Establishing a Value-Creation Model on Mergers and Acquisitions: An Integrated Strategy Approach

Abstract

本文的目的是強調策略性的企業業務流程再造，以了解企業收購之價值創造的來源。此外，本研究整合資源基礎觀點，關靜、為基礎的策略途徑，以及波特的五力分析作為企業併購的策略理論基礎，進而產生價值創造模式與策略性的企業業務流程再造，提供管理者指導方針。本研究方法設計是透過質性研究情境的推論，擬訂整合性的策略制定過程及個案應用，主要包括分析個案收購公司和被收購公司的企業流程中價值創造來源，並是先動企業業務流程再造措施，透過整合性的策略應用，執行企業業務流程重組，進而創造價值，使得該個案公司躍升為高爾夫球代工產業市占率最大領導廠商，並進而建立高爾夫球國際品牌地位。研究結果發現，規模經濟並不一定為併購策略帶來改善財務的競爭優勢，管理者必須了解推動組織契合的過程中，從流程設計結合價值創造的策略機制，建立可持續的競爭優勢。本研究管理意涵，企業併購的管理者可以從策略整合的觀點，分析企業再造流程的業務活動（例如：e化平台專案計畫或策略行動方案），建置併購時的價值創造來源，以提升併購後的管理績效。本研究的原創價值在於提出併購企業的整合性策略架構，引導企業在併購整合過程中，因應產業競爭的複雜變化環境，從綜合性的策略邏輯角度，分析價值創造的關鍵策略業務流程，調整再造e化業務流程再造經營策略。

The aim of this article is to emphasize strategic business process reengineering perspective to better understand the sources of value creation in acquisitions. Moreover, an integrated approach embraces conceptual viewpoint with resource based view, relational approach, and Porter's five forces are employed as a guideline for managers to formulate value-creation models aligned with strategic e-business process reengineering projects when pursuing M & A strategies. A qualitative research is employed to explore the business scenarios which involved the inference of an integrated strategy theory derived from a detailed M&A case study. The approach of this paper is to state a comprehensive strategy formulation process guided by three sections: a case study to show the importance of value creation via operation fit between acquiring firm and acquired firm, business process reengineering initiative, and integrated application of the strategic business reengineering to create value in pursuing M&A strategies. Finally, the leading company outperforms among the competitors in terms of market share and global brand creation. To develop sustainable competitive advantage, executives must understand the true nature and mechanisms which drive the organization fit process, value creation through M&As and the consequent reengineering projects (such as e-projects to facilitate the knowledge sharing) for enhancing the post-merger performance and sustaining the company's competitive advantage. The originality of this study is to propose an integrated strategic approach for corporate mergers and acquisitions. Managers need to understand the sources of value creation in acquisitions derived from strategic points-of-view and what they mean for B2B (Business-to-Business) management performance. This justifies the need for better guidelines for operation fit through examination organizational value creation in M&A (Mergers & Acquisitions) context in response to a complex business environment in mature industries, as well as the key strategic elements when formulating business and technical BPR (Business Process Re-engineering) aligning with strategic fit. The discussion also raises awareness regarding the importance of strategic logic, correct interpretation of integrated strategic concepts and guidelines to business practice.