航運業併購之探討-以中遠海控併購東方海外為例

Analysis on M&A of Shipping & Transportation Industry- A Case Study of COSCO Acquires OOCL

阮豪民(Ruan Haomin)

指導教授 ： 陳威光

國立政治大學/商學院/金融學系/碩士(2020年)

https://doi.org/10.6814/NCCU202001373

摘要

2008金融海嘯之前，航運業各家公司通過積極訂購新船擴大運力。金融海嘯導致了全球貿易量的下滑，因此航運市場面臨著由於運力過剩引發的運價下跌和金流短缺的問題。在這樣一個大環境下通過併購達成規模經濟成為了各家航運公司來增加自身競爭力的常見辦法。最近十餘年間業內併購整合加劇。
作為主併公司的中遠海控是一家中國的國有航運公司；而被併購公司東方海外是一家在業內口碑良好的香港航運公司。在併購之後中遠海控的市佔率一躍成為世界第三。本文通過研究中遠海控併購東方海外一例來探究併購雙方內外部動機為何、根據估值判別併購報價是否合理、併購之後併購雙方如何整合自身資源。
研究發現中遠海運併購東方海外出價略高：現金流量折現法的估值結果較出價高5.7%-27.5%；可比公司法計算得出的結果也較行業平均高。根據併購後整合的效益分析情況，中遠海運的這筆交易達到了其擴大市佔率，增加收入，豐富碼頭和航線資源的戰略目的，同時出價包含控制權,因此出價較為合理。

關鍵字

併購 ； 航運業 ； 規模經濟 ； 運力過剩

並列摘要

Before the financial crisis in 2008, Shipping companies relied on ordering a large number of new ships to boost their capacities. The financial crisis led to a large drop of trade volume, so the shipping and transportation industry faced the problem of falling freight fees and shortage of cash flow caused by the excess capacity. Under such circumstance, achieving economies of scale through M&A has become a common way for shipping companies to increase their own competitiveness. M&A deals of the shipping and transportation industry happened frequently in the last decade.
COSCO, a state-owned shipping company in China mainland acquired OOCL, which is a well-established Hong Kong shipping company. After the acquisition, the market share of COSCO rose to the third-highest in the world. By researching this M&A case, this paper intends to explore the internal and external motivations of both sides, judging whether the offer price is reasonable and how the two sides integrate their own resources after the acquisition.
According to the valuation part, the study shows that COSCO’s bid price was slightly high. The price which uses the DCF method is higher than the bid price, the range is between 5.7% and 27.5%. Besides, the reasonable stock value calculated by the comparable company method is also higher than the industry average level. However, according to the analysis of post-merger integration, COSCO achieved its strategic goal of expanding market share, increasing profit and enriching harbors and shipping routes resources. Meanwhile, the offer price included control right, so the offer price is reasonable.

並列關鍵字

M&A ； Shipping and Transportation Industry ； Economies of Scale ； Excess Capacity

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