企業併購動機及執行績效之研究- 以F公司合併A公司為例

Abstract

當企業發展到一定規模時，將進入發展瓶頸階段，之後不是向上發展緩慢就是開始衰退向下。因此在此階段，企業往往會選擇以併購的方式來突破瓶頸階段，打開新的企業經營局面。然而企業併購不見得都會如預期般成功，本研究希望藉由公司F購併公司A這一個成功的案例，透過個案研究法，從企業內部的觀點出發，深入了解併購前公司F及公司A各自之情況以及併購後的發展狀況，以歸納出企業購併成功的因素，盼能為企業經營決策提供適當之建議。本研究最後會從個案併購公司之年報，透過三個綜效指標：營運綜效、財務綜效及市場綜效來檢視此購併案之實際綜效及執行績效。

As the scales of enterprises reach a certain size, enterprises will face the bottleneck stage of their business growths – either grow slowly or even decline in a downward trend. At this stage, enterprises often choose a way to break through the bottleneck by acquiring other companies, in an attempt to expand a new aspect of their business growths. However, mergers and acquisitions do not always succeed as expected. This study investigates the acquisition of company A by company F from the internal viewpoint of the enterprise, in order to deduce the key success factors and provide appropriate suggestions to business acquisitions. This study also examines the actual merging synergy and the performance of this merger case, through three synergy indicators: operating synergy, financial synergy and marketing synergy analyzed from the annual reports of company F.