ABSTRACT
Globalization pushes more and more intensive competition and brings only minor profit to company globally. To keep key customers, to look for corporate expansion or growth up, and to earn more profit, company should keep improving cost stucture, key technology and strengthening the competition advantage by applying with both internal and external strategies.
¡§Leverage Buyout¡¨ and ¡§Management Buyout¡¨ are two typical operation models of Private Equity Fund and it is very popular and mature in the Western. Recently, the Asia emerging and booming market attracts the interest from Private Equity Fund. Moreover, because Taiwan enterprises have better system, more reasonable market price, and lower interest rate, they are aimed by Private Equity Fund as a gangway to China market. On the other hand, Taiwan domestic enterprises also look for investment from global Private Equity Fund to enhance corporate global competition.
This study selects ¡§Yageo Management Buyout¡¨ triggered by Oriont Investment Co., Ltd. in 2011. With analysis of Yageo financial reports, I get Yageo corporation valuation and the reasonable share price at the moment of MBO announcement by Oriont using Porter (1980) Five Forces Analysis to summarize passive components industry key competition and key successful factors. After comparing with actual share price, it is apparent that Yageo share price is undervalued for a long time because Taiwan minor share holders pursuing short term return on the investment. In 2011, Yageo management team intended to privatize the company so that management team can concentrate on long term performance and competition improvement. With the successful improvement, Yageo is expected to re-public the share into the global market to have the reasonable share price showing its actual corporate value.
The case study points out that Taiwan unique invest environment on minor share holders for any other global Private Equity Fund reference. Furthermore, the study concludes that, in addition to concerning on share holders¡¦ rights and Taiwan local market development, the government should take more aggressive policy to support domestic company leading to be a global one because globalization is a must and survival solution to an enterprise.
| Identifer | oai:union.ndltd.org:NSYSU/oai:NSYSU:etd-0909112-204030 |
| Date | 09 September 2012 |
| Creators | Fang, Chi-Wen |
| Contributors | Huang,Jen-Jsung, Yih Jeng, Huang, Pei-how |
| Publisher | NSYSU |
| Source Sets | NSYSU Electronic Thesis and Dissertation Archive |
| Language | Cholon |
| Detected Language | English |
| Type | text |
| Format | application/pdf |
| Source | http://etd.lib.nsysu.edu.tw/ETD-db/ETD-search/view_etd?URN=etd-0909112-204030 |
| Rights | user_define, Copyright information available at source archive |
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