企業風險管理與跨境併購的合規風險：越南個案研究

Abstract

本論文探討企業風險管理（Enterprise Risk Management, ERM）框架在促進跨境併購活動成功中的關鍵作用，聚焦於泰國領先的電線與電纜行業公司, Stark Corporation Public Company Limited，及其對越南兩大公司 Thinh Phat Cables JSC 和Dong Viet Non-Ferrous Metal and Plastic JSC 的併購。隨著全球化進一步加速，企業越來越多地通過併購擴展市場觸角和提升能力。然而，此類行動常涉及複雜挑戰，尤其是在應對陌生的監管環境時。本文採用COSO 的ERM 框架，分析並分類 Stark Corporation 在併購過程中面臨的合規風險，並展示ERM 如何提供一種結構化方法以減輕這些風險。

研究發現，主要的合規風險包括反壟斷問題、未決訴訟、由於外資限制導致的市場准入受限、環境合規，以及勞工法規遵守等。研究強調，有效的ERM 不僅僅是克服監管障礙的工具，更是一種戰略性助力，能與企業目標對齊，確保順利整合並實現商業目標。

此外，本文詳細闡述了戰略、運營和報告風險管理實踐的應用，並強調將風險管理與業務戰略相結合是併購成功的關鍵因素。本文倡導採用如ERM 這樣的結構化風險管理框架，幫助併購過程中的決策更加明智，並增強組織韌性。

This thesis explores the crucial role of Enterprise Risk Management (ERM) framework in facilitating successful cross-border mergers and acquisitions activities, with a focus on Stark Corporation Public Company Limited, a leading corporation in wire and cables sector in Thailand, and its acquisition of two major companies in Vietnam, Thinh Phat Cables JSC, and Dong Viet Non-Ferrous Metal and Plastic JSC. As globalization intensifies, companies are increasingly engaging in M&A to expand their market reach and capabilities. However, such ventures involve complex challenges, especially when navigating unfamiliar regulatory environments. This study utilizes the COSO’s ERM framework to analyze and categorize the compliance risks encountered during Stark Corporation’s acquisition and demonstrates how ERM can provide a structured approach to mitigating these risks.

The research identifies significant compliance risks including anti-trust issues, pending litigation, restricted market access due to foreign investment limitations, environmental compliance, and labor law adherence. The study emphasizes that effective ERM is not merely about overcoming regulatory hurdles but is a strategic enabler that aligns with corporate goals to ensure smooth integration and realization of business objectives.

Moreover, the thesis details the application of strategic, operational, and reporting risk management practices, highlighting the integration of risk management with business strategies as a critical factor for M&A success. It advocates for the use of structured risk management frameworks like ERM, which facilitate informed decision-making throughout the M&A process and enhance organizational resilience.