品牌購併之研究-以TCL併Thomson彩電&Alcatel行動通訊部門、聯想電腦併IBM 個人電腦部門與明基併西門子手機部門為例

Abstract

本篇論文研究的目的主要在探討向來以代工製造起家的亞洲企業，在市場朝向國際化、全球化發展下，進行品牌併購以邁入全球市場時，所採行之策略對經營管理所產生之影響，並尋找影響購併之經營管理變數。 本研究採用文獻探討法與個案研究法，由企業經營變數出發，透過企業購併的動機與購併時所產生的風險與價值的文獻，藉以探討價值創造與購併風險，並進行綜合性的整理與評論。本研究選擇之對象為中國聯想集團購併美商IBM個人電腦部門與中國TCL集團購併購法商Thomson電器與Alcatel手機部門及明基電通購併德商SIEMENS手機部門，樣本研究期間為2003~2006年。 實証研究結果如下： （一）就財務方面而言：聯想的財務績效優於其他兩家公司。聯想完成購併後在2005年年度的股東權益報酬率仍有3%、EBITDA/營業額為3%、營業額成長率高達359%；同一年度TCL集團的股東報酬權益則下降至-7%、EBITDA/營業額為2%、營業額成長率28%；同一年度明基集團的股東報酬權益則下降至-13%、EBITDA/營業額為-1%、營業額成長率僅有1%。 （二）就購併動機因子異同點而言：這三個個案在購併動機因子相同點可歸納為下列幾點：1.規模經濟、2.垂直整合的利益、3.互補性的資源、4.開拓新市場、5.商譽(品牌)的取得、6.提高研發能力、7.強化專利佈局、8.提高國際形象；相異點歸納如下列幾點：1.購併方式、2.解決營運困境、3.突破貿易或非貿易障礙、4.生產製造優勢、5.多角化經營。

The thesis is to investigate the strategies of Asian enterprises thriving from manufacturing growth to enter the global market via mergers and acquisitions (M&A). As the market development evolved towards internationalization and globalization it resulted in globol operation management as well as booming M&A activities. This thesis adopted document research and case study. There are three case studies in this thesis-IBM PC M&A by Lenovo, and Thomson TV & Alcatel cell phone M&A by TCL and Siemens cell phone M&A by BenQ. Research period is from 2003 to 2006. Results are concluded as follow: （1）Financial performance:financial performance of Lenovo Group is better than that of the other two cases. After Lenovo completing M&A, return on equity in 2005 remained 3%; EBITDA/ the business volume, 3%; the growth rate in the business volume, high up to 359%. In the same year, return on equity of TCL group dropped to -7%; EBITDA/ the business volume, 2%; the growth rate in the business volume, 28%. Moreover, return on equity of BenQ group dropped to -13%; EBITDA/ the business volume, -1%; the growth rate in the business volume,1%. （2）Similarities and dissimilarities of motivations of M&A:from there three cases of M&A, we concluded the following similarities:1. the economical scale 2. the gain in vertical mergers 3. complementary resource 4. new market exploration 5. goodwill(brand) acquirement 6. enhancement of R&D capability 7. consolidation of patent arrangements 8. improvement of international image;dissimilarities were:1. method of M&A 2. Solving difficulties in operations 3. breakthrough of trade or non-trade barriers 4. advantages of production 5. diversifications.