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題名 購併前評估管理之研究： 以電腦公司為例
The study of pre-merger valuation and management based on a computer company`s case
作者 林之韻
Lin, Chih-yun
貢獻者 于卓民
林之韻
Lin, Chih-yun
關鍵詞 購併
購前評估
購前整合之規劃
日期 2010
上傳時間 3-Sep-2013 14:42:21 (UTC+8)
摘要 在瞬息萬變的經營環境中，企業為了維持競爭優勢，使企業營運有穩定性的獲利，必定會不斷追求成長。企業的成長可透過內部發展或藉由外部成長來完成，在成長過程企業通常透過種種策略性活動，諸如策略聯盟、合資、購併、成立衍生公司等手段，達到掌握關鍵性資源、擴大市占率、抑止或消除競爭對手等目的。無論是為了解決過去的缺口亦或是掌握未來機會，購併策略極大的優勢在於其能快速縮短時效，使現代企業能掌握當日商業競爭決勝的關鍵─面對外界環境變動時的快速應變能力，因而購併成為現代企業的快速成長方程式。企業購併過程充滿不確定性，本研究期能將購併管理的藝術科學化，使經理人有效減低在進行購併時的不確定性，在決策時能有更加完整的考量因素。因此，本研究目的在於嚐試建議一個合適的併前評估策略，使預期發生之企業成長價值能實際地透過選擇正確的購併標的逐漸體現。易言之，適當的併前策略有助於企業選擇出正確之購併標的，而其實際價值及其未來衍生效益的加總，即為企業成長價值。
個案觀察對象之A公司成立於民國七十年九月，穩定成長至今為知名之電腦廠商，產品涵蓋醫療、娛樂、賣場、交通、安全監控等多項領域。由於個案公司A公司之創始人及其經營團隊為達到企業持續成長的策略目標，廣泛投資於各項策略性成長之活動，以上積極且多元的成長策略組合也使其成為一個極佳的觀察對象。研究者透過於A公司企業實習之機會，以「深度訪談」、「實際參與公司業務」及「蒐集資料進行分析」之方式，實地與相關人員進行對話、深入記錄並體會企業運作過程。本研究透過對Ａ公司之數個購併案例進行歸納，探討應如何優化併前流程，其中包含實施合適且客觀的併前評估、是否應該建立一套購併的標準程序、負責購併之組織架構應如何設計、購併後整合之規劃應如何進行等議題，由此瞭解目前企業之企業成長模式與其併前流程之關鍵挑戰，最後提出一實際可行之併前策略規劃。
針對如何優化併前評估流程，本研究有下列建議：
一、 在併前評估模式中，應包含可代表購併動機與併後整合規劃之關鍵指標，如：以達到購併動機與併前評估的一致性，並提升併後整合規劃之質量。
二、 併前評估項目即須包含併後整合規劃之關鍵指標，許多併後整合規劃之關鍵指標為非量化指標，併前評估對目標公司的上述指標內容有清楚瞭解有助降低收購風險及併後整合之規劃，因此非量化指標得分高亦是主併公司願支付溢價的原因。
三、 以專職的併前評估組織做為總部與事業群之中介以及購併風險管控之角色。
成功的購併是從一連串的程序中所獲致的；同樣地，導致失敗的原因，也往往散佈在整個購併的程序中。而影響購併成敗的原因，通常並非單一要素，各個要素之間往往都是環環相扣，互相影響，因此如果在併前流程缺乏充足的資訊，則無法產生完善整體的購併計畫，那麼各種要素所衍生的問題就會隨著購併行動的展開而一一浮現。如果在併前評估後自認無法克服購併風險，企業就不應採行購併，而應採用其他成長策略達成永續經營的目的。以上結論期能幫助A公司透過購併達到企業成長的目的，也能為個案公司及其他企業進行購併時提供一個務實的參考架構。
參考文獻 一、 中文部分
[1] 林武田，「企業購併評價模式之研究─以台灣元大京華證券承作案為例」，澳門科技大學管理博士學位論文，民94年，頁137-139。
[2] 伍忠賢，策略管理，台北：三民書局，民91年。
[3] 江玉柏、余尚武，「影響企業購併成敗之因素與策略探討」，經濟情勢暨評論，第四卷第二期，經濟部，民87年。
[4] 吳芳銘，購併成長：面對中國高速經濟成長的策略，台北：時英出版社，民95年。
[5] 葉秋英、吳志光，「論企業購併法下收購類型之適用」，月旦法學，民92年，頁231。
[6] 劉家麟，「購併企業之人力資源管理措施探討」，國立東華大學企業管理學系碩士論文，民80年，頁6-10。
[7] 潘玉葉、潘隆政，「企業購併支付方式影響因素之研究」，淡江人文社會學刊，民87年11月，頁173-197。
[8] 應國卿，「我國企業國際購併之失敗因素研究」，國立台灣科技大學碩士學位論文，民國81年。
[9] 謝劍平，現代投資銀行，台北：華泰書局，民99年。
二、 網站資訊
[1] 企業購併法 法規查詢http://db.lawbank.com.tw/FLAW/FLAWDAT0201.asp
三、 英文部分
[1] Ashkenas, R. N., DeMonaco, L. J., and S. C. Francis, “Making the Deal Real: How GE Capital Integrates Acquisitions,” Harvard Business Publishing, Vol. 76, No. 1, 1998, pp. 165-78.
[2] Burgelman, R. A., and W. Mckinney, “Managing the Strategic Dynamics of Acquisition Integration: Lessons From HP and Compaq,” California Man-agement Review, Vol.48, No.3, 2006, pp. 6–27.
[3] Birkinshaw, J., Bresman H., and L. Hakanson, “Managing the Post-acquisition Integration Process: How the Human Integration and Task Integration Process Interact to Foster Value Creation,” Journal of Management Studies, Vol.37, Issue. 3, 1998, pp.395-425.
[4] Bradley, J. W., and D. H. Korn, "Acquisition and Merger: A shifting route to corporate growth," Management Review, Vol. 68, No. 3, 1979, pp.46-51.
[5] Buckley, P. J., and M. Casson, “An Economic Model of International Joint Venture Strategy,” Journal of International Business Studies, Vol.22, No.4, 1996, pp.579-601.
[10] Camara, D., and P. Renjen, “The Secrets of Successful Mergers: Dispatches from the Front Lines,” Journal of Business Strategy, Vol. 25, No.3, 2004, pp.10-14.
[11] Capron, L., and N. Pistre, ‘When Do Acquirers Earn Abnormal Returns?’ Strategic Management Journal, Vol. 23, No. 9, 2002, pp. 781-794.
[12] Cartwright, S., and L.C. Cooper, “The Role of Culture Compatibility in Successful Organization,” The Academy of Management Executives, Vol.34, No. 2, 1993, pp.327-347.
[13] Cartwright, S., and R. Schoenberg, "30 Years of Mergers and Acquisitions Research: Recent Advances and Future Opportunities,” British Journal of Management, Vol. 17, Issue S1, 2006, pp. S1-S5.
[14] Cisco Systems, Cisco Publication Information, 2007.
[15] Drucker, P. F., "Five Rules for Successful Acquisition," The Wall Street Journal, Vol. 15, 1981, p.28.
[16] Donaldson, T., and L.E. Preston, “The Stakeholder theory of the Corporation: Concepts, Evidence and Implications,” Academy of Management Review, Vol.20, No. 1, 1995, pp.65-91.
[17] Dyer, J. H., Kale, P., and H. Singh, “When to Ally and When to Acquire,” Harvard Business Review, Vol. 82 No. 8, 2004, pp.109-15.
[18] Epstein, M. J., “The Drivers of Success in Post-Merger Integration,” Organizational Dynamics, Vol.33, No. 2, 2004, pp.174-189.
[19] Fishman, M. J., “Preemptive Bidding & the Role of the Medium of Exchange in Acquisitions,” The Journal of Finance, Vol. 44, No.1, 1989, pp. 41-57.
[20] Hitt, M. A., King, D., Krishnan, H., Makri, M., Schijven, M., Shimizu, K., and H. Zhu, “Mergers and Acquisitions: Overcoming Pitfalls, Building Synergy, and Creating Value,” Business Horizons, Vol. 29, Issue 6, 2009, pp. 523-529.
[21] Huang, Y., and R.A. Walking, “Target Abnormal Returns Associated with Acquisition Announcements: Payment, Acquisition Form, and Management Resistance,” Journal of Financial Economics, Vol. 19, Issue 2, 1987, pp. 329-349.
[22] Iborra, M. C. S., “Choices in Joint Venture and Acquisition Negotiation Behavior,” Management Research, Vol. 2, No. 3, 2004, pp. 219–234.
[23] Iqbal, Z., and S. Shetty, “The Impact of Merger Outcome, Bid Order, Payment Method, and Managerial Resistance on Stock Returns to Bidders in Mul-tiple-Bidder Merger Contests,” International Review of Economics and Finance, Vol. 4, Issue 1, 1995, pp. 57-67.
[24] March, J. G., and Z. Shapira, “Managerial Perspectives on Risk and risk Taking, “ Management Science, Vol. 33, No. 11, 1987, pp.1404 -1418.
[25] Morrison, N. J., Kinley, G., and K. L Ficery, “Merger Deal Breakers: When Operational Due Diligence Exposes Risk,” Journal of Business Strategy, Vol. 29, Issue 3, 2008, pp.23-28.
[26] Pablo, A.J., Sitkin, S. B., and D. B. Jemison, “Acquisition Decision-Making Processes: The Central Role of Risk,” Journal of Management, Vol. 22, No. 5, 1986, pp.723-746.
[27] Paine, F. T. and D. J. Power, "Merger Strategy: A Examination of Drucker`s Five rules for Successful Acquisition," Strategic Management Journal, Vol.5, No.2, 1984, pp.99-110.
[28] Papadakis, V., "Growth Through Mergers and Acquisitions: How It Won`t Be a Loser`s Game,” Business Strategy Series, Vol. 8, No. 1, 2007, pp.43 - 50.
[29] Parkhe, A., “Interfirm Diversity, Organizational Learning, and Longevity in Global Strategic Alliances,” Journal of International Business Studies, Vol. 27, No. 5, 1991, pp.849-875.
[30] Peterson, D. R., and P. P. Peterson, “The Medium of Exchange in Mergers and Acquisitions,” Journal of Banking and Finance, Vol. 15, Issue 2, 1991, pp. 383-405.
[31] Porter, M., “From Competitive Advantage to Corporate Strategy,” Harvard Business Review, Vol. 65, No. 3, 1987, pp.2-21.
[32] Quah, P., and S. Young, “Post-acquisition Management: A Phases Approach for Cross-border M&As,” European Management Journal, Vol. 23, No. 1, 2005, pp.65-75.
[33] Roberto, M. A., and M. G. Carioggia, “Polycom’s Acquisition Process,” Harvard Business Publishing, 2005.
[34] Ritov, I., “Probability of regret: Anticipation of Uncertainty Resolution in Choice,” Organizational Behavior and Human Decision Processes, Vol. 66, No. 2, 1996, pp. 228-236.
[35] Salter, M. S., and W. A. Weinhold, “Diversification via Acquisition: Creating Value”, Harvard Business Review, Vol.56, No.4, 1978, pp.166-176.
[36] Schneider, S.C., and A. De Meyer, "Interpreting and Responding to Strategic Issues: The impact of national culture," Strategic Management Journal, Vol. 12, No.4, 1991, pp. 307-320.
[37] Sudarsanam, S., and A. Mahate, “Are Friendly Acquisitions Too Bad for Shareholders and Managers? Long Term Value Creation and Top management Turnover in Hostile and Friendly Acquirers,” British Journal of Management, Vol. 17, No. S1, 2006, pp.S7-30.
[38] Trifts, J. W., “Corporate Takeover Bids, Methods of Payment and the Effects of Leverage,” Quarterly Journal of Business and Economics, Vol. 42, No.4, 1991, pp. 33-47.
[39] Uhlaner, R. T., and A. S. West, “Running a Winning M&A Shop,” The McKinsey Quarterly, Vol.2, No. 27, 2008, pp.106-113.
[40] Very, P., and D. M. Schweiger, “The Acquisition Process as a Learning Process: Evidence from a Study of Critical Problems and Solutions In Domestic and Cross-Border Deals,” Journal of World Business, Vol. 36, No. 1, 2001, pp.11-31.
描述 碩士
國立政治大學
企業管理研究所
98355052
99
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0098355052
資料類型 thesis
dc.contributor.advisor 于卓民zh_TW
dc.contributor.author (Authors) 林之韻zh_TW
dc.contributor.author (Authors) Lin, Chih-yunen_US
dc.creator (作者) 林之韻zh_TW
dc.creator (作者) Lin, Chih-yunen_US
dc.date (日期) 2010en_US
dc.date.accessioned 3-Sep-2013 14:42:21 (UTC+8)-
dc.date.available 3-Sep-2013 14:42:21 (UTC+8)-
dc.date.issued (上傳時間) 3-Sep-2013 14:42:21 (UTC+8)-
dc.identifier (Other Identifiers) G0098355052en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/59790-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 企業管理研究所zh_TW
dc.description (描述) 98355052zh_TW
dc.description (描述) 99zh_TW
dc.description.abstract (摘要) 在瞬息萬變的經營環境中，企業為了維持競爭優勢，使企業營運有穩定性的獲利，必定會不斷追求成長。企業的成長可透過內部發展或藉由外部成長來完成，在成長過程企業通常透過種種策略性活動，諸如策略聯盟、合資、購併、成立衍生公司等手段，達到掌握關鍵性資源、擴大市占率、抑止或消除競爭對手等目的。無論是為了解決過去的缺口亦或是掌握未來機會，購併策略極大的優勢在於其能快速縮短時效，使現代企業能掌握當日商業競爭決勝的關鍵─面對外界環境變動時的快速應變能力，因而購併成為現代企業的快速成長方程式。企業購併過程充滿不確定性，本研究期能將購併管理的藝術科學化，使經理人有效減低在進行購併時的不確定性，在決策時能有更加完整的考量因素。因此，本研究目的在於嚐試建議一個合適的併前評估策略，使預期發生之企業成長價值能實際地透過選擇正確的購併標的逐漸體現。易言之，適當的併前策略有助於企業選擇出正確之購併標的，而其實際價值及其未來衍生效益的加總，即為企業成長價值。
個案觀察對象之A公司成立於民國七十年九月，穩定成長至今為知名之電腦廠商，產品涵蓋醫療、娛樂、賣場、交通、安全監控等多項領域。由於個案公司A公司之創始人及其經營團隊為達到企業持續成長的策略目標，廣泛投資於各項策略性成長之活動，以上積極且多元的成長策略組合也使其成為一個極佳的觀察對象。研究者透過於A公司企業實習之機會，以「深度訪談」、「實際參與公司業務」及「蒐集資料進行分析」之方式，實地與相關人員進行對話、深入記錄並體會企業運作過程。本研究透過對Ａ公司之數個購併案例進行歸納，探討應如何優化併前流程，其中包含實施合適且客觀的併前評估、是否應該建立一套購併的標準程序、負責購併之組織架構應如何設計、購併後整合之規劃應如何進行等議題，由此瞭解目前企業之企業成長模式與其併前流程之關鍵挑戰，最後提出一實際可行之併前策略規劃。
針對如何優化併前評估流程，本研究有下列建議：
一、 在併前評估模式中，應包含可代表購併動機與併後整合規劃之關鍵指標，如：以達到購併動機與併前評估的一致性，並提升併後整合規劃之質量。
二、 併前評估項目即須包含併後整合規劃之關鍵指標，許多併後整合規劃之關鍵指標為非量化指標，併前評估對目標公司的上述指標內容有清楚瞭解有助降低收購風險及併後整合之規劃，因此非量化指標得分高亦是主併公司願支付溢價的原因。
三、 以專職的併前評估組織做為總部與事業群之中介以及購併風險管控之角色。
成功的購併是從一連串的程序中所獲致的；同樣地，導致失敗的原因，也往往散佈在整個購併的程序中。而影響購併成敗的原因，通常並非單一要素，各個要素之間往往都是環環相扣，互相影響，因此如果在併前流程缺乏充足的資訊，則無法產生完善整體的購併計畫，那麼各種要素所衍生的問題就會隨著購併行動的展開而一一浮現。如果在併前評估後自認無法克服購併風險，企業就不應採行購併，而應採用其他成長策略達成永續經營的目的。以上結論期能幫助A公司透過購併達到企業成長的目的，也能為個案公司及其他企業進行購併時提供一個務實的參考架構。		zh_TW
dc.description.tableofcontents 謝誌 I
摘要 II
表目錄 VI
圖目錄 VII
第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的與問題 2
第三節 研究流程與章節簡介 3
第二章 文獻探討 5
第一節 總體策略目標與購併動機 10
第二節 併前評估模式 13
第三節 併後整合之規劃 24
第四節 併前流程之關鍵成功因素 27
第三章 研究分析架構與方法 40
第一節 初步研究分析架構 40
第二節 研究方法設計 43
第四章 A公司購併發展與併前流程之分析與診斷 47
第一節 A公司簡介 47
第二節 A公司收購個案描述 55
第三節 收購評估流程之研究發現 66
第四節 關鍵議題分析結果與建議 72
第五節 研究架構之修正 83
第六節 修正後架構之驗證 86
第五章 結論與建議 92
第一節 研究結論與對A公司之建議 92
第二節 對其他業者建議 99
第三節 研究限制與後續研究之建議 102
參考文獻 104
附錄 110		zh_TW
dc.format.extent 1258328 bytes-
dc.format.mimetype application/pdf-
dc.language.iso en_US-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0098355052en_US
dc.subject (關鍵詞) 購併zh_TW
dc.subject (關鍵詞) 購前評估zh_TW
dc.subject (關鍵詞) 購前整合之規劃zh_TW
dc.title (題名) 購併前評估管理之研究： 以電腦公司為例zh_TW
dc.title (題名) The study of pre-merger valuation and management based on a computer company`s caseen_US
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) 一、 中文部分
[1] 林武田，「企業購併評價模式之研究─以台灣元大京華證券承作案為例」，澳門科技大學管理博士學位論文，民94年，頁137-139。
[2] 伍忠賢，策略管理，台北：三民書局，民91年。
[3] 江玉柏、余尚武，「影響企業購併成敗之因素與策略探討」，經濟情勢暨評論，第四卷第二期，經濟部，民87年。
[4] 吳芳銘，購併成長：面對中國高速經濟成長的策略，台北：時英出版社，民95年。
[5] 葉秋英、吳志光，「論企業購併法下收購類型之適用」，月旦法學，民92年，頁231。
[6] 劉家麟，「購併企業之人力資源管理措施探討」，國立東華大學企業管理學系碩士論文，民80年，頁6-10。
[7] 潘玉葉、潘隆政，「企業購併支付方式影響因素之研究」，淡江人文社會學刊，民87年11月，頁173-197。
[8] 應國卿，「我國企業國際購併之失敗因素研究」，國立台灣科技大學碩士學位論文，民國81年。
[9] 謝劍平，現代投資銀行，台北：華泰書局，民99年。
二、 網站資訊
[1] 企業購併法 法規查詢http://db.lawbank.com.tw/FLAW/FLAWDAT0201.asp
三、 英文部分
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