由VRIO架構探討購併整合後對持續性競爭優勢之影響---以被動元件產業為例

The Effects of Mergers and Acquisitions on Sustainable Competitive Advantage --- Analyzed by VRIO Framework

詹清輝(Ching-Huei Jan)

指導教授 ： 張玉鈍 ； 蔡瑤昇

國立臺北科技大學/管理學院/工業工程與管理系所/碩士(2005年)

https://doi.org/10.6841/NTUT.2005.00026

摘要

2000年國巨公司購併飛力浦被動元件廠引起極大的矚目，亦掀起國內被動元件產業對購併活動的關注，但是此一購併案在2004年，該公司為了符合35號公報規定，在2004年底一次提列商譽損失120億元，使國巨公司由每股淨利0.3元變成淨損5元；然而購併成效通常並非一蹴可及，往往需要企業購併整合後一段時間才能顯現，而隨購併過程所產生之人心惶惶、裁員、雙方企業文化之不相容，加上競爭廠商之挖角，造成人員集體求去之現象即會先行浮現。究竟一家公司購併後之整合問題及對策為何？公司資源基礎之VRIO架構對購併公司所執行之策略的影響為何？應用VRIO架構對購併整合活動會造成何種變化？如何由VRIO分析架構後所得之結論，以累積公司之持續性競爭優勢？
本研究目的希望從資源基礎之學理觀點，分析廠商進行購併的策略思維及應有之做法，依據Barney所提之VRIO架構(Value 價值，Rare 稀有性，In-imitability 難以模仿性，Organization 組織)，在購併公司在其願景與策略企圖之驅使下，據以對被購併公司進行嚴謹之分析與評估，提供決策者正確之判斷資訊，提高購併所能達成之持續性競爭優勢。
研究方法採探索性研究，以個案研究的深度訪談為主，以次級資料分析為輔，針對購併公司與同業高階主管進行訪談，所獲致重要結論如下：

1.高階領導者的價值觀與策略雄心、雙方資源與能力之互補與增強及購併公司資金籌措與支付方式，是進行購併之最重要考慮因素。

2.建立能力轉換環境，以求在一良好之互動氣氛下進行併後整合工作，成立任務小組進行職責分配，建立決策機制與重大訊息發布管道以尋求各項突發性問題之解決模式。

3.應對購入之資產類別進行評價，針對稀有性資源建立防衛性機制，以防備競爭廠商的掠奪，輔以組織運作與制度，擴散並蓄積於組織內部。

4.持續性競爭優勢之建立基礎在於有效利用VRIO分析架構進行購併整合策略之分析，根據公司所處產業變遷與新經營機會進行未來購併策略之擬定，現階段公司內部資源與能力與競爭對手之相對優劣勢，擴大未來持續性競爭優勢所需的資源與能力。

關鍵字

被動元件 ； 購併整合 ； VRIO架構 ； 持續性競爭優勢

並列摘要

In 2000, Yageo Corporation merged the passive components factory from Philip Corporation (Phycomp, the company name after merged). This merger had attracted a lot of attentions and concerns in the passive components industry in Taiwan.

In 2004, Yageo recognized 1.2 billion loses of goodwill in order to comply with the regulation of the 35th communiqué. Yageo’s earning per share dropped from 0.3 to –5. Viewing this case, the synergy of the merger and acquisition could not be achieved immediately as expected. It usually takes a certain period of time to integrated two involved companies.

While two companies merged, the likelihood of the lay-off, the incompatibility of company culture and also the recruit talents from competitors all make the employees worried and probably quit by group. Under this situation, the human resource and company competence are seriously damaged. Therefore, what kind of integrated strategies and tactics shall a company response to mergence? What will the VRIO framework affects the strategy of merged company? What will VRIO framework influence on merging operations? How to cumulate the sustainable competitive advantages by applying the framework of VRIO?

The purpose of this paper is to analyze the strategy of the merger based on the VRIO framework (Value, Rare, In-imitability and Organization), which is proposed by Barney. Furthermore, the other purpose is to provide a proper solution to the merged company by using VRIO framework in order to increase the company’s sustainable competitive advantages.

This study uses the exploratory method, which is mainly researched by deeply interview with the management team from the companies involved in the merger and the passive components industry and also assisted by data analysis. The conclusions are obtained as below:

1. The most important factors when proceeding a merger are the vision and strategic intent of the management team, the mutual complement and synergy of two involved merged companies, and the source of stable fund raising.

2. Forming a transformable environment to execute merging operations at an interactive atmosphere. Setting up the functional team, decision-making mechanism, and channel for influential announcement will be helpful on building standard model for unpredictable problems.

3. Appreciating on hand assets and building safeguard mechanism for rare resources to prevent penetrations from competitors. Accommodating with a systematic organization to spread and cumulate from itself.

4. Sustainable competitive advantage is based on effectively adopting VRIO framework to execute merging. In terms of industry transition and potential opportunity to purpose successful merging strategy. Comparing with competitors to enhance relative advantages on interior resources and capabilities to consolidate sustainable competitive advantages.

並列關鍵字

Passive Component ； Merger and Acquisition ； VRIO Framework and Sustainable Competitive Advantage

參考文獻

2. 元大京華證券，「被動元件產業研究報告」，2003年6月。

8. 台灣經濟研究院產經資料庫，「被動元件產業介紹」，2004年1月。

26. 遠見雜誌，2001年11月，第108-145頁。

3. 工商時報，「被動元件產業」，2004年1月25日。

1. Barney, J. B., “Strategic Factor Markets: Expectations, Luck, and Business Strategy,” Management Science, Vol. 42, 1986, pp. 1231-1241.