| 摘要: | 本文是利用個案分析方式，並以策略分析與企業評價分析兩個理論基礎與方法對S集團以小併大之策略性整合進行分析與研究，對其策略制定是否合理？是否有創造企業價值？進行分析與驗證，首先對S-T公司與S-W公司兩家公司進行績效分析以（1）超額盈餘報酬率分析（2）盈餘品質分析（3）財務決策分析三部份進行分析，經過分析後整個經營績效較佳之公司為S集團子公司S-W公司。
另對S集團策略分析採（1）外部環境：以PEST分析法分析整個產業環境，（2）產業結構與企業報酬：以波特五力分析法分析S集團價值鍊，尋找出產品競爭優勢，（3）內部環境：以SWTO分析法分析S集團產品與產品線、財務結構、人力資源、無形資產，經由三部份分析後進行策略制定，經過策略分析確認為讓企業達到三大目的（1）企業規模化，（2）整合集團資源，（3）達到最適財務結構，兩家公司進行策略性合併是必需的，並以創新合併方式將經營績效較佳之S-W子公司合併S-T母公司方式進行合併。
但此種方式是否有創造企業價值則需要進一步分析，故本研究以現金流量折現模型(Discounted Cash Flow Model；DCF)中由Rappaport提出之銷售導向DCF法，對S-T公司、S-W公司兩家公司進行企業評價，經過評價後認為當初兩家公司之換股比率尚在合理範圍內，其兩家公司吸收合併，以小併大方式對於股東權益是有利的。
另S集團合併後已經兩年半，針對合併後S-W公司之績效進行分析與驗證，發現績效不如預期，企業價值並無增加，除因2008年因金融風暴對企業產生巨大變動外，經分析其合併後應再對整個資本結構再進行調整，故於第六章結論給予S集團建議為需調整企業資本結構，再透過業務面因合併以後產生之規模化及產業競爭力增加之前提下，以期再創造企業價值。
;This thesis is based on the approach of case study, to analyze and research that the small company merge the big company from S Group’s strategic integration by the theoretical basis and method of strategic analysis and business evaluation. Is analysis and study of its strategy formulation reasonable? Whether to create business value? Analysis and verification,first carries on the achievements analysis to S-T company and the S-W company by (1) to exceed profit of the earnings return rate analysis (2) the earnings quality analysis (3) the finance decision analysis three parts to carry on the analysis, were analyzed in the overall operating performance of the company is better S Group. a subsidiary of SW.
Another analysis of the S Group's strategy to adopt (1) External Environment: PEST analysis method, the overall environment, (2) industrial structure and corporate compensation: The Porter's Five Forces analysis method, S Group, the value chain, to find out the product a competitive advantage, ( 3) Internal environment: to SWTO analysis method, S Group's products and product lines, financial structure, human resources, intangible assets, through the three-part analysis for strategic planning, after the strategy analysis thought firmly lets the enterprise achieve three main purposes (1) business large-scale , (2) integration of Group resources , (3) to achieve the optimal financial structure, the two companies in a strategic merger are necessary , and will innovate the merge way to manage the achievements good S-W subsidiary company to merge the S-T parent company way to carry on the merge.
However, whether this approach to create business value requires further analysis, so this study, discounted cash flow model (Discounted Cash Flow Model; DCF), proposed by the Rappaport sales-oriented DCF method , to S-T Corporation, the S-W Corporation company carry on business evaluation, after undergoing evaluation of the two companies, thought initially splitoff of ratio still at reasonable scope in two company, its absorption of the merger of the two companies ,small company merge big company, is beneficial for the shareholder's equity.
After S group merge, already two-and-a-half years, after merge achievements of the S-W Corporation carry on the analysis and verification, found that achievement, as expected, no increase in business value ,except the financial storm has the huge change besides in 2008 to the enterprise, after the merger should be further re-adjustment of capital structure in an analysis of its, therefore gives the S group in the sixth chapter of conclusion to suggest that for must be re-adjustment of capital structure,and then through the business side generated by large-scale merger and industry under the premise of increased competitiveness, will create the enterprise value again by the time. |
