用策略矩陣來進行併購策略之分析 －以國產女性品牌內衣為例

Using Policy matrix to analyze the M & A strategy of a domestic underwear company in Taiwan

曾景睦(Cheng-Mu Tseng)

指導教授 ： 林霖

國立暨南國際大學/管理學院/經營管理碩士學位學程在職專班/碩士(2013年)

https://doi.org/10.6837/NCNU.2013.00120

摘要

「併購」（Mergers and Acquisitions）包含合併(Mergers)與收購(Acquisitions)兩者形式，而併購的發生也是讓企業能快速進入新市場並取得品牌與通路等無形的有價值資產，甚至是決勝市場的關鍵。成功的企業併購並不容易，整體策略思考包含併購前的策略規劃評估、併購中的執行，到併購後的整合，一旦併購成功可以促使企業快速取得關鍵技術、擴大版圖、提高議價能力、引進策略投資人、減少競爭者等不同的效益，最終反映在企業價值的提升上。
本研究是應用司徒達賢所發展的策略矩陣分析法，從產業流程中進行策略面的思考規劃，策略矩陣是策略分析與決策的思考模式，結合「產業價值鏈」與「策略形態」交叉對比而推演出一套可分析產業環境、暸解產業運作而形成企業競爭優勢的工具。
併購案是不斷在發生中，但在台灣知名國產女性內衣品牌的併購卻是近三十年來唯一事件，所以本研究對個案公司從因財務危機引發兩次併購中來探討，品牌在併購過程中除了融資、股東權益等財務面思考外，對上、中、下游間垂直整合，商品設計、採購、品牌行銷與通路等構面也需納入策略評估，逐步形成新的競爭優勢。
策略矩陣分析法將歸納出國產女性品牌內衣之產業價值鏈、策略要素做分析，再歸納數點結論與建議事項給後續追隨著做參考。

關鍵字

併購 ； 策略矩陣 ； 產業價值鏈 ； 策略要素

並列摘要

“Merges and Acquisitions" includes mergence and acquisitions two forms, which with the occurrence procuring is also the great value property that makes the enterprises able to get into marketing field quickly. And that obtains invisibles, such as brands and channels...etc., even is the key that makes final bid on the market. A successful mergence of the enterprise is not easy. The whole strategy thinking contains the valuation of strategy’s layout before merging, the execution during merging and the integrating after merging. Once merging successfully can urge the enterprises to obtain the key of techniques quickly, extend landscape, rise the negotiation capability, bring in strategy investors and reduce competitors in different efficiencies. Finally, it reflects the promotion on the enterprises’ valuation.
This research is an applied method which accords to being developed the strategy matrix analysis by Si-Tu-Da-Xian, who carries on the thinking layout of strategy from industry process. The strategy matrix is strategy analysis and the thinking mode of decision, which combines "industry value chain" and "strategy appearance" and produce a set of performance that can analyze the industry environment, understand the industry operation and then it forms a strong tool in competitions for enterprises.
Merging occurs in marketing continuously. But for a well-known female underwear brand in Taiwan is the only event in the last 30 years. Therefore, this research comes to study from an individual case company which merges two times because of the finance crisis. In addition to financing and economic thinking from shareholder rights, a brand during the period of merging needs to assess various strategy aspects such as vertical integrating among upper, middle, lower company, the merchandise designing, purchasing, the marketing of brands and channels…etc. It forms a new competitive advantage gradually.
The analysis method of strategy matrix will generalize the industry value chain for native female underwear, analyze the strategy element and induce several conclusions and suggestions for follow-up survey

並列關鍵字

Merge ； strategy matrix ； industry value chain ； strategy element

參考文獻

英文參考文獻

Bahl, S. (2012), "Mergers and Acquistions: Compettive edge of Indian Industry in Global Scenario," Mergers and Acquistions, 1(7).

Chen, Y. and N. Li, (2010), "International comparative study to government regulation about Cross-border Mergers and Acquisition," Future Information Technology and Management Engineering, 2. IEEE, p.341-344.

Devonshire-Ellis, C., A. Scott and S. Woollard, (2011), "Valuing an Acquisition Target," Mergers & Acquisitions in China, Springer Berlin Heidelberg, p.51-61.

Du, X., H. Liu, L. Bao and P. Huang, (2013), "Chinese Cross-border Merge and Acquisitions: Strategic Types? Organizational Factors and Enterprise Growth," Journal of Asia Business Studies, 7(2), p.171-184.