| 摘要: | 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:
1.成功的企業經理人是如何評估併購風險
2.企業經理人處理併購時所產生之危機因應之道
3.求證過去併購失敗是否為下次併購的成功之母
4.不同企業在併購過程中的文化融合差異
5.併購時如何設定停損點
於文獻探討時採用了分別是“企業併購”及“企業危機”兩方面之相關文獻,經研究發現國內外企業併購時併購的動機是相同,但併購時對被併方價值的認定有不同的看法,而面對併購所產生的危機,國內外企業態度皆然,就是誠實面對處理,並準確判斷出危機規模,才能對於解決危機有所幫助;對所有受訪之個案企業,均認為過去失敗經驗之累積,對於下次併購過程避免犯相同的錯誤是有幫助的.
於本研究中深入訪談之四家企業,其受訪者之寶貴親身經驗可值得多加參考,並呼應驗證研究目的如下:
一.成功的企業經理人是如何評估併購風險.
(1)併購規模以大併小較容易成功.
(2)主併公司的組織配合越緊密則越易成功.
(3)都強調其事前的審查作業及法律程序的評估.
二.企業經理人處理併購時所產生危機因應之道.
(1)當危機產生時誠實面對,先評估對企業所造成傷害之程度,
並立即阻止危機的擴散,才有再次興起之機會.
(2)企業應該提供媒體適當之資訊.
(3)企業組織內部成立專責機構做危機處理.
三.求證過去併購失敗是否為下次併購成功之母.
各企業均認為成功的併購應歸功於失敗經驗的累積.
四.不同企業在併購過程中的文化差異.
(1)尊重被併購公司當地之文化.
(2)讓海外公司員工認同母公司文化.
(3)兩地文化的融合需長時間進行溝通磨合.
五.併購時如何設定停損點.
併購後之停損點是無時間限制的,需視市場定位及產業趨勢而定.
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. |
