台灣機械業國際併購與管理–以上銀科技為例

Abstract

台灣的機械業雖然大多為中小企業，但有許多企業都是該領域的佼佼者，也就是所謂的隱形冠軍。通常隱形冠軍有堅強的技術能力，但是台灣的機械廠商相較於國際上的其他相關企業來說又相對於保守。

台灣機械業最成功也最有名的就是上銀科技。上銀先天體質不良，成立之初有許多制度及財務上的問題，而卓永財董事長憑藉其整頓三星五金的經驗將上銀進行全面重整，至今是世界上第三大的滾珠螺桿、線性滑軌廠商。 大部分的台灣企業要進行國際併購之前，都已經有在國內併購的經驗，而上銀在沒有相關併購經驗下就併購了德國Holzer，而上銀又是選擇何種併購後管理策略以避免因整合而導致併購失敗的情形? 併購德國的公司之外，上銀也買下了以色列及台灣的公司，上銀為什麼要選擇這些公司，其技術及策略上的意涵又是甚麼 ? 現在把自己定位在自動化、機器人公司的上銀，如何去把併購所獲得的資源整合，以邁向其設定的長期目標 - 成為機器人、自動化的一流公司邁進呢 ? 本論文透過個案研究的方式了解上銀科技的併購行動、併購標的考量、對於併購海外公司的管理策略選擇、併購後綜效如何產生進行分析，並且針對上銀的併購與策略進行討論，並且提出對於上銀策略方向的建議。

Although most of Taiwanese Machinery Companies are small and medium enterprise (SME), they are hidden champions of their market. Unlike western enterprise, hidden champions in Taiwan are often with very conservative attitude about expending scale of their business, even have very strong technical ability. One of the most reputably and successful Taiwanese machinery companies is HIWIN technologies. In the early stage of HIWIN, it had bad structure in both financial and cultural. Eric Y.T Chao, current Chairman and former buyer of HIWIN reshaped HIWIN with his experience in rectifying SAN SHING fast tech corporate and led HIWIN technologies becoming world top 3 manufacturer of ball screw and linear guideway. Before merging overseas’ corporate, most of Taiwanese company will try to merge local corporate in order to earn experience of implementation and post management of M&A. But HIWIN is unlike most of Taiwanese company, merged German machinery company at their very first time, What kind of management strategy and style they choose to manage German employees after merging in order to prevent unsuccessful M&A ? HIWIN also merged Israel driver company and Taiwanese machinery company after, how did they evaluate their merging target and what is the meaning in both technical and strategical aspects to HIWIN? How did HIWIN rearrange their resources from merging and create synergy for the sake of becoming world-leading industrial automation and robot company? We are going to analysis and break down HIWIN’s M&A strategy from choosing target to post management by case study, and give my personal comments and advices about HIWIN.