資訊服務業併購目標決策之研究—以普鴻資訊股份有限公司之案例探討

Abstract

台灣資訊服務產業歷經2000年的網路泡沫及2008年的金融海嘯，從百家爭鳴，進入到市場殺價競爭、企業經營困難的階段。雖政府預估未來資訊服務市場規模仍將持續穩定成長。資訊公司為能永續發展，因應競爭策略，採併購策略以提高市場占有率，以獲取相對利潤，故公司外部成長策略，亦顯重要。 本研究採個案研究方法，以普鴻資訊歷年資產收購、投資、股份收購各目標公司做為研究目標，而其併購目標選擇決策因素架構，經驗證並強化該決策模式，進而研究發現： 一. 台灣資訊服務業市場規模大屬零散產業結構，若無好的公司經營策略及競爭優勢，在市場競爭狀況下，很容易消失或被好的買家併購。 二. 適當時機採用了不同策略，讓公司得以快速成長，並考量競爭策略之運用，讓公司既使在大環境多變化中，組織、業務仍繼續成長。 三. 因應市場外部環境快速變動之下， R&D 也可透過併購取得，讓公司得以快速在該利基市場(加密系統)中，取得一席之地，奠定了公司經營基石。 四. 依市場占有力假說(market power hypothesis)，併購後利益確可來自因市場占有率的提高，而獲得更合理之利潤。 五. 依成長極大化假說(growth max hypothesis)，管理者追求企業外部成長過程中，重視提升企業利潤盈餘，此合併動機對股東財富確有增加。 六. 綜效假說(Synergy hypothesis)，公司併購後可以降低營運成本，符合似規模經濟或範疇經濟的綜合效果，尤其在業務銷售、管理之專長相互結合，發揮更多經營綜效。 七. 公司藉由過去併購交易所獲取的知識，增進公司對於併購交易的決策。公司也從較多風險規避的資產收購，進而參與投資，至擔負風險較高的股份收購的穩健經營策略。

The information service industry in Taiwan has weathered the dot-com bubble of 2000 and the financial crisis of 2008, moving from a plethora of companies to intense cut-throat competition and operational difficulties. Despite this, the government continues to predict stable growth for the industry. In order to be sustainable, information service companies often adopt an acquisition strategy to increase market share; this external growth strategy is especially important in terms of profitability. We present several case studies of companies that were acquired, invested in, or formed a shareholding agreement with Provision Company, using these cases to illustrate the decision-making framework of acquisitions, thus verifying and affirming the advantages of this strategy. The results of our study found that: 1. The Taiwanese information service industry is highly dispersed. Companies without clear operational strategy and competitive advantages often fail or are acquired by other companies. 2. Utilize appropriate strategies allowing speedy growth, allowing Provision to survive despite market changes. 3. M&A to acquire R&D resources in response to rapid market changes, speeding company development in market niches (encryption market) and establishing an operational foundation. 4. According to the market power hypothesis, increased market share from acquisitions can help to bring in more reasonable profits. 5. According to the growth max hypothesis, managers seek to achieve external growth and increase profits, and this motivation is also beneficial for enhancing shareholder wealth. 6. According to the synergy hypothesis, acquisitions lower operational costs and produce synergetic effects of scale or scope economies, particularly when sales and management are combined to form operational synergies. 7. Companies can utilize knowledge obtained from past acquisitions to enhance decision-making of future acquisitions. Companies can also formulate strong strategies encompassing risk-averse acquisitions, investments, or high-risk shareholding agreements while ensuring active achievement of external growth strategies.