台灣高科技產業併購決策與關鍵成功因素之研究

Abstract

企業併購風潮自1980代以來，基於全球化、大型化、科技技術的創新及競爭汰弱速度的加快，促使許多企業選擇以併購方式來達成企業成長與發展的目的。當然台灣的科技產業也普遍意識到未來產業整合後走向大者恆大的不變趨勢，因此併購活動的進行已經成為台灣科技產業在技術創新與產業升級的方法外，順應時代脈動下走向國際化與全球化的重要發展策略之一。 併購決策應是企業基於整體短、中、長期的發展策略，衡量競爭環境的影響與挑戰，在內部成長及外部成長的總體考量下，選擇速度較快、風險程度亦較高的外部成長方式來達成企業發展上的目的。當然，整個併購案從策略規劃的開始，到企業完成併購活動，這一連串的程序與過程中，必然有某些活動或步驟對整個併購的結果，扮演關鍵性的角色，若能找出這些關鍵因素（Key Factors）或關鍵指標（Key Indicators），就能讓企業在進行併購活動時，取得較高的成功機率。 本研究參考相關文獻設計出併購流程的四個主要階段，分別為： 階段一：企業策略規劃與併購決策形成階段 階段二：併購的分析與評估階段 階段三：併購對象篩選與計劃擬定階段 階段四：執行併購計劃階段 並透過台灣高科技產業的調查與分析，分別從四個階段中研究出關鍵成功因素，同時針對積體電路、電腦及周邊、通訊與光電等四個產業進一步探討其中的異同；另一方面，亦發現最容易導致台灣高科技產業併購失敗的五個原因。期望這些推論與發現，能提供台灣高科技產業在進行併購作業時，審視本身的條件與環境，注意各階段中的關鍵因素，並區別任務的優先順序與資源配置，參照本模式的相關結論，做為併購活動時的重要參考，以期能提高併購的成功機率。

ABSTRACT Starting from 1980’s, due to the needs of globalization, technology improvement, and competitiveness, many enterprises had taken the common measure of corporate merging in order to achieve substantial business growth and development. Following such trend, Taiwan’s high tech industries also implement the strategy of merging to maintain continuous technology improvement and industry upgrading, which, is an obvious practice of the principle: The bigger you are, the more powerful you will be. Merging has become an inevitable process for enterprises to globalize and stay competitive. Corporate mergers are strategic decisions made by many enterprises base on their needs for short, middle and long term development. Many enterprises chose to merge because they know that competition comes from internally and externally. In order to stay ahead, they need to take appropriate actions. Nevertheless, greater risk are involve even merging seems beneficiate to many enterprises. As one may know, merging needs to go through sophisticated process like planning, negotiating, processing and so on. There are certain key factors or key indicators that should be focus during merging. If we can identify those key factors and take them into considerations, we will have a higher successful rate. After consulting related references and articles, I have come up with some key factors which allow me to divide merging procedures into for main stages: A. Strategic Planning & Decision Making Stage B. Analysis and Evaluation Stage C. Merging Party Selection and Planning Completion Stage D. Merging Stage I have looked into successful merging cases conducted by Taiwan’s high tech. industries in order to better identify and analysis those key factors. I have also divided our high tech. industries into four categories such that we are able to better differentiate each successful key factors among different industries. The four industries are semi-conductors, personal computers, communications and optics. On the other hand, my report will also include five of the main reasons why Taiwan’s high tech. industries merging did not work out. It is important that enterprises know their strength and weakness, market and external environment, resources and reactions, before they plan for a merger. I hope that my findings could provide a reference to those who plans to merge, in hope, to raise the successful merging rate.