併購考量要素與整合過程對併購綜效之影響

The Influence of Determinants and Integration of M&A on Synergy of M&A

劉秀珍(Hsiu-Chen Liu)

中原大學/商學院/企業管理研究所/碩士(2012年)

https://doi.org/10.6840/cycu201200511

摘要

現今企業併購案件與併購投入金額不斷成長，許多企業高階管理者重視以併購為企業成長之方法，且願費時思考併購策略，即使併購案失敗率偏高，卻不能阻止新的併購案產生。隨著產業競爭激烈，併購案之型態也越來越多樣化，而企業管理者有「併購的目的，在追求併購後的綜效」的共識。

本研究透過六件併購案進行個案研究，根據併購綜效來源的目的（範疇經濟、市場力量、內部治理效率與資源重整），在併購規劃階段應考量之併購因素（顧客價值主張、利潤公式、關鍵資源與關鍵流程），並在併購後進行之整合（財務整合、組織整合、業務整合與市場整合），以及瞭解併購成果所獲綜效（營運綜效、投資綜效、管理綜效、產品綜效與生產綜效），並探討綜效結果與原始目的因為受到時間之變化關係。

研究發現，針對範疇經濟與市場力量的綜效來源，在併購評估階段，顯示其重要考量併購要素為「關鍵資源」；在併購後整合階段，主要進行「財務整合與組織整合」兩種整合。而針對資源重整的綜效來源，在併購評估階段，顯示其重要考量併購要素為「利潤公式」與「關鍵資源」；在併購後整合階段，主要進行「財務整合、組織與市場整合」三種整合。

關鍵字

併購綜效來源 ； 併購整合種類 ； 併購綜效 ； 併購考量要素

並列摘要

Nowadays, business mergers and acquisitions projects and funds have increased rapidly. Many senior managers put a great emphasis on M&A to pursue business growth, and spend plenty of time pondering M&A strategies. The M&A projects still occur even if the failure rate remains high. Moreover, fierce competition in industry leads to varieties of M&A sorts, and managers have consensus regarding the purpose of M&A is pursuing synergies afterward.

The research adopts 6 cases study to examine the synergies gained from M&A. Based on M&A purpose, to review of the source of M&A synergy (economies of scope, market power, internal governance advantages and recombination of resources), In M&A planning phase to consider four interlocking elements of M&A determinants(customer value proposition, profit formula, key resources and key processes), In integration process phase to select and execute what kind of integration type (financial integration, organizational integration, business process integration and market integration), to gain realization of synergies (include operational synergy, financial synergy, management synergy, product synergy and manufacturing synergy) , and explore the results of synergy with the original purpose of the relationship that were influenced by the time change.

To source of synergies from economies of scope and market power, we found that crucial M&A determinant is key resource within planning stage. It undertook financial and organization integration after M&A integration stage. To recombination of resource the findings also indicated that crucial M&A determinants are profit formula and key resource within planning stage. It undertook financial, organizational and market integration mainly after M&A integration stage.

並列關鍵字

M&A sources of synergies corporations ； M&A determinants ； Integraction process ； Synergy of M&A

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