台灣中小企業併購策略之探討-以台灣電子中小企業為例

蔡金山

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台灣中小企業併購策略之探討-以台灣電子中小企業為例

A Case Study of M&A Strategy in Taiwan SME Industry

蔡金山 , Masters　　Advisor：吳青松　　

繁體中文

中小企業；併購策略；多角化；實地調查；內部報酬率； SME ； M&A strategy ； diversification ； due diligence ； IRR

Abstract │ Reference (21) │ Times Cited (2) │ Altmetrics

Abstract 〈TOP〉

Parallel Abstract 〈TOP〉

Merger and Acquisition (“M&A”) has been a very prevalent strategy adopted by large international corporations to achieve growth and diversification. Such trends also happen in the Taiwan island.  After experiencing the wave of globalization, many large electronic companies in Taiwan begin to adopt M&A to secure capacity, customer base, technology, talented people and operation units to create synergies.  Foxconn, for example, based on its very strong core competence in manufacturing, rapidly builds the “Foxconn Empire” via continuous M&A and establishes the largest conglomerate in Taiwan via the synergies generating from one- -after-another M&As.
Is it possible to use M&A as the growth strategy for mid- and small-scale enterprise (SME) in Taiwan? SMEs whether does have set of managements strategies and the pattern breaks through the limit which the resources is insufficient? This research goal hoped to find out the major M&A strategy for SMEs in Taiwan and the key success and defeat factor for the strategy, as well as in the procedure and in the evaluateon method choice. Hope the research result can help Taiwan SMEs to choose a good way for their growth strategy.
This study analyzes the M&A experiences of one small-medium electronic company in Taiwan. The findings of the study can be concluded as followings：

1.	There will be some M&A targets suitable for SMEs, although not necessarily for large corporation.
2.	R&D oriented M&A strategy can bring some benefits to SMEs.
3.	In selection of M&A process, it should be more taking care in reasonable due diligence, and focused on company’s intangible asset, eg. R&D, pattern, productivity.
4.	In selection of M&A evaluation, similar Q-ratio method with intangible asset concept evaluation are recommendation.

Reference ( 21 ) 〈TOP〉

8. 新巨企業股份有限公司，新巨企業股份有限公司八十三年~九十四年度年報，民國83~94年。
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2. Clark, Robert Charles. Corporate Laws. Aspen Publishers Inc.,1986, pp. 401-402.
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3. Copeland Tom, Tim Koller and Jack Murrin, Valuation: Measuring and managing the value of companies, 2nd ed, Mckinsey & Company, Inc. 1994
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5. Grant, Robert M. Contemporary strategy analysis: concepts, techniques, applications, 4th ed. Blackwell Publishing, 2003
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7. Kaplan, Steven N. Campeau’s acquisition of Federated: Post-bankruptcy results , Journal of Financial Economics 35, 1994,pp.123-136.
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Times Cited (2) 〈TOP〉

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