公路汽車客運併購效益分析-以桃園地區業者為例

The Effect Analysis of M&A in Highway Bus –Evidence from Passenger Transportation Industry in the Taoyuan area

楊世勳(Shih-Hsun Yang)

指導教授 ： 陳春盛

共同指導教授 ： 李筱丰

健行科技大學/管理學院/經營管理研究所/碩士(2012年)

摘要

公路汽車客運業原肩負著臺灣經濟發展、工業建設及民眾生活最主要交通運輸角色，但政府開放路線政策經營業者家數增加稀釋業者經營績效，再者隨著國內經濟成長、國民所得增加，民眾購買私人運具能力提升，致國內汽、機車快速成長，公路汽車不再是民眾唯一選擇，普遍載客率不佳，使得經營績效日益滑落，業者亦有配合汰換老舊車輛及改善服務品質，但由於業者經營最主要的柴油及人事成本，受限國際油價飆漲及勞工意識經營成本居高不下，再加業者生存關鍵的票價收入其費率卻受限政府在民意壓力長期採低票價政策管制，使得業者財務結構日趨惡化普遍處於虧損的狀況，雖然政府自民國85年起開始實施「促進大眾運輸發展方案」編列預算補助業者偏遠路線虧損略為改善業者經營困境，但政府補貼並非完全補助僅能治標且亦非政府長遠政策。
本研究認為政府補助並無法改變業者虧損的，業者應可透過企業併購策略，以良性整併減少經營體質較差的業者，改變市場惡性競爭的方式，提升業者經營效能。
經本研究證明找出客運業透過併購策略可達成降低營運成本提高經營效率、保持市場競爭力獲取超額利益、擴大營運區域，開發業務新機、業界地位提升等綜效。

關鍵字

公路汽車客運業 ； 開放路線政策 ； 促進大眾運輸發展方案 ； 營運虧損 ； 企業併購

並列摘要

Highway Bus –Evidence from Passenger Transportation Industry originally undertook the major transportation role in term of economic development, industrial construction and public daily life in Taiwan. However, the operational performance was diluted by increasing operators with the policy of more opening routes of the government. Moreover, following the domestic economic growth, the national increases and people are more capable to purchase private vehicles which result in rapid growth of domestic vehicles and motorcycles and the buses are no longer the only choice for public. Accordingly, the passenger occupancy rate is bad and the operational performance is getting worse. Notwithstanding that the operators replace the old vehicles and improve the service quality, the operators still get worsen financial structure and are commonly in loss due to high diesel and labor costs under surging international oil price and rising labor consciousness while the key of survival, the ticket prices, are subject to the governmental policy of low price under pressure of public opinions. Though the government has implemented “Enhancement of Mass Transportation” and prepared the budget to subsidy operators which run the remote routes that may slightly improve the operational difficulties sine 1996, the governmental subsidy is not full compensation and only can manage the symptom and not the long-term policy of the government.
The study considers that governmental subsidy cannot change the fact of operational losses and operators should adopt good consolidation through business acquisition strategies to reduce the worse operators to reverse the malicious market competition and enhance the operational efficiency.
It is proved by this research that passenger transportation business may enhance the operational efficiency, maintain market competitiveness to earn extra benefits, expand operational regions, create new opportunism for business and promote the position in industry through applying acquisition strategies.

並列關鍵字

Highway Bus –Evidence from Passenger Transportation Industry ； open routes policy ； enhancement of mass transportation ； operational loss ； business acquisition

參考文獻

參考文獻

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