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題名 企業併購案例分析：以Google併購Nest為例
Merger and acquisition case study : Google`s Nest acquisition作者 黃雅惠
Huang, YaHui貢獻者 吳啟銘
黃雅惠
Huang, YaHui關鍵詞 併購
購併
智慧家庭
企業評價
現金流量折現模式
組織成長
新創
Merger
Acquisition
Smart home
Business valuation
DCF
Greiner`s model of growth
Startup
Google
Nest
Dropcam日期 2017 上傳時間 5-Feb-2018 17:12:17 (UTC+8) 摘要 在科技產業中，產品更迭迅速，產品的生命週期較其他產業更要來得短，無論開發新產品或者是進入新市場，在短期間內，很難獲得正的現金流量或報酬，因此併購已經是企業發展與擴張的必要手段。 在此背景下，本文將闡釋併購前中後的各項重要分析，包含環境分析、交易特性、策略誘因、支付工具、企業評價等。並以Google併購Nest為例，從一個科技龍頭併購新創企業，看似一樁正確的交易，為何最終以失敗收場。新創企業在組織成長的過程中，又面臨什麼樣的難題？ 研究最終發現，在新創企業中，創辦人往往過於投入在打造產品和開拓市場，而忽略了管理組織的重要性，甚至可能缺少企業管理所需的職能。因此當企業成長到一定階段，引進能被創辦人所接受的外部專業經理人，是避免新創企業在組織成長時，產生領導的危機的作法之一。 雖然本篇研究方法以次級資料為主，但由於距離Google對Nest的收購完成日期2014年2月7日已經超過一段時間，因此有足夠的資訊可供參照，輔以策略管理和企業併購的理論和實際應用，本篇論文可以作為企業未來在併購新創事業時的參考。
In the Information Technology (IT) world, product life cycle goes through rapidly. While companies can either enter a new market or develop a new product, it remains difficult to gain a positive cash flow in a short period of time. Therefore, mergers and acquisitions (M&As) have become one of the commonly used strategies when companies attempt to expand. Given the frequent use of M&As in the industry, this thesis elucidates regarding the evaluation and analysis of M&A, including macro environment analysis, the motivation, the payment and business evaluation. By using Google`s Nest acquisition as a case study, this thesis examines the following questions: why did Google`s Nest acquisition fail eventually? What difficulties would a startup company encounter during the expansion? Results of this thesis demonstrate the following. The founder of a startup company tends to focus more on developing new products and markets but less on leading the company. Moreover, they generally technically or entrepreneurially oriented but lack of business management competence. Consequently, as the company grows, a business manager who is acceptable to the founders will be the essential to solve the crisis of leadership. Although this thesis uses secondary data, it obtains sufficient information accumulated in time as the transaction of Google`s Nest acquisition closed on February 7, 2014. Along with existing theories and practices in strategic management and M&As, this thesis serves as a good reference for companies that attempt to acquire a startup company.參考文獻 [1] Charles W.L.、Melissa A. Schilling、Gareth R. Jones, 策略管理, 2017, p. 185. 本人重新繪製。 [2] 政治大學陳嬿如副教授提供，本人重新繪製。, Product Life Cycle. [3] “Learn more about Time of Savings,” Nest, 2017. [線上]. Available: https://nest.com/support/article/Learn-more-about-Time-of-Savings. [4] “Series C - Nest Labs,” crunchbase, 2017. [線上]. Available: https://www.crunchbase.com/funding_round/nest-labs-series-c--04419a3e. [5] “The Google Acquisition Tracker,” CBINSIGHTS, 2017. [線上]. Available: https://www.cbinsights.com/research-google-acquisitions. [6] “Google Strategy Teardown: Betting The Future On AI, Cloud Services, And (Tamed) Moonshots,” CBINSIGHTS, 2017. [線上]. Available: https://www.cbinsights.com/research/report/google-strategy-teardown/. [7] Florian Bauer, Kurt Matzler, “Antecedents of M&A success: The role of strategic complementarity, cultural fit, and degree and speed of integration,” Strategic Management Journal, 26 April 2013. [8] D. Goldman, “Obama`s not as tough on mergers as you think,” CNN Money, 2014. [線上]. Available: http://money.cnn.com/2016/04/08/news/obama-mergers-antitrust/index.html. [9] “20 Game Changing Consumer Tech M&A Deals,” CBSINSIGHTS, 2015. [線上]. Available: https://www.cbinsights.com/research/consumer-tech-acquisition-merger-deals/. [10] “A First Look at the Dropcam,” CNET, 2012. [線上]. Available: https://www.cnet.com/au/videos/a-first-look-at-the-dropcam/. [11] “智慧雲插座,” D-Link, [線上]. Available: http://www.dlinktw.com.tw/home/product?id=941&hid=31. [12] M. Tarsalewska, “The timing of mergers along the production chain, capital structure,,” Journal of Banking & Finance, 編號 57, pp. 51-64, 2015. [13] Alphabet Q2 2016 Earnings Call. [影片]. Alphabet, 2016. [14] M. Philpott, “Smart Home Services Forecast: 2016–21,” OVUM, 2017. [15] “Alphabet Inc. (GOOG),” [線上]. Available: https://finance.yahoo.com/quote/GOOG/. [16] 吳啟銘, 企業評價, 智勝, 2010, p. 53. [17] 吳啟銘, 企業評價, 智勝, 2010, pp. 44, 45. [18] 吳啟銘, 企業評價, 智勝, 2010, p. 23. [19] 吳啟銘, 企業評價, 智勝, 2010, p. 344. [20] A. Hertzfeld, “Folklore.org: Creative Think,” 1982. [線上]. Available: https://www.folklore.org/StoryView.py?project=Macintosh&story=Creative_Think.txt. [21] Misty, “Nest被人遗忘的这两年：失败、动荡和离职,” 雷锋网, 2016. [線上]. Available: https://www.leiphone.com/news/201603/gSRQhiLSG5rhuvfj.html. [22] Chris, “Nest 的內部大混戰，很可能源自於蘋果與 Google 的文化衝突！,” INSIDE, 2016. [線上]. Available: https://www.inside.com.tw/2016/04/08/nest-tony-fadell-struggling. [23] J. D`Onfro, “After Dropcam Sold For $555 Million To Google, Its Employees Are Miserable And They Blame Tony Fadell,” BUSINESS INSIDER, 2014. [線上]. Available: http://www.businessinsider.com/dropcam-employees-arent-happy-at-nest-2014-11. [24] Charles W.L.、Melissa A. Schilling、Gareth R. Jones, 策略管理, 華泰文化, 2017, p. 361. [25] Charles W.L.、Melissa A. Schilling、Gareth R. Jones, 策略管理, 華泰文化, 2017, p. 395. [26] L. E. Greiner, “Evolution and Revolution as Organizations Grow,” Harvard Business Review, MAY–JUNE 1988. [27] L. E. Greiner, “Evolution and Revolution as Organizations Grow,” Harvard Business Review, MAY–JUNE 1998. 本人翻譯。 [28] G. Jones, 組織理論與管理, 雙葉書廊, 2012, p. 522. 描述 碩士
國立政治大學
企業管理研究所(MBA學位學程)
105363054資料來源 http://thesis.lib.nccu.edu.tw/record/#G0105363054 資料類型 thesis dc.contributor.advisor 吳啟銘 zh_TW dc.contributor.author (Authors) 黃雅惠 zh_TW dc.contributor.author (Authors) Huang, YaHui en_US dc.creator (作者) 黃雅惠 zh_TW dc.creator (作者) Huang, YaHui en_US dc.date (日期) 2017 en_US dc.date.accessioned 5-Feb-2018 17:12:17 (UTC+8) - dc.date.available 5-Feb-2018 17:12:17 (UTC+8) - dc.date.issued (上傳時間) 5-Feb-2018 17:12:17 (UTC+8) - dc.identifier (Other Identifiers) G0105363054 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/115853 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 企業管理研究所(MBA學位學程) zh_TW dc.description (描述) 105363054 zh_TW dc.description.abstract (摘要) 在科技產業中，產品更迭迅速，產品的生命週期較其他產業更要來得短，無論開發新產品或者是進入新市場，在短期間內，很難獲得正的現金流量或報酬，因此併購已經是企業發展與擴張的必要手段。 在此背景下，本文將闡釋併購前中後的各項重要分析，包含環境分析、交易特性、策略誘因、支付工具、企業評價等。並以Google併購Nest為例，從一個科技龍頭併購新創企業，看似一樁正確的交易，為何最終以失敗收場。新創企業在組織成長的過程中，又面臨什麼樣的難題？ 研究最終發現，在新創企業中，創辦人往往過於投入在打造產品和開拓市場，而忽略了管理組織的重要性，甚至可能缺少企業管理所需的職能。因此當企業成長到一定階段，引進能被創辦人所接受的外部專業經理人，是避免新創企業在組織成長時，產生領導的危機的作法之一。 雖然本篇研究方法以次級資料為主，但由於距離Google對Nest的收購完成日期2014年2月7日已經超過一段時間，因此有足夠的資訊可供參照，輔以策略管理和企業併購的理論和實際應用，本篇論文可以作為企業未來在併購新創事業時的參考。 zh_TW dc.description.abstract (摘要) In the Information Technology (IT) world, product life cycle goes through rapidly. While companies can either enter a new market or develop a new product, it remains difficult to gain a positive cash flow in a short period of time. Therefore, mergers and acquisitions (M&As) have become one of the commonly used strategies when companies attempt to expand. Given the frequent use of M&As in the industry, this thesis elucidates regarding the evaluation and analysis of M&A, including macro environment analysis, the motivation, the payment and business evaluation. By using Google`s Nest acquisition as a case study, this thesis examines the following questions: why did Google`s Nest acquisition fail eventually? What difficulties would a startup company encounter during the expansion? Results of this thesis demonstrate the following. The founder of a startup company tends to focus more on developing new products and markets but less on leading the company. Moreover, they generally technically or entrepreneurially oriented but lack of business management competence. Consequently, as the company grows, a business manager who is acceptable to the founders will be the essential to solve the crisis of leadership. Although this thesis uses secondary data, it obtains sufficient information accumulated in time as the transaction of Google`s Nest acquisition closed on February 7, 2014. Along with existing theories and practices in strategic management and M&As, this thesis serves as a good reference for companies that attempt to acquire a startup company. en_US dc.description.tableofcontents 書頁 I 博碩士論文上網授權書 II 學位考試委員會審議通過書（簽名頁） III 中文摘要 IV 英文摘要 V 謝誌 VI 目次 VII 圖目錄 IX 表目錄 X 第一章 緒論 1 第一節 研究背景與動機 1 第二節 研究方法 4 第二章 併購交易的事前分析 6 第一節 交易簡介 6 第二節 公司簡介 6 Nest 6 Google 8 第三節 交易特性 10 大強併小強 11 上市併未上市 11 垂直併購與水平併購 11 是否為重大交易 13 第四節 總體環境分析 14 政治 (Political) 15 經濟 (Economic) 15 社會 (Social) 17 科技（Technological） 18 第五節 策略誘因 19 主併動機 20 被併動機 22 第二章 – 併購交易的事中分析 23 第一節 支付工具 23 第二節 市場反應 24 第三節 企業評價 (Business Valuation) 25 NEST評價 27 第四節 綜效分析 28 第三章 併購交易的事後分析 30 第一節 個案結語 30 第二節 後續發展 30 第四章 結論與建議 33 第一節 結論 33 第二節 建議 36 引進外部專業經理人 42 採用盈利支付計畫(earn-out) 43 參考文獻 44 zh_TW dc.format.extent 1862476 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0105363054 en_US dc.subject (關鍵詞) 併購 zh_TW dc.subject (關鍵詞) 購併 zh_TW dc.subject (關鍵詞) 智慧家庭 zh_TW dc.subject (關鍵詞) 企業評價 zh_TW dc.subject (關鍵詞) 現金流量折現模式 zh_TW dc.subject (關鍵詞) 組織成長 zh_TW dc.subject (關鍵詞) 新創 zh_TW dc.subject (關鍵詞) Merger en_US dc.subject (關鍵詞) Acquisition en_US dc.subject (關鍵詞) Smart home en_US dc.subject (關鍵詞) Business valuation en_US dc.subject (關鍵詞) DCF en_US dc.subject (關鍵詞) Greiner`s model of growth en_US dc.subject (關鍵詞) Startup en_US dc.subject (關鍵詞) Google en_US dc.subject (關鍵詞) Nest en_US dc.subject (關鍵詞) Dropcam en_US dc.title (題名) 企業併購案例分析：以Google併購Nest為例 zh_TW dc.title (題名) Merger and acquisition case study : Google`s Nest acquisition en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) [1] Charles W.L.、Melissa A. Schilling、Gareth R. Jones, 策略管理, 2017, p. 185. 本人重新繪製。 [2] 政治大學陳嬿如副教授提供，本人重新繪製。, Product Life Cycle. [3] “Learn more about Time of Savings,” Nest, 2017. [線上]. Available: https://nest.com/support/article/Learn-more-about-Time-of-Savings. [4] “Series C - Nest Labs,” crunchbase, 2017. [線上]. Available: https://www.crunchbase.com/funding_round/nest-labs-series-c--04419a3e. [5] “The Google Acquisition Tracker,” CBINSIGHTS, 2017. [線上]. Available: https://www.cbinsights.com/research-google-acquisitions. [6] “Google Strategy Teardown: Betting The Future On AI, Cloud Services, And (Tamed) Moonshots,” CBINSIGHTS, 2017. [線上]. Available: https://www.cbinsights.com/research/report/google-strategy-teardown/. [7] Florian Bauer, Kurt Matzler, “Antecedents of M&A success: The role of strategic complementarity, cultural fit, and degree and speed of integration,” Strategic Management Journal, 26 April 2013. [8] D. Goldman, “Obama`s not as tough on mergers as you think,” CNN Money, 2014. [線上]. Available: http://money.cnn.com/2016/04/08/news/obama-mergers-antitrust/index.html. [9] “20 Game Changing Consumer Tech M&A Deals,” CBSINSIGHTS, 2015. [線上]. Available: https://www.cbinsights.com/research/consumer-tech-acquisition-merger-deals/. [10] “A First Look at the Dropcam,” CNET, 2012. [線上]. Available: https://www.cnet.com/au/videos/a-first-look-at-the-dropcam/. [11] “智慧雲插座,” D-Link, [線上]. Available: http://www.dlinktw.com.tw/home/product?id=941&hid=31. [12] M. Tarsalewska, “The timing of mergers along the production chain, capital structure,,” Journal of Banking & Finance, 編號 57, pp. 51-64, 2015. [13] Alphabet Q2 2016 Earnings Call. [影片]. Alphabet, 2016. [14] M. Philpott, “Smart Home Services Forecast: 2016–21,” OVUM, 2017. [15] “Alphabet Inc. (GOOG),” [線上]. Available: https://finance.yahoo.com/quote/GOOG/. [16] 吳啟銘, 企業評價, 智勝, 2010, p. 53. [17] 吳啟銘, 企業評價, 智勝, 2010, pp. 44, 45. [18] 吳啟銘, 企業評價, 智勝, 2010, p. 23. [19] 吳啟銘, 企業評價, 智勝, 2010, p. 344. [20] A. Hertzfeld, “Folklore.org: Creative Think,” 1982. [線上]. Available: https://www.folklore.org/StoryView.py?project=Macintosh&story=Creative_Think.txt. [21] Misty, “Nest被人遗忘的这两年：失败、动荡和离职,” 雷锋网, 2016. [線上]. Available: https://www.leiphone.com/news/201603/gSRQhiLSG5rhuvfj.html. [22] Chris, “Nest 的內部大混戰，很可能源自於蘋果與 Google 的文化衝突！,” INSIDE, 2016. [線上]. Available: https://www.inside.com.tw/2016/04/08/nest-tony-fadell-struggling. [23] J. D`Onfro, “After Dropcam Sold For $555 Million To Google, Its Employees Are Miserable And They Blame Tony Fadell,” BUSINESS INSIDER, 2014. [線上]. Available: http://www.businessinsider.com/dropcam-employees-arent-happy-at-nest-2014-11. [24] Charles W.L.、Melissa A. Schilling、Gareth R. Jones, 策略管理, 華泰文化, 2017, p. 361. [25] Charles W.L.、Melissa A. Schilling、Gareth R. Jones, 策略管理, 華泰文化, 2017, p. 395. [26] L. E. Greiner, “Evolution and Revolution as Organizations Grow,” Harvard Business Review, MAY–JUNE 1988. [27] L. E. Greiner, “Evolution and Revolution as Organizations Grow,” Harvard Business Review, MAY–JUNE 1998. 本人翻譯。 [28] G. Jones, 組織理論與管理, 雙葉書廊, 2012, p. 522. zh_TW
