國際工程公司併購之研究

Abstract

全球能源需求快速成長，已強力推動石油及天然氣產業大量投資，相對的增加工程產業的需求。適時反應市場需求的關鍵因素係如何成功的獲取資源 – 人力資源及全球化。因與台灣其他高成長產業競爭人力資源所限，中鼎工程公司必須採取不同的方式在全球尋求人力資源，如海外投資設立分公司或子公司(獨資或與當地其他公司合資) 、或與其他公司策略聯盟聯合承攬分享人力資源及分攤風險、或採取併購獲取其他公司的人力資源。 經由五力分析、核心競爭力、價值網及以價值為基礎的策略等理論進行分析工程產業的結構，我們可發現工程產業的關鍵成功因素。藉由近來工程產業主要的併購案例，我們可進一步的瞭解這些公司在併購前的背景及營運狀況，以及在成功併購後新公司的組成及營運狀況，包括他們的核心競爭力、企業策略、目標市場、主要產品線以及營運成績。再藉由分析我們可發現這些成功併購案例的關鍵成功因素，作為向中鼎工程公司建議的理論基礎，以建立併購策略因應未來可能發生的併購機會。

Fast growing global energy demand has been strongly pushing the oil and gas industry investment and the demand for E&C industry. In response to the demand, the key issue would be how to successfully secure the resources – people and globalization. In view of people constraints in Taiwan by competing with other high growth industries, CTCI has to leverage the resources worldwide by various ways, including foreign direct investment either sole investment or joint venture with local companies, or to share the resources and risks with other contractors through strategic alliance, or to acquire the resources of other contracts through merger and acquisition. Through the structure analysis of the E&C industry by utilizing Five Force Model, Core Competence, Value Net, and Value-based Strategy we can find out the key success factors of E&C industry. Through the case study of the recent major M&As in the E&C industry by utilizing M&A strategy we can better understand the background and operations of those companies before the M&A as well as the formation and operations of the new companies after the M&A, including their core competence, business strategy, target markets, focus products, and performance, then trying to find out the keys to success for those proven successful cases of the M&A which will form the basis as a suggestion to CTCI in developing strategy in case there are new opportunities for possible M&A in the future.