台灣中小企業併購策略之探討-以台灣電子中小企業為例

Abstract

國際大型企業常用併購策略做為成長及多角化的手段，可以想見的併購是大型企業非常重要的成長策略。近年來台灣大型電子企業也在國際化後，開始快速進行以併購手段取得產能、客戶、技術、人才、及營運據點等綜效性併購策略，尤其以鴻海集團以併購手段加快建立其滿足客戶一次性購足的併購策略、快速取得核心技術，加上本身企業的核心生產能耐，已建立了似乎牢不可破的企業王國。 然而相對於大型企業具有豐富的資源來進行各種併購評估工作，台灣中小企業是否亦可以以併購策略作為成長策略呢？中小企業是否有一套經營策略與模式來突破資源不足的限制？本研究目的希望能找出臺灣中小企業併購策略的主軸為何？並探討中小企業併購策略的成功與失敗因素，以及在併購程序與評價方法的選擇上，與大型企業有何差異與關鍵成功因素，希望能對臺灣中小企業的成長策略有所幫助。 本研究亦採用個案研究法，深入探討一家台灣電子公司的併購經驗與實證數據。在對照本研究所做的推論及結果後，本論文可歸納出以下結論： 1、 商場上可以找到不適合大型企業卻有利於中小企業發展的併購標的。 2、 以研發為導向的併購策略應可為中小企業帶來不錯的發展空間。 3、 在併購程序的選擇上，應注重合理的實地查核項目，並專注於研發技術、專利、生產製程等無形資產。 4、 在評價方法的選擇上，建議以類似Q-ratio作為評價方法的主軸，輔以無形資產的評價模式進行合理的企業價值推估。

Merger and Acquisition (“M&A”) has been a very prevalent strategy adopted by large international corporations to achieve growth and diversification. Such trends also happen in the Taiwan island. After experiencing the wave of globalization, many large electronic companies in Taiwan begin to adopt M&A to secure capacity, customer base, technology, talented people and operation units to create synergies. Foxconn, for example, based on its very strong core competence in manufacturing, rapidly builds the “Foxconn Empire” via continuous M&A and establishes the largest conglomerate in Taiwan via the synergies generating from one- -after-another M&As. Is it possible to use M&A as the growth strategy for mid- and small-scale enterprise (SME) in Taiwan? SMEs whether does have set of managements strategies and the pattern breaks through the limit which the resources is insufficient? This research goal hoped to find out the major M&A strategy for SMEs in Taiwan and the key success and defeat factor for the strategy, as well as in the procedure and in the evaluateon method choice. Hope the research result can help Taiwan SMEs to choose a good way for their growth strategy. This study analyzes the M&A experiences of one small-medium electronic company in Taiwan. The findings of the study can be concluded as followings： 1. There will be some M&A targets suitable for SMEs, although not necessarily for large corporation. 2. R&D oriented M&A strategy can bring some benefits to SMEs. 3. In selection of M&A process, it should be more taking care in reasonable due diligence, and focused on company’s intangible asset, eg. R&D, pattern, productivity. 4. In selection of M&A evaluation, similar Q-ratio method with intangible asset concept evaluation are recommendation.