- 學位論文
台灣中小企業家經營退出規則研究- 以某國際購併案為例
A Care Study of Exit Planning of Taiwan Entrepreneurs
摘要
在台灣，為數眾多的中小企業多為家族企業，這些創業家在經歷了台灣的景氣繁榮，在辛苦經營而穩健的發展中，累積了合理的利潤轉戰中國大陸，陸續闖出了自己的一片天，但現在這些第一代創業家都已到55~70歲了，他們將如何退出一手創建的企業呢？ 選擇培養家族人員接班？或者挑選專業經理人接班?或者用購併來達到創新並引進新的經營團隊？或者被購併以獲利了結？或者堅持到最後一分鐘，讓企業接班問題跟遺產繼承一起作業？企業家面臨這些決策，涉及到的問題有傳統的家天下概念；有對夥伴或家族的責任；有接班人意願與能力的考慮… 大部分的台灣中小企業第一代創業家，面對個人有限生命與企業無限生命的接軌使命，會審慎省思這個問題，但可惜的是:常落入家族責任的思維巢臼。或許這些創業家隱隱覺得，對一個沒有合適接班人的企業，退出市場獲利了結，才是對每一個企業關係人的解脫，但對創立企業的感情、個人尊嚴、與傳統將企業興衰與家族榮耀綑綁的概念等，讓這些企業家裹足不前。 所以，許多的企業家思考，將家族企業過渡轉換為企業家族，但不可諱言，台灣為數眾多的中小企業，是沒有走向企業家族的能力與資源的；所以在文中，另外提出購併作為企業家退出經營的另一機制； 我們要強調的：企業家的退出經營機制並不等於企業的退出機制，因為企業家退出經營機制，企業仍能存在，只是不同人接班；但企業家選擇自己的退出機制前，應先考慮的是:企業本身的退出機制；如果這個企業在可見的未來是沒有創新競爭力的，那是否在第一代創業者手中，就做一個退出的抉擇呢? 所以我們在文中探討企業家選擇自己退出機制可以有的各種選擇，每個選擇後面的考慮因素，以及在執行這些選擇時可能面臨的困擾，同時透過案例分析與個案討論，希望能讓這些傳統家族企業的創業家有另一層次的思考方向； 這個研究的目的，不是宣示購併才是對的；我們希望提醒這些創業家們：除了選擇接班人外，購併是另一個可能的選項。而且在國際創投資金的挹注下，購併資金或賣一個好價格並不是最大的問題，重點在當企業家決定自己退出經營前，要做好所有的評估準備工作。才可以讓自己的企業站在一個：”進可攻，退可守”的有利戰略地位。如此，創業家的退休才能真的享受退休的心境與樂趣。
並列摘要
There are many small and medium enterprises which are family-run business in Taiwan. These entrepreneurs run their business through stable and hard-working movement and Taiwan blooming business environment then cumulate reasonable profits. After Taiwan business environment changes, they move their business into China and gain business achievements they did in Taiwan. Now these entrepreneurs are reached age about 55-70 years old and face how to make decision on their built enterprises? To coach family members? Or to select professional manager to take over? Or adopt M&A process to innovate and acquire new management team? Or adopt M&A to gain profit and exit? Or continue to run business to last minutes then combine property inherit together? While these entrepreneurs face these choices, it will involve traditional family kingdom concept; partner or family member responsibility; an heir capability and willingness; Most of Taiwan initiated entrepreneurs will face his personal limited life and enterprise endless life match issue, will take sincerely consideration. Unfortunately, they will fall old trap of family responsibility. Maybe some of them may feel that it is better to gain profit and exit from enterprise will be the best way to related partners if cannot find the right person to take over enterprise. However, strong feeling on own built up enterprise, self-esteem, and traditional family run business life tied up with family prosperity together which drive them into dilemma and stop them move forward. So there many entrepreneurs start thinking to move family-run business into enterprise family. There are many Taiwan small and medium size enterprises do not have sufficient capability and resources to move this direction. So in this study, we raise M&A process to lead enterprises exit from run business mechanism. We emphasize that: entrepreneur exit from run business mechanism is not equal to enterprise exit. Entrepreneur exit run business mechanism, enterprise may still exist, probably run by other people; Entrepreneur before make decision for his/her own exit mechanism, he/she should consider first: enterprise exit strategies; If enterprise does not have innovation or competitiveness in the foresee future, then initiated entrepreneur should make exit planing and make profit decision? So in this study, we explore entrepreneur can have many choices to make exit decision. Each choice has many factors need to be considered and there are many issues need to be resolved while execute this choice. We also adopt case study and analysis to let these entrepreneurs have more depth considerations. This study does not imply that M&A is the best approach. We hope it will remind these entrepreneurs except to find heir to take over, there is another option - M&A. And under international venture funds help, M&A capital and have a good price will not be a big issue. Key point is while entrepreneur decide to make exit decision, he/she should do all evaluation works. This can move enterprise to take a good strategy position "forward to offense, backward to defense". As so, entrepreneur can really enjoy pleasure retirement and mood.