探討台灣電子產業水平購併對財務經營績效之影響-以三家特定電子公司為例

The Study on Taiwan Electronic Industry's Financial Performance Associated with Horizontal Mergers & Acquisition-A Perspective of W、U、B Firms

陳漢波(Han-Po Chen)

指導教授 ： 胡為善

中原大學/商學院/企業管理研究所/碩士(2003年)

https://doi.org/10.6840/cycu200300302

摘要

自台灣加入世界貿易組織(WTO)後，企業即面對更嚴苛之競爭，而隨著全球經濟環境改變以及世界市場自由化、及國際化的趨勢，使得企業比以往面臨更激烈挑戰，隨著各項資訊電子產品技術的快速進步、產品壽命週期之縮短，客戶的需求亦不斷的求新求變。以財務經營的思考角度而言，很少企業能完全依賴組織內部所提供的營運資源而提高獲利。因而，隨著全球競爭環境的劇變，產業間依賴購併提升佔有率已成為企業經營趨勢，成為今日全球企業共同之經營模式。由於近年來企業購併已成為經濟活動的一個常態現象，但是大部份的相關文獻也提出，購併的失敗率高達50%以上，而我國印刷電路板業在同業間為了生存而採取價格競爭策略，及業者在中國大陸的持續增加投資，使得經營更感困境之壓力。

本研究之目的在探討個案公司購併成功關鍵因素，以供經營者參考。購併可透過較多的變數使其績效提升，如流動比率、負債比率、總資產週轉比率、應收帳款比率、營業成本比率等，即購併可藉由增加償債能力、提高財務槓桿、資產運用效率、市場規模的擴充或成本結構的改善等方面來提昇績效。而企業經營者採行購併追求成長時，多數從財務經營層面考量，故本文研究因購併而快速成長的w公司，探討其購併策略、歷程與其成效，並透過資源整合的觀點、策略規劃之決策過程、購併型態、以整合管理過程等組織動態觀點，探討購併之關鍵成功因素。最後歸納研究結果並提出命題，以供後續的理論驗證與實務性的應用。

本研究發現業購併後能否產生購併綜效，完全決定於購併後迅速整合的管理能力、合適的組織統領型態、適任的管理人才、有效的溝通體系與相應的績效衡量目標和採行適當獎懲措施的控管制度，企業購併不僅要探討存續企業本身的資源運用與組織本身之包容能力，也要分析內、外部環境變動因素，及企業面對之弱勢與威脅以明確的洞察力與可行的企業願景，而形成務實的整體經營目的。

關鍵字

財務績效 ； 購併 ； 成功關鍵因素

並列摘要

Since Taiwan has joined with the World Trade Organization (WTO), Taiwan’s enterprises have faced much keener competition. The challenges Taiwan’s businesses have experienced are the rapid changes of global economy and the integrated world market. The electronic firms in Taiwan also went through the speedy improvement and shorter life expectancy of information technology products, as well as the dramatic changes of customers’ requirements. From the financially operative aspect, only a few firms were able to increase their profits relying on their own organization’s resources. Therefore, mergers and acquisitions became popular for the past decade in order to increase company’s market share. However, according to the statistics, the failure rate of mergers and acquisition was as high as 50%. Take the PCB (Printed Circuit Board) industry as an example, even the surviving company after mergers still has to adopt a strategy of lowering its price and made continuous investments in China to meet keen competition, but both methods put the company under the stress of keeping survival.

The objective of this study is to explore the key factors of a successful mergers and acquisitions in order to provide some valuable suggestions. We assumed that the performance of mergers and acquisition can be improved by several following parameters: to increase debt repayment ability, to improve asset management efficiency, to expand market share and to adjust cost structure. When the enterprienuers decide to use mergers and acquisition method to seek growth, they must consider the financial impacts. This study uses “W” electronic firm as an example to discuss its merging strategy, the acquisition process and its consequential result. Furthermore, this work explored the key factors of this acquisition from different aspects, and provide some suggestions those the firms which attempt to merge with other companies thereafter.

This study found that corporate mergers become successful or not depending majorly on the following factors: the ability to rapidly integrate operations, the outstanding leadership for the organization, the effective communication system, the performance evaluation and the rewards system. Corporate mergers not only have to allocate the resource effectively of the enterprises, but also have to analyze the internal and external affecting factors. The enterprises also have to set up their own practical operating goal and attainable business vision in order to operate everlastingly.

並列關鍵字

mergers and acquisition ； financial performance

參考文獻

(15)楊嘉瑜 「探討企業購併與策略聯盟對財務績效之影響」中原大學

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