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研究生:陳錦源
研究生(外文):Jin-Yuan Chen
論文名稱:併購實地查核理論與分析--對台灣公司實地查核之分析與建議
論文名稱(外文):Theory and Analysis on M&A Due Diligence–Analysis and Recommendation on Effective Due Diligence on Companies in Taiwan
指導教授:林修葳林修葳引用關係邱顯比邱顯比引用關係
指導教授(外文):Hsiou-Wei LinShean-Bii Chiu
學位類別:碩士
校院名稱:國立臺灣大學
系所名稱:國際企業管理組
學門:商業及管理學門
學類:企業管理學類
論文種類:學術論文
論文出版年:2009
畢業學年度:97
語文別:英文
論文頁數:128
中文關鍵詞:併購實地查核信號偵測理論策略警訊
外文關鍵詞:merger and acquisitionM&Adue diligencesignal detection theorystrategywarning signs
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企業併購乃公司外部成長途徑之一,亦為公司策略佈署之一環。然企業併購能否為股東創造價值或達成企業成長策略預期效益,端賴週全之規畫、審慎之評估與有效之執行。而併購實地查核即為規畫、評估與執行之重要工具之一。企業併購實地查核之幅度可廣可狹,端視交易型態、規模、時間、地域、目的等因素綜合考量。而自實地查核過程中取得之資訊容有不確定或未知之部分,有賴企業領導人與經理人專業之判斷與評估,於已知及未知之資訊中作出決定。如能妥善有效執行實地查核之工作,應可避免或減少應用信號偵測理論導出,對股東價值或公司利益有所減損之結果。本文藉三個併購案,說明不完善之實地查核,導致企業無法達成預期併購效益,並以此為借鏡。

一般廣度之實地查核包括商業、財務、法律、營運、資訊、智財、勞工、環保、租稅、保險等細項查核工作。本文僅就商業策略面、財務面及法律面等作較深入之分析與探討,並強調對台灣企業作實地查核時與西方國家之差異性,期許對進行涉及台灣企業之併購交易實地查核有所助益。依據本文之論述,對台灣企業進行實地查核,與對西方國家之企業進行實地查核有些許根本上之不同,併購方於事前應有所了解,於進行實地查核時應有所注意,方能收事半功倍之效。主要差異點包括台灣企業較保守的心態、面子問題、較不透明之資訊、較不直接的溝通方式、較缺乏的管理階層報告、較依賴成文法的法律體系、以及不同的會計準則等。
Corporate mergers and acquisitions are means for external growth of the company and are part of a company’s corporate strategies. To enhance or create shareholders’ value, or to achieve expected goal of corporate growth strategy through mergers and/or acquisitions, it is imperative to plan thoroughly, review diligently and execute effectively. Due diligence exercise is one of the vital mechanisms of the plan, review and execution.

The scope of the due diligence could be broad-based or narrow-based, depending on the type of business transaction, the scale of the deal, the constraint of time, the location of the review task and the purpose thereof. The information obtained through due diligence review might be uncertain or unknown, which would be subject to corporate leaders and officers to make sound business judgments in the mist of known and unknown information. Through effective due diligence, the potential damage to shareholders’ value or corporate interest could be prevented or mitigated, as suggested by the signal detection theory.

The three cases discussed in this paper, namely, the acquisition of Snapple by Quaker Oats, Mattel’s acquisition of the Learning Company, and VeriSign’s purchase of Jamba, suggest that ineffective due diligence could destroy the benefits and values which the original merger or acquisition intended to achieve.
In a broad-based due diligence, the areas of review would include commercial, financial, legal, operational, information technology, intellectual property, labor and human recourses, environmental, tax and insurance, etc. For the purpose of this paper, the focuses are in the areas of commercial strategy, financial aspect and legal compliance, with emphasis on difference in conducting due diligence in Taiwan when comparing with western countries, which could of help to due diligence activities conducted in connection with enterprises in Taiwan in the context of mergers and acquisitions.

According to this paper, there exist fundamental differences between conducting due diligence on Taiwanese enterprises and on western enterprises. The acquirer is advised to be aware of these differences before and during the due diligence review. These major differences include conservative attitude, less transparency, indirect communication, importance of face, lack of management report, codified legal system and difference in generally accepted accounting principles.
TABLE OF CONTENTS

ACKNOWLEDGEMENTS...iii
論文摘要...iv
THESIS ABSTRACT... v
TABLE OF CONTENTS...vii
TABLE OF FIGURES...viii
LIST OF TABLES...ix

CHAPTER ONE: INTRODUCTION...1
SECTION ONE. MOTIVATION...1
SECTION TWO. SCOPE AND METHOD...3
SECTION THREE. STRUCTURE...4

CHAPTER TWO: LITERATURE REVIEW...5
SECTION ONE. DUE DILIGENCE IN M&A PROCESS...5
SECTION TWO. SIGNAL DETECTION THEORY...9

CHAPTER THREE: TROUBLED DUE DILIGENCE IN M&A...15
SECTION ONE. THE ACQUISITION OF SNAPPLE BY QUAKER OATS...15
SECTION TWO. MATTEL’S ACQUISITION OF THE LEARNING COMPANY...21
SECTION THREE. VERISIGN’ PURCHASE OF JAMBA...26

CHAPTER FOUR: CONDUCTING EFFECTIVE DUE DILIGENCE IN TAIWAN...30
SECTION ONE. TAIWAN-SPECIFIC CONSIDERATIONS IN M&A DUE DILIGENCE ...30
SECTION TWO. PLAN AND PREPARATION FOR DD IN TAIWAN...36
SECTION THREE. COMMERCIAL DUE DILIGENCE...44
SECTION FOUR. FINANCIAL DUE DILIGENCE...52
SECTION FIVE. LEGAL DUE DILIGENCE...61

CHAPTER FIVE: CONCLUSIONS...79

APPENDIX...81
APPENDIX A: SAMPLE DUE DILIGENCE REQUEST...82
APPENDIX B: SAMPLE LEGAL DUE DILIGENCE REPORT...104
APPENDIX C: SAMPLE SHARE PURCHASE AGREEMENT...114

BIBLIOGRAPHY...126

TABLE OF FIGURES

Figure 2.1.1: Watson Wyatt Deal Flow Model...7
Figure 2.1.2: Flow of Transactions...8
Figure 2.2.1 Signal Detection...10
Figure 2.2.2: Due Diligence and Negative Information...11
Figure 2.2.3 Due Diligence Pay-off Matrix...13
Figure 2.2.4: Decision Making Under Uncertainty...14
Figure 2.2.5: Decision Making with Due Diligence...14
Figure 3.2.1: Mattel’s Stock Price and Performance as of December 1998...22
Figure 3.2.2: Mattel’s Stock Price and Performance as of April 2000...23
Figure 3.3.1: VeriSign’s Stock Price and Performance as of May 2004...27
Figure 3.3.2: VeriSign’s Stock Price and Performance as of September 2006...29
Figure 4.2.1: Trade-off in Due Diligence...37
Figure 4.2.2: Composition of Due Diligence Team...38
Figure 4.2.3: Due Diligence Goals and Scopes...39
Figure 4.2.4: Commerce Industrial Services Web Site...40
Figure 4.2.5: Market Observation Post System...41
Figure 4.2.6: Bureau of Foreign Trade Web Site...41
Figure 4.3.1: Strategy Review Map...45
Figure 4.3.2: Corporate Strategy and Business Strategy...47
Figure 4.3.3: Features of Cost Leadership and Differentiation Strategies...48
Figure 4.3.4: The Drivers of Cost Advantage Strategy...49
Figure 4.3.5: The Drivers of Differentiation Strategy...51

LIST OF TABLES
Table 3.1.1: Comparison of Quaker Oats/Gatorade with Snapple...17
Table 4.5.1: General Corporate Documents...63
Table 4.5.2: Government Licenses and Approvals...64
Table 4.5.3: Material Agreements...64
Table 4.5.4: Litigations and Disputes...65
BOOKS
Kenneth Andrews, THE CONCEPT OF CORPORATE STRATEGY, Homewood, IL: Irwin (1971)
Christopher Bartlett, Sumantra Ghoshal & Paul Beamsih, TRANSNATIONAL MANAGEMENT, McGraw-Hill (5th ed., 2008)
Gordon Binn, DUE DILIGENCE, Praeger Publishers (2008)
Robert F. Bruner, DEALS FROM HELL: M&A LESSONS THAT RISE ABOVE THE ASHES, John Wiley & Sons, Inc. (2005)
Robert F. Bruner, APPLIED MERGERS AND ACQUISITIONS, John Wiley & Sons, Inc. (2004)
Justin J. Camp, VENTURE CAPITAL DUE DILIGENCE, John Wiley & Sons, Inc. (2002)
Timothy J. Galpin & Mark Herndon, THE COMPLETE GUIDE TO MERGERS AND ACQUISITIONS, Jossey-Bass Publishers (2000)
Robert M. Grant, CONTEMPORARY STRATEGY ANALYSIS, Blackwell Publishing (5th ed., 2005)
Brian Hill & Dee Power, INSIDE SECRETS TO VENTURE CAPITAL, John Wiley & Sons, Inc. (2001)
Alexandra Reed Lajoux & Charles Elson, THE ART OF M&A DUE DILIGENCE, McGraw-Hill (2000)
Josh Lerner, Felda Hardymon & Ann Leamon, VENTURE CAPITAL AND PRIVATE EQUITY, John Wiley & Sons, Inc. (3rd ed., 2005)
Scott Moeller & Chris Brady, INTELLIGENT M&A: NAVIGATING THE MERGERS AND ACQUISITIONS MINEFIELD, John Wiley & Sons, Inc. (2007)
Robert S. Pindyck & Daniel L. Rubinfeld, MICROECONOMICS, Person Education, Inc. (6th ed., 2005)
Stanley Foster Reed & Alexandra Reed Lajoux, THE ART OF M&A, McGraw-Hill, (3rd, 1999)
Arthur H. Rosenbloom, ed., DUE DILIGENCE FOR GLOBAL DEAL MAKING, Bloomberg Press (2002)
Howard Mark Schilit, FINANCIAL SHENANIGANS: HOW TO DETECT ACCOUNTING GIMMICKS AND FRAUD IN FINANCIAL REPORTS, McGraw-Hill Professional (2002)
J. Fred Weston, Mark L. Mitchell & J. Harold Mulherin, TAKEOVERS, RESTRUCTURING, AND CORPORATE GOVERNANCE, Pearson Education, Inc. (4th ed., 2004)
Alex Wilmerding, DEAL TERMS, Aspatore Books (2003)
Alex Wilmerding, TERM SHEETS AND VALUATIONS, Aspatore Books (3rd ed., 2003)

PERIODICALS
Patrick. A. Gaughan, A Due Diligence Process for Highly Leveraged Transactions, Journal of Forensic Economics 6(3), 197-217 (1993)
Terry Mullins, Barry Thornton and Michael Adams, The Role of Due Diligence in the Business Valuation Process, Journal of Business & Economics Research, 5(5), 63-70 (May 2007)
W.W. Peterson, T.G. Birdsall and W.C. Fox, The Theory of Signal Detectability, IEEE Transactions on Information Theory 4(4): 171-212 (1954)
Michael E. Porter, From Competitive Advantage to Corporate Strategy, Managing the Multibusiness Company: Strategic Issues for Diversified Groups, Chapter 12 at 285, Cengage Learning EMEA, (1996)
Phanish Puranam, Benjamin C. Powell and Harbir Singh, Due Diligence Failure as a Signal Detection Problem, Strategic Organization, 4(4), 319-348 (2006)

REPORTS
Marvin Bonsen, Wenzel Freiherr von der Heydte and Monika Wlasynowicz, Redesigning the Due Diligence Model – Focusing on the Human Part is Indispensable for Success in International M&A, Kristianstad University, The Department of Business Studies (2005)
Martin B. Robins, Intellectual property and Information Technology Due Diligence in Merger and Acquisition Transactions, ExpressO, (http://works.bepress.com/martin_robins/3) (2008)
R. Haven Wiley, A Signal-Detection Equilibrium in the Evolution of Communication, Animal Behavior Society, (http://www.unc.edu/~rhwiley) (August 19, 2008)
John W. Torget, Learning from Mattel, Tuck School of Business at Dartmouth, at 3 (2002)
Barry Winer, Quaker Oats and Snapple, Tuck School of Business at Dartmouth (2005)
The Economic Daily News, October 20, 2008
The China Post, October 20, 2008;
Business Today, Vol. 619, Nov. 3, 2008
Mattel, Inc. press release on May 13, 1999
Agam Shah, IDG News Service, May 25, 2004
Scott M. Fulton, III, BetaNews, September 12, 2006
Luigi Lugmayr, Reuters, October 7, 2008
Bill Gates Says Does Not Think Yahoo Deal Likely, Reuters (New York), June 27, 2008
Dane Hamilton, Microsoft Says Willing to Restart Yahoo Talks, Reuters, July 7, 2008
Andrew Ross Sorkin, From the Inside, Jerry Yang Looks Out for Yahoo, The New York Times, July 15, 2008
Ken Sweet, Bank of America to Pay $5B for Merrill Lynch, FOXBusinss, September 15, 2008
Wall Street Journal, Lehman Files for Bankruptcy, Merrill Sold, AIG Seeks Cash, September 16, 2008
Lehman Brothers Holding Inc. Press Release, September 15, 2008
Wall Street Journal, U.S. to Take Over AIG in $85 Billion Bailout; Central Banks Inject Cash as Credit Dried Up, September 16, 2008
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