影響企業併購成功之關鍵因素－FAHP應用之研究

A Study on Key Success Factors of Mergers and Acquisitions - Using FAHP Approaches

陳一宇(Yi-Yu Chen)

指導教授 ： 劉立倫

中原大學/商學院/會計研究所/碩士(2014年)

https://doi.org/10.6840/cycu201400235

摘要

本研究將以過往專家學者所提出足以影響併購成功的關鍵因素，並運用專家意見法與模糊層級分析法(FAHP)做為本研究的分析方法，進行分析各個衡量構面與評估準則間的權重關係，以探討企業併購成功之關鍵因素。
研究結果發現「營運綜效評估」為相當重要的一環，其次分別為「併購計劃研擬」權重值為19.9％、「實質審查評鑑」權重值為19.2％，此三大構面之合計權重值達72.5%，而最重要的「營運綜效評估」構面，顯示在企業決定要進行併購行為時，對於併購前的目標公司價值與綜效以及併購後雙方企業的結合是否更勝原先單一企業，企業經營者會將其列為最優先考量之層面。
綜合研究結論：在面臨國際化的競爭中要保有競爭優勢，企業若要快速的擴大自身規模與績效，必須藉由併購來取得優於其他同業的營運優勢，在併購案進行時點的前中後期的規劃、執行與後續追蹤檢討就顯得相當重要，因此本研究所述的關鍵準則可用於決策者在面對併購案件時的參考依據，以期併購案得以順利進行，迅速的提升企業績效，降低併購所帶來的風險與成本，發揮併購的最大綜效，達成1+1大於2的實質效果。

關鍵字

模糊層級分析 ； 企業併購 ； 關鍵成功因素

並列摘要

The goal of the research is discussing the key success factors in mergers and acquisitions (M&A) that was mentioned by the experts in the past and using the FAHP method of analysis the relation between each measurement aspects and evaluation principles.
According to the analysis result, there is 33.4% "operation and synergy evaluation" which is the most key success factor in mergers and acquisitions (M&A). The second key success factor is "investigate plan" with 19.9% and the third one is "essentially evaluation" with 19.2%. Above three aspects take 72.5% in total. The companies will consider that the value and synergy of target firm before M&A and find out if the combination is better than original single enterprise.
In conclusion, the enterprises have to mergers and acquisitions in order to rapidly expand the scale of enterprise and get more performance in an international competition. It is important to prepare the proposal of mergers and acquisitions (M&A) which includes preceding period, middle period and later period and need to be conducted, then keeping monitoring and reviewing. For the key success factors as above mentioned in this study, it can be a reference for policymaker when facing mergers and acquisitions (M&A.) Expecting to proceed smoothly, promote performance, reduce risk and cost, and then bring the greatest synergy.

並列關鍵字

Key success factor ； Mergers and Acquisitions ； FAHP

參考文獻

陳雪如、施光訓、葉兆晏 (2004) 「企業合併與收購決策之策略分析與實證研究」，華人經濟研究，第2卷，第1期，第132-140頁。

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