| 摘要: | 企業在不斷追求存活、茁壯、到永續經營的循環裡，併購這種的投入少、成效快、相對風險低的特性，使其在此時代，成為企業及經理人愈來愈喜愛並頻繁操作的手段。
但是，企業併購是一項兼具複雜性與技術性的專業投資活動。併購的評估與執行過程涉及許多知識層面，堪稱高度結合財力與智力的挑戰。除此之外，併購也是一項兼具高收益與高風險的業務，其背後隱藏的資訊風險、經營風險、財務風險、法律風險…等，都在在考驗著企業管理階層的智慧與勇氣。
本研究之個案主併公司C公司成立時原為純貿易商角色，在歷經同源式併購之換股合作、垂直式併購之製造工廠收購後，發展為現今貿易商兼營製造廠角色。不過回顧這些併購案件，其中不乏未能有效創造出預期綜效之標的，甚至還因整合發展不當造成虧損連連，反過來成為主併公司沉重負擔。
由於正逢C公司布局全新併購策略，評估下一個併購標的之際，本研究藉由進行中之C公司併購標的公司S公司個案，檢視C公司之發展策略後，對標的公司S公司進行營運、財務之審查評鑑，以了解標的公司之真實運作狀況，發掘背後隱藏因素與潛在可能問題，就此得出審查結論並規劃可能之整合發展計劃，總結提出「應不予以收購」之建議與緣由，供主併公司進行參考，以期得以迅速止血保本，避免重蹈過去覆轍，傷害其根本及十數年辛苦結晶。
研究最後，輔以個案後續實際執行成果，對本研究之審查結果與建議為之呼應。
Mergers and acquisitions (M&As) have the characteristics of relatively small investments and low risks, coupled with quick turn-around. Thus, in the endless cycles of pursuing survival, growth, and sustainability, many businesses have turned to M&As .
However, M&A is a complicated and highly professional investment activity. In depth knowledge is needed during the assessment and execution stages, which implies a high degree of financial and intellectual challenges. In addition, M&A combines high-risk and high-return. The hidden risks, such as information risks, operational risks, financial risks, legal risks, etc., all challenge corporate management’s wisdom and courage.
The target of this study, Company C, was established as a trader. It has engaged in various acquisition activities, and has evolved into a conglomerate with manufacturing capabilities. However, many of these M&A cases were failures that did not lead to expected synergies. Some have even resulted in losses due to improper integration and development, and have become heavy burdens for the acquirer.
This study took the opportunity that Company C is in the process of acquiring Company S, and conducted a due diligence on the Company S, and also to provide recommendations in developing any integration plan for the acquirer. This study did an in depth examination of the target from various aspects, including financial, operations, and R&D. Many problems were identified and analyzed. The conclusion of the due diligence was a “No Go” based on the long term interests of Company C. At the end of this study, a follow-up of the actual decision and the development are provided. |
