併購過程中以內部稽核作業因應併購風險之研究-以A公司與B公司為例

The Research of Reducing the Risk by Internal Audit System during the Period of Merger and Acquisition–A Case Study of A and B Companies

劉國賢(Kuo-Shien Liu)

指導教授 ： 蔡政言

淡江大學/商學院/國際貿易學系國際企業學碩士在職專班/碩士(2006年)

https://doi.org/10.6846/TKU.2006.00336

摘要

企業為因應成長及市場競爭之挑戰，以提升既有競爭力之前題下，透過併購方式以取得財務、產能、市場佔有及研發技術等資源，以能快速降低成本及提升效率，是企業在面臨產業高度變化趨勢及成長佈局需求之有效策略。依現行研究可知，企業進行併購後之績效多未如預期或未達成原併購目標，更甚造成企業競爭力之衰退，故可知併購決策是企業在成長及轉型階段中，為具高風險性之營運決策及活動。
本研究將探討企業自併購決策成形致合併結束期間，就合併雙方在進行調整與整合過程，以不同構面來分析併購活動中可能產生之風險因素，並評估其對原併購決策之執行與目標之達成，是否具重大性影響；同時藉由企業內具客觀獨立角色之內部稽核單位，針對合併過程期間可能產生之風險因素進行評估與查核作業，以能有效降低風險發生對併購活動之影響。
本研究以九十四年國內被動元件業所發生之併購個案做為研究對象。研究結果顯示，內部稽核單位因對原所屬公司及產業較外部人了解，故可協助扮演風險發現、評估及溝通之角色；同時發現原預期之目標因併購過程所致之風險而未能達成，將會間接影響其他目標之達成，其衍生之風險將會進一步擴大其影響層面。
透過內部稽核作業針對各作業循環進行查核，將可降低併購期間作業風險以加強目標之達成。然如為併購計劃執行未落實所導致之風險，內部稽核作業對此較未具改善效益。同時可藉由內部稽核作業，或由稽核人員共同參與審慎性查核作業，應可補足由外部第三人進行審慎性查核不足之現象。

關鍵字

併購 ； 併購風險 ； 內部控制 ； 內部稽核

並列摘要

To adapt itself to a sophisticated industry, and to be more competitive in industry, merger and acquisition (M&A hereafter) are considered efficient strategies for an enterprise to acquire more resources in finance, productivity, market share, or R&D. With an efficient M&A, an enterprise could reduce its cost in operation and improve efficiency as well. However, nowadays studies have shown that an enterprise does not operate as well as expected after merger, or, it even loses its competitiveness in the field. Therefore, M&A is considered a risky strategy for an enterprise, either in its growing or transitional phrase.
This study analyzes risks involved in the whole M&A process, from an embryonic decision-making stage going through the period two parties adjust and integrate to each other until the end of merger. This study argues that an enterprise could effectively reduce risks of merger if an independent internal audit department could audit and evaluate possible risks well.
This study chooses two companies of the Electronic Passive Component Industry as an object of research. It is found that the internal auditor familiarizes with company and the whole industry more than the third party. Hence, this study argues that the internal audit department plays a key role in the merger decision, whether it be risk-evaluation, risk- revelation or communication between the two parties. Failure to achieve the original goal, caused by the risks in the merger process, could indirectly result in the failure to achieve the other goals. The risks would expend and influence other aspects of the enterprise as well.
By checking the whole operative process could an enterprise minimize risks and enhance achievement in the whole M&A process. Auditorship done by an internal audit department or an internal auditor would avoid the drawbacks of that caused by an outside third party.

並列關鍵字

Merger and Acquisition ； The Risk of Merger and Acquisition ； Internal Control System ； Internal Audit System

參考文獻

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