Author: |
吳靜如 Ching-ju Wu |
---|---|
Thesis Title: |
企業分割與創造價值之個案研究 Business Mergers and Acquisitions |
Advisor: |
劉代洋
Day-Yang Liu |
Committee: |
張琬喻
Wan-yu Chang 張光第 Kuang-ti Chang |
Degree: |
碩士 Master |
Department: |
管理學院 - 管理研究所 Graduate Institute of Management |
Thesis Publication Year: | 2009 |
Graduation Academic Year: | 97 |
Language: | 中文 |
Pages: | 86 |
Keywords (in Chinese): | 企業分割 、組織重整 、價值創造 |
Keywords (in other languages): | Spin-off, Corporate Restructuring, Value creation |
Reference times: | Clicks: 414 Downloads: 11 |
Share: |
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在地球是平的現代,全球化導致企業間競爭激烈,為使企業能快速擴張、成長,國際間興起了併購熱潮,使企業走向大者恆大的局面;然而在企業有限的資源的限制下,大型企業或過度的多角化經營,恐造成企業無法快速反應市場環境的變化,導致經營績效不佳。故近年來,不少企業採取企業分割,以追求企業價值創造、增加股東權益的策略之一。
在國內政府於2001年陸續修訂公司法、企業併購與分割相關之法令規定後,不少國內企業選擇以企業分割方式,對企業進行組織重整,以追求企業價值創造,例如宏碁與緯創、旭麗與宏暉等公司,以實證證明分割後產生正效益。
以個案公司為例,擁有完整的電腦設備產品;在面臨全球電子產業的發展,同時擁有品牌與代工之經營模式,因代工客戶的質疑下,使個案公司提早分家計畫,希望一方面品牌部份可以不用顧忌代工客戶全力發展品牌業務;另一方面可以消弭代工客戶的疑慮,增加代工訂單。
在個案研究中從全球電子產業發展為基礎,說明未來產業發展趨勢差異的來源為何。接著再探討PC產業之產業趨勢、產業特性、產業策略分析模式來分析現在電子產業外在環境和產業競爭環境,找出外部之機會與威脅,並從中萃取出產業關鍵成功因素。在內部分析中,個案公司分割動機係因品牌與代工的衝突,就個案公司進行分割時,分割的動機、決策、分割的樣態與分割的目的是否結合,並將個案公司分割後的財務資訊與以前年度及同業作比較,由結果推論個案公司此次分割效益是否創造價值。
不少個案研究發現:雖然企業分割已成為企業選擇提高營業價值的方式之一,然而個別公司各有其相異的企業文化、及不同的分割的目,故其他理論不一定適合套用在個案討論中。公司進行分割計畫時需審慎評估,包括未來經營策略,以確保分割案進行可達到公司永續發展、提高公司營運價值及增加股東價值最大化。因此,成功的分割案,應視當時分割之原因、目的及動機,在分家前應審慎評估,同時,規劃分割後管理人才之養成,以符合公司一分為二時之人才需求,做好員工福利公平規劃,以期能留住優秀員工,與公司共同奮鬥、成長。
The world is flat, and globalization gives rise to a severe competition among enterprises. To expedite the expansion and growth of the enterprises, Mergers and Acquisitions (M&A) has become a new trend internationally, thus large corporations remain large constantly. However, some corporations fail to cope with the fast-changing market environment and result in a poor performance due to limited resources and over-diversification. As a result, corporations in recent years adopt a spin-off strategy to create corporate value and increase shareholder’s equity.
Since 2001, Taiwan government continually amends the Corporate Law, Business Mergers and Acquisitions Law, and etc. Therefore, many local corporations including Acer and Wistron, and Silitek Corp. and Silitek Technology adopt the spin-off strategy for their corporate restructuring, and these companies gave solid evidences to the synergy of spin-offs.
Take the present case as an example, it possess a full-range of PC device products. Its business model contains both brand developing and OEM. However, these companies have to advance spin off under the pressure and doubts of their OEM customers, in hope of developing the brand business in a full scale without worrying about the OEM customers, as well as brining in more OEM orders.
Moreover, the present case uses global electronic industry development as a basis to explain the cause of variation in industry development trend in the future. Next, the present case explores PC industry trend, character and strategy analysis model to analyze the external and industry competition environment of electronic industry, and to find out external opportunities and threats, as well as to induce the key success factors of the industry. In an internal analysis, the intention of spin-off of present case arises from the conflict between brand development and OEM. For the spin-off of the present case company, we try to find out whether the motivation, the decision and the mode of spin-off are connected with the intention of spin-off. Meanwhile, we also compare the present case company’s financial information after spin-off with its previous years, also with other companies in the industry. The results can be used to infer whether the effect of present case company’s spin-off can create value.
Many case studies indicate that although spin-offs becomes a way of enhancing the business value of a company. However, the corporate culture and the intention of spin-off of each individual companies varies, thus other theories may not be appropriated for the discussion of the present case. Before spin-off, corporations should carefully evaluate the spin-off plan, includes future business strategy, so as to assure that company can rely on spin off to achieve a continuous business development, to enhance business value, and to maximize shareholder’s equity. In conclusion, a successful spin-off case should review and assess the reason, purpose and motivation of spin off carefully in advance. In the meantime, human resource plan should also be considered in order to meet with manpower requirement after spin-off, and also provide a fair benefit package for employees to keep superior employees.
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