高科技產業併購之價值鏈整合與競爭策略：群創-奇美電子之個案研究

Abstract

在過去的數拾年中，高科技公司間的併購案例有急據增加的趨勢(ICON Corporate Finance, 2011)，除了傳統上為追求經濟規模市場佔有率，或拓展地理市場的目的外，有愈來愈多的併購案件目標是在取得關鑑新技術、技術團隊、或者是研發技能(Casssiman & Colombo, 2006)。高科技公司顯然認為併購也是快速達成產品線擴展與業績成長最有效的策略選項之一。近年來全球性財務危機所引發的經濟衰退，實際上增加了財務相對健全的高科技公司進行策略性併購的機會；特別是對較大型高科技公司而言，因為這些公司一般而言擁有相對強勢的財務狀況與相對健全的財務報表作為進行併購的條件，總體經濟衰退的環境促使較小型企業須積極尋求成長所需的資源，而較大型且具財務優勢的企業則持續尋求市場佔有率與加速產品線的擴張。加上高科技技術的持續成長，各高科技企業更必須不斷積極尋求創新與成長，以保持其競爭優勢，這樣的競爭壓力通常處成各大型高科技企業尋求併購手段做為主要的高校擴張策略。無疑地高科技企業所擁有在現金流量部位將持續促使併購成為高科技企業擴張本地或全球市場的主要選項之一。 根據研究報告所示，併購後的整合議題常常是購併決策後才被考慮的議題 (Phil Morettini 2006)，且常因此導致併購案的失敗。除此之外，當然還有更多可能導致併購案失敗的原因，例如高階管理者雙頭馬車現象、業務通路的衝突、產品線的整合、價值鏈整合、資訊系統的整合、以及品牌市場的重疊等。另外被併購企業目標重點成員的可能採取的負面退場策略也造成併購案遭遇災難性挫敗的常見原因；若被併購企業人員是該併購案為獲利了結的機會，企業將在獲利鎖定期後遭遇重點人員的離職潮，而這些重點人員卻通常就是該併購案的主要成功必要元素之一。此些人員甚至可能在鎖定期前採取被動不工作的態度直到重併購公司獲利了結為止，對併購企業整體成效的傷害可能難以估計。相反的，企業對被併購公司員工的被動消極態度也可能招致後併購整合的失敗。 在本探討個案，我們試著從群創光電對奇美電併購案中的策略分析及併購案正式生效執行大約一周年後的成效，希望能夠藉此習知一二。

Over the last decades, there has been a substantial increase in the number of Mergers and Acquisitions concluded in high-technology industries. (ICON Corporate Finance, 2011) Besides being motivated by the conventional pursuit of economies of scale, gains in market share, or geographical expansion, it is now carried out also to obtain highly developed technical know-how, research & development skills, experienced personnel, and specific new technologies in the fast-paced industries. (Casssiman & Colombo, 2006) Furthermore, high-tech companies have found mergers and acquisitions to be one of the most effective strategies to expand their product lines and achieve growth in their top and bottom line results. In many ways, the global financial turmoil induced recession had increased merger and acquisition opportunities for financially healthy high technology companies; especially bigger size ones, as the companies normally have stronger balance sheets and would continue to strive for growth. The economy environment would then be one in which the smaller growth companies need additional resources and larger companies continue to focus on gaining market share and broadening their product line ups. Combined with the continuing shift in technology trends, companies must be aggressive and innovative to stay ahead of the competition. This often results in looking to merger & acquisition as primary strategy in expansion for big sized high technology companies. Undoubtedly with the strong cash flow position of large high technology companies, merger & acquisition will continue to be a driving force in expanding local and global opportunities. Post merger & acquisition integration of two organizations and their employees most of the time is an afterthought (Phil Morettini 2006); and often results in a path to failure. Moreover, there are many other ways an acquisition can turn out badly. Listing few of them among others: dueling managements, channel conflict, product integration, integration of MIS (marketing information System), and overlapping brands etc. Exit strategy for the targeted company staffs often times a disaster to strike. If the acquired company views the deal primarily as an opportunity to cash out, there will be a major departure of key staffs, those people who you need for the acquisition to make sense. Or worse yet, they stay and become working zombies until their obligation runs out; and vice versa.

In this study, we take a rather closer look of the acquisition of Chi Mei Optoelectronics Corporation by Innolux Display Corporation to create Chimei Innolux Corporation. The two companies were said to be complementary each other, as Chi Mei possesses an advantage in production line capacity, product mix, open cell business, and customer portfolio while Innolux is strong in sub-system manufacturing, supply chain integration, and excellence in cost optimization. The merger of the two panel makers was optimistically said to create another world class player in the flat display industry and to end up benefiting their downstream customers! Bon voyage a journey of the Chimei Innolux M&A a year from its legal closing.