The Influence of Determinants and Integration of M&;A on Synergy of M&;A

• Main Authors: Hsiu-Chen Liu, 劉秀珍
• Other Authors: Yu-Shih Lee
• Format: Others
• Language: zh-TW
• Published: 2012
• Online Access: http://ndltd.ncl.edu.tw/handle/45120822113345772048

碩士 === 中原大學 === 企業管理研究所 === 100 === Nowadays, business mergers and acquisitions projects and funds have increased rapidly. Many senior managers put a great emphasis on M&;A to pursue business growth, and spend plenty of time pondering M&;A strategies. The M&;A projects still occur even if the failure rate remains high. Moreover, fierce competition in industry leads to varieties of M&;A sorts, and managers have consensus regarding the purpose of M&;A is pursuing synergies afterward. The research adopts 6 cases study to examine the synergies gained from M&;A. Based on M&;A purpose, to review of the source of M&;A synergy (economies of scope, market power, internal governance advantages and recombination of resources), In M&;A planning phase to consider four interlocking elements of M&;A determinants(customer value proposition, profit formula, key resources and key processes), In integration process phase to select and execute what kind of integration type (financial integration, organizational integration, business process integration and market integration), to gain realization of synergies (include operational synergy, financial synergy, management synergy, product synergy and manufacturing synergy) , and explore the results of synergy with the original purpose of the relationship that were influenced by the time change. To source of synergies from economies of scope and market power, we found that crucial M&;A determinant is key resource within planning stage. It undertook financial and organization integration after M&;A integration stage. To recombination of resource the findings also indicated that crucial M&;A determinants are profit formula and key resource within planning stage. It undertook financial, organizational and market integration mainly after M&;A integration stage.