企業蓄意接管後對目標公司經營績效之影響-以台灣企業為例之個案研究

The Effects of Target Firm’s Operating Performance after Hostile Takeover － Based on Case Study of four Taiwan Companies

蕭守正(Shou-Cheng Hsiao)

指導教授 ： 胡為善

中原大學/商學院/企業管理研究所/碩士(2002年)

https://doi.org/10.6840/cycu200200343

摘要

企業購併已成為21世紀最熱門的風潮，而且這股購併風潮預計將持續蔓延，由歐美吹向亞洲。企業面對激烈變動的外部環境，購併已成為企業外部成長與競爭策略的工具之一。台灣對企業購併的研究亦不在少數，範圍涵蓋了購併的動機、類型、績效、策略、法律等。但針對蓄意接管(hostile takeover)的研究則不多，且研究大多針對蓄意接管方與目標公司之間所採取的各種接管與反接管策略探討。事實上是蓄意接管(hostile takeover)指的是接管方在目標公司經營階層反對下所採取的購併行為，雖然蓄意接管會讓企業產生額外的成本，但卻可改善公司資源運用與提昇效率，因此蓄意接管已然成為企業經營管理上的重要課題之一。
本論文以台灣上市公司作為研究對象，篩擇四個蓄意接管成功與失敗的案例，以內容方析法對蓄意接管個案進行分析比較，所篩選出來的個案成功的有：味全公司、精英電腦、大華證券；未成功的有：中橡公司等四家公司。本研究將主要探討接管後目標公司經營績效的表現，但為了完整的分析每個個案，研究內容也包括了接管動機、類型、涉及相關的法律問題及蓄意接管的策略等。
研究個案中發現，若主併公司的持股比例達50%以上，則蓄意接管的成功機率提高，否則就必須搭配其他的接管策略，才能提昇接管成功的機率。且主併公司對目標公司的本業接管後若有能力經營，則目標公司經營績效將會有不錯的表現。另外接管活動前若訊息過早公佈，則目標公司股價的表現，漲幅超過一般市場的二成以上，影響主併公司接管的成本及長期資金運用的實力，關係到成敗與否。最後本研究針對蓄意接管的主併公司及目標公司提出不同的策略運用的建議，希望能協助企業在進行蓄意接管及反接管的活動中適時作出正確的策略決策，及幫助投資人在面對蓄意接管時能做出正確的決定。

關鍵字

經營績效 ； 蓄意接管 ； 個案研究

並列摘要

The number of corporate mergers and acquisitions pushing to a new level as we enter into the 21st century, the wave of mergers and acquisitions is expected to continuously grow and expansion from European continent and the U.S. to Asia. Businesses, when confronting with an volatile external environment, are increasingly turning to acquisitions as one of the means for achieving the objectives of business expansion and competitiveness. There are substantial number of studies in Taiwan dedicated to corporate mergers and acquisitions, encompassing aspects such as motives, types, expected yield, strategy and legal ramifications, yet very few have been conducted to examine hostile takeover. The majority of the studies limited to focusing on the means and strategy of hostile takeover between the acquirer and acquired party. Hostile takeover is a process that has become one of the vital topics in business management despite the fact that a hostile takeover often comes with a hefty price tag.

Taking to account public-traded companies in Taiwan, this thesis study features four hostile takeover cases that have succeeded and failed as means to conduct analysis and comparison on the takeover cases via content analysis approach. Among the four selected cases are three successful ones, WeiChuan Foods, Elitegroup Computer, and Grand Cathay and unsuccessful one, that of China Synthetic Rubber. Designed to focus on the target company’s performance in operating efficiency after the takeover, but also to concisely profile each of the cases presented, this work’s contents will also address the motive and type of a takeover, legal ramifications, strategy behind a hostile takeover, etc.

As concluded from the selected case studies is that the presence of a precursor where the acquiring firm’s shareholding of the target firm is at 50% or higher would greatly improve the probability of a successful takeover, or else other takeover strategy will need to be incorporated in order to prop up the probability of a successful takeover. The target firm’s operating efficiency has greatly improved if the acquirer firm has the operating technology on the target firm’s core business. Moreover, a premature leakage of a takeover news tends to drive up the target firm’s share price listing to exceed 20% of its normal trading range can poise to strain the acquirer firm’s managing cost and long-term capital liquidity, which in turn dictate its ultimate success or failure. As a recap, recommendation is offered by this study in availing varied strategies to the acquirer and the target firm in anticipation to steer businesses to come to the right strategic decision-making in conducting a takeover bid or counter a bid, and to avail the investing public in rendering the right decision at the time of a takeover saga.

並列關鍵字

Hostile takeover ； Case study ； Management efficiency

參考文獻

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