全聯實業以購併為成長策略之研究

根據PwC所發布的《Global M&A Industry Trends: 2022 Outlook》，2021年全球公開併購的交易額達到5.1兆美元，同時交易量超過62,000件，金額及數量都達到歷史新高。併購是企業成長的重要手段之一。相較起有機成長，併購讓企業可以更快速地多角化進入新市場、以獲得額外的資源與技術。有效的併購策略能幫助企業提升自身競爭力、改善產業結構，從而提高獲利。台灣零售業近期也發生數起大型併購案。這包括2020年家樂福併購頂好和Jasons，以及2021年全聯併購大潤發。零售通路如何透過併購來達到企業成長是值得探討的議題。本研究選擇全聯研究標的。全聯目前（2021-2022年）是台灣的超市龍頭，也是近期台灣零售業大型併購案的主角之一。自1998年由林敏雄先生接手之後，全聯便積極透過併購擴張自身的營運。至2021年併購大潤發之前，全聯已經完成了五樁併購案。本研究首先總覽1986到2021年台灣零售通路業的市場發展及競爭狀況，之後再探討全聯的併購經驗與歷程。分析結果揭示了全聯在變動的市場環境以及不同的企業發展階段中的多元考量，並彙整出全聯以併購實現成長的總體策略邏輯。

關鍵字

台灣零售業；全聯；併購；成長策略

並列摘要

According to the "Global M&A Industry Trends: 2022 Outlook" published by PwC, the value of global public M&A transactions reached US$5.1 trillion in 2021, and the number of transactions exceeded 62,000, reaching a record high in both value and volume. M&A represents an important means of corporate growth. Compared to organic growth, M&A allows companies to more quickly diversify into new markets and obtain additional resources and technologies. An effective M&A strategy can help companies to enhance their competitiveness, improve the industry structure, and thereby increase profitability. The retail industry in Taiwan has recently witnessed several large mergers and acquisitions. These include Carrefour’s acquisition of Wellcome and Jasons in 2020, and PX Mart’s acquisition of RT-Mart in 2021. It is worth exploring how retail channels can achieve growth through M&A. This study selects PX Mart as the research target. PX Mart is currently (2021-2022) the largest supermarket channel in Taiwan and is also a main protagonist of the recent wave of large mergers and acquisitions in Taiwan’s retail industry. Since Mr. Lin Ming-Hsiung took over the company in 1998, PX Mart has been actively expanding its operations through M&A. Before the acquisition of RT-Mart in 2021, PX Mart had already completed another five mergers. This study begins with an overview of the market development and competition in Taiwan’s retail industry from 1986 to 2021, followed by an examination of PX Mart’s M&A experience and history. The results of the analysis reveal PX Mart’s varied considerations in the changing market environment and different stages of corporate development, and compile the overall strategic logic of PX Mart’s growth through M&A