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題名 企業併購下整合策略之研究
作者 徐景星
貢獻者 季延平
徐景星
關鍵詞 併購
整合策略
企業併購法
五力分析
併購策略
個案公司
併購實務
盡職調查
日期 2007
上傳時間 18-Sep-2009 15:05:49 (UTC+8)
摘要 資本運作可最適化生產資源的配置,從而改善企業的經營效率。高效率企業透過併購低效率企業,能夠更好地利用後者的資源,從而創造附加價值。
綜觀資源運作的百年史,橫看國內外之一幕幕資源運作的故事,本研究發現,併購的效果並不如人們想像的那樣美好。麥肯錫顧問公司在1997年上半年公佈的一份研究報告顯示:在此之前的一百年中,透過弱肉強食的方式來併購企業之後,80%的大公司皆未能回收投資成本。透過併購而快速擴張的企業,後來因資金供應與管理停滯而發生危機的為數不少。
由於併構本身並不能立即為公司帶來具體的效益,往往併購之後的整合才是創造併購價值的開始。有關企業策略規劃、組織結構調整、企業文化融合、管理制度、營運作業或高階主管的領導風格,對於併購後之績效目標是否得以實現,被併購公司是否得以順利經營,不同被併購後之相關措施而流失人才與客戶,皆是併購後整合策略不可忽視的重要議題。
本研究採個案研究方法,對相關文獻探討之整合策略,研究發現如下:
1. 併購策略,企業策略與併購實務三者之間皆互相交互影響。
2. 現行業務會影響併購實務,而併購實務會使業務定型,從而限制業務創新,所以以現行業務導向引導併購實務存在著相當程度的風險性。
3. 透過產業競爭之五力分析,確認併構策略的核心目的為透過併購加強規模經濟,差量化產品或服務,以提高顧客之轉換成本,或限制到主要市場的通路,從而提高競爭障礙。
4. 本研究對個案公司執行實務的建議如下:
(1) 不僅以現有業務為限要建立併購後願景。(2) 重視併購後的整合。(3) 採用標準化作業流程。(4) 實施顧客關係管理(CRM)。(5) 開發新產品與新策略。(6) 作業流程再造(Operation Process Reengineering,OPR)。(7) 訂製策略性資訊系統(Strategic Information System,SIS)。
5. 企業執行策略併購需要關注以下幾點:首先,要有長遠的策略性規劃,聚焦於企業核心競爭優勢而確定未來的發展方向和發展目標,透過策略併購強化企業的核心競爭能力。其次,正確選擇策略併購的時機和目標,審慎分析收購方與目標企業的行業特徵與個性特徵,仔細論証目標企業對收購方核心能力提升的綜效功能。最後,重視併購之後的資源整合。策略併購能否形成新的競爭優勢,增強企業的核心競爭力,最終取決於企業是否具有強大的資源整合能力,能否有效發揮併購獲得的各種資源的功能。併購的失敗往往就是由於併購之後資源整合的失敗。
6. 資訊不對稱風險是併購與資本運作當中的最重要的風險之一。
在本研究之中個案公司所做之盡職調查,或稱為審慎調查(due diligence),它是降低併購過程中的資訊不對稱風險的最主要方法,理所當然地應成為併購操作的重要一環。所謂審慎調查,就是從資產、負債、財務、經營、策略和法律角度,對目標企業進行一系列深入的調查和核查,了解目標企業真實的經營業績和財務狀況以及目標企業所面臨的機會和潛在的風險,以對目標企業作出客觀評估,幫助主併方作出正確的收購決策。
This paper adopts the method of case study, and study the related document to focus on the formulation of the integration strategies, the research discovers the following items:
1. The mergers and acquisition strategy, the entrepreneur strategy and the M & A practice is feedbacked interactively.
2. The present business operation will fix the type of the business operation to constraint the innovation of the business operation, therefore using the present operation oriented strategy to lead the way of the M & A practice exist some kinds of danger situation.
3. The research analyze with the five force analysis of the competitive advantage to confirm the main purpose of the M & A strategy is to strengthen the scale economy, differentiate products or the service through the M & A process, and to enhance the transformational cost of the customer, or restrict the channel of the main market to enhance the competitive barrier.
4. The suggestion of the research to the execute practice of the case study company are as follows: (1) Accept the new business operation. (2) Adopt the appropriate software package. (3) Adopt the standard operation procedure. (4) Implement the customer’s relationship management (CRM). (5) Develop the new produce and the new strategies. (6) Operation process reengineering (OPR). (7) Customized the strategic information system(SIS).
5. The execution of M & A must focus on the following points: first, the continous strategic planning must focus on the core competency. the second , choose the entry timing and the target of the strategic M & A correctly to enhance the function of synergy.the third, focused on the resource intergration after the M & A to acquire the integrative function of various resource.
6. The risk of the information asymmetry is the most crucial risk of the M & A and the capital operations.「The Due diligence」of the case study company in this research is the major method to reduce the risk of the information asymmetry in the M & A process.the due diligence investigation focus on various perspective of finance,management,strategy and the law,and doing a series of in depth investigation and checking to understand the right M & A chance and the potential risk of the target enterprise ,then in the final to build up the objective evaluation to the target enterprise.
參考文獻 第一部份:中文部份
1.國立政治大學企研所未出版碩士論文,何森茂(1994),企業購併後整合管理之研究。
2.國立中興大學企業管理研究所碩士學位論文,張建泰(1993),企業購併之組織整合程序及管理活動之研究。
3.國立政治大學會計研究所碩士學位論文,陳志光(1991),我國企業購併前後績效及經營績效之比較研究。
4.王美惠(1995),企業購併後組織文化與效能關係之研究,國立中興大學企業管理研究所碩士論文。
5.孫麗芳(1993),企業跨國收購之整合程序探討,國立中興大學企業管理研究所碩士論文。
6.曾鳴湘(1999),企業購併後之效率實證:以台灣製造業為例,私立輔仁大學管理研究所碩士學位論文。
7.江玉柏:影響企業購併成效之因素與策略探討,國立台灣科技大學工業管理研究所研究生。
8.劉育秀(1993),購併決策影響購併績效及經營績效之關鍵因素:台灣企業購併之實證研究,管理會計,第25期。
9.伍忠賢,購併後如何選任高階管理者,管理雜誌第135期。
10.曾曉薇(2000),企業購併後人才資產整合的重要性,能力雜誌。
11.黃金印,企業購併與企業再造,跨世紀競爭策略。
12.伍忠賢(2000),「企業購併理論與實務-跨世紀全球投資觀點」,台北:新陸書局股份有限公司。
13.李明軒、邱如美譯(Michal E. porter著)(1999),「競爭優勢」,初啟,台北天下遠見出版股份有限公司。
14.高登第、李明軒翻譯(Michal E. porter著)(2001),「竟爭論」,初啟,台北天下遠見出版股份有限公司。
15.劉金條(2001),「企業購併後組織整合管理之研究-以日月光購併環隆電氣為例,雲林科技大學企業管理學系未出版碩士論文。
16.吳盈潔(2001),企業購併對組織文化與組織承諾之影響,國立中央大學人資所碩士論文。
17.徐恆功(2000),策略併購後整合模式之研究:以資訊業為例,政治大學企業管理系博士論文。
第二部份:英文部分
[1] Aboody, David, Ron Kasznik, and Michael Williams, Purchase versus Pooling in Stock for Stock Acquisitions, Why do Firm Care?”, Journal of Acoounting Economics, 2000, Vol. 29, pp.261-286
[2] Amihud, Yakov, Baruch Lev, and N.G.Travlos, Corporate control and the choice of investment financing: The case of corporate acquisitions”, Journal of Finance, (1997), Vol.45, No, PP.603-616.
[3] Andrade, Gregor, Mark L. Mitchell, and Erik Stafford, New evidence and perspectives on mergers”, Journal of Economic Perspectives, 2001, VOl. 15, NO.2, pp.103-120.
[4] Berkovitch, Elazar, and Naveen Khanna, A Theory of the Acquisition Markets: Mergers versus Tender Offers, and Golden Parachutes”, Review of Financial Studies,(1991),Vol.4,pp.149-174.
[5] Campa, Jos e Manuel, and Ignacio Hernando,“Shareholder Value Creation in European M&As”,European Financial Management, 2004, Vol. 10,No.1,pp.47-81.
[6] Daley, Lane, Vilas Mehrotra, and Ranjini Sivakumar, Corporate Focus and Value Creation: Evidence from Spin-offs”, Journal of Finacxial Economics, 1997, Vol.45,pp.257-281.
[7] Desao, Hemang, and Prem C. Jain, Firm Performance and Focus: Long run Stock Market Performance Following Spin-off”, Journal of Financial Economcis, 1999,Vol.54,pp. 75-101.
[8] Ferrara, Ralph C., Meredith M. Brown, and John H.Hall, “Takeovers Attack and Survival, A Strategist’s Manual”, Lexis Law PubLishing, 1987, pp.275, 291-293.
[9] Golbe, Devra L, and Lawrence J. White, Catch a Wave: The Time Series Behavior of Mergers”, Review of Economics and Statistics, 1993, Vol 75,No.3,pp.493-499.
[10] Hite, Gailen L., and James E. Owers, Security Price Reactions around Corporate Spin-Off Announcements”, Journal of Financial Economics, 1983, Vol.12, No.4,pp.409-436.
[11] Jensen, Michael C., Takeovers: Their Causes and Consequences”,
Journal of Economic Perspectives, (1988), Vol.2, No.1, pp.21-48.
[12] Knoeber, Charles R., Golden Parachutes, Shark Repellents, and Hostile Takeovers”, American Economic Review,(1986),Vol.76,pp.155-167.
[13] Krishnaswami, Sudha, and Venkat Subramaniam, Information Asymmetry, Valuation, and the Corporate Spin-off Decision,Journal of Financial Economics,1999,Vol.53,No.1,pp.73-112.
[14] Martin, Kenneth J., The method of Payment in corporate acquisitions, investment opportunities, and management ownership”, Journal of Finance (1996), Vol.51, No.4, pp.1227-1246.
[15] McConnell, John J.,Jeffrey Allen, Scott L. Lummer, and Debra K.Reed,“Can Takeover Losses Explain Spin-off Gains?”,Journal of Financial and Quantitative Analysis,1995,Vol.30,No,4,pp.465-485.
[16] Miles, James A., and James D. Rosenfeld,“ The Effect of Voluntary Spin-Off Announcements on Shareholder Wealth”, Journal of Finance, 1993, Vol.38, No.5, pp.1597-1606.
[17] Robinson, J.R., and Shane P.B., Acquisition Accounting Method and Bid Permium for Target Firms”, The Accounting Review, 1990, Vol.65, pp.25-48.
[18] Vijh, Anad M., The Spin-off and Merger Ex-date Effects”, Journal of Finance, 1994, Vol.49, pp.581-609.
[19] Zhao, Longkai, Collars and Value Maximization in Stock Mergers: Theory and Evidence”, UBS Ph.D.Thesis, (2003).
描述 碩士
國立政治大學
經營管理碩士學程(EMBA)
94932416
96
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0094932416
資料類型 thesis
dc.contributor.advisor 季延平zh_TW
dc.contributor.author (Authors) 徐景星zh_TW
dc.creator (作者) 徐景星zh_TW
dc.date (日期) 2007en_US
dc.date.accessioned 18-Sep-2009 15:05:49 (UTC+8)-
dc.date.available 18-Sep-2009 15:05:49 (UTC+8)-
dc.date.issued (上傳時間) 18-Sep-2009 15:05:49 (UTC+8)-
dc.identifier (Other Identifiers) G0094932416en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/35468-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 經營管理碩士學程(EMBA)zh_TW
dc.description (描述) 94932416zh_TW
dc.description (描述) 96zh_TW
dc.description.abstract (摘要) 資本運作可最適化生產資源的配置,從而改善企業的經營效率。高效率企業透過併購低效率企業,能夠更好地利用後者的資源,從而創造附加價值。
綜觀資源運作的百年史,橫看國內外之一幕幕資源運作的故事,本研究發現,併購的效果並不如人們想像的那樣美好。麥肯錫顧問公司在1997年上半年公佈的一份研究報告顯示:在此之前的一百年中,透過弱肉強食的方式來併購企業之後,80%的大公司皆未能回收投資成本。透過併購而快速擴張的企業,後來因資金供應與管理停滯而發生危機的為數不少。
由於併構本身並不能立即為公司帶來具體的效益,往往併購之後的整合才是創造併購價值的開始。有關企業策略規劃、組織結構調整、企業文化融合、管理制度、營運作業或高階主管的領導風格,對於併購後之績效目標是否得以實現,被併購公司是否得以順利經營,不同被併購後之相關措施而流失人才與客戶,皆是併購後整合策略不可忽視的重要議題。
本研究採個案研究方法,對相關文獻探討之整合策略,研究發現如下:
1. 併購策略,企業策略與併購實務三者之間皆互相交互影響。
2. 現行業務會影響併購實務,而併購實務會使業務定型,從而限制業務創新,所以以現行業務導向引導併購實務存在著相當程度的風險性。
3. 透過產業競爭之五力分析,確認併構策略的核心目的為透過併購加強規模經濟,差量化產品或服務,以提高顧客之轉換成本,或限制到主要市場的通路,從而提高競爭障礙。
4. 本研究對個案公司執行實務的建議如下:
(1) 不僅以現有業務為限要建立併購後願景。(2) 重視併購後的整合。(3) 採用標準化作業流程。(4) 實施顧客關係管理(CRM)。(5) 開發新產品與新策略。(6) 作業流程再造(Operation Process Reengineering,OPR)。(7) 訂製策略性資訊系統(Strategic Information System,SIS)。
5. 企業執行策略併購需要關注以下幾點:首先,要有長遠的策略性規劃,聚焦於企業核心競爭優勢而確定未來的發展方向和發展目標,透過策略併購強化企業的核心競爭能力。其次,正確選擇策略併購的時機和目標,審慎分析收購方與目標企業的行業特徵與個性特徵,仔細論証目標企業對收購方核心能力提升的綜效功能。最後,重視併購之後的資源整合。策略併購能否形成新的競爭優勢,增強企業的核心競爭力,最終取決於企業是否具有強大的資源整合能力,能否有效發揮併購獲得的各種資源的功能。併購的失敗往往就是由於併購之後資源整合的失敗。
6. 資訊不對稱風險是併購與資本運作當中的最重要的風險之一。
在本研究之中個案公司所做之盡職調查,或稱為審慎調查(due diligence),它是降低併購過程中的資訊不對稱風險的最主要方法,理所當然地應成為併購操作的重要一環。所謂審慎調查,就是從資產、負債、財務、經營、策略和法律角度,對目標企業進行一系列深入的調查和核查,了解目標企業真實的經營業績和財務狀況以及目標企業所面臨的機會和潛在的風險,以對目標企業作出客觀評估,幫助主併方作出正確的收購決策。
zh_TW
dc.description.abstract (摘要) This paper adopts the method of case study, and study the related document to focus on the formulation of the integration strategies, the research discovers the following items:
1. The mergers and acquisition strategy, the entrepreneur strategy and the M & A practice is feedbacked interactively.
2. The present business operation will fix the type of the business operation to constraint the innovation of the business operation, therefore using the present operation oriented strategy to lead the way of the M & A practice exist some kinds of danger situation.
3. The research analyze with the five force analysis of the competitive advantage to confirm the main purpose of the M & A strategy is to strengthen the scale economy, differentiate products or the service through the M & A process, and to enhance the transformational cost of the customer, or restrict the channel of the main market to enhance the competitive barrier.
4. The suggestion of the research to the execute practice of the case study company are as follows: (1) Accept the new business operation. (2) Adopt the appropriate software package. (3) Adopt the standard operation procedure. (4) Implement the customer’s relationship management (CRM). (5) Develop the new produce and the new strategies. (6) Operation process reengineering (OPR). (7) Customized the strategic information system(SIS).
5. The execution of M & A must focus on the following points: first, the continous strategic planning must focus on the core competency. the second , choose the entry timing and the target of the strategic M & A correctly to enhance the function of synergy.the third, focused on the resource intergration after the M & A to acquire the integrative function of various resource.
6. The risk of the information asymmetry is the most crucial risk of the M & A and the capital operations.「The Due diligence」of the case study company in this research is the major method to reduce the risk of the information asymmetry in the M & A process.the due diligence investigation focus on various perspective of finance,management,strategy and the law,and doing a series of in depth investigation and checking to understand the right M & A chance and the potential risk of the target enterprise ,then in the final to build up the objective evaluation to the target enterprise.
en_US
dc.description.tableofcontents 中文摘要 ...................................................................................................I
英文摘要 .................................................................................................IV
目錄 ........................................................................................................V I
表目錄 .............................. .......................................................................X
圖目錄 .....................................................................................................XI
第一章 研究緒論 ...................................................................................1
第一節 研究背景與動機 .......................................................................1
一、研究背景 .....................................................................................1
二、研究動機 .....................................................................................3
第二節 研究方向與步驟 .......................................................................3
一、研究方向 ....................................................................................3
二、研究步驟 .....................................................................................5
第三節 研究架構與方法 .......................................................................6
一、研究架構 .....................................................................................6
二、研究方法 .....................................................................................7
(一) 研究工具1:併購的操作程序 …......................................7
(二) 研究工具2:併購的效益與風險 ......................................25
第二章 文獻探討 .................................................................................33
第一節 併購之策略性規劃程序 ........................................................33
第二節 企業併購制度之法制化 ........................................................34
一、企業併購法之制定 ...................................................................34
二、簡式合併 ...................................................................................35
三、非對稱式合併 ............................................................................35
四、租稅優惠 ..................................................................................36
五、併購程序簡化 ...........................................................................37
六、併購門檻降低 ............................................................................37
第三節 影併購成敗的因素 .................................................................37
一、如何避免併購失敗之策略 ........................................................44
第四節 整合策略對併購影響之探討 .................................................44
一、財務制度的整合工作 ...............................................................45
二、管理制度的整合工作 ..............................................................46
三、營運作業的整合工作 ..............................................................47
四、組織整合的考量因素 ...............................................................48
五、組織文化整合的考量因素 .......................................................50
第五節 併購模式 ................................................................................54
一、併購實務規劃要項 ...................................................................54
二、海外併購的考量 .......................................................................55
三、資源整合 ...................................................................................58
四、成立總管理處以集中調度資金、採購 .....................................58
第三章 個案分析 ..... .......................................... ............. ..................59
第一節 個案公司相關背景資料之說明:盡職調查 ..........................59
一、個案背景 ...................................................................................59
第二節 併構策略相關構面之說明:詳盡的盡職調查報告 ...............60
第三節 建立合併原則.............................................................................70
第四節 併購問題探討.............................................................................73
第五節 整合結果不理想........................................................................78
第六節 欲速則不達.................................................................................82
第四章 結論與建議 .............................................................................84
第一節 結論 ...................................................... ........ .........................84
一、研究結果......................................................................................84
二、個案公司的併購策略 ...............................................................86
三、行業吸引力─業務實力矩陣在併購中的應用 .........................94
第二節 對個案公司併購之後整合的建議 .......................................104
第三節 未來之研究主題 ...................................................................111
一、先有策略,再設定設定條件尋找標的 ...................................112
第四節 研究建議 ...............................................................................117
一、對主併購與被併購公司主管的建議 .....................................117
二、對被併購公司員工的建議.......................................................... 120
三、對後續研究者之建議...................................................................121
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dc.language.iso en_US-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0094932416en_US
dc.subject (關鍵詞) 併購zh_TW
dc.subject (關鍵詞) 整合策略zh_TW
dc.subject (關鍵詞) 企業併購法zh_TW
dc.subject (關鍵詞) 五力分析zh_TW
dc.subject (關鍵詞) 併購策略zh_TW
dc.subject (關鍵詞) 個案公司zh_TW
dc.subject (關鍵詞) 併購實務zh_TW
dc.subject (關鍵詞) 盡職調查zh_TW
dc.title (題名) 企業併購下整合策略之研究zh_TW
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) 第一部份:中文部份zh_TW
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