我國高科技企業集團購併策略之比較研究 -以鴻海與明基比較

Empirical Analysis for Mergers and Acquisitions on High Technology Industry in Taiwan

許 媛 慧(Yuan-Hui Hsu)

指導教授 ： 丘駿飛

元智大學/管理學院/管理研究所/碩士(2007年)

摘要

全球產業已進入競爭時代，僅少數公司能掌握所有技術創造利潤，但透過購併縮短學習曲線，能快速取得市場與技術。購併風潮從美日等國一路席捲到台灣，從金控集團合併擴展到科技產業，甚至中國企業自2004年起也開始以國際購併進行「走出去」的擴張策略，購併成為熱門的成長策略的話題。
本研究以我國高科技鴻海與明基二個企業集團作為探討個案，分析其購併成長的動機及策略，透過許多變數評估購併前後的經營綜效、財務綜效財務比率的變化，例如負債佔資產比率、流動比率、利息保障倍數、存貨週轉率、資產報酬率、股東權益報酬率、稅後淨利、每股盈餘、毛利率及現金流量允當比率來探究購併是成功或失敗。
本研究透過收集資料觀察台灣二家電子代工製造業購併成長之動機、策略、經營綜效、財務綜效如下:
1、 企業在大環境變遷下電子代工產業毛利越來越低，電子業微利化的趨勢下藉
購併來創造綜效。
2、 以購併策略代替研發取得核心技術。
3、 購併後增加專利權申請以提升競爭門檻。
4、 購併後，財務綜效及比率均有顯著的變化。
透過電子五哥其中的二家公司，鴻海與明基最近三年之購併案例分析，本研究價值在於藉由個案研究印證購併動機競爭策略邏輯思考，購併後營運績效與歸納成功關鍵因素援引以作為以後企業購併的參考。成功的購併經驗可以複製，而失敗購併經驗我們引以借鏡。

關鍵字

購併、核心技術、微利化、策略、財務綜效

並列摘要

Over the worldwide of industries competition, only few firms were able to increase profits relying on their own resources. Both technology and market share could be obtained instantly over merger and acquisition. Merger and acquisition waves come across Western and Eastern countries, and step to Taiwan undoubtedly. Merge scenarios repeating daily on the financial field and scroll up to the high technology field, thus to evolve China enterprises claimed the same strategy to capture International business over M & A since 2004.
This thesis delivers motive of industry and pursuit growth through merger and acquisition over case study. Companies Hon Hai and BenQ were used as examples to discuss their merging strategy. This study is to explore the key factors by individual of business intention and operative strategy driven result in terms of business goal and financial synergy. The performance of mergers and acquisitions were analyzed by following parameters: Debit Ratio, Current Ratio, Times Interest Earned, Inventory Turnover, Return on Assets, Return on Equity, Net Income, Earning per Share, Gross Profit Margin and Cash Flow Adequacy Ratio.
During the study and observation of Taiwan ODM/ OEM manufacturers struggling business operation behind M & A and provided indication as follows:
1、 Creative extra profits from the saturated low margin
2、 Reduced research timeframe to obtain core technologies
3、 Owned patents and enhance competition
4、 Substantial account benefits and improve financial index
In the spectrum of case study, two Taiwan manufacturers of Top-Five Electronic Company had been initiated research for benchmark of those effectiveness between principles and practice over back and forth business operation. The purpose is to insight their successful and faulty execution over 3 years period as for academic study.

並列關鍵字

Merger and acquisition, core technology, low margin/ micro profits, strategy, financial synergy

參考文獻

20.會計研究月刊，「掌握風險的舵手-風險長」，第239期。

14. 經濟部智慧財產局 http://www.tipo.gov.tw

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