文雄眼鏡－通路商合併之決策分析

2002年底隱形眼鏡技術突破的影響下，預期隱形眼鏡市場將會跳躍成長，開啟眼鏡大廠、診所及銷售通路跨國上下游整併風潮。彼時上櫃公司寶島眼鏡（收購公司）跟同業文雄眼鏡（目標公司）提出合併，希望達到併購產生綜效。本文主要探討合併決策分析與併購價格計算，透過本個案亦可學習企業價值估計。本文敘明文雄眼鏡與寶島眼鏡併購時空背景及當時合併過程。教學手冊則以策略管理及企業評價理論，教導學生理解合併決策考量因素、學習企業價值如何公允表達及計算併購價格。透過本個案研究，將會協助學生了解併購與綜效關係、企業價值評估方法應用及併購價格計算，此研究亦具備管理實務意涵，此為本研究主要貢獻。

關鍵字

策略；綜效；企業併購；資訊不對稱；企業價值評價

並列摘要

At the end of 2002, due to a breakthrough in contact lenses technology, the sales of contact lenses were expected to increase significantly. Recognizing the changes, many large manufacturers, hospitals and distributors started international upstream and downstream integration, hoping to achieve synergy through M&A. Amid the M&A wave, Wenhsiung Optical received an M&A proposal from Formosa Optical. This article analyzes the M&A decision making and price calculation through a case study. The article describes the background and the process of the M&A of Formosa Optical and Wenhsiung Optical. The teaching note uses strategic management and business evaluation theories to help students understand the considerations in M&A decision-making, the fair presentation of corporate values, and the calculation of M&A prices. This case study will help students understand the relationship between M&A and synergies, as well as corporate value assessment methods and M&A prices calculation. The research also sheds insight on management practices. These are the main contributions of this research.

並列關鍵字

Strategy ； Synergy ； M&A ； Information Asymmetry ； Business Valuation

參考文獻

Adsera, Xavier, and Pere Vinolas (2003), " FEVA: A Financial and Economic Approach to Valuation, " Financial Analysts Journal, 59 (2), 80-87.

Google Scholar

Barney, Jay B. (1986), " Organizational Culture: Can It Be a Source of Sustained Competitive Advantage? " Academy of management review, 11 (3), 656-665.