併購趨勢下的財經資訊整合以TR公司合併為例

併購及企業重整是財務金融界非常重要的一個領域。併購的內涵非常廣泛，通常是指合併及收購。其基本類型分：1、橫向併購 (同業間的併購)。 2、縱向併購 (在同一產業的上下游之間的併購)。 3、混合併購 (發生在不同行業企業之間的併購)。一般來說，企業併購都要經過發展併購策略階段、鑑定和評估目標公司、談判、交易、和交易後整合五個階段。而產生併購行為最基本的動機就是尋求企業的發展。具體到理論方面，併購的最常見的動機為: 1、效率理論。併購產生的綜效含—經營綜效、財務綜效、和管理綜效。 2、價值低估理論。併購活動的發生主要是目標企業的價值被低估。 3、市場勢力理論。透過併購減少競爭對手,提高市場占有率，從而獲得更多的壟斷利潤。 4、稅負利益理論。透過併購而產生而稅賦上的節省。 5、每股盈餘理論。利用併購活動來提升每股盈收的比率。 6、風險分散理論。透過收購跨入新的行業，實施多元化戰略，分散投資風險。許多企業主管似乎較為忽略合併後的組織整併才是最艱困的，特別是要克服文化衝突。麥肯錫的研究調查發現百分之七十的併購並無法達成其預期的盈收增加目標，併購成功者似乎為幸運的少數。僅管併購的失敗率極高，但財經資訊產業中卻充斥著許許多多的併購案件，且不斷地上演著併人及被併的戲碼。拿個案公司為例，它先是買下其第二大的競爭對手B公司及其子公司M資訊公司，之後卻被其第三大的競爭對手T集團合併。　本文是利用個案研究的方式來分析個案公司在2008年的合併一案，利用SDC資料庫找出過去三十年財經資訊產業的併購案數及其中案例來探索該產業的併購趨勢；利用RK智庫找尋業界競爭資料；利用商情資訊及投行研究報告找出該合併案的細節資料；然後再利用教科書上所提及的併購理論加以佐證。本研究發現不論是利用以上所提及的效率理論、市場勢力理論、每股盈餘理論、及風險分散理論等角度分析，該合併案對兩家公司而言實屬一個雙羸策略。

關鍵字

併購

並列摘要

Mergers and acquisitions (M&A) and corporate restructuring are a big part of the corporate finance world. When strategic and operational drivers are compelling enough, companies buy other companies in order to enhance their positioning in the competitive landscape, capture growth and realize synergies. If a merger goes well, the new company should appreciate in value as investors anticipate synergies to be actualized, creating cost savings and/or increased revenue for the new entity. However, time and again, executives face major stumbling blocks after the deal is consummated. Cultural clashes and turf wars can prevent post-integration plans from being properly executed. M&A has such a bad track record that it will be a lucky minority who can create and sustain value from their deals. A McKinsey study found that 70% of mergers fail to produce expected gains in revenues. Despite the high failure rate, companies in financial information industry seem obsessive to the M&A game and continuously eat and be eaten. Take Company R as an example, it acquired its 2nd largest rival, Company B in 2001, and bought Company M in 2005, but was acquired by Company T in 2008. The purpose of this research is to conduct a case study in analyzing the TR merger in 2008 by accessing SDC database for industry M&A deals in past 30 years to view the M&A trend in the financial information industry; accessing to RK database for competitor analysis; and i-banks’ research reports for the 2008 TR merger details; then, backing up with M&A theories to review the outcomes of this merger. This research found that TR merger is a win-win case as most of results show positive signs no matter from efficiency aspect (with cost saving, and higher financial margin), market power aspect (gain back market leader position which lost in 2003), EPS game (improved EPS figures), and diversification aspect (truly global presence and no longer tight up with stock market cycle as the other Division supports half of the merged company’s earnings).

並列關鍵字

Mergers & Acquisitions

參考文獻

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國際替代計量

併購趨勢下的財經資訊整合以TR公司合併為例

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