由於科技演進速度加快，產品生命週期縮短，市場趨於全球化，產業競爭的速度與強度加劇，為維持持續成長與獲利，每一家公司皆設法成為領導廠商以避免被市場淘汰。為了追求組織成長壯大，不論是為了擴大營運、多角化、客戶取得等目的，除了組織內成長(organic growth)、策略聯盟(Strategic Alliance)，甚至 是併購或已是企業經常採用的成長策略。

2016年Accenture& Economist Intelligence Unit 對美國資深經理人的調查中， 僅 45%認為有達到當初預定的併購綜效。Rodrik（2009）以歐美為範圍的併購研 究也指出，在美國完成的併購案中，大約有 30%至 50%是失敗的；在歐洲的併購 個案裡，成功的機率亦不到 50%。

岳豐科技成立於 1983 年，為台灣上櫃公司，電源線產品起家，後跨足網路 線材等領域，屬傳統製造/代工業，2003 年於美國成立虛擬網路通路 BestLink， 開始由傳統製造業轉型跨足通路銷售，2006 年再併購美國實體通路商 Prime， 2016 年接獲訊息，美國客戶 Monoprice 求售，考量 Monoprice 於美國為知名電商業者，營收、獲利穩定，故參與競標，並於同年度 11 月以 4 仟萬美元得標完成收購，雖然岳豐於美國當地已有併購經驗，且後續發展成功，但每個併購成功與否均需個案討論，且 2010 年於大陸投資實體通路大麥克最終以結束營運收場之 經驗，2015 年認列大額資產減損新台幣 1.5 億，由於剛認列完資產減損，隨即再啟併購案，本案已完成併購，本次研究著重於併購關鍵成功因素，後續併購後綜效是否發揮，仍待後續觀察。

本研究以哈佛個案研究之方式進行，透過併購綜效：營運面、市場面及財務面去探索岳豐併購的動機、兩造併購成功的因素及未來如何轉型及發展策略，並對併購後的整合提出建議以及未來若有併購可考慮之融資架構。

Due to fast-paced technology development, shortened product life cycle, accelerated and intensified industry competition, and the trend of globalization, for the purpose of maintaining sustainable growth and profit, companied has aimed to become a leading company in the industry to avoid being eliminated by the market. No matter it is for the intent of expand operations, diversification, or customer base acquisition, in order to pursue the growth of an organization, aside from organic growth and strategic alliance, M&As are nowadays frequently used as one of growing strategies for companies.

According to Accenture and Economist Intelligence Unit’s survey on U.S. senior managers in 2016, the results shows only 45% of the samples believe the effects of M&As reached the anticipated synergies. Rodrik(2009)’s research paper on Europe and U.S. M&A cases also points out for those cases in U.S., approximately 30% to 50% are in vain, as for Europe ones, the hit rate is less than 50%.

Founded in 1983, YFC-BonEagle Electric is a Taiwanese listed company at overthe-counter market. YFC, a traditional manufacturing industry company, started from manufacturing power cords, and then gradually turn the business products
into the field of LAN cables. YFC set up virtual online platform BestLink in U.S. in 2003, starting extending its business model from OEM to distributor. In 2006, YFC acquired another US branded channel distributor PRIME. At the end of 2016, YFC extended its business scale from physical distributor to E-commerce by acquiring Monoprice. Considering Monoprice is a branded E-commerce company in U.S. and the financial figures are considered acceptably stable, YFC decided to participate at the bid. Last, this deal was closed at the bid price of USD 40 million in November. Although YFC has past M&A experience in the US and the result shows a success. However, M&A cases’ success rate is independent of each other. YFC has experienced ending up the China retail channel business operation Big MAC which invested in 2010 and recognized considerable amount of TWD 150 million asset loss in 2015. Since YFC immediately executed another M&A deal soon after recognizing asset loss, this case is worthy following and having further discussion to focus on the key successful M&A factors and to see if the synergies show.

This study is conducted in the Harvard case study. This study is to figure out the drivers of YFC M&A through the aspects of synergies on operational, market and financial dimension, to analyze the key successful M&A factors between two counterparties, and to plan a transformation and development strategy for the coming future. Furthermore, this study provides suggestion for the integration after M&A and considered financing structure for the potential M&A deals afterwards.

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