從價值鏈談台灣電子代工業的併購後整合-以H公司為例

Abstract

電子代工業的營收成長與獲利一樣重要，沒有營收成長，也就沒有赤字接單、黑字出貨的機會，微薄的獲利，終將因產業內的激烈競爭而萎縮。營收成長，來自新市場、新客戶、新訂單的取得，多半藉由內部技術研發、產品開發、多角化經營或外部併購等策略，其中又以併購最受產業及學界所矚目。究其原因，除了天文數字般的交易金額外，尚涉及併購前目不暇給的經營權爭奪戰及併購後的爾虞我詐。而併購後的整合，媒體曝光率及文獻探討雖遠不及五光十色的經營權爭奪，卻是併購成敗的真正關鍵。有鑑於此，本研究擬藉由現有文獻，選擇特定公司的併購案例，探討電子代工業如何藉由關鍵成功因素，進行併購後的整合。 評估併購案的成功與否，僅僅單方面地比較併購前後的財務數字、股價或投資報酬率，恐怕失之偏頗。為綜合評估併購的成敗與否，本研究利用質化方法，討論併購後的整合及融合過程，以綜效實現與否，作為併購成敗的判斷標準。經文獻探討及案例分析，本研究發現，綜效實現多寡的關鍵在於併購後的整合程度；而整合的關鍵成功因素可歸納為併購與被併目標間的相對規模、領導者領導統禦的相似度，以及併購後橫向組織的建置與發展等三項因素。 大公司併購小公司，併購後雙方實力懸殊，被併購公司員工無法進行有組織的抗衡。反之，如果以蛇吞象方式併購，消化不良，破局終場，指日可期。倘雙方的企業文化相近，領導人領導統禦模式相似，一拍即合，縱使強強聯手後，一山不容二虎，綜效實現的程度仍然較高。建立橫向組織、進行價值活動評估，是併購後整合的最佳工具，直接攸關整合後的綜效表現。透過緩衝機制，雙方人馬可藉由合作及互動，建立共識及信任。 然而，縱使成功關鍵因素存在，亦無法保證併購一定成功。破壞性創新產品的出現、典範移轉或其他非經濟因素，亦可能使原先預估的綜效不具實益，導致完美的結合，最後仍須以離婚收場。併購一旦成功，立竿見影，營收大幅成長，但併購失敗的風險及所造成的虧損，卻往往無法於併購當下立即顯現。

To sustain growth in revenues and remain profitable, it has long become a commonplace strategy for an enterprise to merge with or acquire another entity for their revenues or market shares. The EMS’s in Taiwan are no exception. Hon Hai (a.k.a. Foxconn), the largest enterprise in Taiwan and top EMS of the world, has endured several M&A cases for the past decade before reaching its pinnacle. When there is no doubt that the M&A strategy has made a great contribution to its growth, it is still a difficult question to answer how and how much. Moreover, in almost every M&A case, synergetic benefits have been touted as the major driver for such doing and followed with supports from accounting and market benefits, like turnovers, ROA, and ROI, associated with the combined entities. In answering how the synergy potentials were achieved as claimed, we have only seen few general principles and some do’s and don’ts. We believe more comprehensive clues are needed to answer such complex events as M&A’s. This research starts off by examining the synergy model by Larsson & Finkelstein (1999), which proposes that the success of a merger and acquisition need to be measured by the extent of synergy realization rather than accounting or market returns, and that realization of synergy could be in turn measured by three variables: combination potential, organizational integration, and employee resistance. With the synergy model, we then deploy the value chain model to explore its pertaining value activities. The model offers an excellent tool in comparing, analyzing and integrating two or more value chains, and provides an opportunity to trim costs and enhance competency. Based on the proposed model, we apply a qualitative case study approach to analyzing and comparing three most recent mergers and acquisitions launched and implemented by Hon Hai. The study purports to gauge the degree of the synergy realization and extract the critical success factors for future application. We find that horizontal organizations, such as uniform procurement, technology development committees, and SER committees, are highly instrumental in achieving successful post M&A integration (“PMI”). The results indicate that the relevant size, leadership similarity, and implementation of horizontal organization are critical success factors for successful synergy realization. We also caution that existence of the proposed critical success factors do not guarantee a successful M&A. A paradigm shifting, a disruptively innovated product, or a financial tsunami might wipe out the expected benefits entirely.