台灣電信產業之併購策略與競爭分析-以台灣電信集團為例

Abstract

隨著固網執照的陸續開放，在此之前均為中華電信一家獨大的局面，然隨著新進的固網業者的加入營運，讓台灣民眾有更多的選擇，也進入民營業者與中華電信的戰國時代。ADSL與國際電話的大戰隨之開打。

在這三家新進的民營固網業者中，以台灣固網的規模最大，並在民國90年初期曾稱霸一時，擁有922億元龐大資本額，然而在慘澹經營7年左右的光景後，因為在最後一哩（Last Mile）的建置尚未完全普及，加上中華電信不願出租線路的不利狀況下，造成本業經營上的困境，最後終於走上被台灣大哥大併購之路。在此同時，各大民營固網業者為求自保，紛紛仿效台固，電信業遂掀起一陣併購之風。『數位匯流』成為各大電信集團的發展趨勢，所謂『數位匯流』係結合電信、固網、有線電視多媒體事業，力圖打造三合一（Triple Play）之差異化競爭優勢目標。

台灣大為結合電信及媒體事業，成為更具競爭優勢及差異化的領導業者，並跨足利佳之多媒體領域，創造成長動能，台灣大透過其子公司-新台灣固網股份有限公司(原台信國際電信股份有限公司)公開收購及持續買進原台灣固網股份有限公司的股票，並於96年12月28日，持股比例共計達100%，對其具完全的控制能力。本文則在探討台灣大哥大併購台灣固網的一連串過程，並從組織文化、整併前後的行銷策略、財務與會計面來做分析，最後並以『Triple Play』為本研究的建議與總結。

Prior to the openly and newly issued licenses for fixed network by government agency, Chung Hwa Telecom is the only one carrier who provides telecom service in Taiwan. However, due to the new challengers enter to the market, the big fights between Chung Hwa Telecom and new fixed network carriers light up. Among them, the consumers benefit the most. They have many choices to select from either ADSL or international direct dial (IDD) and take advantage of the price discounts.

Taiwan Fixed Network (hereafter TFN) is the biggest one in the new fixed network carriers, holding 92.2 billion paid-in capital. However, after 7 year’s ill operation, it merged with Taiwan Mobile Co in the year of 2007. One of the reasons is the difficult infrastructure of last mile, the other one is leased line problem dealing with Chung Hwa Telecom. From the financial point of view, TFN’s operating income is negative in past 7 years. To solve the problem, M&A is the best way to do it. “Triple Play” is the main goal of the acquirer, Taiwan Mobile, to achieve. So do other competitors to follow. M&A is therefore the popular and recent trend in Taiwan telecom industry.

Taiwan Mobile acquired 100% of TFN’s shares on December 28, 2007 through the public via its son company and successfully took fully control of TFN. In this thesis, I will describe the successive procedures of this M&A, in either point of view through organizational culture, marketing strategies, financial and accounting issues. Finally, “Triple Play” is my conclusion and suggestion for this thesis.