企業併購之風險管理探討－以台灣電信業為例

併購乃是企業多角化經營之一項策略工具，運用併購不僅可節省時效與爭取市場上稍縱即逝之商機，亦可利用現有之行銷通路、原料及生產設備等迅速進入市場或另一新事業領域，由於併購是企業推動多角化經營最快速之成長方式，然而其風險也相對提升。歐美各國併購失敗之例子時有所聞，舉凡併購前之規劃與評估，併購中之談判與履約以及併購後之整合成效等關鍵環節都充滿許多難以預見之風險變數。因此，當企業追求併購預期所能帶來之綜效與高額利潤等經營績效之同時，如何有效地做好風險評估與管理等機制，避免重大損失之發生係最為迫切之課題。本研究目的是以風險管理之觀點探討企業從事併購活動時所面臨之營運風險、超額支付風險、財務風險與法律風險等種種關鍵因素之研究。藉由德爾菲法萃取影響併購風險之構面，進而構建一套企業併購風險之層級架構，此外亦運用層級分析法進行指標間相對重要程度之分析，探討企業併購中導入風險管理機制之影響，冀望作為企業進行併購時之參考依據。研究結果顯示，企業在從事併購活動中以財務風險構面最受到重視，其中包含併購前之財務分析、併購交易融資應注意事項及評價方法等，顯示出財會人員在併購過程中所扮演之重要角色，故一個併購案之成功與否，取決於企業在併購前已做好事前之財務分析與收購價格之評估，藉以確保併購過程中目標公司之財務狀況皆在可承擔之風險範圍之內；再者，專家學者一致認為應進一步評估目標公司所應擔負之產品責任與信用商譽之責任，是否會增加併購後經營交易上之風險。另外，會計評價方法亦成為牽動著買方股東權益之關鍵因素。因此，事前蒐集相關標的公司之相關資訊，分析歷史性財務報告與運用適當之價值評估方法是必要的。

關鍵字

併購；風險管理；德爾菲法；層級分析法

並列摘要

Corporate merger is a popular diversification strategy; it elevates efficiency while letting no potential business opportunities slip through the market. By utilizing to the fullest extend, already existing production facilities and distribution channels, enterprises can achieve amazing growth with additional market share; however, such practices also raise management risk at the same time. We have witnessed many cases in America and Europe, where elements of pre-merger planning and estimates, negotiation and contracting, as well as crucial post-merger linkage, all faired poorly in essential risk assessment. Therefore, while consortiums are vying for higher profitability and management efficiency enhancement, how corporate core bodies carefully design and install risk-proof mechanisms, are crucial and urgent lessons to be learned in loss emergence prevention. This study departed from the perspective of risk management, more particularly from the angles of: operation risk, cash-flow risk, financial risk and legal risk, etc. By borrowing potential risk structuring as described therein the ＂Delphi＂, construe an encompassing risk-avoidance system; also by Analytic Hierarchy Process, to point out relevant important risk indicators. It is hoped that such data could be used as effective guidelines for future consideration of corporate mergers. The results of the study showed that risk management was the aspect with which corporations devoted most attention to, including such element as: pre-merger financial analysis, merger appraisal and pricing, etc. This is where the importance of financial and accounting experts comes in; the success of a merger depends entirely on pre-merger financial assessment which must be accurate and on-the-target, in order to ensure corporations that they are indeed investing within their manageable risk range. Furthermore, experts also agree that more detailed assessment of the production quality and commercial reputation liabilities of the ＂target company＂ will also influence the span of risk management. In addition, the public should never overlook the key factor in protecting shareholders' interest and rights, walking hand-in-hand with pre-merger financial and accounting analysis. To sum it all up; collection of vital statistics beforehand concerning the ＂target company＂, such as: analysis of past financial statements and appropriate value assessment techniques are obligatory.

並列關鍵字

Merger ； Risk Management ； Delphi ； Analytic Hierarchy Process

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企業併購之風險管理探討－以台灣電信業為例

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