應用資料包絡分析法與平衡計分卡指標評估企業併購績效

The Assessment of Merger and Acquisition Performance Using Data Envelopment Analysis Combined with Balanced Scorecard Indicators

鄭子程(Tzu-Cheng Cheng)

指導教授 ： 李正文

中原大學/商學院/國際貿易研究所/碩士(2008年)

https://doi.org/10.6840/cycu200800476

摘要

在全球化與競爭激烈的環境下，企業為了永續經營無不戮力尋找能提昇競爭優勢的方法，特別是針對高技術導向的電子產業而言，併購即為最流行且方便的途徑，然而併購的績效呈現兩極化，過去實證發現併購所衍生出的效益並不全然為正面的，併購綜效不一定存在，是故，在企業併購風潮方興未艾之際，能客觀且多元的評估併購績效即為當務之急。因為傳統績效衡量指標無法深入衡量企業的績效產出，並也無法反映出策略規劃的意涵，基於此，本研究以36家高科技電子公司為樣本，利用結合平衡計分卡(Balanced Scorecard, BSC)指標與資料包絡分析法(Data Envelopment Analysis, DEA)的多元績效的評估模型，以同時考量財務面與非財務面的衡量方式，評估併購前後的效率值變動。接著再以無母數方法檢定兩比較期之差異，驗證倂購綜效是否存在。最後將運用Malmquist生產力指數衡量各受評單位的跨期生產力變動。上述過程經實證分析，可歸納出下列結論。
在併購綜效分析部分，併購之後的效率值平均而言都不如併購前，併購綜效不存在，而效率值惡化的主因為為財務構面表現不佳所致。並經由Wilcoxon 等級符號檢定發現，所有構面整體的表現都沒有併購綜效的存在。另外整體產業中僅有半導體產業與資訊通路產業有併購綜效存在。
在跨期生產力分析部分，實證發現，併購後的平均生產力變動呈現進步的現象，並且當中以學習與成長構面表現最佳。在產業分析中，電子零組件、半導體與資訊通路產業在併購後的生產力有進步，而光電與主機板產業則呈現衰退現象，而生產力惡化之主因為顧客構面表現不佳所致。

關鍵字

麥氏生產力指數 ； 平衡計分卡 ； 資料包絡分析 ； 併購綜效

並列摘要

Due to the globalization and competitive environment, in order to grow sustainability, enterprises always seek diligently for the approach that can improve the competitive advantage. Especial for high technology oriented industry, merger and acquisition (M&A) is the popular and easy way to achieve the purpose. The past researches found that the effect of M&A was not always positive and the synergy of M&A is uncertain exist. Because the trend of M&A keeps going continually, how to evaluate the performance became the key point in the M&A process. Owing to the traditional measured indicators cannot assess the in-depth performance of enterprise and also cannot reflect the understanding of strategic plan. For this drawback, this thesis use 36 high-tech firms as our samples and using the model combined balanced scorecard (BSC) indicators with Data Envelopment Analysis (DEA). This model can evaluate the M&A performance by considering the financial and non-financial perspective simultaneously. Then we employed the non-parametric Wilconxon test to test whether M&A synergy is exist. At last, we implement the Malmqusit productivity model to observe the change of productivity in the cross period. After the empirical research process above, we can conclude the following results.
In the part of M&A synergy analysis, we found the average efficiency value became worse and the M&A synergy was not exist. The main reason was the recession of financial aspect performance. According to the findings of Wilcoxon test, it seemed to have no M&A synergy for all BSC aspects. Beside in the industry analysis, only information distribution channel and semiconductor industry have M&A synergy.
In the part of Malmquist analysis, the results provide evidence that average productivity was improved after M&A and the performance of learning and innovation aspect was the best. About the industry analysis, the productivity of three industries: electronic component, semiconductor and information distribution were enhanced. The other two industries, optoelectronics and motherboard were recession due to the worse of customer aspect.

並列關鍵字

Malmqusit ； Data Envelopment Analysis ； Balanced Scorecard ； M&A synergy

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