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    Please use this identifier to cite or link to this item: http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/29923

    Title: 垂直併購危機處理模式之研究
    Other Titles: A study on crisis management in vertical merger & acquisition process models
    Authors: 張恒嘉;Chang, Heng-chia
    Contributors: 淡江大學全球華商經營管理數位學習碩士在職專班
    蔡信夫;Tsai, Hsin-fu
    Keywords: 併購;垂直併購;危機處理;風險;Mergers & Acquisitions (M&A);Vertical Mergers & Acquisitions;crisis management;Risks
    Date: 2009
    Issue Date: 2010-01-10 23:04:50 (UTC+8)
    Abstract: 為了達到經濟規模而降低成本,提昇公司營運績效,並進而擴大營運規模及市場占有率,各產業間垂直與平行整合,在全球化的趨勢下,已經成為達成此目的的不二法門,自企業併購法施行以來,國內企業併購案件每年增加的速度愈來愈快.然而,並非每件併購案都可以為企業營運帶來大幅成長的效益,近幾年來有些國內企業不僅缺乏效益,形成企業危機,如果沒做好危機處理,反而帶來負面影響.目前仍然許多垂直併購案在台灣進行,多數企業還是在學習階段,如何以「失敗為成功之母」,借著別人併購成功或失敗的經驗作為參考,邁向併購成功之路,依此動機,本文將研究下列主題:







    Under the trend of globalization, vertical and horizontal integration between the industries has become the only way to achieve economic scale and to lower costs, enhancing the company’s operation performance and thereby expanding the operation scale and market share. Since the implementation of business Merger and Acquisition Law, the number of domestic M&A is increasing in a faster pace each year. However, not all M&A cases could bring the benefits of drastic growth. In recent years, the lack of benefits for some domestic enterprises has resulted in enterprise crisis; on the contrary, a poor crisis management will bring negative impacts. Recently in Taiwan there are still many Vertical M&A cases, while most of the enterprises are still in the learning process. Therefore how to take lessons from other successful or failing M&A stories and use them as own reference to move towards greater success, is the motivation for this paper and according to this motivation, the paper will study on the following topics:

    1.How successful business managers assess crisis in M&A.
    2.Business managers’ responses to crisis resulted from M&A.
    3.Validation of whether if the past M&A failure teaches success for next M&A.
    4.Cultural integration and differences for businesses in the M&A process.
    5.How to set up a stop-loss in M&A.

    The relevant articles cited in literature review consisted of “enterprise mergers and acquisitions” and enterprise crisis.” The study discovered the similarity in motivations for M&A between the domestic and international enterprises. However, the acknowledged value of the merged company during M&A might hold a different opinion, while the crisis resulted when facing with M&A is identical for both domestic and international businesses; simply put, to handle crisis with honesty and to accurately determine the crisis scale in order to provide solutions for crisis. For most businesses visited in the case study, they believe the accumulation of past experiences in failure will help avoiding making the same mistake for the next M&A process.

    The study conducted an in-depth interview with four corporations, whereas the valuable first-hand experiences of the interviewees merit further study and can correspond to following objectives of validation:

    1.How successful business managers assess crisis in M&A.
    (1)M&A are likely to succeed in acquisitions of small firms merged by large firms.
    (2)Organization of the main M&A companies working closely is the one most likely to succeed.
    (3)Both emphasize on pre-operation review and assessment of legal procedures.

    2.Business managers’ responses to crisis resulted from M&A.
    (1)When crisis arises, face it with honesty and assess the degree of harm on the business, then immediately take actions to prevent expansion of crisis in order to re-start again.
    (2)Businesses should provide appropriate information to the media.
    (3)Establish an internal special institution in charge of crisis management.

    3.Validate of whether if the past M&A failure teaches success for next M&A.
    Every corporation believes that successful M&A depends on the accumulation of failures.

    4.Cultural differences between different businesses in the M&A process.
    (1)Respect the local culture of merged company.
    (2)Enable cultural identity of the mother company for overseas employees.
    (3)Integration of two cultures requires long-term communication and coordination.

    5. How to set up a stop-loss in M&A.
    There is no time constraint on the stop-loss after M&A process takes place, which is to be determined by the market positioning and industry trend.
    Appears in Collections:[全球華商經營管理數位學習碩士在職專班] 學位論文

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