The Research for Mergers and Acquisitions Strategy in Telecommunications Industry

自十九世紀末以來，購併已成為企業成長與改變競爭環境的重要推手。在面臨國際化的趨勢與全球化的競爭思維下，透過購併其他企業的方式，巳成為規劃經營策略的一種競爭模式。面臨新經濟的時代，電信產業的競爭方式丕變，因為市場的解除管制與科技的進步，更造成近年來電信產業的快速變革與蓬勃發展，相關購併的案例更是在全球蔓延，其規模與成交金額更是履創新價。 目前國內電信產業的結構，已因全球化、自由化的衝擊而有所重大變革，整體的經營環境與競爭程度，已自動被迫升級與國際一流的企業相互競爭；另因國際間的購併動作不斷，顯現企業在競爭激烈的環境中，為確保其競爭優勢而不斷擴張企業版圖的決心，導致現階段的購併涉及諸多策略性的考量，呈現出「大者恆大」的現象。電信產業在必須創造規模經濟的前提下，專家更是建議電信業者藉由購併的方式以擴充營運規模，尤其是以電信大廠為首的新競爭局勢，購併勢將成為公司資源分配的有效方法之一。 因此本研究採用歸納法，綜合文獻探討、個案分析與專家訪談等方式，完成電信產業之發展趨勢與效益分析，並比較國內外電信購併之個案，整理主併與被併公司的動機與背景因素，希求透過相關案例的分析，汲取其購併策略之規劃與經驗。最後，本研究提出以平衡計分卡結合五個構面的動態價值因子，作為評估企業競爭力分析的基礎；並依據Michael Porter、Milford B. Green與Arthur Andersen所提出的"”Competitive Strategy”、”The Merger Framework”與”eMerger & Acquisition”為基本架構，嘗試建立適用於電信產業規劃購併策略之參考模型，將企業放進「電信產業環境」中考慮，以協助業者在制定經營策略、提昇產業競爭力與規劃價值導向管理系統之參考，因為無論企業採取何種購併的方式，皆須具有經營策略及購併準則，唯有認清自身與環境的互動關係，方能有效且正確地因應未來的發展與衝擊。Since the late 1800s, mergers and acquisitions (M&A) have become a driving force in both corporate growth and changing competitive environments. As the trend of internationalization and globalization, to merge other company becomes a competitive mode of planning business strategy. Facing the era of new economy, the competition of telecommunications industry is changing abruptly owing to the market deregulation and technology progress, and the phenomenon of mergers and acquisitions on telecommunications industry have increased with time. As mergers and acquisitions of an existing company typically speed up the entry process as well as the easiest way to diversify. It also takes a potential competitor out of the market.Due to the telecommunications liberalization in the past years, the structure of telecommunications industry has been modified. It forced many companies have to compete with other big companies worldwide. In order to survive in this intensive market and ensure the competitive advantage, the effect of "big is beautiful” involved strategic making in a lot of company. Even someone suggests that it is not the only good solution to expand the scale of business by merging other company but maybe an effective way to relocate resources efficiently. This research mainly uses three different methods, which are literature analysis, cases study and interview with experts to figure out the development trend and beneficial analysis of telecommunications industry after liberalization in Taiwan. We would like find out the motivation and background both acquiring company and target company by finding the planning story in merging a target company through the analysis of cases study. Finally, the research provides the basic structure combined the Balanced Scored Card with five-dimensional value system for the purpose of evaluating the corporate competition. Especially, the research develops a reference model of how to plan the mergers and acquisitions strategy in telecommunications industry modified to “the competitive strategy” for Michael Porter, “the merger framework” for Milford B. Green and “eMerger & Acquisition” for Arthur Andersen. In addition, this research imitates Porter’s points of the issue of “putting the company into the industrial environment” to consider. It will be useful for proprietors to organize the business strategy and to work out the value management system. As we know, only does the company understand the interactive relationship with circumstance. It can be effective and correct to cope with the development and impact on the market in the future