以出售作為事業退場策略之個案研究

A Case Study on Business Exit Strategy Using a Sell-off Approach

邱素梅(Su-Mei Chiu)

指導教授 ： 李吉仁

國立臺灣大學/管理學院/臺大－復旦EMBA境外專班/碩士(2019年)

https://doi.org/10.6342/NTU201900779

摘要

企業併購已成為現代企業成長的重要途徑，但多數的併購研究聚焦於討論如何經由併購以提升企業競爭力，著眼點在於買家該如何成功併購與產生購後綜效，而較少從併購案的賣方，討論為何與如何能夠透過出售事業，成功地退出不想繼續經營的市場，並最大化回收該事業的剩餘價值。
事業的出售，始於出售策略的訂定，及內外部出售團隊的建立。在出售計畫執行過程中，賣方即使選出理想的買家，當進入交易條件的實質談判時，可能會面臨諸多的困難而使雙方陷入僵局。本研究認為，賣方為了達成出售的策略目的，應該於事前找出會影響併購的關鍵性因素，並且提早規劃關鍵性因素的解決方案，以創造併購過程的多贏結果。本研究透過定量矩陣評量，針對關鍵利害關係人，運用價值主張圖的思考架構，找出賣方可提供有價值的服務來衡平利害關係人的利益，使利害關係人因為痛點不再，而可成為交易過程中的助力，建構以出售作為產業退出的可行策略。
根據這些邏輯，本研究針對個案公司出售特定事業單位的歷程，檢視台灣公司賣方角色、與中國大陸公司買方在交易協商時需要特別注意的法規遵循程序，以及賣方在交易價金支付部分如何取得更多一層的保障進行研究；尤其當買方是中國大陸的公開上市公司時，如何確保交易符合大陸證監會與證券交易所的監管程序，以免交易最終面臨程序不全而延宕或告吹，更是進行事業出售時必須列入退出策略的一部分而提前規劃。最後，本研究歸結案例的學習點，希能對於日後類似出售交易者有所助益。

關鍵字

併購 ； 事業出售 ； 退出策略 ； 利害關係人 ； 客戶價值主張

並列摘要

Merger and acquisition (M&A, hereafter) has become a critical approach for corporate growth and transformation. Previous research on M&A mainly focused on how to make M&A decision strategically successful and post-merger integration less painful. There is, however, less discussion from the seller’s view on why and how to successfully exit from a particular business arena via sell-off approach, a gap which motivates the present study.
A sell-off often begins with an initial game plan and finding the right people to execute the plan, including an in-house team and the outside consultants. Through a series of evaluation, the seller eventually picks up a buyer with the best potential to start detailed negotiation. Nevertheless, there is often a deadlock if the buyer has a very different agenda or goal through this M&A deal. To make a sell-off successful, we proposes to find out the key deal breakers in advance and have the solutions or alternatives ready for the anticipated obstacles as early as possible. Undertaking Quantitative Strategic Planning Matrix (QSPM), this study identifies key stakeholders of M&A, including employees, customers, suppliers, and shareholders of the company, and then explore their needs and pains by using the framework suggested by Value Proposition Canvas.
Within this framework, the buyer should be considered and treated as a customer of the seller. So for a successful sell-off, the seller needs to understand the jobs to be done, pains, and gains of the buyer in order to provide value-added services, reliever their pains, and help them have the gain creators. Our research suggests that the seller provide certain types of valuable services to strike a balance among stakeholders and address their main concerns. By doing so, the resistance of stakeholders may be converted into supports to the M&A deal.
To further validate our conceptual arguments, we conduct a case study based on a Taiwanese company sells a part of its operation to a Chinese buyer and discuss how the seller go through legal procedures, regulation compliance, and to secure additional protection on the payment under the Chinese law. In particular, when facing a Chinese buyer who is also a public company listed in China’s capital market, it needs to comply with the regulations set by CSRC as well as Shanghai or Shenzhen Stock Exchange. This is thus an important piece for a successful sell-off and needs to be well-planned as part of the exit strategy. Implications of our research findings and suggestions to future research are also discussed.

並列關鍵字

M&A ； Sell-off ； Exit Strategy ； Stakeholders ； Customer Value Proposition

參考文獻

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