台灣電信產業的購併研究

The Study on Merger and Acquisition of the Telecommunications industry in Taiwan ROC

賴鈺城(Yu-Cheng Lai) ； 李隆(Long Li) ； 林香君(Hsiang-Chun Lin) ； 郭佩軒(Pei Hsuan Kuo)

《台灣經濟論衡》 10卷8期 (2012/08) Pp. 45-70

摘要

台灣電信市場已是完全開放競爭之局面，電信業務自由化的最主要目的在於放寬電信經營管制，開放市場，透過市場競爭機制，讓電信業者加強電信科技研發，開發新服務，訂定合理電信資費，提升電信服務品質並減輕用戶負擔。企業透過購併是多元化經營最快速之成長方式，當然其風險也相對提升。依照研究結果顯示，從事購併活動時財務風險方面是最受企業重視的，企業在購併前是否做好事前的整體分析，決定了購併案的成功與否，事先瞭解目標公司之財務狀況，以進一步確認該公司的財務狀況於可負擔的範圍之內；本文以台灣電信產業之購併個案作為主要研究範圍，並分析購併前後之差異性。本研究採用SWOT分析之中掌握購併的優勢、劣勢、機會、威脅四大項和評估，以對購併效用作出合理之分析。

關鍵字

金融危機 ； 購併績效 ； SWOT

並列摘要

Taiwan's telecommunications market is fully open competition situation, the main purpose of the liberalization of telecommunication services is to relax the control of the telecommunications operators, opening up the market through market competition mechanism, allowing carriers to enhance the telecommunications technology research and development, development of new services, and set a reasonable telecommunications charges to enhance the quality of telecommunications services and to reduce the burden of its customers. Enterprises through mergers and acquisitions is the diversification fastest way to grow, of course, the risk of the relatively In accordance with the results show that the financial risks of engaging in M & A activity is most valued by corporate pre-merger to do in advance of the overall analysis to determine the success of the merger, and prior knowledge of the financial position of the target company, to further confirm the company's financial position within the affordable range; M&A case of Taiwan's telecommunications industry as the main areas of study and analysis of the differences before and after the mergers and acquisitions. In this study, to grasp the advantages of mergers and acquisitions among the SWOT analysis, weaknesses, opportunities, threats in the following four and evaluation of M & A utility to make a reasonable analysis.