企業併購財務諮詢服務之績效分析 —以研華與KPMG之策略合作為例

Abstract

企業面臨激烈的市場競爭挑戰，透過併購交易來快速地進入新市場、獲取新技術、提升經營綜效與維持高成長是常見策略手段。 惟併購交易涉及的面向多元而複雜，目前大多數的台灣企業對併購活動並不熟悉也沒有太多經驗，公司組織在面對併購交易也多還沒準備好，所以風險意識高的企業，會仰賴外部財務諮詢顧問的協助來進行併購交易的評估、執行與整合，以降低併購交易潛在的風險。 本文分析個案公司研華科技與專業外部併購交易顧問KPMG畢馬威財務諮詢團隊過去十多年來的長期合作模式，並透過雙方合作的實際併購交易案例分析、財務績效數據分析及深入訪談，找出併購交易顧問為研華科技所帶來的效益。另外也觀察到企業與併購交易顧問在併購活動上長期配合的較佳合作模式，希望能為企業在面對併購活動時提供參考借鑒。 本研究結論指出企業透過專業外部併購顧問的協助，可有效地降低併購交易失敗的機率。而且在長期的策略合作下，併購交易顧問能主動協助企業找到適合的優質併購成長標的，做出最直接也最有價值的貢獻。

Companies are facing fierce market competition. A common strategy to maintain competitiveness is to enter new markets, acquire new technologies, and/or enhance operational synergies through mergers and acquisitions (M A). However, M A transactions often involve diverse and complex processes and profession. At present, most Taiwanese companies are not familiar with, and have little experience in M A activities. The organization structure of many companies are not ready to engage in M A transactions. Therefore, companies with high risk awareness will rely on the assistance of external M A deal advisories for the evaluation, execution and integration of mergers and acquisitions, in order to reduce the potential risks. This article analyzes the long-term cooperation model between Advantech and the professional external M A deal advisor, KPMG Deal Advisory team over the past ten years. Through the actual M A transaction cases analysis, financial performance data analysis, and in-depth interviews of the cooperation between the two parties, we identify the benefits contributed by the deal advisor in the M A activities. In addition, we have also observed a good cooperation model for long-term cooperation between enterprises and deal advisors, hoping to provide reference for enterprises when engaging in M A activities. The conclusions of this research point out that enterprises can effectively reduce the probability of failure of M A transactions through the assistance of professional external M A consultants. Moreover, under long-term strategic cooperation, M A deal advisors can actively assist companies to find suitable high-value M A potential targets and make a direct and valuable contribution.