| Abstract: | 隨著產業經濟結構改變，企業欲創造競爭優勢、擴大市場佔有率、迅速進入戰場及獲得更大的商業利益等等的動機下，許多企業的決策者期望透過併購活動來達成預期效益目的。然而，企業併購是一連串充滿數字的商業課程，也是一門沒有固定規則可循的精密科學課程。事實上，企業併購是極為複雜的管理技術，成功不易。
本研究透過文獻整理，以併購程序的概念，彙整影響企業併購的關鍵因子，以系統化的方式，分析各關鍵因子，並探討各關鍵因子間之相對重要性優先順序及其交互影響之因果關係，以提供企業在併購的規劃、執行與整合上一個整體性的思考架構及決策方法。
本研究將彙整的影響企業併購的關鍵因子，經由專家問卷調查後，以分析層級程序法（Analytic Hierachical Process, AHP）計算出各影響因子的優先權重；並利用決策實驗室法（Decision Making Trial and Evaluation Laboratory, DEMATEL）求得各影響因子間的因果關係及其影響強度。最後再結合影響因子之優先權重、因果關係及其影響強度，提出可供企業在處理併購活動的問題時，有效率的決策參考建議。
研究結果顯示：在本研究所彙整的影響併購成敗的二十二個關鍵因子中，『產業洞察力』與『企業願景』是併購前規劃的核心因子；『財務管理』、『特殊專案管理團隊』與『併購時機』是併購中執行的核心因子；『管理制度』、『組織人事調整』與『營運計畫』則是併購後整合的核心因子。
雖然，企業併購的成功不易，亦無固定規則可循，但期望經由彙整學者專家們的文獻研究，透過科學的研究方法，能提供企業決策者在面對詭譎多變的併購活動時，能找出問題並有效率的調整與改善，達到併購目標及創造更大的企業價值與綜效。
Due to the changes in industrial and economic structures, many companies that seek to increase competitiveness, grow market share, entry into new industry, and increase profits choose to achieve those goals through mergers and Acquisitions (M&A) activities. However, M&A is both a science and an art that involves highly complex management activities. It is not easy to successfully implement an M&A strategy.
Various studies have divided M&A process into three basic steps. This study first categorizes the key factors of M&A on the basis of those studies, and then systematically analyzes those key factors to explore the relative importance and the causal relationship among the factors. This intends is to provide companies an overall framework when they plan, implement and integrate M&A activities.
To find out key decision making factors, this study using the AHP (Analytic Hierarchical Process, AHP) method to prioritize key factors and the DEMATEL (Decision Making Trial and Evaluation Laboratory, the DEMATEL) method to identify the causal relationship and impact strength of these key factors. Combing the finding from AHP and DEMATEL analysis, a recommendation is proposed to companies thinking about engaging in M&A activities.
Overall, the core factors are Industry Insight and Corporate Vision during pre-M&A planning stage, Financial Management, Special Project Management Team and M&A Motives during implementation stage, and Management System, Organizational and Personnel Adjustment, and Operational Plan during integration stage.
By carefully reviewing priors researches that investigate the key success factors in M&A, categorizing those factors on the basis of M&A process, and identifying core factors in various M&A stages, this study intents to provide managers efficient decision making rules that would help companies create business value and synergy when engaging in M&A activities. |
