- 學位論文
併購交易之價值創造管理模式─談判、架構設計與締約
Value-Creation Management Model of M&A Deal-Making-- Negotiation, Deal Design and Contracting
摘要
長期以來，討論併購的書籍、文章可謂之汗牛充棟，但大部分著作不是偏重併購之財稅規劃、法律問題，便是併購後整合之相關組織層次議題，卻鮮少有專門針對“併購交易締造”之環節加以剖析及研究者。 本文即由此出發，主要研究在一場併購交易的過程中，參與併購之管理者，究竟應該用如何的方式才能為併購案創造出最大之價值？易言之，就是要探討在M&A deal-making的過程中，如何達到value-creation。 所謂的M&A deal-making乃指：「一旦確立併購標的後，要如何進行後續之交易架構談判、設計、締約」等面向。本文首先以傳統方法分析併購交易之各個流程， 並分析各流程之核心目的以及影響因子；並進一步利用談判分析之理論方法，重新建構併購交易之流程，更提出筆者創見之「價值創造思考模式」，利用該思考模式， 試圖提出一套可供管理者實際操作的「價值創造管理模式」，供管理者在併購交易之三大面向：併購談判、交易架構設計以及締約，能夠有所依循。要言之，本文所發展之「併購交易價值創造管理模式」，乃是一種針對併購deal-making之流程所作的“核心原則”的展示，其中並包含在每個“主要環節”(交易談判、架構設計、締約)中，管理者所應注意之事項(Manager’s Checklist)。 在研究方法上，本文主要以質性研究為基礎，利用文獻分析，並以美國virginia大學教授Robert F. Bruner所著之Applied Mergers and Acquisition一書，作為論文撰寫之邏輯骨幹，並重新以價值創造之角度，觀察與解構併購交易之重要環節及內涵，並佐以談判理論、法律分析、交易成本經濟學等理論作為分析之基礎。 併購交易中的價值創造，不外乎是盡可能減少“併購成本”，以及盡可能提高“併購效益”。在本文的研究之後，筆者發現，即便很難對併購之成本以及效益加以“量化計算”，但仍有一套合邏輯的思考方式，可以讓管理者明白，自己正在創造價值，而非減損價值。 換言之，本文所提出之管理模式，也許不見得能幫助管理者實際計算出自己因為這套模式而創造了多少價值，但至少可以確認自己確實朝著價值創造的方向前進。
並列摘要
Abstract M&A has been a hot topic in the academic field for a long time. However, most literature only focuses on financial, legal or organizantional perspective. Few M&A deal-making issue was mentioned before. This thesis is aimed to research the following issue: How to maximize the Value-creation in the process of M&A Deal-Making. M&A Deal-Making means deal with the problem: “once you choose your M&A target, how to precede the transaction negotiation, deal design and contracting.” First, this thesis tries to pinpoint the goals and critical factors in each step of M&A transactions. Futhermore, it uses the theory of negotiation to reconstruct the process of M&A and creates the Value-Creation Management Model for M&A practitioners to manage three important aspects of M&A transactions: negotiation, deal desgin and contracting. In other words, the Value-Creation Management Model demonstrates the principle and constructs the manager’s checklist for M&A deal making. For research method, the thesis is mainly qualitative, using other researchs and the book of Applied Mergers and Acquisition by Robert F. Bruner, the professor in Virginia University, as the backbone. It is also based on the theory of negotiation, transaction cost and the framework of M&A law and regulations to extrats the essence and summarizes important factors for value creation in M&A transaction. The way for creating value in the M&A transaction is either to reduce the cost or to increase the benefit of transaction. Though it is difficult to quantify the cost or benefit, the thesis tries to shed light on the logical way of thinking for guiding the M&A practitioners along the path of value creation.