“併購 ”在越南還是很新趨勢 .它讓我有特別去注意. 2010年,越南股市運作大約10年 ,時間相當的短,這個併購情況已經發 .我的指導教授 - 劉代楊 , 國立台灣科技大學 – MBA, 教授一直鼓勵我進一步了解併購方面,因為在世界這策略已經應用很普遍.

本研究的主要目的是越南一家企業採取併購策略,案例:Vien Dong製藥企業與Hataphar製藥公司.對於方法,我結合兩種研究定量方法與定性方法.
從我採訪各財務專家與企業主管對於Vien Dong製藥企業與Hataphar製藥企業的財務分析和估價已構成很重要的定量方法與資訊,所以這個案利更讓我想進一步研究.

在越南, Vien Dong製藥企業採取併購Hataphar製藥企業是現在最典型的案例,一家好的私人股分公司想併購一家國營公司.雖然在2000年,Hataphar製藥企業改成股份公司,政府擁有不到4%.但到2010年, 關於很多方面這家企業仍然還可以認為是國營企業例如:人,工作風度和政府的支援.

從這個研究結果我們可以解釋為甚麼Vien Dong製藥企業沒辦法併購Hataphar製藥企業.
1. Vien Dong製藥企業的領導錯誤在應用併購策略包括不按照併購的過程.
2. Hataphar 製藥企業的強烈抗拒.
從這個研究讓我們知道Vien Dong製藥企業要併購Hataphar 製藥企業是很難取得成功,一定會從這家製藥企業受到強烈的抗拒.
在本研究可以給我們幾種方式可以進行併購,特別對一些企業屬於或曾經屬於政府的所有權.

Mergers and Acquisitions (M&A ) attracted much of my attention, as they are still new financial phenomenon in Vietnam, my native country. By 2010, the year the case took place, Vietnam stock market had operated for merely 10 years, a relatively short period. Professor Liu Day Yang, my professor of Strategic Management at MBA program at National Taiwan University of Sciences and Technology has encouraged me to discover the various sides of mergers and acquisitions, a strategy that has been popularly applied in financial world today.

The main purpose of this research is to study the M&A strategy taken by a Vietnamese company, Viet Dong Pharmaceutical to another Vietnamese company, Hataphar. For methodology, I combine both quantitative research method and qualitative research one. Financial data analysis and valuation of Viet Dong Pharmaceutical and Hataphar constitute an important part of the quantitative method and information from my interviews with financial experts and company management on the topic gives me ideas to further study into my topic.

The case of Vien Dong Pharma’s attempting to take control of Hataphar is typical for a popular case taking place in Vietnam when a private, fast growing company tries to control a originally state-owned company. Although Hataphar was equitized in 2000 and the goverment owned less than 4% of Hataphar’s share by 2010, it could be still considered a quasi state-owned company in many aspects such as people, working style and government support.

Results from this research explain why Vien Dong Pharma failed to acquire Hataphar. It is mainly from 1) The wrong M&A strategy applied by Vien Dong Pharma’s management, including the failure to follow a regular M&A process and 2) Strong oppositions from the target company (Hataphar). The research implies that hostile takeover on strong oppositions from the target company (Hataphar) is hard to achieve success. The research also shows some implications for doing M&A, especially with one relating to companies belonging to or once belonging to government’s ownership.

Research Papers, Books and Articles

Bae, S.C., and D.P., Simet, 1998. A comparative analysis of leveraged recapitalization and leverage buyout as a takeover defence. Review of Financial Economics, 1998, Vol 7, No.2, 157-172.

Bao Viet Securities, 2009. Vietnam Pharmaceutical Industry – Analysis Report.

Congress of the United States, 2006. Research and Development in Pharmaceutical Industry Report.

Conyon, M.J., S., Girma, S., Thompson, and P.W., Wright, 2001. Do hostile mergers destroy jobs? Journal of Economic Behavior & Organization
Volume 45, Issue 4, August 2001, pages 427-440.

Damodaran, A., 2001. Corporate Finance, second Edition, John Wiley & Sons.

Davies, G and S.,Wilkinson, 2011. Defending a UK hostile bid: The tool for the battle. The International Comparative Legal Guide for Mergers and Acquisitions, Chapter 3, p8-13.

Dobbs, R., M., Goedhart, and H., Suonio, 2006. The McKinsey Quarterly: The Online Journal of McKinsey & Co.

Edmans, A., I., Goldstein, and W., Jiang, 2009. Takeover Activity and Target Valuations: Feedback Loops in Financial Markets (Unpublished paper).

European Federation of Pharmaceutical Industries and Association, 2008. Pharmaceutical Industry in Figures report.

Goldman, E., and J., Qian, 2005. Optimal toeholds in takeover contests, Journal of Financial Economics 77 (2005) 321–346.

Harford, J., 2003. Takeover bids and target directors’ incentives: the impact of a bid on directors’ wealth and board seats, Journal of Financial Economics 69 (2003) 51–83.

Harford, J., 2005. What drives merger waves? Journal of Financial Economics 77 (2005) 529–560.

Hataphar, 2008. Listing Prospectus, company publishing.

Heracleous, L., and J., Murray, 2001. The Urge to Merge in the Pharmaceutical Industry European Management Journal Vol. 19, No. 4, pp. 430–437, 2001.

Higgins, M.J, and D.,Rodriguez, 2005. The outsourcing of R&D through acquisitions in the pharmaceutical industry.

Hitt M. A., R. E., Hoskisson , R. D., Ireland, & J. S., Harrison, 1991, Effects of acquisitions on R&D inputs and outputs, Academy of Management Journal, 34: 693–706.

Hitt, M.A., R.D., Ireland, and R.E., Hoskisson, 2009. Strategic Management: Competitiveness and Globalization (Concepts and Cases), 8th Edition, Thomson South-Western.

IMAP, 2011. Pharmaceuticals & Biotec Industry Global Report-2011.

Kim, K.H., and Olsen, M., 1999. Managing the Corporate Acquisition for Success, Journal of Hospitality Financial Management, Volume 7, Issue 1.

Kokot, K.S., 2006. The Art of Takeover Defence, The Ukrainian Journal of Business Law, September 2006.

KPMG International, 2009. Global M&A: Outlook for Pharmaceuticals.

Kuo, R.J., T.A., Kruse, and T., Nohel, 2008. Undoing the powerful anti-takeover force of staggered boards Journal of Corporate Finance 14 (2008) 274–288.

Lipton, M., 2006. Merger Waves in the 19th, 20th and 21st Centuries. The Davies Lecture, Osgoode Hall Law School, York University.

Martynova, M., and L., Renneboog, 2008. A century of corporate takeovers: What have we learned and where do we stand?, Journal of Banking & Finance 32 (2008) 2148–2177.

Mekong Housing Bank Securities Company, 2010. Vietnam Pharmaceutical Industry – Analysis Report.

Ornaghi, C., 2009. Mergers and innovation in big pharma, International Journal of Industrial Organization 27 (200) 70–79.

Paulson, E., and C., Huber, 2001. The Technology M&A Guidebook. John Wiley & Sons, 2001.

Phan, A., 2011. Seven obstacles hindering the success of M&A in Vietnam. Vietnam Economic Forum Review, 2011.

Rhodes-Kropf, M., S., Viswanathan, 2004. Market valuation and merger waves. Journal of Finance 59.

Schoenberg, R., and D., Thornton, 2006. The Impact of Bid Defences in Hostile Acquisitions, European Management Journal Vol. 24, Nos. 2–3, pp. 142–150, 2006.

Shleifer, A., R., Vishny, 2003. Stock market driven acquisitions. Journal of Financial Economics 70, 295–311.

Small and Medium Enterprises Securities , 2011. Overview of Vietnam pharmaceutical Industry 2010 and Prospect for 2011.

Vien Dong Pharma, 2009. Listing Prospectus, company publishing.

Wilcox, H.D., K.C., Chang, and D., Grover, 2001. Valuation of mergers and acquisitions in the telecommunications industry: a study on diversification and firm size. Information & Management 38 (2001) 459–471.

Zollo, M., 2003. Merger and Acquisition and corporate growth. European Management Journal 21, 176–178.

Websites:

http://viendonggroup.com.vn/web-en/default.aspx

http://www.hsx.vn/hsx_en/default.aspx

http://pages.stern.nyu.edu/~adamodar/

http://vnexpress.net/