| 授業名 | Merges and Acquisitions |
|---|---|
| Course Title | Merges and Acquisitions |
| 担当教員 Instructor Name | George Y. Wang |
| 授業形態 Class Type | 講義 Regular course |
| 授業形式 Class Format | On Campus |
| 単位 Credits | 2 |
| 言語 Language | EN |
| 学位 Degree | BBA |
| 開講情報 Terms / Location | 2026 UG Nisshin Term3 |
| コード Couse Code | NUC463_N26B |
授業の概要 Course Overview
Mission Statementとの関係性 / Connection to our Mission Statement
NUCB's mission is to educate innovative and ethical leaders who possess a frontier spirit and to create knowledge that advances business and society. Under this grand university mission, this course aims to introduce competitive strengths, strategies, and actions of Japanese and Asian firms to students.
授業の目的（意義） / Importance of this course
This course examines mergers and acquisitions with a primary focus on Asia. The course analyzes how firms in the region use M&A to achieve growth, restructuring, globalization, and technological upgrading. Special attention is given to region-specific features such as business groups, family ownership, state involvement, cross-border regulation, and post-merger integration challenges. Real-world Asian M&A cases are used to illustrate both successful and failed transactions.
学修到達目標 / Achievement Goal
By the end of this course, students will be able to critically analyze M&A transactions in both the USA and Asia by integrating strategic, financial, institutional, and cultural perspectives, with particular attention to cross-border deals involving Asian firms.
本授業の該当ラーニングゴール Learning Goals
*本学の教育ミッションを具現化する形で設定されています。
LG1 Critical Thinking
LG3 Ethical Decision Making
LG6 Managerial Perspectives (BBA)
LG3 Ethical Decision Making
LG6 Managerial Perspectives (BBA)
受講後得られる具体的スキルや知識 Learning Outcomes
Upon successful completion of this course, students will be able to:
1. Explain strategic motivations for M&A among American/Asian firms.
2. Identify institutional and governance characteristics shaping M&A in Asia.
3. Analyze cross-border M&A transactions and evaluate financial choices in an Asian context.
4. Examine post-merger integration challenges, especially cultural and organizational issues.
1. Explain strategic motivations for M&A among American/Asian firms.
2. Identify institutional and governance characteristics shaping M&A in Asia.
3. Analyze cross-border M&A transactions and evaluate financial choices in an Asian context.
4. Examine post-merger integration challenges, especially cultural and organizational issues.
SDGsとの関連性 Relevance to Sustainable Development Goals
Goal 4 質の高い教育をみんなに（Quality Education）
教育手法 Teaching Method
| 教育手法 Teaching Method | % of Course Time | |
|---|---|---|
| インプット型 Traditional | 30 % | |
| 参加者中心型 Participant-Centered Learning | ケースメソッド Case Method | 70 % |
| フィールドメソッド Field Method | 0 % | 合計 Total | 100 % |
事前学修と事後学修の内容、レポート、課題に対するフィードバック方法 Pre- and Post-Course Learning, Report, Feedback methods
This course allocates 30% of the time in delivering lectures and 70% of the time in case study and discussion. Before attending each class, students are expected to take 1-2 hours to read the cases, conduct the case analysis, and prepare the answers to the discussion questions. Additionally, students are expected to participate in group/class discussions. Feedback will be provided on a discussion basis.
*Students are encouraged to use the library and online resources to conduct the case analysis.
*Students are encouraged to use the library and online resources to conduct the case analysis.
授業スケジュール Course Schedule
第1日（Day1）
Course introductionTopic 1: Why Firms Merge/Acquire — Strategic Rationale for M&A
●使用するケース
• Case 1: Lenovo: Is the Cultural Integration Template Reusable?, 2016 (HBP, Product #: W16631-PDF-ENG).• Case 2: Danone & Wahaha: A Bittersweet Partnership, 2008 (HBP, IMD367-PDF-ENG).
第2日（Day2）
Topic 2: Types of M&A and Deal Structures●使用するケース
• Case: Amazon Buys Whole Foods, 2017 (HBP, Product #: 518056-PDF-ENG).第3日（Day3）
Topic 3: Valuation and Risk in Cross-Border M&A●使用するケース
• Case: Foxconn Technology Group: Acquiring Sharp to Move Up the Value Chain, 2019 (HBP, Product #: W19260-PDF-ENG).第4日（Day4）
Topic 4: Organizational Cultural IntegrationMidterm Exam
●使用するケース
• Case: Valuing the AOL Time Warner Merger, 2002 (HBP, Product #: 802098-PDF-ENG).第5日（Day5）
Topic 5: Cross-Border M&A and Cultural Challenges●使用するケース
• Case: Nomura's Global Growth: Picking Up Pieces of Lehman, 2009 (HBP, Product #: 210017-PDF-ENG).第6日（Day6）
Topic 6: Financing, Ownership, and Control●使用するケース
• Case: Elon Musk's Twitter Deal: Valuation and Financing of the Leveraged Buyout, 2022 (HBP, Product #: W30166-PDF-ENG).第7日（Day7）
Topic 7: Achieving Success without M&A●使用するケース
• Case: Taiwan Semiconductor Manufacturing Company Limited: Global Leadership in Chipmaking, 2021 (HBP, Product #: 321126-PDF-ENG).成績評価方法 Evaluation Criteria
*成績は下記該当項目を基に決定されます。
*クラス貢献度合計はコールドコールと授業内での挙手発言の合算値です。
(1) class/discussion participation, learning attitude, and attendance - 30%
(2) online concept-check questions - 20%
(3) group project report/presentation - 20%
2. Case Exams - 30% (including two exams, each 15%)
3. Attendance is mandatory. Make-up quizzes/exams will NOT be provided for any unexcused absence.
*クラス貢献度合計はコールドコールと授業内での挙手発言の合算値です。
| 講師用内規準拠 Method of Assessment | Weights |
|---|---|
| コールドコール Cold Call | 0 % |
| 授業内での挙手発言 Class Contribution | 70 % |
| クラス貢献度合計 Class Contribution Total | 70 % |
| 予習レポート Preparation Report | 0 % |
| 小テスト Quizzes / Tests | 0 % |
| シミュレーション成績 Simulation | 0 % |
| ケース試験 Case Exam | 30 % |
| 最終レポート Final Report | 0 % |
| 期末試験 Final Exam | 0 % |
| 参加者による相互評価 Peer Assessment | 0 % |
| 合計 Total | 100 % |
評価の留意事項 Notes on Evaluation Criteria
1. Class contribution (70%):(1) class/discussion participation, learning attitude, and attendance - 30%
(2) online concept-check questions - 20%
(3) group project report/presentation - 20%
2. Case Exams - 30% (including two exams, each 15%)
3. Attendance is mandatory. Make-up quizzes/exams will NOT be provided for any unexcused absence.
配布教材と教室における電子機器の利用マナーについて Guidelines for Classroom Technology and Proper Use of Course Materials
- ケースメソッド教育の中核は、積極的な参加と知識の共有です。この教育を支えるため参加者は授業中の電子機器（例：スマートフォン、ノートパソコン）の使用を制限するよう求められます。許可を得た場合でも、教室内では電子機器は、ケース討議に資する目的でのみ使用してください。授業中は、たとえケース討議に関連していても、検索エンジンや生成AIの使用は避けて下さい。
- 配布教材（ケースを含む）は指定された授業への参加以外の目的で利用しないで下さい。著者の権利、著作権、特定情報の機密性を保護するため、許可なく教材を個人や組織（生成AI を含む）に提供することはできません。このルールは、印刷物・電子教材のいずれにも適用されます。
- 詳細は「教室における電子機器の利用マナー・教材の適切な利用に関するガイドライン」を確認のうえ、教員の指示に従い、責任をもって遵守してください。
- Active participation and shared learning is at the core of the case method learning.Participants are asked to limit their use of electronic devices (e.g., laptops, smartphones) during classroom sessions in support of this model. Even with permission granted, devices should only be used in the classroom in service to the case discussion. Online searches and generative AI tools, even if related to the case discussion, are discouraged while class is in session.
- Students are prohibited from using the course materials (including cases) distributed by the university for any purpose other than participation in the designated class.Students must not input, process or test course materials with any artificial intelligence (AI) tools, bots, software, or platforms without the author’s permission. These actions violate the terms of use for the course materials and may also constitute copyright infringement.
- Please refer to the "Classroom Technology Guidelines / Guidelines for Properly Using Course Materials” for details, and follow the instructor’s directions. You are expected to comply with these guidelines responsibly.
教科書 Textbook
- Donald DePamphilis「Mergers, Acquisitions, and Other Restructuring Activities, 12th Edition」Academic Press（2025）9780443161070
参考文献・資料 Additional Readings and Resource
1. Lecture materials and cases will be provided in class or on Classroom.
2. Other supplemental materials will be provided in class. Students are expected to read all the assigned materials and cases.
3. Suggested reference book on M&A: Mergers, Acquisitions, and Corporate Restructurings, 7th Edition (2017), Patrick A. Gaughan, Wiley, ISBN: 978-1-119-38076-4.
2. Other supplemental materials will be provided in class. Students are expected to read all the assigned materials and cases.
3. Suggested reference book on M&A: Mergers, Acquisitions, and Corporate Restructurings, 7th Edition (2017), Patrick A. Gaughan, Wiley, ISBN: 978-1-119-38076-4.
授業調査に対するコメント Comment on Course Evaluation
Course evaluation is to be discussed in the first class (course introduction) and the last class (course consolidation).
担当教員のプロフィール About the Instructor
Prof. George Wang received his MBA degree from University of Connecticut, USA, and his PhD degree from Imperial College London, UK.
Prior to his academic career in Japan, he has served at University of Colorado Denver (USA) and National Kaohsiung University of Science and Technology (Taiwan).
His research interest is on corporate finance, corporate governance, and investment appraisal.
In addition to academics, Dr. Wang has rich industry work experience, such as consultant, chief financial manager, and independent board director at several publicly listed companies (PLCs).
（実務経験 Work experience）
Academic work experience:
1. Professor in Business and Economics, Soka University, Japan
2. Associate Professor in Economics, University of Colorado Denver, USA.
3. Assistant Professor, National Kaohsiung University of Science and Technology, Taiwan.
Industry work experience:
1. Independent Director of Board, Hwatou Biotech Company (Publicly Issued Company), Taiwan.
2. Consultant to several industrial firms, Taiwan and UK.
3. Financial Director, Feng-Tay Enterprise Co., Ltd. (PLC), Taiwan.
4. Security Analyst, Cathay Life Insurance Co. (PLC), Taiwan.