學術產出-Theses
Article View/Open
Publication Export
-
題名 企業合併策略之研究—以 GO-JEK 和 Tokopedia 的合併為例
A Study on Corporate Merger Strategy: The Case of Merger between GO-JEK and Tokopedia作者 張少謙
Chang, Shao-Chien貢獻者 謝凱宇
Hsieh, Kai-Yu
張少謙
Chang, Shao-Chien關鍵詞 合併
個案分析
GO-JEK
Tokopedia
GoTo
Merger & Acquisition
Case Study
GO-JEK
Tokopedia
GoTo日期 2022 上傳時間 1-Aug-2022 18:56:54 (UTC+8) 摘要 併購一直被企業視為快速成長的一種手段。藉由併購，企業能取得新技術、用戶或產品，提升既有市場占有率，又或是進入新市場。本研究探討GO-JEK和Tokopedia的合併案例。合併前，這兩間公司都為印尼數一數二的獨角獸，前者以超級App為核心、後者則是本土最大的電商。此次的合併為印尼歷史上最大的併購案，並且得到政府的支持，故格外受到外界關注。本研究發現，合併前的兩間公司皆具備平台性質，故合併後的GoTo將能享有更強的網路效應。對於賣方來說，可以藉此接觸到更多的潛在買家；對於買方而言，能享受更多元的服務；至於對於平台本身來說，則是能夠得到更多的數據以分析消費者行為。平台中的金融服務作為獨立事業體可以進一步強化買賣方金流的串接，並創造有別於傳統金融機構的授信和貸款機制。然而，個案公司雖能夠提供多元的服務，但其與競爭者之間並沒有明顯差異化，且由於平台轉移成本低，用戶忠誠度並不高。因此，未來必須持續觀察個案公司相對於同業的活躍用戶數變化以及獲利情形，以判斷其是否能夠持續茁壯。
Mergers and acquisitions have always been regarded as a means of rapid growth by companies. Through mergers and acquisitions, companies can acquire new technologies, users, or products, and increase their market share, or enter new markets.This study examines the case of the merger of GO-JEK and Tokopedia. Before the merger, both parties were top unicorns in Indonesia, with the former centering on a super app and the latter being the largest local e-commerce company. Since this merger was the largest one in Indonesia’s history and was supported by the government, it has received widespread attention.The study found that since the two companies were both platform-based before their merger, the combined company GoTo could benefit from a stronger network effect. For sellers, they can reach more potential buyers; for buyers, they can enjoy more diversified services; for the platform itself, it can obtain more data to analyze consumer behavior. The financial services in the platform as an independent business can further strengthen the financial flows between buyers and sellers, creating a credit and loan mechanism different from that of traditional financial institutions.However, although the case company can provide a variety of services, it is not clearly differentiated from its competitors, and user loyalty is limited due to low platform switching cost. Therefore, the changes in the number of active users and profitability of the case company relative to its peers would need to be continuously monitored to determine whether the company can continue to thrive.參考文獻 王志誠（2020），企業併購法實戰守則（第二版），新學林。司徒達賢（2016），策略管理新論：觀念架構與分析方法（第五版），元照出版。伍忠賢（2000），企業併購理論與實務—跨世紀全球投資觀點，台北：新陸，38-39。全國法規資料庫（2015），企業併購法，取自https://law.moj.gov.tw/LawClass/LawAll.aspx?pcode=J0080041呂嘉弘、藍天雄、羅智耀、藍健豪（2007），企業併購之風險管理探討—以台灣電信業為例，經營管理書叢，261-273。李香瑩、鍾惠珍（2003），從策略出發 求綜效極大 解讀企業併購，會計研究月刊，214，37-46。杜英宗、顏和正（2015），用併購讓經營更卓越：就算爬窗也要聽的熱門課，天下雜誌。梁連文、李桐豪、黃博怡（2010），臺灣銀行業整併之探討—模糊德菲法之應用，台灣金融財務季刊，11（4），31-65。陳則銘（2004），企業併購之相關智慧財產管理策略與法律規劃研究-以併購美國高科技公司時之專利查核評估探微，國立政治大學智慧財產研究所碩士論文。陳雪如、施光訓、葉兆晏（2004），企業合併與收購決策之策略分析與實證研究，華人經濟研究，2（1），132-158。陳欽雨、呂博裕、蕭佩華（2014），企業購併後經營綜效分析—以Y證券公司為例，管理實務與理論研究，8（4），53-69。黃志仁、溫宜豪（2008），合併子公司之綜效與市場反應，交大管理學報，28，137-46黃亮洲（2006），市場佔有率、效率變動、利潤分配對水平合併之影響，真理財經學報，15，1-28。黃渝婷（2015），國際併購策略與整合—以中美矽晶為例，國立政治大學企業管理研究所碩士論文。經濟部（2011），電子商務年鑑。葉銀華（2000），企業併購風險管理與案例分析，會計研究月刊，173，40-47。劉文良（2020），網路行銷：智慧商務時代（第五版）， 碁峰。蔡明宏、徐滋敏、翁培師（2020），同業整合或跨業擴展？外部環境與內部特徵對企業併購型態選擇的影響，證券市場發展期刊，32（1），33-70。鍾惠珍、李香瑩（2003），價格及控制之爭奪 整合與綜效需落實 併購的成敗關鍵，會計研究月刊，214，47-56。顏雅倫（2016），雙邊 / 多邊市場之競爭與創新—論競爭法的因應，科技法學評論，13（1），219-265。Alfred, D. C.,（1990）. Scale and scope. The dynamics of industrial capitalism. The Belknap Press of Harvard University Press, 33（6）, 61-64.Bruton, G. D., Oviatt, B. M., & White, M. A.（1994）. Performance of acquisitions of distressed firms. Academy of Management Journal, 37, 972-989.Finkelstein, S., & Haleblian, J.,（2002）. Understanding acquisition performance: The role of transfer effects. Organization Science, 13, 36-47.Fintech News Singapore（2020). Fintech Indonesia Report, retrieved from: https://fintechnews.sg/wp-content/uploads/2020/12/Fintech-Indonesia-Report-2020.pdfFowler, K. L., & Schmidt, D. R.（1989）Determinants of tender offer post-acquisition financial performance. Strategic Management Journal, 10, 339-350.Franks, J., Harris, R., & Titman S.（1991）. The post-merger share-price performance of acquiring firms. Journal of Financial Economics, 29（1）, 81-86.GoTo（2022）. Prospectus, retrieved from: https://www.gotocompany.com/en/investor-relations/prospectusGrab（2022）. Annual Reports, retrieved from: https://investors.grab.com/Haleblian, J., & Finkelstein, S.（1999）. The influence of organizational acquisition experience on acquisition performance: A behavioral learning perspective. Administrative Science Quarterly, 44, 29-56.Heeley, M. B., King, D. R., & Covin, J. G.（2006）. R&D investment level and environment as predictors of firm acquisition. Journal of Management Studies, 43, 1513-1536.i-Buzz Research（2021），《東南亞網路使用報告》數位經濟爆發！2020年4000萬人首次上網｜東南亞市場觀察，取自https://www.i-buzz.com.tw/crossborder/article_page/?id=NTY=International Trade Administration（2020).Indonesia - Country Commercial Guide, retrieved from:https://www.trade.gov/country-commercial-guides/indonesia-financial-services-financial-technologyKing, D. R., Dalton, D. R., Daily, C. M., & Covin, J. G.（2004）. Meta-analyses of post-acquisition performance: Indications of unidentified moderators. Strategic Management Journal, 25, 187-200.King, D. R., Soltegraaf, R., & Kesner, I.（2008）. Performance implications of firm resource interactions in the acquisition of R&D-intensive firms. Organization Science, 19, 327-340.Lahey, K. E., & Conn, R. L.（1990）. Sensitivity of acquiring firm’ returns to alternative model specification and disaggregation. Journal of Business and Accounting, 17, 421-439.Michael, A. H., David K., Hema, K. M. M., Mario, S., Katsuhiko, S., & Hong, Z.（2009）. Mergers and acquisitions: Overcoming pitfalls, building synergy, and creating value, Business Horizon, 52（6）, 139-207.Momentum Works（2021）. Who are the biggest shareholders of GoTo, after Gojek Tokopedia merger?, retrieved from: https://thelowdown.momentum.asia/who-are-the-biggest-shareholders-of-goto-after-gojek-tokopedia-merger/Muhammad, I. K., Popo S., Maryana, Yusrina, U., Syahrial S., & Mohammad Z. （2021）. The impact of merger company on the value of case study stocks on merger GOJEK and Tokopedia. Proceeding on Engineering Sciences , 3（4）, 425-432.Park, C.（2003）. Prior performance characteristics of related and unrelated acquirers. Strategic Management Journal, 24, 471-480.Pat Dorsey（2013）. 尋找投資護城河：擴大獲利的選股秘訣，財信出版。Punch, K. F.（1998）. Introduction to social research: Quantitative & qualitative approaches, London: Sage.Scott, R., John, S. W., & Andrei, A.（2020）. How Finance Can Lead the Effort to Drive Revenue Synergies. 取自https://www.cfo.com/corporate-finance/2020/04/how-finance-can-lead-the-effort-to-drive-revenue-synergies/Sea（2022）. Annual Reports, retrieved from: https://www.sea.com/investor/annualreportsSeth, A.（1990）. Value creation in acquisitions: A re-examination of performance issues. Strategic Management Journal, 11, 99-115.Shelton, L. M.（1988）. Strategic business fits and corporate acquisition: Empirical evidence. Strategic Management Journal, 9, 279-287.Singh, H., & Montgomery, C. A.（1987）. Corporate acquisition strategies & economic performance. Strategic Management Journal, 8（4）, 377-386.Statista（2022）.eCommerce Indonesia, retrieved from: https://www.statista.com/outlook/dmo/ecommerce/indonesia#revenueSukarmi, Sholahuddin, A., Kukuh, T., & Moch, Z. A.（2021）. Assessing the merger of online platform companies: Does it lead to monopoly or just business expansion? （Analysis of the merged company of GoTo）. Indonesian Law Journal, 9（3）, 551-586.TECH IN ASIA（2021）. Org Chart: The people leading GoTo Group, retrieved from: https://www.techinasia.com/visual-story/org-chart-people-leading-goto-groupThe World Bank（2021）. GDP growth (annual %) – Indonesia, retrieved from: https://data.worldbank.org/indicator/NY.GDP.MKTP.KD.ZG?end=2020&locations=ID&start=2010Vermeulen, F., & Barkema, H.（2001）. Learning through acquisitions. Academy of Management Journal, 44, 457-476.Yin, K. R.（2002）. Case study research: Design and methods, third edition, London: Sage. 描述 碩士
國立政治大學
企業管理研究所(MBA學位學程)
108363007資料來源 http://thesis.lib.nccu.edu.tw/record/#G0108363007 資料類型 thesis dc.contributor.advisor 謝凱宇 zh_TW dc.contributor.advisor Hsieh, Kai-Yu en_US dc.contributor.author (Authors) 張少謙 zh_TW dc.contributor.author (Authors) Chang, Shao-Chien en_US dc.creator (作者) 張少謙 zh_TW dc.creator (作者) Chang, Shao-Chien en_US dc.date (日期) 2022 en_US dc.date.accessioned 1-Aug-2022 18:56:54 (UTC+8) - dc.date.available 1-Aug-2022 18:56:54 (UTC+8) - dc.date.issued (上傳時間) 1-Aug-2022 18:56:54 (UTC+8) - dc.identifier (Other Identifiers) G0108363007 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/141380 - 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) 108363007 zh_TW dc.description.abstract (摘要) 併購一直被企業視為快速成長的一種手段。藉由併購，企業能取得新技術、用戶或產品，提升既有市場占有率，又或是進入新市場。本研究探討GO-JEK和Tokopedia的合併案例。合併前，這兩間公司都為印尼數一數二的獨角獸，前者以超級App為核心、後者則是本土最大的電商。此次的合併為印尼歷史上最大的併購案，並且得到政府的支持，故格外受到外界關注。本研究發現，合併前的兩間公司皆具備平台性質，故合併後的GoTo將能享有更強的網路效應。對於賣方來說，可以藉此接觸到更多的潛在買家；對於買方而言，能享受更多元的服務；至於對於平台本身來說，則是能夠得到更多的數據以分析消費者行為。平台中的金融服務作為獨立事業體可以進一步強化買賣方金流的串接，並創造有別於傳統金融機構的授信和貸款機制。然而，個案公司雖能夠提供多元的服務，但其與競爭者之間並沒有明顯差異化，且由於平台轉移成本低，用戶忠誠度並不高。因此，未來必須持續觀察個案公司相對於同業的活躍用戶數變化以及獲利情形，以判斷其是否能夠持續茁壯。 zh_TW dc.description.abstract (摘要) Mergers and acquisitions have always been regarded as a means of rapid growth by companies. Through mergers and acquisitions, companies can acquire new technologies, users, or products, and increase their market share, or enter new markets.This study examines the case of the merger of GO-JEK and Tokopedia. Before the merger, both parties were top unicorns in Indonesia, with the former centering on a super app and the latter being the largest local e-commerce company. Since this merger was the largest one in Indonesia’s history and was supported by the government, it has received widespread attention.The study found that since the two companies were both platform-based before their merger, the combined company GoTo could benefit from a stronger network effect. For sellers, they can reach more potential buyers; for buyers, they can enjoy more diversified services; for the platform itself, it can obtain more data to analyze consumer behavior. The financial services in the platform as an independent business can further strengthen the financial flows between buyers and sellers, creating a credit and loan mechanism different from that of traditional financial institutions.However, although the case company can provide a variety of services, it is not clearly differentiated from its competitors, and user loyalty is limited due to low platform switching cost. Therefore, the changes in the number of active users and profitability of the case company relative to its peers would need to be continuously monitored to determine whether the company can continue to thrive. en_US dc.description.tableofcontents 謝辭 I摘要 IIAbstract III目次 III表次 VI圖次 VII第一章 緒論 8第一節 研究動機 8第二節 研究目的 9第三節 研究流程 10第二章 文獻探討 11第一節 併購的類型 11第一項 合併 12第二項 收購 13第三項 分割 13第二節 併購的動機 14第三節 併購的關鍵成功要素與風險 18第一項 併購的關鍵成功要素 18第二項 併購之風險因素 20第三章 研究方法 23第一節 研究方法 23第二節 資料來源 24第四章 個案分析 26第一節 個案背景 27第一項 GO-JEK 27第二項 Tokopedia 30第二節 併購環境背景分析 33第一項 大環境分析 33第二項 產業環境分析 36第三項 競爭環境分析 40第三節 關鍵決策分析 47第一項 產品線廣度與特色 47第二項 市場區隔與選擇 48第三項 垂直整合程度之取決 48第四項 相對規模與規模經濟 48第五項 地理位置範圍 49第六項 競爭優勢 49第七項 組織架構 51第四節 併購效益及風險分析 53第一項 合併效益 53第二項 合併風險 56第三項 小結 60第五章 結論建議與研究限制 63第一節 結論 63第二節 研究限制 65參考文獻 66 zh_TW dc.format.extent 1168588 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0108363007 en_US dc.subject (關鍵詞) 合併 zh_TW dc.subject (關鍵詞) 個案分析 zh_TW dc.subject (關鍵詞) GO-JEK zh_TW dc.subject (關鍵詞) Tokopedia zh_TW dc.subject (關鍵詞) GoTo zh_TW dc.subject (關鍵詞) Merger & Acquisition en_US dc.subject (關鍵詞) Case Study en_US dc.subject (關鍵詞) GO-JEK en_US dc.subject (關鍵詞) Tokopedia en_US dc.subject (關鍵詞) GoTo en_US dc.title (題名) 企業合併策略之研究—以 GO-JEK 和 Tokopedia 的合併為例 zh_TW dc.title (題名) A Study on Corporate Merger Strategy: The Case of Merger between GO-JEK and Tokopedia en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 王志誠（2020），企業併購法實戰守則（第二版），新學林。司徒達賢（2016），策略管理新論：觀念架構與分析方法（第五版），元照出版。伍忠賢（2000），企業併購理論與實務—跨世紀全球投資觀點，台北：新陸，38-39。全國法規資料庫（2015），企業併購法，取自https://law.moj.gov.tw/LawClass/LawAll.aspx?pcode=J0080041呂嘉弘、藍天雄、羅智耀、藍健豪（2007），企業併購之風險管理探討—以台灣電信業為例，經營管理書叢，261-273。李香瑩、鍾惠珍（2003），從策略出發 求綜效極大 解讀企業併購，會計研究月刊，214，37-46。杜英宗、顏和正（2015），用併購讓經營更卓越：就算爬窗也要聽的熱門課，天下雜誌。梁連文、李桐豪、黃博怡（2010），臺灣銀行業整併之探討—模糊德菲法之應用，台灣金融財務季刊，11（4），31-65。陳則銘（2004），企業併購之相關智慧財產管理策略與法律規劃研究-以併購美國高科技公司時之專利查核評估探微，國立政治大學智慧財產研究所碩士論文。陳雪如、施光訓、葉兆晏（2004），企業合併與收購決策之策略分析與實證研究，華人經濟研究，2（1），132-158。陳欽雨、呂博裕、蕭佩華（2014），企業購併後經營綜效分析—以Y證券公司為例，管理實務與理論研究，8（4），53-69。黃志仁、溫宜豪（2008），合併子公司之綜效與市場反應，交大管理學報，28，137-46黃亮洲（2006），市場佔有率、效率變動、利潤分配對水平合併之影響，真理財經學報，15，1-28。黃渝婷（2015），國際併購策略與整合—以中美矽晶為例，國立政治大學企業管理研究所碩士論文。經濟部（2011），電子商務年鑑。葉銀華（2000），企業併購風險管理與案例分析，會計研究月刊，173，40-47。劉文良（2020），網路行銷：智慧商務時代（第五版）， 碁峰。蔡明宏、徐滋敏、翁培師（2020），同業整合或跨業擴展？外部環境與內部特徵對企業併購型態選擇的影響，證券市場發展期刊，32（1），33-70。鍾惠珍、李香瑩（2003），價格及控制之爭奪 整合與綜效需落實 併購的成敗關鍵，會計研究月刊，214，47-56。顏雅倫（2016），雙邊 / 多邊市場之競爭與創新—論競爭法的因應，科技法學評論，13（1），219-265。Alfred, D. C.,（1990）. Scale and scope. The dynamics of industrial capitalism. The Belknap Press of Harvard University Press, 33（6）, 61-64.Bruton, G. D., Oviatt, B. M., & White, M. A.（1994）. Performance of acquisitions of distressed firms. Academy of Management Journal, 37, 972-989.Finkelstein, S., & Haleblian, J.,（2002）. Understanding acquisition performance: The role of transfer effects. Organization Science, 13, 36-47.Fintech News Singapore（2020). Fintech Indonesia Report, retrieved from: https://fintechnews.sg/wp-content/uploads/2020/12/Fintech-Indonesia-Report-2020.pdfFowler, K. L., & Schmidt, D. R.（1989）Determinants of tender offer post-acquisition financial performance. Strategic Management Journal, 10, 339-350.Franks, J., Harris, R., & Titman S.（1991）. The post-merger share-price performance of acquiring firms. Journal of Financial Economics, 29（1）, 81-86.GoTo（2022）. Prospectus, retrieved from: https://www.gotocompany.com/en/investor-relations/prospectusGrab（2022）. Annual Reports, retrieved from: https://investors.grab.com/Haleblian, J., & Finkelstein, S.（1999）. The influence of organizational acquisition experience on acquisition performance: A behavioral learning perspective. Administrative Science Quarterly, 44, 29-56.Heeley, M. B., King, D. R., & Covin, J. G.（2006）. R&D investment level and environment as predictors of firm acquisition. Journal of Management Studies, 43, 1513-1536.i-Buzz Research（2021），《東南亞網路使用報告》數位經濟爆發！2020年4000萬人首次上網｜東南亞市場觀察，取自https://www.i-buzz.com.tw/crossborder/article_page/?id=NTY=International Trade Administration（2020).Indonesia - Country Commercial Guide, retrieved from:https://www.trade.gov/country-commercial-guides/indonesia-financial-services-financial-technologyKing, D. R., Dalton, D. R., Daily, C. M., & Covin, J. G.（2004）. Meta-analyses of post-acquisition performance: Indications of unidentified moderators. Strategic Management Journal, 25, 187-200.King, D. R., Soltegraaf, R., & Kesner, I.（2008）. Performance implications of firm resource interactions in the acquisition of R&D-intensive firms. Organization Science, 19, 327-340.Lahey, K. E., & Conn, R. L.（1990）. Sensitivity of acquiring firm’ returns to alternative model specification and disaggregation. Journal of Business and Accounting, 17, 421-439.Michael, A. H., David K., Hema, K. M. M., Mario, S., Katsuhiko, S., & Hong, Z.（2009）. Mergers and acquisitions: Overcoming pitfalls, building synergy, and creating value, Business Horizon, 52（6）, 139-207.Momentum Works（2021）. Who are the biggest shareholders of GoTo, after Gojek Tokopedia merger?, retrieved from: https://thelowdown.momentum.asia/who-are-the-biggest-shareholders-of-goto-after-gojek-tokopedia-merger/Muhammad, I. K., Popo S., Maryana, Yusrina, U., Syahrial S., & Mohammad Z. （2021）. The impact of merger company on the value of case study stocks on merger GOJEK and Tokopedia. Proceeding on Engineering Sciences , 3（4）, 425-432.Park, C.（2003）. Prior performance characteristics of related and unrelated acquirers. Strategic Management Journal, 24, 471-480.Pat Dorsey（2013）. 尋找投資護城河：擴大獲利的選股秘訣，財信出版。Punch, K. F.（1998）. Introduction to social research: Quantitative & qualitative approaches, London: Sage.Scott, R., John, S. W., & Andrei, A.（2020）. How Finance Can Lead the Effort to Drive Revenue Synergies. 取自https://www.cfo.com/corporate-finance/2020/04/how-finance-can-lead-the-effort-to-drive-revenue-synergies/Sea（2022）. Annual Reports, retrieved from: https://www.sea.com/investor/annualreportsSeth, A.（1990）. Value creation in acquisitions: A re-examination of performance issues. Strategic Management Journal, 11, 99-115.Shelton, L. M.（1988）. Strategic business fits and corporate acquisition: Empirical evidence. Strategic Management Journal, 9, 279-287.Singh, H., & Montgomery, C. A.（1987）. Corporate acquisition strategies & economic performance. Strategic Management Journal, 8（4）, 377-386.Statista（2022）.eCommerce Indonesia, retrieved from: https://www.statista.com/outlook/dmo/ecommerce/indonesia#revenueSukarmi, Sholahuddin, A., Kukuh, T., & Moch, Z. A.（2021）. Assessing the merger of online platform companies: Does it lead to monopoly or just business expansion? （Analysis of the merged company of GoTo）. Indonesian Law Journal, 9（3）, 551-586.TECH IN ASIA（2021）. Org Chart: The people leading GoTo Group, retrieved from: https://www.techinasia.com/visual-story/org-chart-people-leading-goto-groupThe World Bank（2021）. GDP growth (annual %) – Indonesia, retrieved from: https://data.worldbank.org/indicator/NY.GDP.MKTP.KD.ZG?end=2020&locations=ID&start=2010Vermeulen, F., & Barkema, H.（2001）. Learning through acquisitions. Academy of Management Journal, 44, 457-476.Yin, K. R.（2002）. Case study research: Design and methods, third edition, London: Sage. zh_TW dc.identifier.doi (DOI) 10.6814/NCCU202200854 en_US
