高科技企業運用國際購併之價值擴展策略模式：明基購併西門子手機事業部之個案研究

Abstract

本研究探討企業在價值鏈上尋求發展而產生價值遞移，運用國際購併作為價值擴張的投資，基於相關條件之滿足，產生所謂的優勢互補，進而可以創造出雙贏的局面。本文意在分析明基電通併購西門子手機部門，整個企業價值的變化趨勢，引用Slywotzky的價值遞移理論(Value Migration)和利潤模式理論(Profit Patten)為基礎，從實証觀點解析明基電通併購西門子手機事業部，所產生的價值移動軌跡與利潤模式，並探討此一併購案可能產生之七大互補優勢：通路整合效益、區域佈局效益、品牌增強效益、市場商機效益、專利門鑑效益、研發深化效益、客戶服務綜效。從這七個互補優勢當中，看出藉由通路佈局，加速明基電通推廣品牌；併購西門子，加速區域佈局，達到關鍵規模，一舉擠入全球手機排名前五大廠；獲得關鍵IP，可以佈局完整的產品線，不論低、中、高階手機，滿足新機需求與換機需求的消費者，提升在新興市場的市佔率。本研究判定，明基電通採行跨國併購的經濟版圖擴張策略，毋寧說是站在一個轉型創造的最佳時機點，何故？前往大陸擴張版圖的企圖未減，而大陸的本土廠商自製率侵蝕低階市場，如不能利用適當的外力資源，提升自己的競爭力與技術層次，將難以在高階市場中與Nokia、Motorola等國際大廠競爭，並將只能維持低獲利的狀態。此時，西門子提供一個絕妙時機，滿足明基電通的轉型需求。至此，明基電通必須在購併後，強化其未來獲利的策略條件，如：快速的提升自有品牌的知名度，達到品牌增強效果；獲得手機關鍵IP，佈局完整產品線，提升通路佈局與市場商機效益；並且藉由後續的通路與研發，達到客戶服務的綜效。本文的研究顯示，明基遂行其全球競爭的野心，在這些策略條件獲得滿足之下，應屬樂觀可期。

This study mainly discuss about the development of the industrial value chain and the value migration through international merger and acquisition. International corporations accomplish their win-win strategy through merger and acquisition usually finds some conditions fulfilled and make effort towards value expansion and the generation of the complementary advantages. Our study intends to analyze the case of BenQ acquiring Siemens mobile unit a la the idea of Slywotzky’s value migration and profit patterns mode and discover the value migration course and the transformation of the profit patterns of the BenQ Mobile. We discuss seven major complementary advantages which would occur in this case: channel-integrating effect, investment-layout effect, brand-enhancing effect, market-opportunity-expansion effect, patent-enhancing effect, R&D ability reinforced effect, and, customer service synergy. By the channel-integrated effect, BenQ could promote the brand more quickly; by investment-layout effect, it will increase its market share to reach the key scale to compete with the global top five mobile phone manufacturing companies; by acquiring essential IP (Intellect Property), it could develop the complete product lines, and hence it could meet the customers’ need for new or old markets and increase the emerging market share. From M&A, BenQ may succeed in expanding his market territory and transform into a really global corporation due to the ability to make use of external resources to improve his competition and technical level. At the moment of M&A, Siemens offered BenQ a perfect opportunity to fit its transformation requirement. After acquiring Siemens’ Mobile unit, BenQ could strengthen its strategic conditions to improve its own brand, to develop a more complete product lines, and to accomplish the customer service synergy with greater market opportunities. This paper predicts that BenQ has gained stronger position to compete with the top companies in the world, such as Nokia, Motorola, Sony and Ericsson. And, its expected for BenQ’s optimistic and sanguine future.