運用系統動態與財務資訊分析高科技產業併購：以Google併購Motorola Mobility為例

Abstract

併購案的發生在於雙方公司而言，是一個相當複雜的動態決策過程。公司執行併購之動機與目的多樣，其中高科技公司之的併購案，一般著重於取得新技術、新產品、商譽與專利權等，然而高科技產業併購著重於以取得新技術、新產品、商譽與專利權為目的，因此三大政策對高科技公司而言，投資政策當中的公司研發政策更是高科技公司不可或缺的重要部份。但執行一併購案主併公司需要承擔相當的風險，決策者必須隨時觀察公司之動態財務狀況，而公司之動態財務報表則是最能表現公司之動態財務狀況，決策者透過觀察公司之動態財務報表，適時修正公司財務資訊以控管風險與進行財務規劃，避免併購案的失敗，甚至使得主併公司陷入財務危機。本研究運用系統動態與財務資訊分析高科技產業之併購，以推估主併公司與被併公司在併購案發生過程中的動態財務報表，並加入研究費用、無形資產與商譽以描繪高科技產業之財務報表，但單純加入研究費用、無形資產與商譽只能描繪高科技產業之外表，因此本研究再加入研究人員之學習效果，讓財務報表更貼近高科技產業之生態，此為內涵。以上述模式對Google與Motorola Mobility之併購案進行個案之分析，並用以產生Google與Motorola Mobility之動態財務報表，輔助決策者利用不同之財務政策，推估主併公司與被併公司在併購案發生過程中的不同財務狀況，並編制合併報表， 以達到於不同財務政策(資訊)下分析併購案之目的。

M&A is a Dynamic Decision Process (or Strategy) between corporations. There are many motivations or purposes for a corporation acquiring others, especially, in High-Tech Industry. In High-Tech Industry, it is quite often that corporations acquire others only focus on obtaining others’ new technologies, new product lines, goodwill or patents, etc. Based on these purposes of M&A, it implies that High-Tech corporations pay most of their attention to their R&D. Therefore, the R&D investing policy should be one of the most important policies in the High-Tech corporations. However, the corporation should face to many risks when they decided to make a deal. The decision maker should pay full attention to the dynamic change of their financial position avoiding the failure of the Deal. And the Dynamic financial statements should be the best proxy for the decision maker to get the dynamic change of their financial positions. According to these reason, this study uses system dynamics and financial information (policies) to analyze the case of M&A in High-Tech Industry. Under this method, the system can estimate the future’s financial statements for the corporation. However, only adding intangible asset, goodwill and R&D Expenses as the accounting items in the financial statement may not fully describe the real status of the High-Tech Industry. Therefore, our study adds the Researcher’s Learning Effect to describe the High-Tech Industry completely. Using the model described above to analyze the case of Google acquiring Motorola Mobility and generates their consolidated financial statements during the simulating period under different financial policies to achieve the goal of analyzing the case of M&A in High-Tech Industry.