勤業眾信:善用「企業重組」機制 啟動轉型升級計畫

  1. 產品與供應鏈配置
  2. 投資與資本支出計畫
  3. 併購與分拆規畫

勤業眾信財務諮詢服務總經理范有偉今(19)指出,新型冠狀病毒(COVID-19)疫情延燒,將可能對台灣特定產業或體質較差的企業帶來危機與挑戰,但擁有健全體質與明確策略定位的企業,有機會利用短期環境變化,實現中長期策略發展的轉機。勤業眾信歸納,疫情造成企業短期營收急遽下滑並帶來營運不確定性,除須強化「人員、營運與現金流量」因應挑戰外,亦可善用「企業重組」(Restructure Services)機制,由中長期策略規畫角度思考「產品與供應鏈配置、投資與資本支出計畫、併購與分拆規畫」,創造差異化優勢的機會之窗。

 

疫情之下!掌握轉型契機 開創機會之窗

范有偉表示,台灣屬出口導向型經濟體,企業營運模式與中國大陸及世界各地交流頻繁,因此,在疫情持續擴散影響下,企業短期營收急遽下滑、營運充滿不確定性,皆為可預期的情境。提醒企業,除了應留意「人員、營運與現金流量」變化外,更重要的是,應由中長期策略規劃角度,思考疫情引發經營環境變化後,如何應用「產品與供應鏈配置、投資與資本支出計畫、併購與分拆規畫」等策略,掌握變革的契機、開啟差異化競爭的「機會之窗」(Opportunity Window)。

  • 產品與供應鏈配置

根據勤業眾信《2020年台灣產業趨勢展望觀點》,美中貿易戰烽火未歇,加上疫情持續延燒,中國大陸諸多經濟生產要素及經營競爭環境產生變化;而隨著勞力成本提升、蘋果訂單穩定度不高、關稅上漲的「三重夾擊」,已有部分台商朝精進產品技術、提升附加價值、執行遷移其他生產區域策略;對於未積極提出環境變遷應對策略的台商而言,無疑會是個決策轉捩點,是否加速進行產品差異化、重新配置生產線或移轉生產區域,已成為急迫性議題。

二、投資與資本支出計畫

「投資及長期資本支出計畫」是支持與實現企業產品發展方向及策略定位的主要因素,並與上述產品與產線區域配置息息相關。不過,制定投資與資本支出計畫時,建議避免高估投資報酬率,或因急於達成目標而單次投入過多資源;實務上而言,較理想的執行方式是充分調查市場並徵詢專業顧問建議,採漸進式分階段執行計畫,並於各階段執行成本與效益評估。

三、併購與分拆規畫

本次疫情雖對企業及市場造成劇烈影響,但從企業併購或分拆的角度而言,也創造了難得的「轉型升級」、「去蕪存菁」交易契機,許多原無意願的企業在面臨營運及資金瓶頸時,改變態度願意協商;許多價格落差巨大之投資交易,也因企業面臨經營壓力,而可能縮小買賣雙方價格差距;對於長期不具經濟效益或虧損的業務與資產,原本礙於內外部壓力而不積極處理,但在危機下,決策層將更容易達成一致意見。

 

「企業重組」機制 轉型升級再進化

范有偉表示,企業面臨新型冠狀病毒等突發性事件時,可運用「企業重組」(Restructure Services)服務機制,盤點企業資源進而重新配置應用,以應對突發危機;並進行內外部情境分析,以規畫合適的穩定營運方案。建議先聚焦於維持企業存活最重要的現金收支與營收創造,待危機穩定後,再進一步發展中長期策略,並展開企業轉型(Transformation)行動。

勤業眾信聯合會計師事務所財務諮詢服務執行副總經理李紹平表示,企業展開資產收購或處分、併購分拆計畫等轉型計畫時,建議偕同併購與評價專業人士,除了提供架構與程序的專業執行功能外,更可扮演與市場及潛在買賣方良好的橋樑;而無論進行何種交易,企業或資產的價值決定永遠居於首位,因此,如何設定交易價格與評估併購綜效,專業人士的意見將扮演關鍵的角色。此外,透過「盡職調查」能協助買方確認交易標的經營實績,以及對公司現況的客觀調查,盤點交易過程可能發生的風險,亦是交易流程不可或缺的一環。

整體而言,范有偉建議,企業面對疫情除須配合政府執行人員防疫措施,企業營運遭逢衝擊時,則需體認非常時期需有應變措施。短期而言,企業須因應外在情勢變化、重新配置資源比重,並特別著重在現金收支及確保營運穩定;中長期而言,藉此重新思考策略定位及方向,檢視營運模式是否過於集中、資本結構是否需優化、企業應進行內外部轉型、或進行投資或併購之必要性,化解疫情可能產生之影響。

 (文章來源:勤業眾信聯合會計師事務所)

Deloitte0415

 

勤業眾信財務諮詢服務總經理范有偉

Deloitte范有偉

 

勤業眾信聯合會計師事務所財務諮詢服務執行副總經理李紹平

Deloitte 副總經理李紹平

 

TAIPEI (Taiwan News) -- Taiwan's sea levels are rising at a higher rate than the rest of the world due to global warming, and the country may only have 12 years to move its capital inland to avoid flooding, according to a prominent meteorologist.

Sea levels around Taiwan are likely to rise faster than the global average due to the island's sub-tropical location, the rotation of the earth, the high sea temperatures in the Western Pacific Ocean, and the convergence of seawater and the thermal expansion effect, reported TechOrange.

Air Clean Taiwan (ACT) Director Yeh Guang-peng (葉光芃) told TechOrange that "The UK has reduced carbon for six consecutive years and its carbon levels have been restored to 1888 levels, yet the UK has still declared an emergency. However, Taiwan's CO2 emissions are increasing, and we [Taiwan, UK] are all islands, so our sea level will rise much higher than that of other countries."

Radio Taiwan International cited NGO Taiwan Action Alliance for Healthy Air (台灣健康空氣行動聯盟), as saying that the average global temperature is set to rise by one degree Celsius, while Taiwan is on a course to rise by 1.4 degrees, and Taipei is expected to rise by 1.7 degrees. This means that if the global average temperature rises by 1.5 degrees in 2030, Tapei will probably rise by over 2 degrees.

If the global temperature rises by 2 degrees by 2050, that means Taipei could see its average temperature rise by 3 to 4 degrees.

Chen Chao-lun (陳昭倫), a researcher at Academia Sinica's Biodiversity Research Center (BRC) told TechOrange that the sea around Taiwan is warming at one of the fastest rates in the world. Chen added that even if humans are able to restrict warming to within 1.5 degrees, 90 percent of the world's coral reefs will disappear.

Yeh also put forward specific examples. If the temperature rises by 2 degrees in 2050, the Taipei Songshan Airport and Dazhi luxury residential area will be inundated with sea water. Yeh predicts that in this scenario, planes will not be able to take off and land from Songshan Airport, and the New Taipei section of the Taoyuan Airport MRT would collapse.

The Taiwan Action Alliance for Healthy Air also predicts that by the end of the 21st Century, the Taipei Basin will be flooded to a height of three meters. They said that about one-third of the land in Greater Taipei would be underwater.

In the future, out of Taiwan's six major cities, the NGO predicts that only Taoyuan and Taichung would survive. Because Taipei lies in a basin, it aggravates the heat island effect, resulting in an even more rapid temperature rise, according to the organization.

The NGO said that if the rising sea reaches the Taipei Basin, the flood waters will be difficult to discharge because of the city's geographical layout. In addition, earthquakes brought on by climate change could aggravate the disaster in the basin.

In an interview with Formosa Television, Peng Chi-ming (彭啟明), an adjunct assistant professor with the National Central University's Department of Atmospheric Sciences, said, "The temperature rise may reach 1.5 degrees in 2032, so we only have 12 years left to relocate the capital. So we must act quickly."

The Taiwan Action Alliance for Healthy Air and climate change scholars are jointly calling on Taiwan's government to actively implement carbon reduction policies and consider immediately launching a plan to move the city of Taipei to higher ground.

Source: Taiwan News

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