Title page for etd-0526113-104053


[Back to Results | New Search]

URN etd-0526113-104053
Author Yong-Sen Huang
Author's Email Address No Public.
Statistics This thesis had been viewed 5350 times. Download 0 times.
Department Finance
Year 2012
Semester 2
Degree Master
Type of Document
Language zh-TW.Big5 Chinese
Title The Financial Impact of Merger and Acquisition-A Case Study Based on Innolux Merger with CMO and TPO
Date of Defense 2013-06-21
Page Count 81
Keyword
  • Free Cash Flow
  • Financial ratios
  • TFT-LCD
  • Merger and Acquisition
  • Abstract Chi Mei Optoelectronics closed a three-way merger with panel makers Innolux Display Corp and TPO Displays Corp in March 2011, and the resulting company is named Chimei Innolux Corp., as the island's largest producer of liquid crystal displays (LCDs). The key point about maintaining the stability of TFT-LCD industry is to remain stable cash flow. The study is to analyze the effects between free cash flows and enterprise value based on each financial statement.
    As a result, the first finding of the study on profitability and bargaining power reveals that economic prospect will affect gross profit ratio, and since the bargaining power of suppliers is better than buyers after merge, the growth of accounts receivable and accounts payable will cause cash flow volatility. Secondly, on operating pattern, marketing and R&D investment, because the key technology and materials are controlled by Japan and Korea, the cash flows from operating activities will collapse down sharply under the variation of economic. Thirdly, on internal operating efficiency, the inventory management works normally owning to the inventory turnover ratio is lower than before after merge. Fourthly, on assets utilization, with the decrease of investment in new factory, the asset turnover ratio is getting better. In conclusion, the positive free cash flow makes Chimei Innolux Corp. a sustainable development.
    Advisory Committee
  • YUAN-SHING LIAO - chair
  • Mei-Ling Yang - co-chair
  • Chou-Wen Wang - advisor
  • Jen-Tsung Huang - advisor
  • Files
  • etd-0526113-104053.pdf
  • Indicate in-campus at 99 year and off-campus access at 99 year.
    Date of Submission 2013-06-26

    [Back to Results | New Search]


    Browse | Search All Available ETDs

    If you have more questions or technical problems, please contact eThesys