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Author: 徐敏芳
Ming-Fang Hsu
Thesis Title: 企業併購及談判策略失敗之探討-以安馳為例
Probe into a Failed Corporate Merger and Negotiation Strategy-
Advisor: 陳正綱
Cheng-Kang Chen
Committee: 欒斌
Pin Luarn
葉穎蓉
Ying-Jung Yeh
Degree: 碩士
Master
Department: 管理學院 - 管理研究所
Graduate Institute of Management
Thesis Publication Year: 2019
Graduation Academic Year: 107
Language: 中文
Pages: 整份PDF總頁數58頁
Keywords (in Chinese): 危機管理企業併購價值評估談判策略
Keywords (in other languages): Crisis Management, Corporation Merger, Valuation, Negotiation strategy
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  • 現今的半導體的產業發展以工業4.0、物聯網及AI人工智慧為主軸,個案公司安馳科技是半導體供應鏈中的IC代理商,公司從成立初期即以工業控制相關領域為營運方向,且所代理的產品線搭上產業發展潮流,產品應用面甚廣;再加上工業領域特色為少量、多樣、客製化,公司需培養的技術應用工程師較一般代理商多,也因為如此,個案公司雖然營收無法像其他消費型代理商大幅成長,但是毛利率相較之下卻高出許多,因而公司價值甚高,常常是大型代理商欲併購的對象。
      個案公司故事背景發生於2015年,安馳雖然代理的產品極具競爭力,公司的價值也較其他中小型代理商高,但仍舊無法擺脫代理商的困境。當時公司第二大營收來源產品線被併購,代理權遭到取消,在公司遭逢重大危機之際,考驗著經營階層危機管理能力。風波平息之後,公司為了能持續經營,避免再次因代理權遭到取消而影響公司營運,因而決議採行併購方式因應產業環境危機。
      雖然併購常是企業快速擴大組織規模、經濟效益及公司價值的策略之一,但是在進行企業併購時,應詳細擬定併購策略,對於價值評估方式更應考量未來公司計劃或產業特性做適度調整。個案公司首次執行併購案,從初期的併購策略規劃發生明顯錯誤;在併購出價時,忽略本案為跨國併購案,所採用的價值評估方式不夠周延;併購談判策略因領導者與執行者意見分歧,且與合併對象各持己見,最終導致併購案以失敗收場。
      透過本個案的討論,思考企業在進行併購活動時,成功關鍵因素為何?如何擬定成功的併購策略?如何判斷價格是否合理?以及與合併對象該採用何種談判策略才能符合雙方期待,最後達成併購目標與公司計劃。


      The development of the semiconductor industry nowadays focuses on Industry 4.0, the Internet of Things (IoT), and Artificial Intelligence (AI), the company in this case is Anstek, which is an IC agent in the semiconductor supply chain, ever since its establishment, Anstek has specialized in the industrial control field, the production lines of agent products have kept abreast of industry developments, and the products have been widely applied in many fields, in addition, the features in the industrial field include small quantities, diverse features, and customization, the company is thus required to cultivate more technology engineers than general agents, therefore, the gross margin of the company is higher than other consumer agents despite the growth revenues may be catch up with them, the company has a very high value and has been a merger target by larger agents.
      This situation occurred in 2015, despite Anstek's products being very competitive in the market, and the value of the company being higher than other small and medium-sized agents, Anstek was still facing adverse conditions, during that time, the production line which accounted for the second-largest amount of revenue was acquired, and the agency rights were terminated, this urgent situation tested the crisis management ability of the management team. After resolving this crisis, the company was determined to adopt merger and acquisition methods to respond to the industrial crisis, their aim was to continue operations and prevent the company being affected by the termination of agency rights.
      Mergers are commonly used by corporations to rapidly increase scale, economic benefits, and company value, however, a detailed merger strategy must be planned along with a properly-adjusted valuation which takes into consideration the future plans of the company or industry. When conducting its first merger, Anstek encountered an obvious error in the early stages of its strategy. When bidding, Anstek ignored the fact that it was a cross-border merger, and its valuation was thus not appropriate; The merger was unsuccessful due to the fact that there were different opinions between the leadership and those executing the details, and between Anstek and the merger target.
      By exploring this case, the keys to success in a corporate merger can be identified, in addition, the following questions can be answered: How to plan a successful merger strategy?

    How to judge whether the price is reasonable? How to decide which negotiation strategy should be adopted to meet the expectations of both parties?

    摘要 ABSTRACT 誌謝 目錄 壹、個案本文 一、併購動機 二、半導體產業發展 (一) 產業發展歷程 (二) 產業上下游關連 三、個案公司概況與併購決策 (一) 個案公司概況 (二) 危機發生 (三) 併購策略 貳、教學指引 一、個案總覽 二、教學目標與授課對象 三、討論問題與參考答案 (一)、安馳是怎樣的一家公司? (二)、代理商何以走向併購之途? (三)、如何擬定成功的併購策略? (四)、價格合不合理? (五)、如何讓談判成功? 四、課程結論 五、教學建議 (一)安馳是怎樣的一家公司?(20分鐘) (二)代理商何以走向併購之途?(15分鐘) (三)如何擬定成功的併購策略?(15分鐘) (四)價格合不合理?(20分鐘) (五)如何讓談判成功?(20分鐘) 參考文獻 一、中文參考文獻 二、英文參考文獻 附錄一、E公司財務資料 附錄二、安馳財務資料

    一、中文參考文獻
    1. 杜英宗(2015),用併購讓經營更卓越,天下雜誌出版社
    2. 蓋瑞‧哈默爾 Gary Hamel(2006),當對手變夥伴,天下文化出版社,
    3. 林婷鈴(2000),銀行業國際化併購整合性觀念模式之探討,中華管理評論
    4. 胡振國/廖健順(2017/12/11),半導體元件電晶體的演進,科技大觀園,
    5. 王慧美/鄜芃羽(2017/5),代理商與國際品牌廠商交易關係管理之探究,輔仁管
      理評論
    6. 徐中琦(2012),財務管理策略與應用,雙葉書廊出版社
    7. 林霖(2016/6/1),決定併購價格的關鍵思考,哈佛商業評論
    8. 羅傑.馬丁( Roger L. Martin)(2016/6/1),完成超完美併購,哈佛商業評論
    9. 林亦之*、熊瑞梅、盧科位、黃崙洲(*為通訊作者)(2011會議論文),台灣半
    導體產業組織併購行動的制度機制,臺灣社會學年會
    10. 理查.謝爾(G. Richard Shell)(2012),華頓商學院的高效談判學,經濟新潮
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    11. 史都華.戴蒙(Stuart Diamond)(2011),華頓商學院最受歡迎的談判課,先覺
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    12. 高啟中(2005),從談判過程探索談判結果之徵兆,國立中山大學資訊管理學系
      電子商務碩士在職專班碩士論文
    13. 黃書薰(2010/5),危機管理與府際關係之研究-以莫拉克颱風為例,玄奘大學
    公共事務管理學系碩士論文

    二、英文參考文獻
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    2. Hymer, S.(1960),“ On Multinational Corporations and Foreign
      Direct Investment,” In J. Dunning, U.N. Library on Transantional
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    3. Lewellen, W. G.(1971),“A Pure Financial Rationale for the
      Conglomerate Merger,” Journal of Finance, 26, pp.521-537.
    4. Marcus, A. J.(1982),“Risk Sharing and the Theory of the Firm,”
      Bell Journal of Economics, Fall, pp.369-378.
    1. Mueller, D. C.(1969),“A Theory of Conglomerate Mergers,”
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    2. Penrose, E.(1959),The Theory of the Growth of the Firm, Oxford:
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    3. Scherer, F. M.(1980),“Indistrial Market Structure and Economic
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    4. Williamson, O. E.(1975), Markets and Hierarchies, Free Press,New
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    5. Williamson, O. E.(1983),“Markets and Hierarchies: Analysis and
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    6. Grossman, S. J. & O. D. Hart(1980),“ Takeover Bids, the Free-Rider Problem, and the Theoy of the Corporation,”Bell Journal of Economics, Spring, pp.42-62.
    7. Hennart, J.F. & Y.R. Park(1993),“Greenfield vs. Acquisition The Strategy of Japanese Investors in the United States, Management Science, 39, pp.1054-1070.
    8. Halpern, P.(1983),“Corporate Acquisitions: A Theory of Special Cases? A Review of Event Studies Applied to Acquisitions,”Journal of Finance, pp.297-317.
    9. Andersson, U., J. Johanson, & J. E. Vahlne(1997),“Organic Acquisitions in the Internationalization Process of the Business Firm,” Management International Review, Special Issue (2), pp.67-84.
    10. Amihud, Y. & B. Lev(1981),“Risk Reduction as a Managerial Motive for Conglomerate Mergers,” Bell Journal of Economics, Autumn, pp.605-617.
    11. Anson, R. G., and Jelassi, M. T.(1990), “A Development Framework for Computer-Supported Conflict Resolution, ”European Journal of Operational Research(46:2),pp.181-199
    12. Lai, H.(1989), A Theoretical Basis for Negotiation Support System, Unpublished doctoral dissertation, University of Purdue
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