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題名 科技企業併購策略動機：以Google與HTC為案例研究
Strategic Motivation for a Merger and Acquisition of the Technological Firm: The Case Study of Google and HTC作者 彭昱鈞
Peng, Yu-Chun貢獻者 鄭至甫
Jeng, Jyh-Fu
彭昱鈞
Peng, Yu-Chun關鍵詞 併購
智慧型手機
競爭策略
Google
HTC
Android
M&A
Smartphone日期 2018 上傳時間 29-Aug-2018 15:49:24 (UTC+8) 摘要 Google與HTC在2017年9月21日共同宣布，Google以11億美金（約合新台幣330億元）併購HTC智慧型手機的代工團隊，該併購案隨後在2018年1月30日宣布雙方完成所有併購細節協商並執行完成。HTC為智慧型手機的製造商，曾是智慧型手機產業的先行者，但近幾年卻於市場上節節敗退。Google為智慧型手機上Android作業系統的提供廠商，但同時也於2016年開始進入智慧型手機的硬體市場，推出Pixel手機。本論文就此併購個案，深入探討本案的過程，並分析智慧型手機市場的演變與現況，藉此探討Google此併購HTC案的策略意涵，並運用瞬時競爭策略分析與策略鑽石架構理論，分析Google企業整體的策略方向。本研究發現，因為資訊產業的演變，從以PC為主的網際網路逐步轉移由以行動裝置與物聯網組成大量資訊流的網路，Google欲在這樣的轉變中擷取優勢，進而發展多角化的硬體平台方向，並向市場提供由Google自行設計的Pixel智慧型手機，藉以讓Android使用者能擁有更完整的Google體驗與使用程度。此外，本文亦以探討本併購案在決策過程背後需考量的因素，分析HTC是否符合這些考量，進而了解為何Google選擇HTC成為併購對象。
A major announcement was made by Google and HTC that Google would acquire the HTC’s smartphone division team for 1.1 billion US Dollars on the 21st of September 2017. On the 30th of January 2018, this deal has been completed. HTC, once the leading smartphone manufacturing company in the world, has suffered from its market share since 2012. It is interesting to observe that HTC was one of the major Android OS providers while Google began to enter the smartphone hardware market in 2016 when it launched the Pixel phone.This study aims to investigate this M&A case and to analyze the evolution and current situation of smartphone market. In addition, it is to explore the managerial strategies and implications in this case by adopting competitive advantages and diamond model, in order to understand Google’s strategy on smartphone market.This study finds out that, due to the change of information industry that in the past, consumer behavior on using Internet has transfer from PC to smartphone. Google has been aware of this situation and would like to gain the competitiveness from this trend. Under this circumstance, the diversity of hardware is considered and evaluated by Google and thus, Pixel phone designed by Google itself was launched. This was to enhance the user to have better Google experience and then, stick to Google’s services. Additionally, this thesis also provides insights by this M&A case and why Google chose HTC’s smartphone division team.參考文獻 Bohn, D. (2016). The Google phone: The inside story of Google’s bold bet on hardware. Available: https://www.theverge.com/a/google-pixel-phone-new-hardware-interview-2016 [online], accessed on 18 June 2018.Bohn, D. (2017). Google hardware is no longer a hobby: Rick Osterloh talks about what’s next for Google hardware. Available: https://www.theverge.com/2017/10/4/16405184/rick-osterloh-interview-new-google-hardware-vision-htc-deal [online], accessed on 17 June 2018.Business Insider (2017). Microsoft is scaling back Windows 10 mobile—here’s how that will impact its mobile strategy. Available: http://uk.businessinsider.com/how-microsoft-scaling-back-windows-10-mobile-will-impact-its-mobile-strategy-2017-10 [online], accessed on 15 June 2018.Duncan, C., & Mtar, M. (2006). Determinants of International Acquisition Success: Lessons from FirstGroup in North America. European Management Journal, 24(6), 396-410.Gugler, K., Mueller, D. C., Yurtoglu, B. B., & Zulehner, C. (2003). The effects of mergers: an international comparison. International journal of industrial organization, 21(5), 625-653.Hambrick, D. C. and Fredrickson, J. W. (2001). Are you sure you have a strategy? Academy of Management Perspectives, 15(4), pp. 48-59.Hymer, S. H. (1960). The International Operations of National Firms: A Study of Direct Foreign Investment. Cambridge, M.A.: MIT Press.IDC (2017). Smartphone vendor. Available: https://www.idc.com/promo/smartphone-market-share/vendor [online], accessed on 27 April 2018.Goodinfo! (2018). 2498 宏達電。Available: https://goodinfo.tw/StockInfo/StockBzPerformance.asp?STOCK_ID=2498 [online], accessed on 15 March 2018.Google (2018). 歡迎HTC團隊加入Google硬體部門。Available: https://taiwan.googleblog.com/2018/01/htcgoogle.html [online], accessed on 16 June 2018.Grant, R. M. (1999). Prospering in dynamically-competitive environments: Organizational capability as knowledge integration. In Zack, M. (ed.), Knowledge and Strategy, Oxford: Butterworth-Heinemann, pp. 133-153).Guardian (2014). PC market still shrinking, with smaller firms squeezed out. Available: https://www.theguardian.com/technology/2014/oct/09/pc-market-still-shrinking-with-smaller-firms-squeezed-out [online], accessed on 17 June 2018.HTC (2018). HTC 投資人。Available: http://tw-investors.htc.com/phoenix.zhtml?c=251354&p=irol-stockLookup [online], accessed on 15 March 2018.HTC (2016). HTC 2016 Annual Report. Taipei City: HTC.iReTron Blog (2014). The iPaq Pocket PC Started a Revolution in 2000. Available: http://www.iretron.com/blog/posts/the-ipaq-pocket-pc-started-a-revolution-in-2000 [online], accessed on 08 May 2018.Jim, C. (2011). Google offers support to Android firms in lawsuits. Available: https://www.reuters.com/article/us-google/google-offers-support-to-android-firms-in-lawsuits-idUSTRE7A64T920111109 [online], accessed on 01 June 2018.Jones, C. (2017). How Important Is Apple`s iPhone Market Share? Available: https://www.forbes.com/sites/chuckjones/2017/05/29/how-important-is-apples-iphone-market-share/#3ce2a3ea19ca [online], accessed on 13 June 2018.Kogut, B. (1988). Joint ventures: Theoretical and empirical perspective. Strategic Management Journal, 9, pp.319-332.Lewellen, W. G. (1971). The Ownership Income of Management. NBER Books.McGrath, R. G. (2013). "Transient Advantage." Harvard Business Review 91(6): 62-70.Panzarino, M. (2011). Google, Apple and the war for your cloud loyalty. Available: https://thenextweb.com/apple/2011/11/20/google-apple-and-the-war-for-your-cloud-loyalty/ [online], accessed on 07 June 2018.Pichai, S. (2016). This year’s Founders` Letter. Available: https://blog.google/topics/inside-google/this-years-founders-letter/ [online], accessed on: 10 June 2018.Richter, F. (2015). Apple Claims 92% of Global Smartphone Profits. Available: https://www.statista.com/chart/4029/smartphone-profit-share/ [online], accessed on 07 June 2018.Salant, S. W., Switzer, S., & Reynolds, R. J. (1983). Losses from horizontal merger: the effects of an exogenous change in industry structure on Cournot-Nash equilibrium. The Quarterly Journal of Economics, 98(2), 185-199.Savov, V. (2016). With Pixel, Google wants to be another Apple: Google’s Pixel event today is about one thing: synergy. Available: https://www.theverge.com/2016/10/4/13160442/google-phone-hardware-event-pixel-2016 [online], accessed on 10 June 2018.Savov, V. (2017). Google`s getting serious about building its own iPhone: To compete with Apple, Google has to become Apple. Available: https://www.theverge.com/2017/6/14/15792376/google-pixel-smartphone-soc-engineers-hiring [online], accessed on 10 June 2018.Schmalensee, R. (1987). Horizontal merger policy: Problems and changes. Journal of Economic Perspectives, 1(2), 41-54.ScientiaMobile (2017). Where’s the Money? Target Your Ads Based on the Price of Viewer’s Smartphone, Available: https://www.scientiamobile.com/page/target-ads-based-price-smartphone [online], accessed on 25 May 2018.Smith, C. (2018). Google’s acquisition of HTC’s design team is all about making the Pixel more like the iPhone. Available: http://bgr.com/2018/01/30/pixel-3-specs-custom-google-processor/[online], accessed on 04 June 2018.Singh, H., & Montgomery, C. A. (1987). Corporate acquisition strategies and economic performance. Strategic Management Journal, 8(4), 377-386.Statista (2016). Apple iPhone and Android smartphone average selling price from 2008 to 2016 (in U.S. dollars), Available: https://www.statista.com/statistics/612937/smartphone-average-selling-price-iphone-and-android/ [online], accessed on 12 May 2018.Statista (2018a). 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HTC One (M7), Available: https://zh.wikipedia.org/wiki/HTC_One_(M7) [online], accessed on 18 June 2018.Wikipedia (2018b). Google Nexus, Available: https://zh.wikipedia.org/wiki/Google_Nexus [online], accessed on 18 June 2018.Wikipedia (2018c). HTC Dream, Available: https://zh.wikipedia.org/wiki/HTC_Dream [online], accessed on 18 June 2018.Williamson, O. E. (1985). The Economic Institutions of Capitalism. New York: Free Press.Welch, C. (2017). Google is doing a terrible job at shipping its Pixel smartphones: An incredible phone is getting impossible to find. Available: https://www.theverge.com/2017/1/18/14315458/google-pixel-xl-smartphone-shipping-out-of-stock [online], accessed on 17 June, 2018.Knowledge@Wharton. Why Google’s Pixel Is More About Strategy Than Smartphones. Available: http://knowledge.wharton.upenn.edu/article/googles-pixel-strategy-smartphones/ [online], accessed on 15 May, 2018Richard Waters (2017). Google to strengthen premium Pixel phone with HTC deal. 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國立政治大學
經營管理碩士學程(EMBA)
103932063資料來源 http://thesis.lib.nccu.edu.tw/record/#G0103932063 資料類型 thesis dc.contributor.advisor 鄭至甫 zh_TW dc.contributor.advisor Jeng, Jyh-Fu en_US dc.contributor.author (Authors) 彭昱鈞 zh_TW dc.contributor.author (Authors) Peng, Yu-Chun en_US dc.creator (作者) 彭昱鈞 zh_TW dc.creator (作者) Peng, Yu-Chun en_US dc.date (日期) 2018 en_US dc.date.accessioned 29-Aug-2018 15:49:24 (UTC+8) - dc.date.available 29-Aug-2018 15:49:24 (UTC+8) - dc.date.issued (上傳時間) 29-Aug-2018 15:49:24 (UTC+8) - dc.identifier (Other Identifiers) G0103932063 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/119728 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 經營管理碩士學程(EMBA) zh_TW dc.description (描述) 103932063 zh_TW dc.description.abstract (摘要) Google與HTC在2017年9月21日共同宣布，Google以11億美金（約合新台幣330億元）併購HTC智慧型手機的代工團隊，該併購案隨後在2018年1月30日宣布雙方完成所有併購細節協商並執行完成。HTC為智慧型手機的製造商，曾是智慧型手機產業的先行者，但近幾年卻於市場上節節敗退。Google為智慧型手機上Android作業系統的提供廠商，但同時也於2016年開始進入智慧型手機的硬體市場，推出Pixel手機。本論文就此併購個案，深入探討本案的過程，並分析智慧型手機市場的演變與現況，藉此探討Google此併購HTC案的策略意涵，並運用瞬時競爭策略分析與策略鑽石架構理論，分析Google企業整體的策略方向。本研究發現，因為資訊產業的演變，從以PC為主的網際網路逐步轉移由以行動裝置與物聯網組成大量資訊流的網路，Google欲在這樣的轉變中擷取優勢，進而發展多角化的硬體平台方向，並向市場提供由Google自行設計的Pixel智慧型手機，藉以讓Android使用者能擁有更完整的Google體驗與使用程度。此外，本文亦以探討本併購案在決策過程背後需考量的因素，分析HTC是否符合這些考量，進而了解為何Google選擇HTC成為併購對象。 zh_TW dc.description.abstract (摘要) A major announcement was made by Google and HTC that Google would acquire the HTC’s smartphone division team for 1.1 billion US Dollars on the 21st of September 2017. On the 30th of January 2018, this deal has been completed. HTC, once the leading smartphone manufacturing company in the world, has suffered from its market share since 2012. It is interesting to observe that HTC was one of the major Android OS providers while Google began to enter the smartphone hardware market in 2016 when it launched the Pixel phone.This study aims to investigate this M&A case and to analyze the evolution and current situation of smartphone market. In addition, it is to explore the managerial strategies and implications in this case by adopting competitive advantages and diamond model, in order to understand Google’s strategy on smartphone market.This study finds out that, due to the change of information industry that in the past, consumer behavior on using Internet has transfer from PC to smartphone. Google has been aware of this situation and would like to gain the competitiveness from this trend. Under this circumstance, the diversity of hardware is considered and evaluated by Google and thus, Pixel phone designed by Google itself was launched. This was to enhance the user to have better Google experience and then, stick to Google’s services. Additionally, this thesis also provides insights by this M&A case and why Google chose HTC’s smartphone division team. en_US dc.description.tableofcontents 第一章 緒論 1第一節 研究背景與動機 1第二節 研究目的 4第三節 研究方法與架構 5第二章 文獻探討 6第一節 智慧型手機的發展與現況 6第二節 企業併購的目標與動機 10第三節 企業併購的類型 13第四節 企業併購的綜效 16第三章 產業分析 19第一節 智慧型手機市場之現況與問題 19第二節 HTC之發展歷史與現況 25第三節 Google 智慧型手機之發展現況與方向 33第四節 Google的硬體策略走向 35第四章 Google與HTC併購案之分析 39第一節 以競爭策略論Google發展方向 39第二節 以併購考量論選擇HTC之原因 42第三節 併購完成的綜效與優勢分析 50第五章 結論 53第一節 研究發現 53第二節 研究限制與後續研究建議 54參考書目 56 zh_TW dc.format.extent 4779405 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0103932063 en_US dc.subject (關鍵詞) 併購 zh_TW dc.subject (關鍵詞) 智慧型手機 zh_TW dc.subject (關鍵詞) 競爭策略 zh_TW dc.subject (關鍵詞) Google en_US dc.subject (關鍵詞) HTC en_US dc.subject (關鍵詞) Android en_US dc.subject (關鍵詞) M&A en_US dc.subject (關鍵詞) Smartphone en_US dc.title (題名) 科技企業併購策略動機：以Google與HTC為案例研究 zh_TW dc.title (題名) Strategic Motivation for a Merger and Acquisition of the Technological Firm: The Case Study of Google and HTC en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) Bohn, D. (2016). The Google phone: The inside story of Google’s bold bet on hardware. Available: https://www.theverge.com/a/google-pixel-phone-new-hardware-interview-2016 [online], accessed on 18 June 2018.Bohn, D. (2017). Google hardware is no longer a hobby: Rick Osterloh talks about what’s next for Google hardware. Available: https://www.theverge.com/2017/10/4/16405184/rick-osterloh-interview-new-google-hardware-vision-htc-deal [online], accessed on 17 June 2018.Business Insider (2017). Microsoft is scaling back Windows 10 mobile—here’s how that will impact its mobile strategy. Available: http://uk.businessinsider.com/how-microsoft-scaling-back-windows-10-mobile-will-impact-its-mobile-strategy-2017-10 [online], accessed on 15 June 2018.Duncan, C., & Mtar, M. (2006). Determinants of International Acquisition Success: Lessons from FirstGroup in North America. European Management Journal, 24(6), 396-410.Gugler, K., Mueller, D. C., Yurtoglu, B. B., & Zulehner, C. (2003). The effects of mergers: an international comparison. International journal of industrial organization, 21(5), 625-653.Hambrick, D. C. and Fredrickson, J. W. (2001). Are you sure you have a strategy? Academy of Management Perspectives, 15(4), pp. 48-59.Hymer, S. H. (1960). The International Operations of National Firms: A Study of Direct Foreign Investment. Cambridge, M.A.: MIT Press.IDC (2017). Smartphone vendor. Available: https://www.idc.com/promo/smartphone-market-share/vendor [online], accessed on 27 April 2018.Goodinfo! (2018). 2498 宏達電。Available: https://goodinfo.tw/StockInfo/StockBzPerformance.asp?STOCK_ID=2498 [online], accessed on 15 March 2018.Google (2018). 歡迎HTC團隊加入Google硬體部門。Available: https://taiwan.googleblog.com/2018/01/htcgoogle.html [online], accessed on 16 June 2018.Grant, R. M. (1999). Prospering in dynamically-competitive environments: Organizational capability as knowledge integration. In Zack, M. (ed.), Knowledge and Strategy, Oxford: Butterworth-Heinemann, pp. 133-153).Guardian (2014). PC market still shrinking, with smaller firms squeezed out. Available: https://www.theguardian.com/technology/2014/oct/09/pc-market-still-shrinking-with-smaller-firms-squeezed-out [online], accessed on 17 June 2018.HTC (2018). HTC 投資人。Available: http://tw-investors.htc.com/phoenix.zhtml?c=251354&p=irol-stockLookup [online], accessed on 15 March 2018.HTC (2016). HTC 2016 Annual Report. Taipei City: HTC.iReTron Blog (2014). The iPaq Pocket PC Started a Revolution in 2000. Available: http://www.iretron.com/blog/posts/the-ipaq-pocket-pc-started-a-revolution-in-2000 [online], accessed on 08 May 2018.Jim, C. (2011). Google offers support to Android firms in lawsuits. Available: https://www.reuters.com/article/us-google/google-offers-support-to-android-firms-in-lawsuits-idUSTRE7A64T920111109 [online], accessed on 01 June 2018.Jones, C. (2017). How Important Is Apple`s iPhone Market Share? Available: https://www.forbes.com/sites/chuckjones/2017/05/29/how-important-is-apples-iphone-market-share/#3ce2a3ea19ca [online], accessed on 13 June 2018.Kogut, B. (1988). Joint ventures: Theoretical and empirical perspective. Strategic Management Journal, 9, pp.319-332.Lewellen, W. G. (1971). The Ownership Income of Management. NBER Books.McGrath, R. G. (2013). "Transient Advantage." Harvard Business Review 91(6): 62-70.Panzarino, M. (2011). Google, Apple and the war for your cloud loyalty. Available: https://thenextweb.com/apple/2011/11/20/google-apple-and-the-war-for-your-cloud-loyalty/ [online], accessed on 07 June 2018.Pichai, S. (2016). This year’s Founders` Letter. Available: https://blog.google/topics/inside-google/this-years-founders-letter/ [online], accessed on: 10 June 2018.Richter, F. (2015). Apple Claims 92% of Global Smartphone Profits. Available: https://www.statista.com/chart/4029/smartphone-profit-share/ [online], accessed on 07 June 2018.Salant, S. 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