Cross-border Merger & Acquisition: A Case Study of an Electronic Component Distributor in Taiwan

在各國經濟貿易逐漸開放下，全球化已成為主流，且為一股不可擋的趨勢。其中，台灣企業為尋求生存與成長，往海外進行投資，以各種方式向外發展。近年來，市場目光更集中於中國大陸市場的開拓，吸引資金與多家台商前往。以我國電子零組件通路業而言，在全球化大型國際通路商之策略聯盟與合併等逐漸壯大之壓力下，市場競爭日趨劇烈，且國內客戶外移，積極往海外進行投資為不可抵擋的策略，其中，又以併購為最迅速且高控制之進入方式。 為完整呈現企業推動併購之實務性作法，本研究採定性研究之個案研究法，藉由親身參與和深入探討真實發生的併購內容（包含併購前、併購過程與併購後），以提供我國企業參考，並驗證相關進入策略與併購理論，適用於台商企業的情況。 經過個案訪談與次級資料分析，發現在進入策略之選擇上，除Dunning之OLI模式與Kim and Hwang之全球化策略變數外，另有目標公司負責人之個人生涯規劃及供應商對經銷商間的平衡策略等因素。另外，在併購的過程中，提出幾點關鍵因素供我國企業以併購方式進入大陸市場時之參考。 主要關鍵因素與建議為： 1.在和諧氣氛下，協商出雙贏的價格。如果兩家公司在一開始的價格協商過程中，產生衝突或是難以達成共識，很有可能使原本合作的態度轉為具有防禦性或是敵意。因此，建議可尋求具有公信力之第三團體的協助，在和諧的氣氛下，協商出對雙方皆有利的收購價格。 2.強調組織分工與協調合作的能力。臺灣的電子零組件通路產業，由於市場趨勢以及追求產品線與地域性的擴張，企業內必須要有跨地域營運能力的思維模式以及相關的人才加以配合並強調組織之分工、協調合作、規劃、控制與執行能力。因此，企業應積極培養具備國際觀人才，協助完成組織內各項任務。 3.塑造願景，融合雙方之組織文化。在正式結合的階段中，可能因組織的文化衝突、利益轉換而敵意昇高，造成心理上區辨的狀況。因此，應致力於雙方組織文化的融合，並塑造整合後之公司願景，訂定中長期目標，建立彼此合作、容忍的組織氣氛，有生死與共之參與感。 4.建立即時精確之國際性管理資訊系統平台。跨足大中華地區，若無即時與精確的國際性管理資訊系統協助，無法有良好的運籌能力和技術支援，以及做整合後資源共享。建議移往海外發展與進行併購之跨國企業，進行管理資訊系統之建立或更新，並尋求技術協助與預算估計，以一套良好的國際性管理資訊系統平台，協助帶來跨國企業應有之綜效。Due to many countries are relaxing their economic and trade policies, globalization has become a main stream and an irresistible trend. Amount which, Taiwan enterprises are using a variety of ways to expand their business investment overseas in order to struggle for both business survival and growth. In the recent years, the focus has been on the development of China market, to attract capital funds and many Taiwanese companies move towards to the area. As for the Taiwan electronic components distributors, the pressure from large international components distributors are becoming stronger by leveraging strategic alliance and merger which create the severe competition environment, in addition, the manufactories are moving to other low cost countries. Therefore, invest overseas aggressively is a must-do strategy for the Taiwan electronic component distributors. In it, merger and acquisition （M&A）is the fastest and high controllable method to enter the market. In order to completely present the practical way of how the enterprises drive the merger, this research adopts Qualitative Research in case study through personal involvement and thorough probe into the real M&A case situation (including before the M&A, during the M&A, and after the M&A) to provide for the Taiwan enterprises as a reference. In addition, prove the related Entry Strategy and M&A theories suitable for the Taiwan enterprises situation. After individual case interview and secondary data analysis, we found in choosing the Entry Strategy, in addition to Dunning OLI model and Kim and Hwang’s global strategy variables, there are some considerable factors on targeted company CEO’s personal career planning and the supplier’s balance strategy among distributors. Besides, during the M&A process, we propose few key elements to the Taiwan enterprises as references when choosing merger as a method to enter the China market. Key elements and suggestions are: 1. In a harmonious atmosphere, negotiate for a win-win pricing. If two companies starting to have conflict or cannot get to a consensus in the beginning of the negotiation process, there is a possibility to turn the original corporation attitude into a defensive or hostile situation. Therefore, suggest looking for help from a trust worthy third party, to smooth the situation and negotiate for a price which is benefit for both parties. 2. Emphasize on the division of labor in organization and capabilities on both coordination and cooperation. Because of the market trend, seeking for new product lines and geographically expansion, Taiwan electronic components distributor industry must have the mentality and associated talents to build the capabilities on cross geography operation and to enforce the abilities on organizational division, coordination cooperation, planning, control and execution. Therefore, the enterprises should incubate talents with global perspective in order to assist and complete the tasks within the organization. 3. Building vision, integrate organizational cultures from both parties. During the formal integration stage, there might be some organizational culture conflicts or benefit transfer resulting in increasingly higher hostility which cause the psychological discrimination situation. Therefore, both sides should focus on the fusion of the culture from their own, and try to build the company vision after integration, set mid-range and long-range goals, establish corporative and tolerant organization environment and sense of involvement. 4. Build a real time and accurate international management information system platform. When operate in Great China area, lack of assistants from an instant and precise international management information system, it’s hard to have a good logistics, technical support and resource sharing after the integration. Suggest the international enterprises during the merger process and expanding the business overseas to set up or renew the management information system, search for technical support and budget estimation. By leveraging a good international management information system platform can achieve synergy for multination enterprises.第一章 緒論 P1 第一節 研究背景與動機 P1 第二節 研究目的 P2 第三節 研究流程 P2 第二章 文獻探討 P4 第一節 海外市場進入模式之相關理論與決策因子 P4 一、進入海外市場之動機與目的 P4 二、進入策略模式之相關理論 P8 三、海外進入模式之類型 P15 四、本節小結 P18 第二節 併購之意涵 P19 ㄧ、併購之定義 P19 二、併購之類型 P20 三、併購之動機 P23 四、併購之程序 P26 五、併購之綜效 P30 六、本節小結 P32 第三節 電子零組件通路商進入中國市場之相關個案探討 P34 第三章 研究方法 P37 第一節 研究架構 P37 第二節 定性研究法 P38 第三節 個案研究法 P40 第四節 研究的程序 P41 一、深度訪談 P41 二、研究對象 P41 三、訪談程序 P42 四、訪談大綱與問題設計 P42 五、資料整理與分析P42 第四章 我國電子零組件通路業進入中國市場之實證分析 P44 第一節 個案公司介紹 P44 ㄧ、主併公司 P44 二、目標公司 P49 第二節 進入策略模式之選擇 P53 ㄧ、所有權優勢 P53 二、區位優勢 P53 三、內部化優勢 P54 四、全球化策略變數 P55 五、併購之動機 P55 六、本節小結 P56 第三節 併購策略之實施 P58 ㄧ、規劃期（併購前） P58 二、初步結合階段（併購中） P60 三、正式結合階段（併購後） P61 四、本節小結 P64 第四節 實行海外併購策略之整體評估 P66 一、併購對象 P66 二、併購時機 P66 三、併購價格 P66 四、綜效評估 P66 五、本節小結 P68 第五章 結論與建議 P70 第一節 研究結論 P70 一、進入策略之選擇 P70 二、併購實施 P71 第二節 研究建議 P74 第三節 對後續研究建議 P74 附錄 P75 附錄一 文獻參考 P76 附錄二 問卷 P8