請用此 Handle URI 來引用此文件:
http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/52243
標題: | 台灣生技醫藥產業併購之關鍵成功因素 Key successful factors in the merger and acquisition of biomedical industry in Taiwan |
作者: | Hung-Chin Peng 彭鴻欽 |
指導教授: | 張睿詒 (Ray-E Chang) |
關鍵字: | 併購、關鍵成功因素、生技醫藥產業、綜效、深度訪談、層級分析法。, Mergers and acquisitions, key success factors , biomedical industry, synergy, in-depth interviews, analytic hierarchy process., |
出版年 : | 2020 |
學位: | 碩士 |
摘要: | 隨著全球人口高齡化的趨勢,台灣自2018年始正式跨入「高齡社會」(65歲以上人口佔總人口比率達14%),高齡人口的增加亦代表著對醫療照護的需求勢必與日俱增,也宣告著生技醫藥產業將迎來蓬勃的前景。故政府於西元2016年起力推「五加二」產業創新計劃,期望生技醫藥產業能作為驅動台灣下一個世代產業的重要推手,更能成為亞太生技醫藥的產業重鎮。 然而生技醫藥產業有別於一般產業,具研發期長、不確定性高及需充沛資金等特性,以台灣目前生技醫藥產業廠商之規模與資源獲取能力,仍無法與國際大廠相較。故為能快速提升競爭力、增加獲利,以角逐於國際市場,同業整併已成為台灣生技醫藥產業必然途徑。雖然過去台灣已有許多傳產、電子等產業企業整併之經驗,而國外全球生技醫藥產業之企業整併、併購亦風潮不斷,但因不同產業的特性以及與國際企業的發展策略與規模有著相當之差異,這些經驗適用程度仍有待探究;而整併後企業效益能否真獲得改善?亦有不少研究得出否定的論點。此即說明對於併購議題的研究,尚有許多地方尚需釐清及確認。面對此未來生技醫藥產業的商機及併購議題,過去台灣對於生技醫藥產業併購之探討著墨甚少。故本研究旨在探討台灣生技醫藥產業併購之關鍵成功因素,希望能提供台灣生技醫藥產業精準指引,未來在併購過程中可完備考量關鍵要項,以減少併購過程之挫折與損失、甚至失敗收場。而更希望台灣生技醫藥產業藉併購提升具國際市場之競爭力,能與世界大廠競逐一較高下。 本研究先透過文獻取得問卷調查深度訪談題綱,藉由與專家深度訪談後擬定初步問卷題目,再將此初步問卷經信效度測試及修正後,完成本研究層級分析法(AHP)的問卷題目。經選取十五位台灣具生技醫藥產業併購經驗公司的高階主管,填答此問卷,完成層級分析法(AHP)結果後並進行關鍵因素分析。首先匯總及統計回覆結果,再依問券填答者所經歷公司併購經驗,歸入依併購動機文獻所歸納之:(1)創業跨入、(2)營運管理、(3)財務規劃、(4)銷售市場、(5)投資開發及(6)多重綜合等六大綜效類型,各自分析其併購時最關注的因素為何,希望能讓有限的資源直接使用在最有利的地方,以節省生技醫藥產業者自己摸索的成本。最後將各綜效類型的關鍵因素,依照一致的篩選方式辨識出關鍵因素中最關鍵的部分,彙整後與其他產業文獻比對,找出兩者異、同之處。 經統計匯總後發現,做好併購決策前完整的考量及規劃是最重要。而採取前述六大綜效策略公司中,併購決策前基本上均認為縮短研發及建廠時間是為最重要的關鍵因素。另外創業跨入型首重視資源整合及研發價值、營運管理型係重視關鍵人才取得、財務規劃型則首重生技醫藥產業的獨特性、銷售市場型亦最重視關鍵人才取得、投資開發型則首重或有負債之查核,至於多重綜合型亦重視資源的整合使用。而併購的交接完成前,六大綜效類型公司基本上均認為客戶流失、高階主管參與及企業文化為最關鍵因素,另外創業跨入型則額外認為補足銷售額的不足、財務規劃型認為提升研發技術、而投資開發型則認為法規部分實屬重要。最後併購規劃至交接完成之整體關注構面部分,六大綜效類型均一致性的認為關鍵人員的溝通及安排是最為重要的關鍵因素。 對照其他產業之併購,本研究發現台灣生技醫藥產業對於一般產業所慣用透過併購以擴大產能降低成本的紅海策略,較不被重視。員工福利方面,由於台灣生技醫藥產業為吸納優秀生醫人才,已提供偏優的福利制度,因此於併購時常被忽略,正所謂要馬兒好又不給馬吃草是不可能的事,但生技醫藥產業的企業員工福利真是好嗎?由於該產業內員工抱怨之聲仍時有耳聞,究竟是身在福中不知福?抑或是並非如本研究專家所認知的優質?這部分仍待後續研究。而生技醫藥產業特有的高標準法規及併購未公發公司財務資訊整合等問題,係較其他產業更為重視。此乃因生技醫藥產業產品主要是使用在人體上,故須採嚴格標準,以防傷害到生命安全。這點期許未來其他產業者在併購生技醫藥產業時,需先預做完善功課,以免屆時方抱怨法規的嚴苛。而未公發公司資訊整合方面,則希望未來醫療體系在供應商管理上,可參照公開發行公司模式,做更深入管理。 With the aging trend of the global population, Taiwan has officially entered the 'aged society' since 2018 (the population over 65 accounts for 14% of the total population). The increase in the senior population also means that the demand for medical care is bound to increase. Announcing that the biomedical industry will usher in a flourishing prospect. Therefore, the government began to promote the 'Five Plus Two' industrial innovation plan in 2016, hoping that the biomedical industry can be an important driving force for Taiwan's next-generation industry, and it can become an important industry center for biomedical in the Asia-Pacific region. However, the biomedical industry is different from the general industry in that it has the characteristics of a long R D period, high uncertainty, and sufficient funds. The current size and resource acquisition capabilities of Taiwan's biomedical industry manufacturers are still unable to compare with the international manufacturers. In order to quickly improve competitiveness and increase profits, in order to compete in the international market, consolidation of the industry has become an inevitable way for Taiwan's biomedical industry. Although Taiwan has had many experiences in the merger of industrial enterprises in the industry, electronics and other industries in the past, and the mergers and acquisitions of enterprises in the global biomedical industry abroad are also constantly trending, due to the characteristics of different industries and the development strategies and scale of international enterprises Quite a difference, the applicability of these experiences is still to be explored; can the company's efficiency be improved after the merger? Many studies have also reached negative conclusions. This means that there are still many areas that need to be clarified and confirmed in the research on M A issues. Faced with the future business opportunities and M A issues in the biomedical industry, Taiwan has rarely discussed the M A in the biomedical industry in the past. Therefore, this study aims to explore the key successful factors of Taiwan's biomedical industry mergers and acquisitions, and hopes to provide accurate guidance for Taiwan’s biomedical industry. In the future, the key elements can be fully considered in the merger process in order to reduce the setbacks, losses, and even failures of the merger process. . I also hope that Taiwan's biomedical industry can use mergers and acquisitions to enhance its competitiveness in the international market and compete with the world's major manufacturers. This study first obtained the questionnaire survey method in-depth interview question outline through the literature. After in-depth interviews with experts, the preliminary questionnaire question was drawn up. Then the reliability and validity of the preliminary questionnaire were tested and revised to complete the analysis of the Analytic Hierarchy Process (AHP) questionnaire title. Fifteen senior executives from companies with M A experience in the biomedical industry in Taiwan were selected to fill out this questionnaire, and then analyze the results of the Analytic Hierarchy Process (AHP) questionnaire step by step. First, summarize and count the response results, and then according to the company's M A experiences experienced by the questionnaire respondents, they are included in the literature on M A motivations: (1) Entrepreneurship and multisectoral operation, (2) Operation management, (3) Financial planning, ( 4) Sales market, (5) Investment and development and (6) Multi-integration and other six types of synergy. Each analyzes the factors that they are most concerned about during mergers and acquisitions, and hopes that limited resources can be directly used in the most advantageous places to save the cost of biomedical practitioners' own exploration. Finally, the key factors of each type of synergy are identified according to a consistent screening method to identify the most critical part of the key factors, and after compilation, they are compared with other industry literature to find out the similarities and differences between the two. After statistical summarization, it is found that complete consideration and planning before M A decisions are the most important. Among the companies that have adopted the aforementioned six synergy strategies, the most important key factor is to shorten the time for R D and plant construction before the merger decision. In addition, the Entrepreneurship and multisectoral operation type focuses on resource integration and R D value, the Operation management type focuses on the acquisition of key talents, and the Financial planning type focuses on the uniqueness of the biomedical industry. The Sales and market type also focuses on key talent acquisition, and the Investment and development type focuses on the check of contingent liabilities, and the Multi-integration and other type also attaches importance to the integrated use of resources. Before the completion of the merger and acquisition, the six major synergy companies basically considered customer churn, the participation of senior executives, and corporate culture as the most critical factors. In addition, the Multi-integration and other type additionally considered the insufficient sales, and the Financial planning type considered improving R D technology, and Investment and development type considers the regulation part is really important. From the final M A planning to the completion of the handover, the six synergy types all agree that the communication and arrangement of key personnel are the most important key factors. Compared with mergers and acquisitions in other industries, this study found that Taiwan’s biomedical industry is less concerned about the Red Sea Market strategy of expanding production capacity and lowering costs through mergers and acquisitions commonly used in general industries.In terms of employee welfare, since Taiwan’s biomedical industry has provided preferential welfare systems to attract outstanding biomedical talents, it is often ignored in mergers and acquisitions. It is said that it is impossible to ask horses to be good and not to feed them. Are corporate employee benefits in the biomedical industry really good? Since the complaints of employees in this industry are still heard from time to time, is it because you are in the blessing and not knowing the blessing? Or is it not as high-quality as the experts in this research perceive? This part still needs follow-up research. In addition, issues such as high-standard regulations specific to the biomedical industry and the integration of financial information of companies that have not been publicly issued for mergers and acquisitions are more important than other industries. Since the products of the biomedical industry are mainly used on the human body, strict standards must be adopted to prevent harm to life safety. It is hoped that in the future, other industries will need to know it in advance when acquiring the biomedical industry, so as not to wait until then blaming the regulations. As for the information integration of unpublicly issued companies, it is hoped that in the future, the medical system can consult the model of publicly issued companies for more in-depth management in the supplier management. |
URI: | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/52243 |
DOI: | 10.6342/NTU202002606 |
全文授權: | 有償授權 |
顯示於系所單位: | 健康政策與管理研究所 |
文件中的檔案:
檔案 | 大小 | 格式 | |
---|---|---|---|
U0001-0708202011075000.pdf 目前未授權公開取用 | 3.39 MB | Adobe PDF |
系統中的文件,除了特別指名其著作權條款之外,均受到著作權保護,並且保留所有的權利。