企業併購的協同效應陷阱

Abstract

隨著商業環境急速轉變，加上疫情的來襲讓不少業者面臨轉型或另尋其他路徑以提升獲利能力，而近幾年因為各國的寬鬆性政策導致併購成本大幅降低，因此全球的併購金額與數量屢創新高，廠商普遍希望透過併購合作產生協同效應進而促進企業成長，然而過去數據與研究發現併購的失敗機率卻高達70%，成為後續學者與本次研究的主要動機。 為了有效探討企業在併購過程中會遇到的困難，本研究透過既有的分析模型將協同效應產生的風險與錯誤稱之為「協同效應陷阱」（Synergy trap），其中包含海市蜃樓現象、重力山現象與失憶現象之三種協同效應陷阱，運用此模型架構搭配AT&T與NCR併購案、明基與西門子併購案進行分析，在兩項失敗的併購案中發現三項導致協同效應陷阱的主要原因，分別為過度自信、文化差異與不良的併後規劃，最後運用參考其他成功之併購廠商（如：環球晶與Cisco）作法予以提出解決建議，期待透過本研究能夠成為廠商與決策者在併購時的參考依據之一，也期許後續研究者能透過實際深入併購案件中，以更加完善併購之分析模型，讓企業在決策上能做出更恰當有效的判斷。

With the rapid transformation of the business environment, coupled with the outbreak of the pandemic so that many operators face transformation or find other ways to enhance profitability. In recent years, because of the loose policies of various countries led to a significant reduction in the cost of mergers and acquisitions, so the amount and number of mergers and acquisitions（M&A）in the world have reached a new high record. Manufacturers generally hope to promote the growth of enterprises through the synergy effect of M&A cooperation. However, data and research found that the probability of failure of M&A is as high as 70%, which has become the main motivation for follow-up scholars and this study. In order to effectively explore the difficulties encountered by enterprises in the process of M&A, this study calls the risks and errors caused by synergy effects through existing analytical model as ‘synergy traps’, which is including Mirage, Gravity-Hill and Amnesia. By using this model through the two-case study, which are ‘AT&T & NCR’ and ‘BenQ & Siemens’, we found that overconfidence, culture difference and poor post-planning after the M&A are the three major reasons causing synergy traps. It is expected that this research can become one of the reference bases for manufacturers and decision makers in mergers and acquisitions, and it is also expected that follow-up researchers can improve the analysis model through M&A events.