小規模電信業者購併之研究

• Main Author: 劉淑琪
• Language: 中文
• Published: 國立政治大學
• Subjects: 併購; 小規模電信業者; Mergers and Acquisitions; Small Telecom Operators
• Online Access: http://thesis.lib.nccu.edu.tw/cgi-bin/cdrfb3/gsweb.cgi?o=dstdcdr&i=sid=%22G0979322201%22.

現今小規模電信業者面臨因應不同的生命週期而出現不同的經營問題，或許併購是可值得思考的一種方式，但並不是絕對解決方式，重點是要找出對企業最有價值的策略。如何進行併購？需思考適合企業本身的方式，才能將併購後之綜效發揮至極大，故完善的評估作業，是小規模電信業者在併購前必作的課題。 本研究試針對小規模新進電信業者，研討可能透過的併購方式，使企業有增加企業價值及成長機會。其可能選擇之併購型態、併購動機(包含營運綜效、市場綜效、財務綜效、稅務綜效)及併購後可能產生之負面影響分別就問卷，訪談及個案分析找出最適合小規模電信業者併購策略方式。 研究發現台灣大哥大及遠傳電信在合併過程中都屬於主併者、同源式併購、併購雙方而言皆為合意併購。於提升品牌競爭力、增加經濟規模及範疇以及有效運用資源上有明顯之效果，但就市場綜效及財務綜效短期內並不明顯。另外根據問卷及訪談也發現大部分受訪者認為小規模業者應考慮作為「被併者」而非「主併者」，合併策略以「水平式」及「合意」方式為佳。合併之營運綜效前三名排名分別為「增加市場佔有率(用戶數)」、「增加生存能力」、「增加經濟規模」，市場綜效前三名為「可提升網路涵蓋率」、「可提高市場談判籌碼，進而降低進貨成本」、「可創造更多新用戶」。財務綜效前三名為「可改善財務結構」、「可提升股價」、「可增加其現金流量與穩定性」。至於稅務綜效則分別來自於利息費用可產生之稅盾以及小規模業者之虧損可作為合併個體所得稅之抵減項目。最後，調查中也發現併購後可能會因企業文化相異，導致企業人才流失，資源重覆投資，或因整合不易，導致營運成本增加。關鍵字：併購、小規模電信業者 === Currently, in Taiwan small telecom operators were facing different life cycles as well as operating issuing. Mergers and acquisitions (M&A) is a possible way which is worth to consider, but should not be the ultimately way, because the main point is to identify the most valuable strategy for the operators. How to make a successful M&A? Small telecom operators (STO) should identify an appropriate way for their own to achieve the maximum benefit for M&A. Therefore, a complete evaluation M&A is a very important topic for STO before merger. This study concentrates on M&A of STO, and tries to analyze the possible ways for STO to increase corporate value and growth opportunities through M&A. The research uses questionnaires, interview and case study approaches to analyze types of M&A, motivations of M&A (including synergy of operating, marketing, financial and tax effectiveness) and possible negative impacts after M&A. The case study finds that both Taiwan Mobile and Far East Tone Telecommunications in the M&A process were "the main acquirers", the type of M&A is "homologous-type merger" and "friendly takeover merger ". The both cases also indicat that the brand competitiveness improvement, increasing economies of scale and scope, and effectiveness of resources using have significant effects, but the effects of market synergy and financial synergy are not so obvious in the short term. In addition, questionnaires and interviews also suggested that most of respondents believe that the small telecom operators should consider to be "acquired firm" instead of "acquiring firm" "horizontal" and "friendly takeover" are the better M&A strategies for STO. The top three operating synergies were "increasing market share (number of subscribers) ", "increasing the survivability", and "increasing the economics of scale". The top three market synergies are "improving network coverage", "enhancing bargaining power and reducing purchasing costs", and "creating more new subscribers". The top three financial synergies are "improving financial structure", "increasing stock price", and "increasing cash flow and its stability". Synergy of tax is coming from the "tax shield", which is result from interest expenses and operating loss for STO, respectively. Finally, the study also finds that the negative post merger effects include corporate culture change which increases employees’ turnover rate, duplicate investment, and increasing operating costs due to difficult integration. Keywords: Mergers and Acquisitions, Small Telecom Operators