly, the post-merger performance is tested by analyzing the business development, financial status and share price to see whether the major goal of merger - maximization of shareholders fund and other goals are achieved or not. Thus, a conclusion can be drawn on whether the merger between a new economy enterprise and a traditional economy enterprise is suitable or not.
引文
1．[美]约瑟夫．克拉林格，兼并与收购：交易管理，中国人民大学出版社2000年10月
2．[台]黄伟岚，并购实务，商周出版，2002年6月
3．[美]詹姆斯．范霍恩，财务管理与政策，东北财经大学出版社2000年11月
4．王一，企业并购，上海财经大学出版社2001年第一版
5．PS．萨德沙纳姆．兼并与收购，中信出版社
6．玛莉何，盈动、香港电讯、新加坡电讯，收购与合并，理工大学
7．[澳]菲腊布朗，罗莎，收购活动与股东财富，西澳大利亚大学
8．[美]詹姆斯．范霍恩，小约翰，现代企业财务管理，经济学出版社2002年6月
9．冯邦彦，盈动兼并香港电讯，明报出版社2000年八月
10．[美]业历山德拉．里德．拉杰科斯，并购的艺术整合，中国财政经济学出版社2001年7月
11. Arnat leemakdej, Measuring Abnormal Return of Infrequently Traded Stock in Event Study-Case Study of Takeover Targets in Stock Exchange of Thailand, Faculty of Commerce and Accountancy, Thammasat University, January, 1998.
12. Anup Agrawal, Jeffery F. Jaffe, and Gershon N. Mandelker, The Post-Merger Performance of Acquiring Firms:A Re-examination of an Anomaly, The Journal of Finance, Vol. XLⅦ, No.4, September 1992.
13. Healy, Paul M., Palepu, Krishna G and Ruback, Richard S., "Does Corporate Performance Improve after Mergers?," Journal of Financial Economics, 1992,31,135-75.
2．[台]黄伟岚，并购实务，商周出版，2002年6月
3．[美]詹姆斯．范霍恩，财务管理与政策，东北财经大学出版社2000年11月
4．王一，企业并购，上海财经大学出版社2001年第一版
5．PS．萨德沙纳姆．兼并与收购，中信出版社
6．玛莉何，盈动、香港电讯、新加坡电讯，收购与合并，理工大学
7．[澳]菲腊布朗，罗莎，收购活动与股东财富，西澳大利亚大学
8．[美]詹姆斯．范霍恩，小约翰，现代企业财务管理，经济学出版社2002年6月
9．冯邦彦，盈动兼并香港电讯，明报出版社2000年八月
10．[美]业历山德拉．里德．拉杰科斯，并购的艺术整合，中国财政经济学出版社2001年7月
11. Arnat leemakdej, Measuring Abnormal Return of Infrequently Traded Stock in Event Study-Case Study of Takeover Targets in Stock Exchange of Thailand, Faculty of Commerce and Accountancy, Thammasat University, January, 1998.
12. Anup Agrawal, Jeffery F. Jaffe, and Gershon N. Mandelker, The Post-Merger Performance of Acquiring Firms:A Re-examination of an Anomaly, The Journal of Finance, Vol. XLⅦ, No.4, September 1992.
13. Healy, Paul M., Palepu, Krishna G and Ruback, Richard S., "Does Corporate Performance Improve after Mergers?," Journal of Financial Economics, 1992,31,135-75.