企業併購動機、策略及整合之研究 –以D公司併購案為例

Abstract

隨著國際潮流的瞬息萬變，越來越多的企業藉由併購，進行整合，產生合併綜效(synergy)，以達生存成長與利潤極大化之目標，就如同施振榮先生所說：「go big or go home」。然而，併購後的企業價值是否真的能如同預期，產生大於併購前兩家公司各別價值的總和，仍具相當多之變數。 本研究藉由兩家百年歷史以上的美商公司於2008年併購案為研究對象，針對石化產業的跨國優良企業在面對景氣循環、產能失衡時，如何思考己身在市場的定位，尋求戰略改變，重新發揮公司核心競爭力。並以其併購之事前充分準備與事後持續性管理能力等作一較完整之分析，從中找出「產業景氣－核心能力－併購戰略－整合策略」等交互關係，以說明併購前應有的考量、併購後的整合、組織與管理等有利因素，供企業於掙脫景氣循環時，可採取之思考方向，以促使預期綜效能圓滿達成。 本研究結果歸納出八項重點： 1. 併購首重交易準備階段（亦即評估目標公司和制定整合計畫） 2. 挑選併購對象時，相關併購所創造的價值比無相關併購要來得高 3. 周詳的整合計畫與管理機制，是實現併購綜效的主要關鍵 4. 整合計畫應針對組織核心目標訂定優先銜接順序 5. 留住關鍵人才，是確保併購成功的重要基礎 6. 併購後，如何消除兩企業文化差異，是合併後經營成敗關鍵因素之一 7. 組織內不斷溝通、建立共識、目標明確、團隊整合等，能提高併購綜效 8. 併購後的企業文化保留雙方優良傳統，再循序漸進轉化成新的企業文化有助於雙方融入新組織體系

M&A is a typical way for a business to grow on the consumption that both parties should benefit. However, not all M&As are successful. This research uses the case of two centuries old US companies’ M&A in 2008 as the study. Looking at the leader in the chemical industry, how they deal with the economic cycle, capacity utilization, market positioning, core value unification. This study links the reports among Industry cycle, Company’s core values and M&A strategy. This research summarizes eight key insights: 1. In doing due diligence one should not just focus on the financial considerations. Other crucial factors should be considered are the talent pool, corporate culture, and the competitive position in the industry. 2. Selection of acquisition targets, the relevance of the value created by M&A is higher than those unrelated. 3. Comprehensive integrated planning and management mechanisms to achieve key synergies are needed. 4. Integration plan should address the priorities that reflect the main objectives of the Organization. 5. Retain key talent is the key to ensure the success of mergers and acquisitions. 6. How to eliminate or reduce the differences between the two cultures is a key success factor. 7. Continual communications, consensus building, shared targets, team integration are all keys to ensure successful synergy. 8. Retain the good tradition from both sides to gradually transformed into a new corporate culture can facilitate the culture transformation.