購併之綜效分析-以電信業為例

Abstract

隨著自由化以及新技術的發展，電信產業結構丕變。國際電信業者無不透由合作或者合併的方式來增加其競爭力，並藉由購併的手段來重新界定目標市場以及競爭者。國內電信業的大型併購案濫觴於2000年，多屬於水平式購倂，如台灣大哥大併購泛亞電信與東信電信以及遠傳電信併購和信電信等，近年來因應國際固網與行動匯流（(Fixed-Mobile Convergence, FMC）之趨勢，2007起相繼有台灣大哥大與台灣固網，亞太行動與亞太固網等行動業者與固網業者宣佈整併，期能藉由資源的整合以提升其市場競爭力，並發揮合併綜效來增加營收，降低成本，創造更高的利潤。本研究個案-遠傳電信購倂新世紀資通與數為聯合電信，即在此競爭趨勢下因應而生。 本文以美國及台灣電信產業之固網與行動業者購倂個案作為主要研究範圍，並輔以新興竄起之中國電信市場之相關個案。針對已選定之參考個案，深入了解、探討該公司之成立背景，市場競爭地位、經營狀況、購倂之動機與背景以及預期購倂所帶來之綜效，並嘗試從本研究個案之營運面、財務面、市場面及稅務面等四個構面去作分析與評估，以期對購倂綜效作出合理之估算。 研究結果發現，在排除總體經濟對合併綜效之可能影響，以及假設公司在整併的過程中雖將面臨組織與文化衝突、人才流失以及錯誤的公司策略等影響購倂成效之問題，但皆能隨時間逐步解決。預期本研究個案整體購倂綜效之NPV為新台幣75億元，顯示此購併案有利併購公司之股東權利。營運面綜效為購倂綜效之主要來源並將隨著整併的更加完全而逐年累增。財務面綜效在未考慮可能的財務槓桿操作，預估將隨著營運綜效之發酵而增加。市場面綜效不顯著。而稅務面預期將不易有綜效產生。

With the emerging new technologies and deregulation/liberalization, telecommunication industry has been changing significantly. International telecom companies strive to increase their competitiveness through either business collaboration or merger & acquisition (M&A) and redefine their target markets and competitors accordingly. Sizable M&A cases in Taiwan telecom industry mostly occur during year 2000~2005, most of which are horizontal mergers. Starting from 2007, with the international trend of “Fixed-Mobile Convergence ( FMC)” , some domestic fixed line operators and mobile operators such as TWN&TFN and APW&APF acclaimed to merge in order to achieve stronger market competitiveness and synergy through resource integration and larger economies of scale. This case– FET merges NCIC and DU, is actually the very exemplary one. The scope of this research mainly includes the merger cases of wireless and wireline operators in USA, Taiwan and China. In-depth researches on company’s background, market competition position, financial & operational status, motivation of merger and its expected synergy are conducted on the selected cases to be as reference to our research case. Then we try to evaluate and analyze potential synergy on the research case from four aspects: operation, finance, taxation and market. Ignoring possible macro-economic impact and assuming that organizational & culture conflicts, loss of talents, and possible company’s inadequate strategy will be resolved by corresponding measures and time, the research results show positive to the merger’s shareholders with NPV of synergy of NT$7.5bn. Operational synergy is found to be the major source of synergy and expected to be increased with the merging progress going more smoothly. Without taking into account possible financial leverage, financial synergy is expected to be incurred as occurrence of operational synergy. Market synergy is in-significant and we don’t see taxation synergy in this research case.