企業購併後之價值整合策略探討-以和大工業股份有限公司(1536)為例

A Study on Consolidation of Value After Corporate Acquisition:Take Hota Industrial MFG (1536) As an Example

林滄海(Tsang-Hai Lin)

指導教授 ： 劉子琦

亞洲大學/管理學院/經營管理學系碩士班/碩士(2005年)

摘要

根據經濟部於2005年3月8日所公佈統計資料顯示我國自2002年2月6日企業購併法公佈實施以來總計發生企業購併288件、金額高達新台幣1,518.9億元，並以2004年發生218件、新台幣725.3億元達到統計期間最高峰，旋即進入2005年企業購併發生更是高潮迭起，例如明基購併西門子、萬海集團以股權收購入主國聯光電，以及金融整併政策所引發的新光銀行購併誠泰銀行、中纖集團入主臺中商銀、京城建設入主南企......等，更有傳統產業如嘉新水泥為轉型暨提振固定資產週轉率而分割岀嘉新水泥資產管理公司........等，充分展露企業在追求最大經營績效所運用1+1＞2暨2-1＞1的購併綜效思考邏輯，研判2005年更有機會創下我國企業購併的新高峰，購併後如何整合策略實施使達到投入資本倍數的投資報酬率，即成為當下企業管理的顯學。
惟企業購併成功畢竟不易，我國發展又屬晚近，所研究個案和大工業自1990年發生股權收購、接手經營迄今，非但股票成功上市，更是國內汽車零組件唯一銷售歐美新車市場者，營收從購併前的陸仟餘萬元增長至2004年15.48億元。本研究即藉由參與觀察個案公司、深度訪談整合實作關鍵人士，並藉由文獻探討與各項競爭策略思考邏輯印證，歸納個案公司成功整合關鍵在於重新定位的轉型策略、股票上(櫃)市所要求的完整制度建立暨發展和大供應商互動交流會所引發的群聚效應；由於洞燭市場流動先機而轉型生產重心於汽車零件並啟動二岸分工架構，由於推動股票上(櫃)市有利於歐美市場拓銷並建立完整的內控八大循環制度，由於發展和大供應商互動交流會使群聚效應發酵並構築潛在進入障礙。綜此，本研究價值在於藉由個案研究印證競爭策略邏輯思考，並歸納成功關鍵因素援引以為其他購併後整合策略實施參考。

關鍵字

對等合併 ； 五力分析 ； 群聚效應 ； 市場區隔

並列摘要

According to the statistics released on March 8, 2005, by Taiwan's Ministry of Economic Affairs, since the Corporate Acquisition Law was promulgated and took effect in February 6, 2002, there were a total of 288 cases of corporate acquisition worth NT$151.89 billion in Taiwan. The year 2004 saw the highest peak of the statistical period in which 218 cases took place, worth NT$72.53 billion. Soon after that, in 2005 corporate acquisitions occurred in succession, such as BenQ acquiring Simens, Wan Hai Group acquiring United Epitaxy Company with stock options; and in the wake of the financial merge policy, Shin Kong Commercial Bank acquiring Macoto Bank, China Man-Made Fiber Corporation acquiring Taichung Commercial Bank, King's Town Construction acquiring Tainan Business Bank, etc. Besides, in traditional industries, Chia Hsin Cement Corp., for instance, branched out by setting up Chia Hsin Cement Asset Management Co. in a bid to reinvent itself and enhance its fixed asset turnover. All of this adequately reveals these firms' acquisition ensemble logic by drawing on the formulae of 1+1>2 and 2-1>1 in quest of the maximum business performance. It is estimated that there is a chance to create a new peak in 2005 on the island. How to consolidate tactic practices to achieve a rate of return on investment two times over the capital invested, then, has become an issue for current business management.
Successful business acquisition, however, is not easy after all, and this phenomenon started not very long ago on the island. The case in point is Hota Industrial MEG. Co. (HIMC). Ever since the acquisition of stock options and operation transfer in 1990, not only has the company gone listed successfully, but it itself also is the only exporter in Taiwan which sells automobile parts and components to the new car markets in Europe and America. Its operating income has grown from the over NT$60 million before the acquisition to NT$1,548 million in 2004. By participating in the individual case observed and conducting in-depth reviews with the key figures in consolidation, through literature review and verification of various kinds of competition tactics and thinking logic, this study concludes that the successful consolidation of the individual company lied in its transition strategy of re-orientation, in its establishment and development of a complete system required by listing, and in the cluster effect induced by the development of the HIMC Suppliers Interaction and Exchange Association. Foreseeing the trend of the market, HIMC focused on producing auto parts instead, thereby activating a cross-straight labor division framework. Going listed helped expand the company's sales in the EU and American markets, and the company also created a complete 8-cycle system for internal control. Furthermore, due to the development of the HIMC Suppliers Interaction and Exchange Association, the cluster effect has fermented, forming a potential entry obstacle. As a result, this study attempts to verify competition strategy and logical thinking through an individual case and proceed to infer key causes to the success in order to serve as a reference for other consolidation strategies after acquisition.

並列關鍵字

merge of equals ； five force analysis ； cluster effect ； market segmentation

參考文獻

安士敦、瞿宛文(2003)。超越後進--台灣的產業升級策略，朱道凱譯。台北市：聯經出版社。

山繆．威佛、佛瑞德．威斯頓(2002)。企業購併：全方位評估並掌握當前M&A環境，陳儀翻譯。台北市：美商麥格羅．希爾國際股份有限公司。

魏志忠(2001)。企業購併之個案研究 - 以 E 公司為例，元智大學資訊管理學系。桃園縣：未出版碩士論文。

a. For periodicals

Aloke Ghosh and Prem C. Jain(2000). Financial Leverage Changes Association with Corporate Mergers. Journal of Corporate Finance, 6(4), 377-402.