電子零件通路產業購併成長模式與績效衡量研究－以大聯大公司購併案例為個案探討

The Measurement of Performance and Growth Model Through Merger & Acquisition in Electronic Component Distributors －A Case Study on WPG Holdings Limited

陳嘉尚(Jia-Shang Chen)

指導教授 ： 邱顯比

國立臺灣大學/管理學院/財務金融組/碩士(2009年)

https://doi.org/10.6342/NTU.2009.00306

摘要

論 文 摘 要
受到2008 年全球金融海嘯襲擊，除了已陷入財務危機之企業，被迫接管或購併之外，顯示企業購併案件及金額，幾乎是冰凍的一年。而水平式的購併策略（Horizontal Merger Strategy），企業經由網路外部性效應(Network Externality Effect)及規模經濟綜效(Economic Scale Syngery)，快速擴大市場佔有率，使企業邁向大型化成長，削弱來自同業的競爭，建構產業的創新競爭優勢(Innovative Competitive Edges)。
本研究以大聯大公司為對象之個案研究為主（Case Study），深度探討該公司歷經十年12 次重大購併之過程，並與六位集團執行長及財務長之深度訪談來重建其購併的動機、策略評估、交易條件和預期效益等情景。剖析大聯大公司創新式的建構與整合”電子零件通路商平台”(Electronic Component Distributing Platform)以及購併後整合的績效衡量與成功的關鍵要素(Key Factors to Success)。本研究經資料嚴謹整理及分析深度訪談內容之後，歸納大聯大購併成長歷史有九大項發現，條列如下：1.充分發揮Network Externality 綜效；2.建構ERP 強化整合平台；3.提升Real Option 購併價值；4.推動One Company 經營策略；5.各擁Core Competence 運作獨立；6.亞太Number One 創新價值鏈；7.公司Governance 制度完善；8.購併模式各異Growth 目標一致；9.標榜ROWC 績效橫量指標。同時針對上述發現的事實總結成下列五大結論：1. 購併目標清楚，使命必達；2.子集團費用效益，提升獲利；3. 整合成功關鍵，激勵成長；4.集體領
導管理，績效至上；5. 股權收購方式，成效較佳。
最後提出五項建議給大聯大作為公司未來發展及購併整合之參考，包括：1.在台灣主動找更大型的通路商標的公司，主動提出購併事宜或以善意的公開收購(Tender Offer)，例如増你強、威健、豐藝；2.在中國內陸，積極與當地通路商合作，俟機併入大聯大體系；深耕中國市場，為迎接”世界市場”之龐大商機做好佈局，大聯大未來在中國
的營運策略，可以考慮增加電子產品之通路業務，積極搶佔成品的流通；3.在東南亞地區、印度以及韓國等購併當地前三大通路商， 建構” 在地經營全球支援”(Local Delivery ,Global Service)的供應體系，藉此邁向差異化服務策略，擺脫國內通路商的成本競爭壓力並與世界及通路商借鏡看齊；4.與知名大學，合作成立通路人才培訓學院，提升各階層功能之管理素質，鼓勵內部創業創新，為全球佈局做好國際化經營人才升級及準備工作；5.考慮進一步深化整合程度，如下：a.重複在不同子集團的相同產品代理權，應加速產品與銷售人員歸類集中在同一子集團，逐漸讓各子集團發展成不同電子零件特色或領域之領導廠商；b.整合人事組織一元化，讓員工的生涯規劃更寬廣，不會只受現在子集團內歷練及升遷；c.整合財務部門在大聯大直屬管轄，建立虛擬財務調度體系，有助於集團降低資金成本及週轉效率，同時兼顧到公司的營運風險之有效管控；d.大聯大應設立幕僚長制度，協助執行長組織改造及專案功能之督導及跨集團之工作推動
及協調；e.可以考慮逐漸完成集團One Location 目標，新購大樓建立通路商王國。

關鍵字

大聯大 ； 購併

並列摘要

Due to the financial turmoil affected all kinds of industries worldwide in 2008, It was a
freeze-up year for enterprises acquisition in dealing cases and amounts. However, the
horizontal merger strategy, which enterprises adopt to expand their market share speedily by
Network Externality Effect and Economic Scale Synergy helps enterprises to grow up to
large-scale size, also build Innovative Competitive Edges for the industry.
This research is mainly based on the Case Study methodology. To study WPG Holding Co.
as the object and conduct a deep and wide research on the process of the company’s 12
major mergers in 10 years. There are in-depth interviews with 6 CEOs and CFOs in the group
to re-build the scenes of the incentives for mergers strategy, evaluations, trade terms and
expected benefits. This is to analyze WPG’s creative Electronic Components Distributing
Platform and post-merger performance evaluation and key factors to success. With strict data
collections and analysis of the in-depth interviews this thesis concluded some primary
findings in the following: 1.Network externality synergy 2. Strong ERP platform 3. To raise
Real Option merger value. 4. To execute One Company organization strategy. 5.To build
Number One Innovative value chain. 6.To improve ROWC index.
Lastly, there are 5 recommendations proposed for WPG’s future development and merger
integration, which included: 1. To seek for bigger distribution channel companies in Taiwan
proactively propose merger details or Tender Offer 2. To cooperate with local distributors
proactively in mainland China and await the appropriate timing to merge with WPG group. 3.
To merge 3 largest local distributors in South East Asia, India, and Korea to build Local
Delivery and Global Service supply system. 4. To think about further integrated extent as
follows: A. To repeat the same dealership proxies within different subsidiaries and speed up to
classify products and sales force in the same subsidiaries so that each subsidiary could
develop as different electronic components characters or fields leading company. B. To
integrate the HR and organizations as a whole and let the employees have wider range of
career plans not just limit within subsidiaries. C. To integrate financial divisions under WPG’s
governance and build virtual financial deployment system which is helpful to reduce capital
cost and revolving efficiency and in the meantime, take care of company’s operation risk and
effective control. D. To buy new building to establish distribution channel kingdom in order to
complete the goal of One Location.
These main purposes of thesis try to contribute some conclusions and suggestions above
to the future researchers as well as wish more of them to have a complete reference from our study result.

並列關鍵字

Merger ； Acquisition

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