外商企業併購台灣企業之個案探討

The Acquisition of Taiwanese Companies by the Multinational：A Case Study

楊文華(Wen-Hua Yang)

指導教授 ： 洪世章

國立清華大學/科技管理學院/高階主管經營管理碩士在職專班/碩士(2007年)

摘要

在全球化的時代，併購活動早已是組織擴充成長的一項主要方式，然而根據研究統計，企業併購成功機率卻是令人失望的低。正因併購失敗所必須付出的有形及無形成本非常高，如何使併購成功，達成組織擴充成長的目的，實是一項企業經營的重要課題。
本研究針對一個知名外商半導體公司併購台灣本土IC設計公司的實際案例，逐一探討併購動機、併購整合，以及併購綜效。本研究結論從併購後三年的時間點來看，個案公司在併購當時之主要併購動機確實已經實現；併購整合在技術面、市場面、人才面也已具體呈現在實質之併購效益上；然而文化整合成效則不盡理想，需要更長的時間融合。本研究認為，若能再避免一些可能導致錯誤的決策，以及更加速少數關鍵部門的整合速度，個案公司之併購效益應可更為提升。

關鍵字

併購動機 ； 併購整合 ； 併購綜效

並列摘要

In the age of globalization, M&A（merger and acquisition）has become a major approach for organizations to expand. However, researches and statistics both indicate that the successful rate of M&A activities is disappointingly low. As the tangible and intangible costs of M&A failures are extremely high, how to succeed M&A activities in order to realize the purpose of organizational growth is indeed an important topic in business operations.
This research is based on a real case of a well-known multinational semiconductor company to acquire a Taiwan local IC design-house company, to explore its M&A motives, M&A integration activities and M&A synergies. From the point of view of three years after M&A, this research concludes that the major M&A motives have been realized. And, the major M&A integrations are proven successful in achieving the synergies of technology acquisition, market development and key talent retention, but not so satisfying in culture integration which will need to take a longer time This research suggests that if the case company can prevent some likely wrong decisions, and speed up the integration activities especially in few critical departments, the overall synergies of this case should be able to enhance further.

參考文獻

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