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題名 企業併購個案分析：以Adobe併購Marketo為例
Merger and Acquisition Case Study: Adobe’s Acquisition of Marketo作者 詹佩樺
Chan, Pei-Hua貢獻者 吳啟銘<br>謝凱宇
Wu, Chi-Ming<br>Hsieh, Kai-Yu
詹佩樺
Chan, Pei-Hua關鍵詞 Adobe
Marketo
行銷科技
水平整合
併購
成長策略
組織學習
Adobe
Marketo
Marketing technology
Horizontal integration
Mergers and acquisitions
Growth strategy
Organizational learning日期 2021 上傳時間 4-Aug-2021 16:36:26 (UTC+8) 摘要 行銷科技產業處於產業生命週期的成長期，市場規模與需求擴增，潛在競爭者的威脅高，典型的軟體大廠和眾多小型新創公司並存於市場上，軟體大廠之間的競爭激烈，積極透過併購獲取成長機會。本研究採用個案研究方法，探討Adobe併購Marketo個案之外部環境誘因、內部併購動機、綜效來源、購併價金之合理性、支付工具與融資安排之選擇、市場反應、併購後續整合及績效分析，了解併購策略是否適當，以及併購後能否如期實現綜效。本研究發現，透過檢視各事業部的成長潛力與競爭地位，分辨各事業部是否有繼續投資的價值，或是對事業部進行維持、處分、縮編，經由適當的企業資源配置，發展相關的業務與加深差異化競爭優勢，能逐步建立護城河。行銷科技產業屬於成長階段且競爭激烈，企業軟體的轉換成本高昂，因此技術發展與獲得市佔率的速度尤為重要，透過水平整合的成長策略可以快速取得核心能力和市場，亦能減緩策略群組內的競爭強度。併購須符合策略上的互補性，兩間公司之間的互補性越高，整合後帶來的綜效也越高；基於組織學習，企業可以藉由過去的併購經驗與目標公司的能力中學習，因此相關的併購經驗及策略互補的能力，能為企業帶來經驗學習之效益，獲得可持續競爭的優勢。本研究提供管理者選擇成長策略的思考面向，此個案之策略思維可以作為併購時之參考依據。
The marketing technology industry is now at the growth stage of the industry life-cycle; market scale and demands are increasing, and the threat of potential competitors is high. Companies obtain growth opportunities actively through mergers and acquisitions in such fierce competition. This case study, Adobe’s acquisition of Marketo, explains the M&A strategy, including external and internal motivations, synergy, valuation, method of payment, acquisition finance, market reaction, post-merger integration and performance analysis. To understand whether the growth strategy is appropriate, and whether the synergy can be achieved.By examining the growth potential and competitive position of each business unit, companies can develop related businesses through appropriate enterprise resource allocation, and strengthen competitive advantages. Due to high switching barriers of enterprise software, the speed of development is particularly important within the growing and intense industry. Companies can acquire core capabilities and markets fast via horizontal integration, reduce the intensity of competition as well.Strategic fit is essential for M&A; the higher of complementarity between two companies, the more synergy can be created after the integration. Based on organizational learning, companies can learn from acquisition experience and the knowledge of target companies. Therefore, acquirers can benefit from related M&A experience, and gain sustainable competitive advantages.參考文獻 朱文儀、陳建男譯，Hill, C. W. L., Schilling, M. A., & Jones, G. R. 著，（2020）。策略管理。臺北市：華泰文化。吳啟銘，（2010）。企業評價：個案實證分析。臺北市：智勝文化。高端訓，（2020）。以MARTECH經營大數據會員行銷。臺北市：時報文化。Sedivy, P., & Barrett, M. (2021). 敏捷：改寫遊戲規則。2021全球行銷趨勢：聚焦核心價值，勤業眾信，16-23。溫紹群，（2021）。在地觀點：2021臺灣數位行銷趨勢與影響。2021全球行銷趨勢：聚焦核心價值，勤業眾信，70-71。羅明敏，（1998）。台灣企業海內外購併宣告對主併公司股東財富影響之實證研究。朝陽科技大學，財務金融研究所，臺中市。Bebchuk, L., Cohen, A., & Wang, C. C.Y. (2014). Golden Parachutes and the Wealth of Shareholders. Journal of Corporate Finance, 25, 140-154.Brinker, S. (2020). Marketing Technology Landscape Supergraphic (2020): Martech 5000 — really 8,000, but who’s counting? Retrieved from https://chiefmartec.com/2020/04/marketing-technology-landscape-2020-martech-5000/ (April 16, 2021)Chao, Y. C. (2018). Organizational learning and acquirer performance: How do serial acquirers learn from acquisition experience? Asia Pacific Management Review, 23, 161-168.Elkin, N., Bloom, B., McGuire, M., & Enever, J. (2021). Magic Quadrant for Multichannel Marketing Hubs, Gartner.Folus, D., & Boutron, E. (2015). Exit Strategies in Private Equity. Private Equity: Opportunities and Risks, 215-235.Gompers, P., Kaplan, S. N., & Mukharlyamov, V. (2016). What do private equity firms say they do? Journal of Financial Economics, 121, 449-476.Huang, P., Officer, M. S., & Powell, R. (2016). Method of payment and risk mitigation in cross-border mergers and acquisitions. Journal of Corporate Finance, 40, 216-234.Nalawade, S. (2018). The Big Billions: The 6 Biggest MarTech Acquisitions of 2018. Retrieved from https://www.martechadvisor.com/articles/marketing-automation-2/six-biggest-martech-acquisitions-of-2018/ (April 16, 2021)Ryan, D. (2019). MARTECH: 2020 AND BEYOND, BDO & WARC.Sarner, A., Frank, A., Polk, J., Elkin, N., & Bloom, B. (2018). Magic Quadrant for Multichannel Marketing Hubs, Gartner.Vermaelen, T., & Xu, M. (2014). Acquisition finance and market timing. Journal of Corporate Finance, 25, 73-91.From mall to mobile: Adjusting to new consumer habits, PwC’s Global Consumer Insights Survey 2018. (2018). Retrieved from https://www.pwc.com/gx/en/industries/consumer-markets/consumer-insights-survey/archive/2018/new-consumer-habits.html (April 15, 2021) 描述 碩士
國立政治大學
企業管理研究所(MBA學位學程)
108363052資料來源 http://thesis.lib.nccu.edu.tw/record/#G0108363052 資料類型 thesis dc.contributor.advisor 吳啟銘<br>謝凱宇 zh_TW dc.contributor.advisor Wu, Chi-Ming<br>Hsieh, Kai-Yu en_US dc.contributor.author (Authors) 詹佩樺 zh_TW dc.contributor.author (Authors) Chan, Pei-Hua en_US dc.creator (作者) 詹佩樺 zh_TW dc.creator (作者) Chan, Pei-Hua en_US dc.date (日期) 2021 en_US dc.date.accessioned 4-Aug-2021 16:36:26 (UTC+8) - dc.date.available 4-Aug-2021 16:36:26 (UTC+8) - dc.date.issued (上傳時間) 4-Aug-2021 16:36:26 (UTC+8) - dc.identifier (Other Identifiers) G0108363052 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/136723 - 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) 108363052 zh_TW dc.description.abstract (摘要) 行銷科技產業處於產業生命週期的成長期，市場規模與需求擴增，潛在競爭者的威脅高，典型的軟體大廠和眾多小型新創公司並存於市場上，軟體大廠之間的競爭激烈，積極透過併購獲取成長機會。本研究採用個案研究方法，探討Adobe併購Marketo個案之外部環境誘因、內部併購動機、綜效來源、購併價金之合理性、支付工具與融資安排之選擇、市場反應、併購後續整合及績效分析，了解併購策略是否適當，以及併購後能否如期實現綜效。本研究發現，透過檢視各事業部的成長潛力與競爭地位，分辨各事業部是否有繼續投資的價值，或是對事業部進行維持、處分、縮編，經由適當的企業資源配置，發展相關的業務與加深差異化競爭優勢，能逐步建立護城河。行銷科技產業屬於成長階段且競爭激烈，企業軟體的轉換成本高昂，因此技術發展與獲得市佔率的速度尤為重要，透過水平整合的成長策略可以快速取得核心能力和市場，亦能減緩策略群組內的競爭強度。併購須符合策略上的互補性，兩間公司之間的互補性越高，整合後帶來的綜效也越高；基於組織學習，企業可以藉由過去的併購經驗與目標公司的能力中學習，因此相關的併購經驗及策略互補的能力，能為企業帶來經驗學習之效益，獲得可持續競爭的優勢。本研究提供管理者選擇成長策略的思考面向，此個案之策略思維可以作為併購時之參考依據。 zh_TW dc.description.abstract (摘要) The marketing technology industry is now at the growth stage of the industry life-cycle; market scale and demands are increasing, and the threat of potential competitors is high. Companies obtain growth opportunities actively through mergers and acquisitions in such fierce competition. This case study, Adobe’s acquisition of Marketo, explains the M&A strategy, including external and internal motivations, synergy, valuation, method of payment, acquisition finance, market reaction, post-merger integration and performance analysis. To understand whether the growth strategy is appropriate, and whether the synergy can be achieved.By examining the growth potential and competitive position of each business unit, companies can develop related businesses through appropriate enterprise resource allocation, and strengthen competitive advantages. Due to high switching barriers of enterprise software, the speed of development is particularly important within the growing and intense industry. Companies can acquire core capabilities and markets fast via horizontal integration, reduce the intensity of competition as well.Strategic fit is essential for M&A; the higher of complementarity between two companies, the more synergy can be created after the integration. Based on organizational learning, companies can learn from acquisition experience and the knowledge of target companies. Therefore, acquirers can benefit from related M&A experience, and gain sustainable competitive advantages. en_US dc.description.tableofcontents 謝誌 II中文摘要 IIIABSTRACT IV目次 V表次 VI圖次 VII第一章 緒論 1第一節 研究動機 1第二節 研究問題 2第三節 研究方法 4第二章 併購事前分析 5第一節 交易事件概述 5第二節 公司介紹 6第三節 併購誘因分析：總體環境因素 11第四節 併購誘因分析：個體公司因素 27第五節 綜效分析 31第三章 併購事中分析 39第一節 公司評價與交易金額之合理性 39第二節 支付工具之選擇 50第三節 併購融資之安排 52第四章 併購事後分析 56第一節 市場反應 56第二節 併購後整合與措施 61第三節 併購後績效分析 62第五章 結論與建議 66第一節 個案結論 66第二節 研究限制與建議 69參考文獻 70 zh_TW dc.format.extent 2966258 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0108363052 en_US dc.subject (關鍵詞) Adobe zh_TW dc.subject (關鍵詞) Marketo zh_TW dc.subject (關鍵詞) 行銷科技 zh_TW dc.subject (關鍵詞) 水平整合 zh_TW dc.subject (關鍵詞) 併購 zh_TW dc.subject (關鍵詞) 成長策略 zh_TW dc.subject (關鍵詞) 組織學習 zh_TW dc.subject (關鍵詞) Adobe en_US dc.subject (關鍵詞) Marketo en_US dc.subject (關鍵詞) Marketing technology en_US dc.subject (關鍵詞) Horizontal integration en_US dc.subject (關鍵詞) Mergers and acquisitions en_US dc.subject (關鍵詞) Growth strategy en_US dc.subject (關鍵詞) Organizational learning en_US dc.title (題名) 企業併購個案分析：以Adobe併購Marketo為例 zh_TW dc.title (題名) Merger and Acquisition Case Study: Adobe’s Acquisition of Marketo en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 朱文儀、陳建男譯，Hill, C. W. L., Schilling, M. A., & Jones, G. R. 著，（2020）。策略管理。臺北市：華泰文化。吳啟銘，（2010）。企業評價：個案實證分析。臺北市：智勝文化。高端訓，（2020）。以MARTECH經營大數據會員行銷。臺北市：時報文化。Sedivy, P., & Barrett, M. (2021). 敏捷：改寫遊戲規則。2021全球行銷趨勢：聚焦核心價值，勤業眾信，16-23。溫紹群，（2021）。在地觀點：2021臺灣數位行銷趨勢與影響。2021全球行銷趨勢：聚焦核心價值，勤業眾信，70-71。羅明敏，（1998）。台灣企業海內外購併宣告對主併公司股東財富影響之實證研究。朝陽科技大學，財務金融研究所，臺中市。Bebchuk, L., Cohen, A., & Wang, C. C.Y. (2014). Golden Parachutes and the Wealth of Shareholders. Journal of Corporate Finance, 25, 140-154.Brinker, S. (2020). Marketing Technology Landscape Supergraphic (2020): Martech 5000 — really 8,000, but who’s counting? Retrieved from https://chiefmartec.com/2020/04/marketing-technology-landscape-2020-martech-5000/ (April 16, 2021)Chao, Y. C. (2018). Organizational learning and acquirer performance: How do serial acquirers learn from acquisition experience? Asia Pacific Management Review, 23, 161-168.Elkin, N., Bloom, B., McGuire, M., & Enever, J. (2021). Magic Quadrant for Multichannel Marketing Hubs, Gartner.Folus, D., & Boutron, E. (2015). Exit Strategies in Private Equity. Private Equity: Opportunities and Risks, 215-235.Gompers, P., Kaplan, S. N., & Mukharlyamov, V. (2016). What do private equity firms say they do? Journal of Financial Economics, 121, 449-476.Huang, P., Officer, M. S., & Powell, R. (2016). Method of payment and risk mitigation in cross-border mergers and acquisitions. Journal of Corporate Finance, 40, 216-234.Nalawade, S. (2018). The Big Billions: The 6 Biggest MarTech Acquisitions of 2018. Retrieved from https://www.martechadvisor.com/articles/marketing-automation-2/six-biggest-martech-acquisitions-of-2018/ (April 16, 2021)Ryan, D. (2019). MARTECH: 2020 AND BEYOND, BDO & WARC.Sarner, A., Frank, A., Polk, J., Elkin, N., & Bloom, B. (2018). Magic Quadrant for Multichannel Marketing Hubs, Gartner.Vermaelen, T., & Xu, M. (2014). Acquisition finance and market timing. Journal of Corporate Finance, 25, 73-91.From mall to mobile: Adjusting to new consumer habits, PwC’s Global Consumer Insights Survey 2018. (2018). Retrieved from https://www.pwc.com/gx/en/industries/consumer-markets/consumer-insights-survey/archive/2018/new-consumer-habits.html (April 15, 2021) zh_TW dc.identifier.doi (DOI) 10.6814/NCCU202100924 en_US
