併購的商業考量與法律風險：以台灣企業跨國擴張為例

Abstract

本研究旨在深入探討企業於併購(Mergers and Acquisitions, M&A)過程中所面對之主要商業考量與潛在法律風險，特別聚焦於台灣企業於跨國或跨產業整合時，可能遭遇之制度挑戰與法規風險。企業進行併購活動，期望透過資源整合以擴展市場、取得技術、提升綜效，或重塑產業競爭力，然併購過程往往伴隨高度不確定性，尤以法律與合規層面之風險最為顯著，需企業高度審慎因應。 本研究採用質性個案研究法，透過對四件具代表性之實際併購案例進行剖析，歸納企業於併購規劃與執行過程中，應如何兼顧策略目標與法律合規要求。其中，三起成功的典型案例分別為：祥碩科技以新台幣129億元併購美國在日本掛牌的上市公司Techpoint，成為我國中小型IC設計業跨國併購之典範；聯發科技藉由精密估值與合規架構，深化全球市場布局；宏碁則透過策略性投資調整業務結構，並有效規劃併購後整合(Post-Merger Integration, PMI)及關係人交易揭露程序。最後，分析檢討一件近年高度爭議之併購案，著重在A公司(某生技業者)於併購後資產處分、收回價款的過程中，因資訊揭露不全及程序瑕疵，引發主管機關與司法單位關注，最終導致高階管理層遭移送偵辦，成為忽視法律風險之負面案例。 研究結果顯示，企業於併購過程中，除須審慎評估交易條件與財務效益外，更應強化法遵意識與內部治理機制，特別是對證券交易法第20條重大訊息揭露義務、賠償責任及可能之背信罪等民刑事訴訟司法風險，以及智慧財產權與勞動契約整合議題之重視。若未及早進行法律盡職調查(Legal Due Diligence)，或缺乏跨領域專業之交易架構設計，將大幅增加商譽受損、股東爭議或訴訟風險。 基於上述分析，本文建議企業在併購規劃初期，即應建立由董事會主導之風險評估與合規審查機制，並引入財務、法律、稅務及內控等專業團隊，於策略形成及交易設計階段即確保資料揭露完整、內部決策程序透明，從而有效回應主管機關與投資人對併購正當性與治理品質之期待。期望本研究成果能為企業未來從事併購決策與執行提供具體參考，協助在追求成長與轉型的同時，妥善控管潛藏之法律與商業風險。

This study aims to explore the primary business considerations and potential legal risks encountered by enterprises during mergers and acquisitions (M&A), with a particular focus on the institutional challenges and regulatory risks faced by Taiwanese companies during cross-border or cross-industry integrations. Enterprises typically engage in M&A activities to achieve resource integration, expand markets, acquire technology, enhance synergy, or reshape industrial competitiveness. However, the M&A process is often fraught with high levels of uncertainty, especially in the areas of legal compliance, requiring enterprises to exercise heightened caution. Adopting a qualitative case study methodology, this research analyzes four representative M&A cases to summarize how enterprises should balance strategic objectives with legal compliance throughout the planning and execution stages. Among these, three successful cases are highlighted: ASMedia Technology's acquisition of the U.S.-listed company Techpoint for NT$12.9 billion, exemplifying cross-border M&A among Taiwanese mid-sized IC design firms; MediaTek's expansion of its global presence through precise valuation and compliance structuring; and Acer's strategic investment approach to adjust its business portfolio, including effective planning for post-merger integration (PMI) and disclosure of related-party transactions. The fourth case involves a highly controversial transaction: Company A (a biotechnology firm), which, following its acquisition activities and subsequent asset disposal and fund recovery processes, drew regulatory and judicial scrutiny due to incomplete information disclosure and procedural flaws, ultimately leading to the criminal investigation of its senior management—serving as a cautionary example of legal risk negligence. The study finds that enterprises must not only carefully evaluate transaction terms and financial benefits but must also reinforce compliance awareness and internal governance mechanisms during the M&A process. The disclosure obligation of material information under Article 20 of the Securities and Exchange Act, liability for damages, and potential judicial risks of breach of trust.The judicial risks associated with breach of trust offenses, and issues regarding the integration of intellectual property rights and labor contracts. Failure to conduct timely legal due diligence or to design interdisciplinary transaction structures could substantially increase the risks of reputational damage, shareholder disputes, and litigation. Based on the analysis, this study recommends that enterprises establish a board-led risk assessment and compliance review mechanism early in the M&A planning process. Enterprises should also engage financial, legal, tax, and internal control professionals at the strategy formulation and transaction design stages to ensure comprehensive information disclosure and transparent internal decision-making procedures. These measures can better meet the expectations of regulatory authorities and investors regarding the legitimacy and governance quality of M&A activities. It is hoped that the findings of this research will serve as a practical reference for enterprises engaging in future M&A decisions and execution, aiding them in pursuing growth and transformation while effectively managing latent legal and business risks.