企業併購歷程中有效進行管理模式再造之探討─以鴻海併購建漢為例

Research on the model of management control by reengineering in M&A Process –A Case Study of Foxconn and CyberTan

黃力行(Li-hsing Huang)

指導教授 ： 呂俊德

國立中央大學/管理學院/工業管理研究所碩士在職專班/碩士(2014年)

摘要

企業面臨低毛利時代及激烈競爭的環境下，許多企業選擇以最快速的成長模式—併購，來做為成長的方式，並確保持續獲利的成長。但併購交易本身是不會自動產生併購綜效，併購的整體價值取決於有效的併購整合管理，倘若企業未能有效地進行併購後整合管理，將會造成企業價值損失大於收益，導致併購交易失敗收場。

本論文的研究，在探討併購歷程中有效進行管理模式對企業經營績效之影響，經由個案分析實際的改善歷程，從經營管理、人力資源系統、產品成本結構、資訊系統整合、品保系統整合、及表單流程系統…等構面，來進行管理模式探討，最後進行財務報表分析，從2006年至2013年來評估此併購案，於併購後是否有顯著的綜效。
本研究結論如下：
1.併購後初期，原始客戶會有所疑慮，客戶下單時會分散風險，所以會造成業績下滑。
2.併購後與原有組織有重疊的現象，可利用有效的管理，來達成組織精簡的效果。
3.併購後會造成人心的不安，影響員工知覺感受與滿意度，可利用簽約的方式來留住主要的人才。
4.併購後兩家的資訊系統不一，須建構統一之平台，來達成資訊同步化，並可縮短其流程。
綜合以上，本研究從個案中得到驗證，併購後需要有更多的管理，才能得到顯著的併購綜合綜效，其綜效並不是因合併而產生，而是要靠管理產生的。

關鍵字

併購 ； 鴻海 ； 建漢 ； 整合管理 ； 改善

並列摘要

Enterprises of our country are confronting Low-Profit market and intensely competitive environment. For ensuring profitable growth from the market, many enterprises choose a feasible business model - Merger and Acquisition (M&A). As we know that the benefits associated with synergy for mergers and acquisitions transactions are not automatic. Actually, PMI, Post-Merger Integration is the most essential factor to deliver values and benefits for enterprise involved in an M&As. It would result in M&As transaction failures and enterprise value loss greater than revenues if enterprise fails to execute a post-M&As integration effectively.

The research focuses the impact of effective integration execution in M&A process on enterprise management performance through case study analysis of improvements in entire M&A process, including Business management, Human Resources Management System (HRMS), Structure of Product Costs, Integrated Information System, Integrated Quality Management System (QMS) and Process Data Reporting System. Eventually, we will evaluate this M&A case with financial reporting and statement analysis from 2006 thru 2013.

The conclusion is shown as follows:

1.In the early- stage of corporate merger and acquisition (M&A), customer defections are a major reason why the combined company fails to deliver the benefits associated with synergy.
2.Developing effective integration strategy (i.e. executing communication plan or offering different rewards and incentives) to minimize any problems occur in combined organization after merge.
3.After hearing the announcement of company’s acquisition, its employees were restless and uneasy. The head of human resources personally come and talk with the employees to put them at ease. For retaining key employees, HR professionals have employees re-sign enforceable contracts and sign an acknowledgement that they have read, understood and have no objections to the company’s employee handbook.
4.The integration of different Information Systems (IS) is one of the most critical challenges that companies face during the whole post-merger integration process. First of all, the company has to build up information system (IS) integration in different organizations for various data synchronization.

Based our review of the research, an effective Post-Merger Integration is the key to M&As success Post-Merger Integration, such as strategy , organization design , and talent assessment .

並列關鍵字

Merger & Acquisition ； Foxconn ； CyberTAN ； Post-Merger Integration (PMI) ； Improvement

參考文獻

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2.Banerjee, Ajeyo and Woodrow E. Eckard (1998). “Are Mega-Mergers Anti-Competitive? Evidence from the First Great Merger Wave.” Rand Journal of Economics, 29, 803–827.

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