併購後整合策略分析：以成霖企業為例 / The rise of globalization has exponentially increased the market for cross border Merger and Acquisitions (M&As). There are many purposes and motives that organizations choose to engage merger and acquisitions activities. Yet, the dominant rationale behind M&As is to seek improved financial performance. Post merger integration has been considered as the most important phase as it will formulate the merger and acquisition’s effectiveness and efficiency. This study will focus on the key success factors and the managerial procedures of post-merger integration, covering from Finance, Human Resources and Strategic management aspects. The author chooses Globe Union Inc, Taiwan-based Corporation, as it has engaged several cross border merger and acquisitions in recent years. Globe Union concentrates and values corporate managerial procedures significantly as they served as the discipline and communication means to guide Globe Union and the acquired companies to a better and improved future with a clear strategy and goals. The three acquired companies, Gerber, Home Boutique International, and PJH will be analyzed with its post integration results linking with the execution of the managerial procedures. Key Words: Cross-border mergers and acquisitions; Post Merger and Acquisition Integration, Globe Union Inc. cases; Taiwan cases

壹、研究目的：本研究旨在探求在不同的產業之間，依據各該產業的特質，其在垂直整合策略之作法上，有何重要之差異。本研究以汽車業、石化業、和軟體業三者為研究對象，在產業特質之諸多構面中，本研究以「交易成本」之探討為產業特質之分析基礎，對上述三個產業進行比較，進而獲得它們在垂直整合策略之選擇有何異同。 貳、文獻：依據Macnail 之契約理論，引申出買賣雙方協議與垂直整合關係之假設。依據Williamson之機構經濟學，引申出產品專屬性程度與垂直整合關係之假設。依據Harrigan之策略彈性，引申出產業演進階段、規模經濟、和產能與垂直整合關係之假設。再由Chandler之看得見的手，引申出組織內部協調是若干產業成功的原因，但卻不適用所有之產業。 參、研究方法：以個案研究法進行研究，上述三個產業各選取一家公司就重直整合作法上深入訪問。雖業界內大小規模公司極多，但所選定接受研究、訪問的公司頗具代表性，均能突顯出研究主題內相關的產業特質及其相關的垂直整合作法。 肆、研究內容：根據研究目的，就三家個案公司與其上游、下游之關係上，是以何種方式來維繫，此種類型之維繫方式是否能顯著的降低公司與上游、下游之間的「交易成本」。其交易成本表現的方式可能是在量化的資料上，但也可能表現在非量化的事實上，由於本研究採個案研究法，為顧及個案公司之接受研究之意願，故在研究內容上限於定性描述等資料之蒐集，藉以求證研究假設之真確。 伍、研究結果：由汽車業之研究中，其典型之中心衛星體系係以契約關係作為與其供應商建立關係之基礎，供應商等級制度之建立確保其供應之品質，並以此法減低公司的交易成本；石化業則因其一貫化連續生產流程，乃有多階段整合之作業，相對於所研究之另二項產業而言，其內部整合程度最高。軟體業則為腦力密集之產業，多為上游資訊硬體業所整合，或為下游大型客戶所整合，在垂直整合作為上，無適用之情形。

台灣正面臨整個大環境的不景氣，各產業均須擬定策略來因應環境的挑戰。在政府重視電子科技產業的情況下，傳統產業並沒有受到重視，但還是有一些廠商，能自力自強走出一片天。因此，本研究的議題是：面對世界經濟變化，傳統產業要如何才能持續生存和重新整合再出發？本研究以個案研究的方式探討企業如何運用群聚策略以提昇競爭力，希望研究結果有助於傳統產業未來的轉型。 傳統產業的業者甚多，本研究以一家玻璃製造公司進行研究，達到以下研究目的： 1.綜合分析現有玻璃產業現況及產業結構與環境變化，以利研究標的之掌握。 2.探討個案公司對於群聚策略之導入：所遇到的問題及如何解決;同時分析群聚資 源的整合方向。 3.了解傳統產業以群聚方式轉型過程中的作法，以提供其他產業之參考。 本研究整理個案公司的群聚策略與思考邏輯，發現因玻璃加工的生產技術透明度高，產業的進入障礙低，廠商無法成為價格的決定者，若採用群聚方式就能創造新的經營方向。因此，傳統產業群聚之焦點廠商如能將現有的資源加以整合，並可運用下列方式來提升競爭力： 1.聯合展示，如展覽館或博物館 2.品牌的建立和推廣 3.文化創意與藝術的結合，如玻璃廟和玻璃神轎 4.生態保育和文創的組合，如保育的推廣、白海豚、和玻璃文創 5.善用優勢分工以整合群聚成員的資源。 / In Taiwan, the whole environment is downturn because of industry changing. How do make individual industry to take strategic decision to face the challenges and struggle to survive in this timing. Traditional industries were not appealed and paid attention by government in Taiwan under government focus on High-Tech electronic industry. But some companies made good even outstanding by themselves. How do these traditional industries survive and face the whole world changing? How do they reintegrate the resource to start again? It is worth to study this topic. We use case-studying way to research. My paper theme is “In A’company case, using Clustering-Policy to enhance its competitiveness ”. We use depth interviews way to understand how these company choose solution to restruct under fierce international competition. We choose the company to research that it is glass-making manufacture afer evaluating many traditional companies. And we want to achieve the following purpose: 1. Analyze environment and structure of glass industry in many ways in order to handle my research topic. 2. To study how the case company use the Cluster-Policy strategy. Which problems did they face? How did they solve ? And we analyze the direction of cluster resource. 3. We want to understand the way they took in company changing for survival for suggesting to other industry. The following list are my research results: How to integrate the resource is the key point to raise their competitiveness in traditional industry. Under limited resource, we can use the following ways to jump up. 1. Joint show - exhibition or museum 2. Brand building and brand made-TTG 3. Cultural creativeness and artistic - glass temple and glass temple palanquin (folk binding) 4. Ecological conservation and cultural and creative combinations - plus brand to promote conservation 5. Clustering Integration Division - make good use of the advantages of division of labor Through by stating the relevant operating methods, analyzing problems and ideas, we can understand the Clustering-Policy solution and thinking logic of this company taking. According to my research, we can see that the glass industry entry barriers are not difficult, by production technology and high transparency, the manufacturers are unable to be price makers, but they can use Clustering-Policy to create a new business direction.

在全球競爭劇烈、市場迅速變化的環境下，企業能否在所屬產業的供應鏈中做適當且敏捷的調整，以維持創新與產品開發績效，成為影響企業競爭優勢的重要課題。一般供應鏈相關論文大多將供應鏈整合放入單一構面討論，較少研究能將其作進一步區分並探討構面內部可能的關係。本研究將供應鏈整合區分成企業內部與外部整合，且再將外部整合區分為供應商整合、顧客端整合，並根據相關文獻探討構面之間的關係。其中”整合”的意義有別於傳統的作業整合，強調在放眼中長期規劃的策略整合，進而形成供應鏈策略整合。依據資源基礎觀點，本研究探討供應鏈整合策略、創新能力對於企業供應鏈績效的影響。本研究資料來源為高績效工廠計畫 (High Performance Manufacturing，HPM)，其中收集了歐、美、亞共八個國家，橫跨產業為高科技、機械、運輸三大製造業供應鏈訪查資料，本計畫總共訪問約238家廠商，其中有效問卷共199份。本研究計量方法採用近年逐漸被重視的偏最小平方法(Partial Least Squares)，並使用SmartPLS工具做衡量。 研究結果顯示，企業內部整合對供應商整合有正向顯著性影響; 企業內部整合對顧客端整合有正向顯著性影響;供應商整合對創新能力有正向顯著性影響; 顧客端整合對創新能力影響不顯著;創新能力對供應鏈績效有正向顯著性影響; 創新能力在供應商整合與供應鏈績效有中介效果;創新能力在內部整合與供應鏈績效間具有中介效果。最後我們將論述本研究相關的管理意涵。 / Under intense global competition and rapidly changing market environment. It is an important issue for a company that whether can properly adapt and agile supply chain in their respective industry. In previous studies, most of them put supply chain integration (SCI) into a single dimension for discussion, However, it causes too many sub-constructs and questions to distinguish actual cause effect in single dimension. In this case, we separate a supply chain integration from a single dimension into multiple dimensions, which are internal integration, customer integration and supplier inte- gration , and related reviews are discussed in this thesis. This study also focus on long term vision of strategy integration instead of tradition operational integration to form our supply chain integration strategy. From Resource Based View, we would like to discuss how supply chain integration strategy can generate a unique capability, which is innovative capability, and impact supply chain performance in a company. This study is based on the High Performance Manufacturing (HPM) project database collected from 238 manufacturing plants in eight countries and three representative industries (machinery, electronics and transportation components), using Structural Equation Modeling-Partial Least Square (SEM-PLS) methods. In our research result indicate as following: Internal integration is positively related to supplier integration. Internal integration is positively related customer integration. Innovation capability is positively related to supply chain performance. Innovation capability has indirect effect between internal integration and supply chain performance. Innovative capability has indirect effect between supplier integration and supply chain performance.

資本運作可最適化生產資源的配置，從而改善企業的經營效率。高效率企業透過併購低效率企業，能夠更好地利用後者的資源，從而創造附加價值。 綜觀資源運作的百年史，橫看國內外之一幕幕資源運作的故事，本研究發現，併購的效果並不如人們想像的那樣美好。麥肯錫顧問公司在1997年上半年公佈的一份研究報告顯示：在此之前的一百年中，透過弱肉強食的方式來併購企業之後，80%的大公司皆未能回收投資成本。透過併購而快速擴張的企業，後來因資金供應與管理停滯而發生危機的為數不少。 由於併構本身並不能立即為公司帶來具體的效益，往往併購之後的整合才是創造併購價值的開始。有關企業策略規劃、組織結構調整、企業文化融合、管理制度、營運作業或高階主管的領導風格，對於併購後之績效目標是否得以實現，被併購公司是否得以順利經營，不同被併購後之相關措施而流失人才與客戶，皆是併購後整合策略不可忽視的重要議題。 本研究採個案研究方法，對相關文獻探討之整合策略，研究發現如下： 1. 併購策略，企業策略與併購實務三者之間皆互相交互影響。 2. 現行業務會影響併購實務，而併購實務會使業務定型，從而限制業務創新，所以以現行業務導向引導併購實務存在著相當程度的風險性。 3. 透過產業競爭之五力分析，確認併構策略的核心目的為透過併購加強規模經濟，差量化產品或服務，以提高顧客之轉換成本，或限制到主要市場的通路，從而提高競爭障礙。 4. 本研究對個案公司執行實務的建議如下： (1) 不僅以現有業務為限要建立併購後願景。(2) 重視併購後的整合。(3) 採用標準化作業流程。(4) 實施顧客關係管理(CRM)。(5) 開發新產品與新策略。(6) 作業流程再造(Operation Process Reengineering,OPR)。(7) 訂製策略性資訊系統(Strategic Information System,SIS)。 5. 企業執行策略併購需要關注以下幾點：首先，要有長遠的策略性規劃，聚焦於企業核心競爭優勢而確定未來的發展方向和發展目標，透過策略併購強化企業的核心競爭能力。其次，正確選擇策略併購的時機和目標，審慎分析收購方與目標企業的行業特徵與個性特徵，仔細論証目標企業對收購方核心能力提升的綜效功能。最後，重視併購之後的資源整合。策略併購能否形成新的競爭優勢，增強企業的核心競爭力，最終取決於企業是否具有強大的資源整合能力，能否有效發揮併購獲得的各種資源的功能。併購的失敗往往就是由於併購之後資源整合的失敗。 6. 資訊不對稱風險是併購與資本運作當中的最重要的風險之一。 在本研究之中個案公司所做之盡職調查，或稱為審慎調查(due diligence)，它是降低併購過程中的資訊不對稱風險的最主要方法，理所當然地應成為併購操作的重要一環。所謂審慎調查，就是從資產、負債、財務、經營、策略和法律角度，對目標企業進行一系列深入的調查和核查，了解目標企業真實的經營業績和財務狀況以及目標企業所面臨的機會和潛在的風險，以對目標企業作出客觀評估，幫助主併方作出正確的收購決策。 / This paper adopts the method of case study, and study the related document to focus on the formulation of the integration strategies, the research discovers the following items: 1. The mergers and acquisition strategy, the entrepreneur strategy and the M & A practice is feedbacked interactively. 2. The present business operation will fix the type of the business operation to constraint the innovation of the business operation, therefore using the present operation oriented strategy to lead the way of the M & A practice exist some kinds of danger situation. 3. The research analyze with the five force analysis of the competitive advantage to confirm the main purpose of the M & A strategy is to strengthen the scale economy, differentiate products or the service through the M & A process, and to enhance the transformational cost of the customer, or restrict the channel of the main market to enhance the competitive barrier. 4. The suggestion of the research to the execute practice of the case study company are as follows: (1) Accept the new business operation. (2) Adopt the appropriate software package. (3) Adopt the standard operation procedure. (4) Implement the customer’s relationship management (CRM). (5) Develop the new produce and the new strategies. (6) Operation process reengineering (OPR). (7) Customized the strategic information system(SIS). 5. The execution of M & A must focus on the following points: first, the continous strategic planning must focus on the core competency. the second , choose the entry timing and the target of the strategic M & A correctly to enhance the function of synergy.the third, focused on the resource intergration after the M & A to acquire the integrative function of various resource. 6. The risk of the information asymmetry is the most crucial risk of the M & A and the capital operations.「The Due diligence」of the case study company in this research is the major method to reduce the risk of the information asymmetry in the M & A process.the due diligence investigation focus on various perspective of finance,management,strategy and the law,and doing a series of in depth investigation and checking to understand the right M & A chance and the potential risk of the target enterprise ,then in the final to build up the objective evaluation to the target enterprise.

由於科技快速進步，企業經營也隨著科技的進步而產生重大變化，不但需求變化快速，企業還要即時快速反應外在環境，於是企業對於資訊系統整合的議題越來越重視，希望將功能導向的系統轉變為流程導向的系統，將資訊有效的整合及標準化，讓企業能快速地與外在環境連結，進而提升整體營運績效。 整合的方法非常的多，大致上可分為四類。目前對於哪一種整合方法是最有效率、效益也無一定論。最主要的原因是不同的整合個案會有不同的整合需求，若只從理論方面來探討資訊系統整合所帶來的效用並無法具體地呈現其價值。 有鑑於此，本研究之目的是希望透過個案單位的作業模型，分析、建構出整合的資料模型。因此，本研究以階段性的方法設計資料整合模型及其運作方法。在第一、二階段當中，先針對個案單位的流程進行系統資料流程塑模及業務流程塑模，再從業務面及系統面找出資訊中斷的地方及因素，並將問題具體地描述出來。在第三階段中，本研究挑選了最適合此個案單位的整合方法，也就是使用資料層級（Data-Level）整合的方法，設計整合的資料模型將資訊流完整的串接起來以支援企業的決策需求。最後一階段則要利用ETL說明整合的系統運作模式，並說明此個案單位使用ETL時，可能會遇到的問題及初步的解決方法。 / Owing to rapid advances in technology, enterprises have a major change of the progress of science and technology. The enterprises not only change rapidly in demand, but also have to response to the external environment rapidly. Hence, enterprise information system integration issues get more attentions. Enterprises hope to improve their systems from function-oriented to process-oriented because the effective integration of information and standardization allows enterprises to quickly link with the external environment and to enhance the overall operating performance. However, there are many kinds of integrated approaches. At present, there is no substantive conclusion in approaches to integrate efficiently all systems in business. The main reason is that the integration of different cases has different integration requirements. Therefore, it cannot concretely show the value of system integration through the discussion of the theoretical aspects. In this thesis, this study aims to enhance the operation of a case to model, analyze, and construct an integrated data model. This research has 4 phases to construct integrated data model. In phase 1 and 2, this study builds the case data flow modeling and business process modeling and discovers information gap. In phase 3, the study selects the most suitable method for this case, that is, to use the data level integrated approach to design integrated data model. Finally, using ETL illustrates system operation mode and describes the case which may encounter problems and initial solutions follow in phase 4.

有鑒於全球半導體產業已趨成熟，全球半導體通路商之間的競爭也越來越白熱化，越來越多家半導體通路商藉由企業併購，進行所代理產品線的互補、技術整合與併購後的企業資源整合，進而產生併購綜效(Synergy)，以達半導體通路商的經濟規模，才足以持續保有競爭力。 本研究藉由大聯大控股公司的併購策略，持續保持競爭力，以及併購後所產生綜效作為研究對象，針對未來半導體通路商產業的全球佈局之策略參考，在面對全球景氣循環不佳環境下，半導體通路商毛利率越來越低情況下，如何思考通路商的營運策略、通路商的價值與市場定位，尋求全球戰略佈局，發揮企業的核心價值與核心競爭力。在其併購前之充分準備、規劃與決定併購方式，併購後如何持續做好經營管理，組織設計與調整組織..等做完整分析，從中找出『半導體通路商之核心能力、併購戰略與整合佈局』等交互關係。 研究說明併購前應有的考慮事項如：環境評估、競爭策略方向、白地策略、價值鏈加值、併購後之系統整合、資源整合、組織的設計創新、經營管理制度創新..等因素，供相關企業於併購前後可採取之策略參考，圓滿達成併購績效目標，並達到預期併購綜效，符合股東期望。 本案例研究結果歸納出下列重點： 1.併購前首重交易前之準備階段(即評估併購目標公司和制定整併計畫)。 2.挑選併購對象時，相關併購所創造的價值比無相關併購要來得高。 3.周詳的整合計畫與管理機制，是實現併購綜效的主要關鍵。 4.留住關鍵人才是確保企業併購成功的重要基石。 5.併購後，如何消彌兩家企業間文化差異，是合併後經營成敗的關鍵因素。 6.併購後保留雙方的優良企業文化，再循序漸進轉化成新的企業願景、文化。 7.藉由不斷的溝通協調，建立共識，設定目標，資源整合等，才可以提升綜效。 8.設計新組織架構、新的營運與管理模式，讓併購綜效延續，持續保有競爭力。 9.階段性組織調整與經營策略調整，並配合上游供應商策略，是半導體通路商重要成功關鍵因素。 10.依併購對象規模條件決定，小公司由子集團併購，大公司由控股公司併購。 / In view of the mature global semiconductor industry, more and more intense competition between the global semiconductor distributor, a growing number of semiconductor distributors through mergers and acquisitions, product line agent complementary, technology integration, mergers and acquisitions, enterprise resource integration, and thus produce a net synergistic effect (synergy), to achieve the economies of scale of the semiconductor distributor, enough to sustain their competitiveness. By WPG Holdings company's acquisition strategy, the study continued to remain competitive and generate synergies after the acquisition as an object of study for future semiconductor distributors industry's and global distribution strategy reference, the poor in the face of the global business cycle environment, getting lower and lower gross profit margin in the semiconductor distributors, how to think about the operating strategy of the distributor, distributor’s value and market positioning, seeking global strategic layout, play to the company's core values and core competitiveness. Fully prepared in the pre-merger planning and decision mergers and acquisitions, post-merger continued good business management, organizational design and adjust the organization. Do a complete analysis, to find out the core competencies of the semiconductor distributors, M & A strategy and integration layout and other interactive relationship. Study shows that pre-merger due considerations such as: environmental assessment, direction of competitive strategy, Seizing the white space strategy, value chain, value-added, M & A system integration, integration of resources, organization design innovation, management system innovation. And other factors, for related enterprises can be taken before and after the M & A strategy reference, the successful completion of the merger and acquisition performance objectives, and achieve the expected synergistic gains, in line with the expectations of shareholders. This case study results are summarized to the following priorities: 1. Preparation phase before the first heavy trading in the pre-merger (ie, assessment of the M & A target company and the development of the whole and plans). 2. Selection of acquisition targets, the value of mergers and acquisitions are creating related to mergers and acquisitions to come. 3. Comprehensive integration planning and management mechanism, which is the key to achieve synergistic gains. 4. Retain key personnel to ensure that the cornerstone of success of mergers and acquisitions. 5. After the merger, and how to eliminate a key factor in business success of the cultural differences between the two companies merged. 6. After the merger, to retain both excellent corporate culture, and then step-by-step into the new corporate vision, culture. 7. By continuous communication and coordination, consensus-building, goal setting, resource integration, can enhance the synergy. 8. The design of the new organizational structure, the new operation and management mode, make a merger synergy continuation, continued to stay competitive. 9. Phased organizational restructuring and business strategy adjustment, and in line with the strategy of vendor suppliers are the semiconductor distributor important critical success factors. 10. Conditions in accordance with the scale of acquisition targets decided, a small company by the sub-group mergers and acquisitions, and large companies by the holding company mergers and acquisitions.