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標題: | 企業分割之個案研究—以三商集團為例 A Case Study of Corporate Restructuring of Mercuries Group |
作者: | Jui-Hsing Chen 陳瑞杏 |
指導教授: | 邱顯比 |
關鍵字: | 企業重組,公司分割,零售流通業,多角化折價, Corporate Restructuring,Spin-offs,Grocery Chain,Diversification Discount, |
出版年 : | 2018 |
學位: | 碩士 |
摘要: | 企業分割是企業組織調整的重要方法,從經濟部商業司的統計資料顯示,去年(2017年)有126個合併案,而分割案則有70件,而2017年分割的交易金額為63.1億元,比合併的金額達29.1億元多出很多,顯示了分割活動的重要性。過去研究比較著重在科技產業的個案,對於零售產業較少著墨,本研究的對象為國內知名零售業集團三商企業。三商集團以三商百貨連鎖建立名聲,並以第一家中式連鎖通路(三商巧福)成為家喻戶曉的零售餐飲集團,經過50多年的多角化經營,為提升集團各子公司的經營效率,於2017年7月將便利商店的後起之秀—美廉社(三商家購)分割出去,並於2018年5月成功引進策略投資人—日商住友商事。
本研究發現美廉社自集團切割後的效益如下:1、引入策略性投資人後知名度提升,自願加盟人數增加,尤其是國外的貿易商也順利開展,未來成長可期。2、切割後人事組織獨立,可以快速回饋管理需求。3、分割後公司價值逐漸顯現,若未來規劃上市,評價有機會比現在更高。4、降低人員流動率並激勵經營團隊,減少招募成本,對外也可吸引優秀的人才。5、適當降低持股挹注母公司資金。6、上市櫃後募集資金的管道會增加。 三商家購分割案目前仍進行中,未來上市後的相關效益是否如預期發揮效益,而三商集團是否將餐飲事業部與鞋業零售事業部再進一步分割,仍值得追蹤研究。至於分割過程中降低持股可能影響到母公司原有股東的權益,目前主要的法規只規範到上市櫃公司,應就股權稀釋的合理性由第三方評估,或經過母公司股東會的同意,但對未上市公司則無相關規範,似應更改相關法規,以免影響母公司股東的權益。 Spin-offs is an important measure for corporate restructuring. According to the data collected by Commerce Bureau of Department of Economics, there are 126 cases of mergers while there are 70 cases of spin-offs last year (2017). With the total consideration of 6.31 billion NTD for spin-offs, compared to 2.91 billion NTD for mergers, spin-offs are gaining attentions among business world. There are many case studies on spin-offs in technology sectors, while retail sector has been neglected even though for its importance in economy. This study is an effort to explore a conglomerate in retailing and food & beverage chain stores--Mercuries Group, a household name in Taiwan, established its fame firstly by Mercuries Department Stores(三商百貨), and secondly by Mercuries Beef Noodles(三商巧福). In July 2017, Simple Mart Retail(三商家購) was spin-offed from Mercuries Group, and in May 2018 successfully invited Sumitomo Corporation(日商住友商事) as strategic investor. After the spin-off, Simple Mart Retail could enjoy several benefits as follows: 1、With the help of Sumitomo Corporation, not only more people would like to join the franchise, but also the suppliers especially those from abroad. 2、Being more independent, the management can make decision more quickly to solve business issues. 3、The value of Simple Mart being verified by strategic investor could enhance even more if the company went IPO. 4、Through employee stock option program, the management team has been motivated and the subsequently the turn-over rate has been reduced. 5、The parent company had capital injection by the partial sale of its holding. 6、After IPO, Simple Mart can extend its fund raising capabilities. The spin-off is still in process, the anticipated benefits have partially realized but some of them still need to be verified in the future, especially those benefits which can be reaped only after successfully going IPO. Whether Mercuries Group would spin-off the Food & Beverage Business Unit and Shoe Retailing Business Unit in the future is also need to be verified. As for the fairness of dilution process, current regulations stipulate a listed company has to get a third party opinion on the fairness of the dilution price, and has to get approval from its stockholders meeting if dilution has been more than 20%. But there is no similar regulation for unlisted companies. We suggested it should be case for unlisted companies as well. |
URI: | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/77569 |
DOI: | 10.6342/NTU201802470 |
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顯示於系所單位: | 財務金融組 |
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