企業併購 以全勝思維概念的對應研究

Abstract

在日趨激烈商場上，全球企業併購不論是規模或是件數，從1990年起即呈倍數成長，雖在網路泡沫及金融海嘯期間暫時減少，不過以長期趨勢來看，將來的併購將日趨頻繁且規模龐大。企業併購是企業追求成長及增加競爭力的常見方式之一，但是卻不一定是成功的代名詞。不論國內外，大型或小型企業，國際化或本土型公司，同業或異業合併，失敗或無明顯綜效的案例層出不窮。 本研究對於成功的併購及無綜效的案例，做出優劣分析。從分析中如台積電與世大及友達與廣輝等成功併購案在策略面及合併後整合的執行面上，都做即時且妥善的對應。因此不論是在產能，市占率或是技術互補性上都獲得良好的綜效。 反觀，明基與西門子合併案，原本是台灣手機業由代工邁向品牌的榮耀之路，但在連續單季虧損80-90億的沈重壓力下，不得不在短短一年的時間，宣布終止合併。此嚴重的虧損導致明基必須進行切割，以保住明基這個重要品牌。而2010年3月正式宣佈合併的群創與奇美合併案，原先也是互補性極高的同業合併，熟料在外部環境不佳，及大股東間矛盾衝擊下，直至今日仍無法表現出當初預估的綜效。 這些以歐美合併規劃下的案例，為何收不到預期的效果呢？本研究試著引入孫子兵法全勝思想中之「全國、全軍」及「知勝有五」的理念，提出全勝三策並針對特定案例做不同方向的思考。嘗試在企業主及股東的絕對利益之中，找到對合併公司及員工的最大利益及發揮綜效的建議。 本研究主要針對台灣現今相關的電子製造業為主，以合併後的發展做參考，嘗試導出對於製造業合併成敗的關鍵因子，作為後續全勝思維導入的研究參考。

Global merger and acquisition grow exponentially since 1990 in the market place regardless of a temporary reduction in the Internet bubble and during the financial crisis. Corporate merger and acquisition will become more frequent and in larger scale in the future. Although merger and acquisition is one of common ways to peruse for corporate growth and increase competitiveness, it is not necessarily synonymous with final success. No matter large or small business, international or domestic companies, the same or cross industries merger, it may fail or come without obvious synergy in numerous cases. From the SWOT analysis, such as TSMC / RISE and AUO / QDI, they prepare well merger integration strategies and implementation of policy after merger, so whether in production capacity, market share or technological complementarities both get a good synergy. The other hand, such as BenQ / Siemens merger case, which was originally Taiwan handset industry from OEM towards the brand's glory, but for single-season losses of 80-90 billion under heavy pressure. After a short period of one year, announced the termination the case. BenQ must be break up to keep BenQ brand. 2010/3 announced the merger of Innolux / Chimei, the original is highly complementary merger, clinker poor in the external environment, and the contradiction between the impact of the largest shareholder, until today still can not show the original pre-estimated synergy. These case followed Western merger plan, why closing the expected results? This study tried to introduce "The Art of War" - Chinese whole-victory thinking and "knowledge wins five" concept, recommand the thinking of the victory three stregies for specific cases in different views. It also tries to find a balance between the interest of entrepreneurs and shareholders and find that the best interests of the combined company and staff. This study focused on analysis of Taiwan's electronics manufacturing sector, with reference to the well-known merger and acquisition cases in different period or different scale.. With reference to the corporate development after the merger, this paper will explore key successful factors following the Chinese whole-victory thinking.