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研究生： 黃文良
Ignatius Vincent
論文名稱： 印尼FMCG Garuda Food 併購個案分析
A Case Study of Merger and Acquisition on Indonesia FMCG Garuda Food
指導教授： 劉代洋
Day-Yang Liu
口試委員: 謝劍平
曾國安
陳守維
學位類別： 碩士
Master
系所名稱： 管理學院 - 財務金融研究所
Graduate Institute of Finance
論文出版年： 2021
畢業學年度： 109
語文別： 英文
論文頁數： 52
中文關鍵詞： FMCG (Fast Moving Consumer Goods) 、Merger acquisition 、Covid-19 pandemic
外文關鍵詞： FMCG (Fast Moving Consumer Goods), Merger acquisition, Covid-19 pandemic
相關次數： 點閱：253  下載：12 
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    • The FMCG industry has become one of the industries that was least affected by the
    covid-19 pandemic. As covid-19 pandemic has become more severe over the years,
    it is crucial for manufacturers to maintain their operation with following health
    protocol carefully. The potential growth of the FMCG industry in Indonesia is still
    very promising consider the geographic advantage that Indonesia had in South East
    Asia. Merger and acquisition have become the major corporate strategy in the
    growing of company, including Garuda Food. Even though during the covid-19
    pandemic doing merger acquisition transaction considered risky, it also served as
    the chance to buyout undervalued company that struggle during the pandemic. This
    study will evaluate acquisition transaction of Garuda Food along with challenges
    and futures plan of the company.

    TABLE OF CONTENTS ABSTRACT I ACKNOWLEDGEMENT II TABLE OF CONTENTS III LIST OF FIGURES V LIST OF TABLES VI CHAPTER 1 INTRODUCTION 1 1.1 Research Background and Motivation 1 1.2 Research Objective 2 1.3 Research Content 3 CHAPTER 2 LITERATURE REVIEW 5 2.1 Overview of Merger and Acquisition 5 2.2 Types of Merger and Acquisition 5 2.3 Keys to Successful Acquisition 7 2.4 Measuring Long-run Performance 9 2.4.1 Long-run Stock Performance 10 2.4.2 Long-run Operating Performance 11 2.5 Short-run Performance after M&A’s 12 CHAPTER 3 RESEARCH METHODOLOGY 13 3.1 Research Design 13 3.2 Data Collection 14 3.2.1 In-Depth Interview 14 3.2.2 Second Hand Data Collection 16 3.3 Data Analysis 16 CHAPTER 4 INDUSTRY AND COMPANY ANALYSIS 17IV 4.1 Industry Analysis 17 4.2 Company Background 18 4.2.1 Company Structure 20 4.2.2 Organization Structure 21 4.3 Five Porter Analysis 22 4.4 SWOT Analysis for GarudaFood 24 CHAPTER 5 CASE ANALYSIS AND MERGER ACQUISITION 27 5.1 Managerial Decision 27 5.2 Acquisition Process 28 5.3 Acquisition Valuation 29 5.3.1 Discounted Cash Flow Valuation 30 5.3.2 EV multiple valuation 33 5.4 Problem and Challenges 34 5.5 Future Plans 35 CHAPTER 6 CONCLUSION AND RECOMMENDATION 37 6.1 Conclusion 37 6.2 Recommendation 38 6.3 Research Limitation 39 References 40

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