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| Title | 透過併購的成長策略創造長期價值之研究：以A公司為例 Growth by M&A for Long-term Value Creation: the Case of Company A |
| Creator | 吳滄松 Wu, Tsang-Sung |
| Contributor | 陳嬿如 Chen, Yenn-Ru 吳滄松 Wu, Tsang-Sung |
| Key Words | 跨國併購 併購綜效 市場擴張 財務績效 策略管理 Cross-border Mergers and Acquisitions Merger Synergy Market Expansion Financial Performance Strategic Management |
| Date | 2024 |
| Date Issued | 5-Aug-2024 12:35:58 (UTC+8) |
| Summary | 本篇論文旨在探討企業透過併購策略來創造長期價值的過程及成效，以隱形眼鏡製造商A公司為個案研究對象。隨著全球化和市場競爭的加劇，企業進行跨國併購活動已成為一種常見的策略，用以擴大市場份額、增強競爭力及達成規模經濟。特別是在醫療器材產業，如隱形眼鏡市場，法規的多樣性和嚴格性使得市場策略尤為重要。A公司在2018年成功取得證照進入日本市場，並在面臨主要日本客戶FE公司的潛在併購提議時，展開了一系列的策略評估與決策。
本研究從獲利能力、營運效率及杜邦分析等多角度評估了併購後的綜效，並進一步探討了在營運和財務層面上實現的規模經濟與差異效率。研究結果顯示，A公司通過這次跨國併購成功地整合了FE公司的資源，不僅增強了公司的市場地位，也顯著提升了營運效率和財務表現。
適當的併購策略可以為企業帶來持久的競爭優勢和市場地位的提升。企業在考慮併購時，應全面評估目標公司的策略契合度、財務健康狀況及文化兼容性，以確保併購活動能夠順利實施並達到預期目標。 This thesis explores the process and outcomes of creating long-term value through merger and acquisition strategies, with a focus on A Company, a manufacturer of contact lenses. As globalization intensifies and market competition increases, cross-border mergers and acquisitions have become a prevalent strategy to expand market share, enhance competitiveness, and achieve economies of scale. Particularly in the medical device industry, such as the contact lens market, the diversity and strictness of regulations make market strategies especially important. In 2018, A Company successfully acquired the certification to enter the Japanese market and began a series of strategic evaluations and decisions in response to a potential merger proposal from its major client in Japan, FE Company. This research assesses the synergies post-merger from multiple perspectives, including profitability, operational efficiency, and DuPont analysis, further discussing the achieved economies of scale and differential efficiencies at operational and financial levels. The findings indicate that through this multinational acquisition, A Company successfully integrated the resources of FE Company, not only enhancing its market position but also significantly improving operational efficiency and financial performance. An appropriate merger strategy can provide sustainable competitive advantages and enhance market positioning for businesses. When considering acquisitions, companies should comprehensively assess the strategic alignment, financial health, and cultural compatibility of the target company to ensure smooth implementation of the M&A activities and achieve the expected goals. |
| 參考文獻 | 參考文獻 中文文獻: 1. 司徒達賢. 2019. 策略管理新論。 台北市:元照 2. 林進富.樓永堅. 方嘉麟. 周振鋒. 朱德芳. 2021. 企業併購理論與實務。 台北市:元照 3. 伍忠賢.2013企業併購:理論與實務。台北市:新陸 4. 林嬋娟.吳安妮.1992。臺灣企業併購綜效及績效之實證研究。會計評論。26期，頁1-23 5. A個案公司申請上市公開說明書(2022) 6. 望隼申請上市公開說明書(2024) 參考網址: 台灣的「隱形冠軍」！隱形眼鏡產業簡介與概況 https://www.stockfeel.com.tw/%E9%9A%B1%E5%BD%A2%E7%9C%BC%E9%8F%A1-%E7%8D%B2%E5%88%A9%E7%8E%8B/ 眼球商機：隱形眼鏡商機解析 https://www.cmoney.tw/notes/note-detail.aspx?nid=736871 Even with typical ups and downs this year, the contact lens market shows growth opportunities in several areas. https://clspectrum.com/issues/2023/january/contact-lenses-2022/ 我国隐形眼镜行业现状：需求增加、渗透率上升等多因素助推市场快速增长 https://www.chinabaogao.com/detail/599938.html |
| Description | 碩士 國立政治大學 經營管理碩士學程(EMBA) 111932008 |
| 資料來源 | http://thesis.lib.nccu.edu.tw/record/#G0111932008 |
| Type | thesis |
| dc.contributor.advisor | 陳嬿如 | zh_TW |
| dc.contributor.advisor | Chen, Yenn-Ru | en_US |
| dc.contributor.author (Authors) | 吳滄松 | zh_TW |
| dc.contributor.author (Authors) | Wu, Tsang-Sung | en_US |
| dc.creator (作者) | 吳滄松 | zh_TW |
| dc.creator (作者) | Wu, Tsang-Sung | en_US |
| dc.date (日期) | 2024 | en_US |
| dc.date.accessioned | 5-Aug-2024 12:35:58 (UTC+8) | - |
| dc.date.available | 5-Aug-2024 12:35:58 (UTC+8) | - |
| dc.date.issued (上傳時間) | 5-Aug-2024 12:35:58 (UTC+8) | - |
| dc.identifier (Other Identifiers) | G0111932008 | en_US |
| dc.identifier.uri (URI) | https://nccur.lib.nccu.edu.tw/handle/140.119/152520 | - |
| 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) | 111932008 | zh_TW |
| dc.description.abstract (摘要) | 本篇論文旨在探討企業透過併購策略來創造長期價值的過程及成效，以隱形眼鏡製造商A公司為個案研究對象。隨著全球化和市場競爭的加劇，企業進行跨國併購活動已成為一種常見的策略，用以擴大市場份額、增強競爭力及達成規模經濟。特別是在醫療器材產業，如隱形眼鏡市場，法規的多樣性和嚴格性使得市場策略尤為重要。A公司在2018年成功取得證照進入日本市場，並在面臨主要日本客戶FE公司的潛在併購提議時，展開了一系列的策略評估與決策。 本研究從獲利能力、營運效率及杜邦分析等多角度評估了併購後的綜效，並進一步探討了在營運和財務層面上實現的規模經濟與差異效率。研究結果顯示，A公司通過這次跨國併購成功地整合了FE公司的資源，不僅增強了公司的市場地位，也顯著提升了營運效率和財務表現。 適當的併購策略可以為企業帶來持久的競爭優勢和市場地位的提升。企業在考慮併購時，應全面評估目標公司的策略契合度、財務健康狀況及文化兼容性，以確保併購活動能夠順利實施並達到預期目標。 | zh_TW |
| dc.description.abstract (摘要) | This thesis explores the process and outcomes of creating long-term value through merger and acquisition strategies, with a focus on A Company, a manufacturer of contact lenses. As globalization intensifies and market competition increases, cross-border mergers and acquisitions have become a prevalent strategy to expand market share, enhance competitiveness, and achieve economies of scale. Particularly in the medical device industry, such as the contact lens market, the diversity and strictness of regulations make market strategies especially important. In 2018, A Company successfully acquired the certification to enter the Japanese market and began a series of strategic evaluations and decisions in response to a potential merger proposal from its major client in Japan, FE Company. This research assesses the synergies post-merger from multiple perspectives, including profitability, operational efficiency, and DuPont analysis, further discussing the achieved economies of scale and differential efficiencies at operational and financial levels. The findings indicate that through this multinational acquisition, A Company successfully integrated the resources of FE Company, not only enhancing its market position but also significantly improving operational efficiency and financial performance. An appropriate merger strategy can provide sustainable competitive advantages and enhance market positioning for businesses. When considering acquisitions, companies should comprehensively assess the strategic alignment, financial health, and cultural compatibility of the target company to ensure smooth implementation of the M&A activities and achieve the expected goals. | 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 1 第三節 研究流程及架構 3 第二章 文獻探討 4 第一節 策略形態分析法 4 第二節 併購的理論與實務 5 第三章 產業及個案介紹 13 第一節 產業介紹 13 第二節 A個案公司與被併公司(FE)簡介 24 第四章 併購分析 29 第一節 產業分析 29 第二節 A個案公司與被併公司(FE)SWOT分析 36 第三節 A個案公司與FE公司財務分析 39 第四節 併購綜效整合討論 50 第五章 結論與建議 54 參考文獻 55 | zh_TW |
| dc.format.extent | 15183544 bytes | - |
| dc.format.mimetype | application/pdf | - |
| dc.source.uri (資料來源) | http://thesis.lib.nccu.edu.tw/record/#G0111932008 | en_US |
| dc.subject (關鍵詞) | 跨國併購 | zh_TW |
| dc.subject (關鍵詞) | 併購綜效 | zh_TW |
| dc.subject (關鍵詞) | 市場擴張 | zh_TW |
| dc.subject (關鍵詞) | 財務績效 | zh_TW |
| dc.subject (關鍵詞) | 策略管理 | zh_TW |
| dc.subject (關鍵詞) | Cross-border Mergers and Acquisitions | en_US |
| dc.subject (關鍵詞) | Merger Synergy | en_US |
| dc.subject (關鍵詞) | Market Expansion | en_US |
| dc.subject (關鍵詞) | Financial Performance | en_US |
| dc.subject (關鍵詞) | Strategic Management | en_US |
| dc.title (題名) | 透過併購的成長策略創造長期價值之研究：以A公司為例 | zh_TW |
| dc.title (題名) | Growth by M&A for Long-term Value Creation: the Case of Company A | en_US |
| dc.type (資料類型) | thesis | en_US |
| dc.relation.reference (參考文獻) | 參考文獻 中文文獻: 1. 司徒達賢. 2019. 策略管理新論。 台北市:元照 2. 林進富.樓永堅. 方嘉麟. 周振鋒. 朱德芳. 2021. 企業併購理論與實務。 台北市:元照 3. 伍忠賢.2013企業併購:理論與實務。台北市:新陸 4. 林嬋娟.吳安妮.1992。臺灣企業併購綜效及績效之實證研究。會計評論。26期，頁1-23 5. A個案公司申請上市公開說明書(2022) 6. 望隼申請上市公開說明書(2024) 參考網址: 台灣的「隱形冠軍」！隱形眼鏡產業簡介與概況 https://www.stockfeel.com.tw/%E9%9A%B1%E5%BD%A2%E7%9C%BC%E9%8F%A1-%E7%8D%B2%E5%88%A9%E7%8E%8B/ 眼球商機：隱形眼鏡商機解析 https://www.cmoney.tw/notes/note-detail.aspx?nid=736871 Even with typical ups and downs this year, the contact lens market shows growth opportunities in several areas. https://clspectrum.com/issues/2023/january/contact-lenses-2022/ 我国隐形眼镜行业现状：需求增加、渗透率上升等多因素助推市场快速增长 https://www.chinabaogao.com/detail/599938.html | zh_TW |