如何提高併購成功率—以併購後整合為核心

Abstract

企業發展至一定程度後，無論是追求另一波的成長或是轉型，併購往往是其達成目標之策略之一，但根據統計，一半以上的併購案有損股東權益，意即併購的成功率並不高，那為何企業仍趨之若騖呢？主要是因為併購具有快速達成目的 (垂直或水平整合，甚至是策略發展) 的優勢，同時具有攻擊及防守的特性。有鑑於此，如何增加併購的成功率，即為企業在進行併購前需深加考慮和因應的課題，亦為本文所欲探討的議題。 本文之研究方法為文獻回顧法，先對國內外過往相關論述做回顧及整理，再根據筆者本身的經驗及理解歸納出併購後整合規劃及執行工作應注意之重點，並嘗試提出一份整合工作建議綱要，再以國內過去二十年間與併購後整合相關的論文，將實際進行過之整合工作做拆解及歸類，與筆者提出之綱要做比對，檢視併購案之成敗與綱要之相關性。 筆者提出之綱要可分為人、事、時三大構面，即挑選合適之整合經理人與團隊、並根據併購目的發展整合計劃及工作表，最後設定適切的報告層級和定期檢視機制，與驗證結果大致符合：國內案例的整合經理人多為公司負責人或高層直接擔任、整合面向及計劃則視併購目的和需要的整合程度而定，但最優先之項目為人事，以保持營運穩定性及維護被併公司價值，檢核時間和項目方面則較少有論文提及，但依一般企業營運機制，實際上多少應有進行。 在進行案例整理及歸納後，對於如何提高併購成功率另有幾點發現：(1)提前規劃整合計劃、(2)因併購整合本質上即為變革管理，故併購公司本身應為營運良好的公司、(3)大併小或是進行相關性高之併購成功率較高，若是跨業或跨文化併購，建議以尊重原團隊為優先、(4)最易產生綜效之處仍為成本綜效、及(5)併購可藉學習而累積，增加成功率。 本文雖然受限於可取得案例多數為成功之案例，及較缺乏量化數據之檢視 (如計入併購價金及整合成本之回報率等)，但提出之整合工作建議綱要仍不失為規劃併購整合計劃之參考與發想起點，希冀能對國內企業進行併購案時，提高其成功率產生些許貢獻。

While an enterprise turns to be mature, it will pursue another growth or transformation. At the stage, mergers and acquisitions (M&A) are often the choice. But according to research, more than half of M&A cases are detrimental to shareholders’ equity, which means- the success rate of M&A is not high. Then, why do so many corporations still do M&As? That’s because M&A can achieve goals (vertical or horizontal integrations, even a strategic development) in a short time, and have both offensive and defensive characteristics. In view of this, how to increase the success rate of M&A is the topic enterprises should consider and prepare for before execution, which is also the subject of this thesis. The research method of this thesis is the literature review method. Firstly, reviewing the relevant discussions in the textbooks and articles overseas and domestically, and summarizing the key points should be paid attention to in post-merger integration (PMI) planning and execution based on the author’s experience and understanding. Then, trying to propose a PMI suggested outline, which is viewed and verified by Taiwanese companies’ M&A cases in the past 20 years to check the correlations with the success of M&As. The proposed PMI outline is composed of three major components- people, tasks, and timeframe, i.e., selecting a suitable integration manager and team, developing an integration work plan and worksheets according to the purpose of M&A, and finally setting up appropriate reporting lines and regular review mechanisms. The cases review result is highly in line with the proposed PMI outline- the integration managers are mostly the owners or senior management in the Taiwanese M&As cases, and the integration items and work plans depend on the purpose and the degree required (however, the human resource is the top priority for keeping operation stability and the value of the acquired company). For reviewing timeline and mechanism, they were seldom mentioned, but in general business management practice, they shall have been executed more or less. After the review of the cases, there are some findings for increasing the success rate of M&A: (1) planning the integration plan in advance, (2) the essence of PMI integration is change management, which means the acquiring company shall be a well-managed itself, (3) a big acquiring small or related-industry acquisition case is tentative to be successful; in the cases of cross-industry or cross-border M&As, it is recommended to respect the original team, (4) the most possible synergy of M&A is the cost reduction, and (5) M&A could be learned through case studies and accumulated experience, and the success rate will rise accordingly. The conclusion of this thesis is restricted by that most of the reviewed cases are successful cases and lack quantitative checks, for example, the investment returns after counting in the deal price and the cost of integration. Nevertheless, the proposed PMI suggested outline is still a reference and starting point for the preparation of a PMI plan. This is the intention of the thesis- to have some contribution on increasing the success rate of Taiwanese enterprises’ M&A.