企業跨國垂直併購後整合之研究：以H公司為例

Abstract

併購是企業尋求外部成長時最常使用的策略，透過併購可取得技術、品牌與通路等資源使企業快速成長，且可以藉由更具效率的資源使用及綜效的產生増強競爭優勢。統計指出，快速成長且高獲利的企業有半數以上是以併購為主要手段。 然而，併購也是失敗率極高的企業活動，有七到九成的案例以失敗收場。併購後企業績效能超過資金成本的只有四分之一左右。導致併購失敗的原因很多，包含目標選定錯誤、盡職調查不確實、購買談判居下風、綜效未能實現等。即便事前準備充分且順利簽約，若沒做好併購後的整合工作，併購案還是會以失敗收場。 唯有成功的企業整合，才能夠實現原先設定的併購綜效。因此，如何提高整合成功率以達成併購目標，值得深入探討。透過相關文獻歸納整理及個案分析驗證，我們列出影響併購後整合的數個重要因素，並探討這些因素如何影響整合成果。 本研究採用的個案為歷經三年的併購後整合專案，是一家台灣企業對美國企業的跨國併購，同時也是產業上下游間的垂直併購。藉由個案實證，我們發現主併方須審慎評估應賦予被併方多大的自主性。此外，針對不同事項的整合速度必須不同，例如垂直併購的後台整合須快速，跨國併購的文化整合則不能強求。企業整合的重心是員工，如果員工人心不穩、謠言滿天，則組織遲早會潰散。本研究還探討了如何規劃併購後最關鍵的一百天、如何決定領導人、組織內溝通、及文化距離等議題。由個案中可看出「人的因素」與併購後整合的成敗關聯最大，必須謹慎處理。

Mergers and acquisitions (M&As) have really taken off over the last couple of years with firms attempting to grow externally rather than internally. The growth comes from pursuing complementarity between companies from resources such as technology, brand and channel. Competitive advantages can be enhanced by efficient resource usage and synergy creation. It is also known that half of the fast growing & profitable companies use M&A as their major growth strategy. According to collated researches, however, the failure rate for M&A sits between 70 percent and 90 percent. Only around a quarter of deals boost shareholder returns. The causes of such a high failure rate include: wrong target, inadequate due diligence (DD), poor negotiation skill or negative synergy. Moreover, even we have perfect DD and right price, the deal still fails if the post M&A integration fails. Synergy target can only be achieved by successful integration. How to increase the success rate of post M&A integration is our major concern. We focus our efforts on elaborating the factors that affect integration results via literature review and case study. The case we used is a 3-year integration project on a cross-border / vertical M&A. Acquiring side is a Taiwanese company H who acquires a Chicago-based American firm in 2014. Through the empirical study we found that autonomy is the most important factor that must be handled carefully. Pace of integration may vary with different subjects, such as that we need fast integration in back office operations but we must respect and be patient on culture distance. We found that human resource management is crucial to the success of newly-integrated organization. We also investigated the topics such as the first 100 days after M&A, importance of the leader, communications and the subject of common goal. From this case we found that “ Human Factor “ plays the most important role in post M&A integration.