- 學位論文
跨國併購規劃與併購後整合議題之研究－交易成本與交易價值觀點
A Study on the Integrating Process of Mergers and Acquisitions：The Transaction Cost and Transaction Value Perspective
摘要
在全球金融風暴的襲擊之下，各產業無不面臨嚴苛的經營挑戰，許多企業藉此運用併購方式以獲取下一階段發展的契機，並達成資源有效的配置與運用。本研究主要是以交易成本與交易價值的觀點，來深入探討整個併購過程，藉以找出規劃階段與整合階段間的關連，在併購整合過程中，如何有效地進行雙方互補性資源與能力之整合，以及與過去相關議題研究結果的差異性。 本研究藉由對個案公司的深度訪談，瞭解個案公司在規劃與面對整合過程中所遭受的困境與如何尋求解決的方式；亦發現個案公司在過去往來廠商間之交易經驗所形成的準租，將在併購談判過程中產生潛在價值，此種往來廠商之間合作關係的準租，將成為企業併購整合過程成敗的關鍵。 研究發現除了呼應相關理論之外，亦察覺有效分配與運用雙方的資源與能力，使得併購後的綜效會超乎原先所預期的，即交易潛在價值的顯現。另外，被併對象的意願不僅會因與併購公司先前交易關係之影響，也會因其他競爭者而有產生改變，探討之間的影響關係，可提供企業在進行併購規劃與整合過程之建議。
關鍵字
併購；交易成本理論；個案研究並列摘要
The financial tsunami has deep and swift impact upon global economy. Not only financial institutions, almost all businesses and industries hit by a recession haven’t seen for decades. However, it is also a time for businesses to expand by mergers and acquisitions (M&As) with much less costs. By doing so, businesses can be well prepared for the future economic recovery, as well as achieve effective resource allocation and distribution. Based on the transaction cost theory and from the perspective of quasi-rents generated by cooperation between enterprises, this study aims to investigate the corporate M&As process, in order to clarify the relations between pre-merger planning and post-merger integration process, and the effective way of integration between complementary resources and capabilities. Moreover, more insightful finding compared to previous researches is another objective of this study. Employed the in-depth case study method, this research identifies the obstacles in pre- and post-merger process and how they were resolved. This study also explores that, previous transaction experiences and business relations of buyer company, which gained quasi-rents, has potential value in merging and acquiring process. Quasi-rents are critical to the success of M&As. Except that of theoretical contribution, this research provides some practical suggestions for future M&As.