- 學位論文
全方位規畫對併購成敗之探討﹣以某物流公司為例
A Study on the Success or Failure of Merge & Acquisition by All-directional Plan-A Case Study from A Logistic Company
摘要
世界經濟出現不同的面貌與發展，經濟活動打破國家主權和地理疆界，同時由於跨國企業不斷對外擴張重組，全球化儼然成為風潮。在國際化與自由化的衝擊下，市場競爭愈加激烈，再加上各國主管機關及證券市場日趨嚴格的管理機制，使得企業高階管理人員在經營上面臨重大挑戰。如何在全球市場謀求企業生存與獲利之道，是企業必須面臨的重要課題。 現今企業面臨成長、公司治理與風險控管、企業經營績效的挑戰，需要運用各種資源辨識其成長機會與風險、迅速擬訂公司成長策略以達到企業永續經營及持續獲利的目標。企業不論採取內部發展或是尋求外部成長，迅速且及時地掌握成長機會才是確保企業獲利的途徑。對於物流產業而言，隨著客戶將產品的運送委由外部專業物流業者的趨勢，帶來物流產業蓬勃商機，客戶對於物流運送一站式與客製化的需求，促使物流業者紛紛調整體質以擴大營運規模，朝向專業化經營，各物流公司在市場上不斷合縱連橫，以因應客戶不同要求。企業最快速成長模式為透過併購方式以迅速取得所需的關鍵技術、人才與行業經營知識。但併購流程涉及各環節的專業。除了尋找在營運策略、經營理念、業務型態、人力資源能符合企業所需的併購標的，併購後還要能順利整合以產生預期的併購綜效。有效且符合企業實務的併購規劃是影響併購案是否成功的關鍵。 本研究目的在於對個案公司併購過程之檢視並分析該過程產生之影響，並探討如何依照個案公司特性有效規劃併購流程，以達成併購策略目標。 本研究探討關於企業併購、物流業發展與併購成功與失敗關鍵因素之文獻，以個案研究作為研究方法，探討個案在併購過程中的各項決策與行動，以尋求符合實務運作最適的併購規劃，達到企業策略發展目標。 本研究結果顯示時間限制、併購經驗及標的公司提供資訊的數量與品質影響個案公司併購交易的效果，物流產業結構中各環節分工的複雜性與專業性也增加併購過程的困難度。為使併購交易順利完成，對標的公司詳細調查、併購專業人才的培養、併購公司在併購前的對自身資源與能力的充分準備、經營團隊堅定的支持，是個案公司在往後從事併購交易中必須注意的事項。 關鍵字：併購、整合、物流
並列摘要
The world economics shows different situations and development. Economic activities break the border of nations and regions. In the meantime, globalization has been in fashion due to constant expansion and recombination. Under the impact of internationalization and liberalization, the market competition becomes drastic. Strict supervision from governments and capital markets make top managers confront huge challenge in corporate management. How to survive and earn profits becomes an important issue enterprises have to face. Enterprises face challenges from growth, corporate governance and risk control, and performance. They need to use resources to identify opportunities and risk, build growth strategy to reach the objective of sustainable management and constant profit. No matter how company adopt internal or external development, to hold opportunities of growth rapidly and timely is the only way to assure profit. To logistic business, it show a trend that customers assign professional logistic company to ship goods gradually, which bring flourishing chance. The fact customers request one-stop and customized service promote logistic companies to adjust themselves, expand operational scale and manage business by professional method. Logistic companies cooperate in order to meet customer’s various demand. The fast model of growth is to merge other company to obtain key techniques, talent and industrial know-how. However, M&A involves multiple specialties. In addition to search for merged objectives which meet business strategy, concept of management, business type, and human resource, the company has to integrate all respects to generate merged synergy. A effective and practical plan is the key to make M& succeed. The goal of study review processes of M&A based on a case company, analyze the effect of these processes, and discuss how to make appropriate procedure of M&A to meet the corporate strategy . The study looks into bibliography about M&A, development of logistic business, and the key of success or failure of M&A. Case study is the main research methodology, which analyze each decision and action from M&A process to find the most proper M&A scheme reaching the strategy of corporate The study show the limit of time, experience of M&A, volume and quality objective company affect the effect of M&A case company did. The The complexity of structure of logistic business adds the difficulty in M&A processes. In order to finish the transaction of M&A smoothly,detailed investigation into objective company carefully, training of professional talent in M&A, completion of organizational resource and capacity before M&A, and strong support by management are noticeable directions when the case company engage in M&A in future. Key words：Merge & Acquisition、Integration 、Logistics