企業併購後行銷資源整合之研究 ─以安博凱私募股權基金併購中嘉網路為例

The Study on Marketing Resource Integration of Business After Merger and Acquisition -The case of Private Equity Fund MBK’s merger with CNS

林淑娟(Shu-Juan Lin)

指導教授 ： 林婷鈴

國立臺北大學/商學院/企業管理學系/碩士(2012年)

摘要

產業併購風潮自一百年前由美國展開，並蔓延至全球各個角落的各產業。過去，有關私募股權基金的跨國併購案件，除在美、日發展外，現今則在亞洲市場掀起高峰，包含台灣、中國大陸、印度等，已成為資本市場進行活動的舞台。
企業併購除使企業快速取得所需的新技術與資源，亦可促使降低經營成本、追求規模經濟，進而增加市場佔有率，以提高營收與獲利率，或達成相關多角化經營尋求綜效等經濟性效益。但併購後如何成功地進行雙方資源整合才是成功的關鍵，亦才能讓雙方有價值的資源，因整合而產生綜效。過去，相關文獻多將研究議題聚焦在併購的經濟性、財務績效、企業策略觀點、組織理論觀，以及企業併購後整合與績效之影響等，較忽略併購後行銷活動整合過程的研究。
本研究基於資源基礎觀點，採取質性研究的深度個案訪談法，以安博凱私募股權基金併購中嘉網路之個案為例，探討併購後雙方廠商之間，行銷資源與能力為何需要整合；同時，併購後廠商又是如何將資源快速地整併，進而運用行銷資源所產生的整合效益與價值，為企業建構競爭優勢。研究結果顯現安博凱在併購後，透過有效地擷取雙方互補性的市場資源，而使行銷整合過程，不但能強化整合程度且能掌握整合速度，廠商間並透由掌握雙方的關鍵性核心資源，以創造營運績效。

關鍵字

合併,收購,資源基礎觀點,行銷整合

並列摘要

The wave of business mergers and acquisitions was developed in the United States 100 years ago and now has pervaded all industries in the world. In the past, multinational business mergers and acquisitions of Private Equity Fund was commonly seen in United States and Japan. However, it has reached its peak in Asian markets which include Taiwan, China, and India and so on.
Apart from acquiring the latest technique and resources, business mergers and acquisitions also reduce the operation cost in pursuit of economy of scale, the increase of market share for more revenues and a higher profit rate or relevant diversification for synergy. In fact, the integration after mergers and acquisitions is the key to the success of the business and to all the values. According to literature review, the studies in the past mainly discussed the economy of mergers and acquisitions, financial performance, perspective of business strategy, organizational theories, and business integration and performance after mergers and acquisitions but focused less on marketing integration process after mergers and acquisitions.
Based on the point view of resource-based, this study adopts qualitative research and in-depth interview to discuss the imperative of marketing resource and capability integrations after mergers and acquisitions with the example of Private Equity Fund MBK’s merger with CNS. It illustrates how the business rapidly integrates the resources and takes advantage of integrated benefits and values to create business competitive edges. The result of this study reveals that MBK effectively receives the complementary marketing resources from business mergers and acquisitions. And through the process of marketing integration, it not only strengthens the extent of integration but also controls the speed of integration. Moreover, through controlling core resources owned by both parties, it can optimize operational performances.

並列關鍵字

Merger, Acquisition, Resourced-Based View, Marketing Integration

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