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題名 集團企業併購策略之研究–以某通訊集團為例
A Case Study on Communication Enterprise Group M&A Strategies
作者 洪聰進
Hung, Tsung Chin
貢獻者 季延平
Chi, Yan Ping
洪聰進
Hung, Tsung Chin
關鍵詞 企業併購
merger& acquisition
日期 2015
上傳時間 2-Dec-2015 16:08:54 (UTC+8)
摘要 併購已經成為企業長期發展壯大的最重要途徑。企業從事併購是為了構築、強化和拓展核心能力,而核心能力是企業在瞬息萬變的市場環境中能以明顯的競爭優勢持續經營的保證。\r\n本文探討個案通信科技公司所實行成功與失敗併購的因素,公司如果選對了發展方向,就能以較小的投入,獲得較大報酬,並能得以持續的高速發展。個案公司的優勢在於資本運作與整合,劣勢在於從未涉足的行業與地區。如何利用優勢、規避劣勢、充分利用被整合的資源,是個案公司併購關鍵所在。\r\n本文共分四部分:第一部分介紹本文研究的背景和目的;第二部分透過國內外大量豐富的文獻了解企業併購的意義,包括企業併購的含義及其動因,以及併購成功與失敗的原因;第三部分介紹研究方法;第四部分介紹兩個併購案例,一個成功一個失敗,分析了導致企業併購成功與失敗的原因;並提出了防止企業併購失敗的對策。充分瞭解導致併購成功與失敗的原因及有針對性的採取措施去防止併購的失敗,對每一個有此意向的企業都是至關重要的。
M&A has become one of the most important strategy for enterprise longtime development. By restructuring resource and competence of two enterprises, the core competence will be cultivated and intensified. At the premise of longtime management of enterprise, the purpose of M&A is to construct, intensify and extent core competence.\r\nThis study gives a complete look back on the successful and failed merger cases of a communication technology company. If the company has chosen the right direction, it can gain a larger repayment by smaller input, also, it can achieve a continuous and rapid development. The advantage of case company is the operation and combination of capital, the disadvantage is that case company has never set foot on that industry and geographic area before. \r\nThe paper consists of four parts: the first part is to introduce the background, purpose of this paper; the second, through sufficient literature review to expose the current situation of merger and acquisition, including its meanings, causes and factors of success and failure; the third, research method used; the fourth: introduce two cases, one for successful another for failure. We analyze the causes of success and failure and provide the suggestions against the failure. It is very important to learn the causes of failure fully and take effective measures against the failure.
\"第一章 研究緒論................................................................................1\r\n第一節 研究背景與動機..................................................1\r\n第二節 研究方向與目的..................................................3\r\n第三節 預期貢獻..............................................................4\r\n第四節 論文架構............................,.................................5\r\n第五節 研究限制..............................................................5\r\n\r\n第二章 文獻探討.................................................................................7\r\n第一節 企業併購類型與觀念之探討..............................7\r\n第二節 企業併購理論之探討........................................19\r\n第三節 企業併購綜效之探討........................................21\r\n第四節 企業併購成本與風險之探討............................57\r\n第三章 研究架構與方法..................................................................69\r\n第一節 研究架構............................................................69\r\n第二節 研究方法............................................................71\r\n\r\n第四章個案分析.................................................................................76\r\n第一節 個案公司營運現況說明....................................76\r\n第二節 個案公司併購案例之說明................................80\r\n第三節 個案公司併購成敗案例之分析........................98\r\n\r\n第五章 結論與建議.........................................................................111\r\n第一節 結論..................................................................111\r\n第二節 建議..................................................................113\r\n\r\n參考文獻...........................................................................................115
參考文獻 1. Andrew Campbell, Kathleen Sommers Luchs, Strategic synergy, Butterworth-Heinemann, 1992.\r\n2. Ansoff, H. Igor, Corporate strategy: an analytic approach to business policy for growth and expansion, McGraw-Hill, 1965.\r\n3. Ansoff & J. F. Weston., Merger objectives and organization Structure, The Quarterly Review of Economics and Business 3, 1962,P49-58.\r\n4. Atkeson, A. and Kehoe, P. J., Measuring Organizational Capital, NBER Working Paper No. 8722, National Bureau of Economic Research. 2002.\r\n5. Birkinshaw, J, Bresman, H., Hakanson, L., Managing the Post-acquisition Integration Process: How the Human Integration and Task Integration Processes Interact to Foster Value Creation, Journal of Management Studies, v.3, n.3, p.395-425, 2000.\r\n6. Barney, J., Firm Resources and Sustained Competitive Advantage, Journal of Management, 17, 99-120, 1991.\r\n7. Bontis, Nick, Assessing Knowledge Assets: A review of the models used to measure intellectual capital, International Journal of Management Reviews, 3, 1, 41-60, 2001.\r\n8. Cartwright, S., & Cooper, C. L., The psychological impact of merger and acquisition on the individual: A study of building society managers. Human Relations, 46(3), 1993, 327-358.\r\n9. Coase,R., The Nature of the Firm, Economica 4 (16): 386–405. 1937.\r\n10. Cohen SL, Backer NK, Making and mining intellectual capital: Method or madness?, Training & Development 1999, 53(9):pp46-58.\r\n11. C.K. Prahalad, G. Hamel, The Core Competence of Corporation, Harvard Business Review, 1990, (516): pp79- 91.\r\n12. Datta, D.K., Organizational fit and acquisition performance: Effects of post-acquisition integration. Strategic Management Journal, Vol. 12, No. 4, 1991, pp. 281-297.\r\n13. David B. Jemison, Value Creation in Acquisition Integration - The Role of Strategic Capability Transfer, in Corporate Reorganization Through Mergers, DAVID, K.and SINGH, H., Sources of Acquisition Cultural Risk. In: VON KROGH, G.; SINATRA, A.; SINGH, H. (Eds.). The Management of Corporate Acquisitions: International Perspectives, London: The Macmillan Press Ltd, p. 251-292, 1994.\r\n14. Acquisitions, and Leveraged Buyouts, G. Leibcap, ed. Greenwich, CT: JAI Press, 1988.\r\n15. E. C. Prescott and M. Visscherf, Organization Capital, Journal of Political Economy, Vol.88 (June 1980):pp446-461.\r\n16. Edvinsson, L and Sullivan, P., Developing a model for managing intellectual capital, European Management Journal, Vol. 14 No 4, pp. 356-364, 1996.\r\n17. Fred Weston, Kwang S. Chung, Susan E. Hoag, Mergers, restructuring, and corporate control, Prentice Hall, 1990.\r\n18. F. Leorv, B. Ramanantsoa, The Cognitive and Behavioral Dimensions of Organizational Learning in a Merger: An Empirical Study, Journal of Management Studies, 1997, 34(6): 871-894.\r\n19. G. Hamel, A. Heene, Competence: Basel Competitions, Jhon Wiley & Sons, 1994.\r\n20. Gary S.Baker, Human Capital, 2nd ed. Columbia University Press, New York, 1975 and 3rd, 1994.\r\n21. H. Igor Ansoff, The new corporate strategy, Wiley; Revised Edition, 1988.\r\n22. Hannah L. & Kay J, Concentration in Modern Industry, London, Macmillan, 1977.\r\n23. Haspeslagh, P. & Farquhar, A., The acquisition integration process: A contingent framework. Paper presented at the 7th Annual International Conference of the Strategic Management Society, Boston, 1987. \r\n24. Itami Hiroyuki, Roehl, Thomas, Mobilizing Invisible Assets. Harvard University Press, 1987.\r\n25. Jensen, Michael C., and Murphy, Kevin J., Are Executive Compensation Contracts Structured Properly?, Mimeographed. Boston: Harvard Business School, May, 1988.\r\n26. Jemison, D. B., & Sitkin, S. B., Corporate acquisitions: A process perspective, Academy of Management Review, 11(1), 1986. 145–163.\r\n27. Jemison, D. B., & Sitkin, S. B. (1986b, March/April). Acquisitions: The process can be a problem. Harvard Business Review, 1986, 107–116.\r\n28. John Fred Weston, Kwang S. Chung, Susan E. Hoag, Mergers, Restructuring, and Corporate Control, Prentice-Hall International, 1990.\r\n29. Lubatkin, M. H., Merger strategies and stockholder value. StrategicManagement Journal, 8(1), 1987, pp39–54.\r\n30. Mark L. Sirower, The Synergy Trap, Free Press, 2007.\r\n31. Markides, Constantinos C., Williamson、Peter J., Related diversification, core competences and corporate performance, Strategic Management Journal, 1994(15).\r\n32. Michael Bradley, Amanda Desai and E. Han Kim, Synergistic Gains from Corporate Acquisitions and Their Division between the Stockholders of Target and Acquiring Firms, Journal of Financial Economics. Vo1.21(1988): P3-40.\r\n33. Michael Milgrom, Paul & Roberts, John, Complementarities and fit strategy, structure, and organizational change in manufacturing, Journal of Accounting and Economics, Elsevier, vol. 19(2-3), pp 179-208, 1995. \r\n34. Michael Dietrich, Transaction Cost Economics & Beyond, Routledge, 1994.\r\n35. Michael Porter, Competitive Advantage: Creating and Sustaining Superior Performance, Free Press, 1998.\r\n36. Nahavandiand Malekzadeh, Organizational Culture in the Management of Mergers, Praeger, 1993.\r\n37. Nicola J. Foss, Michael Iversen, Promoting Synergies in Multiproduct Firms: Toward a Resource-based View, Copenhagen Business School working paper: P40.\r\n38. Nicolai J.Foss, Christian Knudsen,Towards a competence theory of the firm, Psychology Press, 1996.\r\n39. Polanyi, The Tacit Dimension, University Of Chicago Press; Reissue edition, 2009.\r\n40. Porter, M.E., What is Strategy, Harvard Business Review, Nov/Dec 1996.\r\n41. Prescott, E. C., and M. Visscher, Organization capital, Journal of Political Economy 88 (3): 366–82,1980.\r\n42. Patrick E.Connor, Linda K.Lake, Richard W.Stackman, Managing organizational change, Praeger, 3rd., 2003.\r\n43. P. C. Haspeslagh, D.B. Jemison, Managing Acquisition: Creating Value through Corporate Renewal, The Free Press, 1991.\r\n44. P. Pritchett, After the Merger: The Authoritative Guide for Integration Success, McGraw-Hill, 2ed., 2007.\r\n45. Robert D. Buzzelland Bradley T. Gale, The PIMS Principle: Linking Strategy to Performance, The Free Press, 1987.\r\n46. Robert S. Kaplan、David P. Norton, Alignment: Using the Balanced Scorecard to Create Corporate Synergies, Harvard Business Review Press, 2006.\r\n47. Rosen, S., Learning by experience as joint production, Quarterly Journal of Economics, 86 (3): 366–82.1972.\r\n48. Schultz T, Investment in Human Capital: The Role of Education and Research. Free Press, NY, Mac Millan, 1971.\r\n49. Shelton, L. M. (1988), Strategic business fits and corporate acquisition: Empirical evidence, Strategic Management Journal, 9, pp. 279-287.\r\n50. Sherwin Rosen, Learning by Experience as Joint Production, Quarterly Journal of Economics, August 1972: 366-382.\r\n51. Singh, Harbir, Corporate acquisition and economic performance, Doctoral dissertation, University of Michigan, Ann Arbor, 1984.\r\n52. Singh, Harbir and Montgomery, Cynthia A., Corporate Acquisition Strategies and Economic Performance, Strategic Management Journal, Vol.8, Issue 4, 1987, pp377-386.\r\n53. Sitkin, S. B., Lind, E. A., & Long., C. P., The pyramid model of leadership, Durham, NC: Duke University, 2001.\r\n54. Stuart Ferguson, Financial Analysis of M&A Integration, McGraw-Hill, 2003.\r\n55. Tetenbaum, Tony J., Beating the odds of merger and acquisition failure: seven key practices that improve the chance for expected integration and synergies, Organizational Dynamics, Autumn 1999.\r\n56. Thomas A. Stewart, Intellectual Capital: The new wealth of organization, Crown Business, 2010.\r\n57. Thomas Osegowitsch, The organizational dimension of internationalization strategy in the biotechnology industry. University of Western Australia, Master’s Thesis, 1995.\r\n58. Weaver and Weston, Mergers & Acquisitions, McGraw-Hill, 2004.\r\n59. Williamson, O. E., Markets and Hierarchies: Analysis and Antitrust Implications, New York: Free Press, 1975.\r\n60. PWC Global,資誠全球聯盟組織(PwC Global)2012-2016 全球娛樂及媒體展望, 2012\r\n61. 王長徵,企業併購整合,武漢大學出版社,2002(2),P138。\r\n62. 何慶明、戴麗萍、李和昌、黃恒超:智慧資本與企業策略併購,中國經濟出版社,2006年6月,第234頁。\r\n63. 李青原、王永海,西方公司併購綜效的理論與實證回顧[J],財會通訊,2005(1)。\r\n64. 吳琮璠,資訊 管理個案研究方法,資訊管理學報,第四卷,第一期,第7-11頁,1997。\r\n65. 楊國樞.文崇一.吳聰賢.李亦園,社會及行為科學研究法 (上),東華書局,2012。
描述 碩士
國立政治大學
經營管理碩士學程(EMBA)
102932401
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0102932401
資料類型 thesis
dc.contributor.advisor 季延平zh_TW
dc.contributor.advisor Chi, Yan Pingen_US
dc.contributor.author (Authors) 洪聰進zh_TW
dc.contributor.author (Authors) Hung, Tsung Chinen_US
dc.creator (作者) 洪聰進zh_TW
dc.creator (作者) Hung, Tsung Chinen_US
dc.date (日期) 2015en_US
dc.date.accessioned 2-Dec-2015 16:08:54 (UTC+8)-
dc.date.available 2-Dec-2015 16:08:54 (UTC+8)-
dc.date.issued (上傳時間) 2-Dec-2015 16:08:54 (UTC+8)-
dc.identifier (Other Identifiers) G0102932401en_US
dc.identifier.uri (URI) https://ah.lib.nccu.edu.tw/item?item_id=88732-
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) 102932401zh_TW
dc.description.abstract (摘要) 併購已經成為企業長期發展壯大的最重要途徑。企業從事併購是為了構築、強化和拓展核心能力,而核心能力是企業在瞬息萬變的市場環境中能以明顯的競爭優勢持續經營的保證。\r\n本文探討個案通信科技公司所實行成功與失敗併購的因素,公司如果選對了發展方向,就能以較小的投入,獲得較大報酬,並能得以持續的高速發展。個案公司的優勢在於資本運作與整合,劣勢在於從未涉足的行業與地區。如何利用優勢、規避劣勢、充分利用被整合的資源,是個案公司併購關鍵所在。\r\n本文共分四部分:第一部分介紹本文研究的背景和目的;第二部分透過國內外大量豐富的文獻了解企業併購的意義,包括企業併購的含義及其動因,以及併購成功與失敗的原因;第三部分介紹研究方法;第四部分介紹兩個併購案例,一個成功一個失敗,分析了導致企業併購成功與失敗的原因;並提出了防止企業併購失敗的對策。充分瞭解導致併購成功與失敗的原因及有針對性的採取措施去防止併購的失敗,對每一個有此意向的企業都是至關重要的。zh_TW
dc.description.abstract (摘要) M&A has become one of the most important strategy for enterprise longtime development. By restructuring resource and competence of two enterprises, the core competence will be cultivated and intensified. At the premise of longtime management of enterprise, the purpose of M&A is to construct, intensify and extent core competence.\r\nThis study gives a complete look back on the successful and failed merger cases of a communication technology company. If the company has chosen the right direction, it can gain a larger repayment by smaller input, also, it can achieve a continuous and rapid development. The advantage of case company is the operation and combination of capital, the disadvantage is that case company has never set foot on that industry and geographic area before. \r\nThe paper consists of four parts: the first part is to introduce the background, purpose of this paper; the second, through sufficient literature review to expose the current situation of merger and acquisition, including its meanings, causes and factors of success and failure; the third, research method used; the fourth: introduce two cases, one for successful another for failure. We analyze the causes of success and failure and provide the suggestions against the failure. It is very important to learn the causes of failure fully and take effective measures against the failure.en_US
dc.description.abstract (摘要) \"第一章 研究緒論................................................................................1\r\n第一節 研究背景與動機..................................................1\r\n第二節 研究方向與目的..................................................3\r\n第三節 預期貢獻..............................................................4\r\n第四節 論文架構............................,.................................5\r\n第五節 研究限制..............................................................5\r\n\r\n第二章 文獻探討.................................................................................7\r\n第一節 企業併購類型與觀念之探討..............................7\r\n第二節 企業併購理論之探討........................................19\r\n第三節 企業併購綜效之探討........................................21\r\n第四節 企業併購成本與風險之探討............................57\r\n第三章 研究架構與方法..................................................................69\r\n第一節 研究架構............................................................69\r\n第二節 研究方法............................................................71\r\n\r\n第四章個案分析.................................................................................76\r\n第一節 個案公司營運現況說明....................................76\r\n第二節 個案公司併購案例之說明................................80\r\n第三節 個案公司併購成敗案例之分析........................98\r\n\r\n第五章 結論與建議.........................................................................111\r\n第一節 結論..................................................................111\r\n第二節 建議..................................................................113\r\n\r\n參考文獻...........................................................................................115-
dc.description.tableofcontents 第一章 研究緒論................................................................................1\r\n第一節 研究背景與動機..................................................1\r\n第二節 研究方向與目的..................................................3\r\n第三節 預期貢獻..............................................................4\r\n第四節 論文架構............................,.................................5\r\n第五節 研究限制..............................................................5\r\n\r\n第二章 文獻探討.................................................................................7\r\n第一節 企業併購類型與觀念之探討..............................7\r\n第二節 企業併購理論之探討........................................19\r\n第三節 企業併購綜效之探討........................................21\r\n第四節 企業併購成本與風險之探討............................57\r\n第三章 研究架構與方法..................................................................69\r\n第一節 研究架構............................................................69\r\n第二節 研究方法............................................................71\r\n\r\n第四章個案分析.................................................................................76\r\n第一節 個案公司營運現況說明....................................76\r\n第二節 個案公司併購案例之說明................................80\r\n第三節 個案公司併購成敗案例之分析........................98\r\n\r\n第五章 結論與建議.........................................................................111\r\n第一節 結論..................................................................111\r\n第二節 建議..................................................................113\r\n\r\n參考文獻...........................................................................................115zh_TW
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0102932401en_US
dc.subject (關鍵詞) 企業併購zh_TW
dc.subject (關鍵詞) merger& acquisitionen_US
dc.title (題名) 集團企業併購策略之研究–以某通訊集團為例zh_TW
dc.title (題名) A Case Study on Communication Enterprise Group M&A Strategiesen_US
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) 1. Andrew Campbell, Kathleen Sommers Luchs, Strategic synergy, Butterworth-Heinemann, 1992.\r\n2. Ansoff, H. Igor, Corporate strategy: an analytic approach to business policy for growth and expansion, McGraw-Hill, 1965.\r\n3. Ansoff & J. F. Weston., Merger objectives and organization Structure, The Quarterly Review of Economics and Business 3, 1962,P49-58.\r\n4. Atkeson, A. and Kehoe, P. J., Measuring Organizational Capital, NBER Working Paper No. 8722, National Bureau of Economic Research. 2002.\r\n5. Birkinshaw, J, Bresman, H., Hakanson, L., Managing the Post-acquisition Integration Process: How the Human Integration and Task Integration Processes Interact to Foster Value Creation, Journal of Management Studies, v.3, n.3, p.395-425, 2000.\r\n6. Barney, J., Firm Resources and Sustained Competitive Advantage, Journal of Management, 17, 99-120, 1991.\r\n7. Bontis, Nick, Assessing Knowledge Assets: A review of the models used to measure intellectual capital, International Journal of Management Reviews, 3, 1, 41-60, 2001.\r\n8. Cartwright, S., & Cooper, C. L., The psychological impact of merger and acquisition on the individual: A study of building society managers. Human Relations, 46(3), 1993, 327-358.\r\n9. Coase,R., The Nature of the Firm, Economica 4 (16): 386–405. 1937.\r\n10. Cohen SL, Backer NK, Making and mining intellectual capital: Method or madness?, Training & Development 1999, 53(9):pp46-58.\r\n11. C.K. Prahalad, G. Hamel, The Core Competence of Corporation, Harvard Business Review, 1990, (516): pp79- 91.\r\n12. Datta, D.K., Organizational fit and acquisition performance: Effects of post-acquisition integration. Strategic Management Journal, Vol. 12, No. 4, 1991, pp. 281-297.\r\n13. David B. Jemison, Value Creation in Acquisition Integration - The Role of Strategic Capability Transfer, in Corporate Reorganization Through Mergers, DAVID, K.and SINGH, H., Sources of Acquisition Cultural Risk. In: VON KROGH, G.; SINATRA, A.; SINGH, H. (Eds.). The Management of Corporate Acquisitions: International Perspectives, London: The Macmillan Press Ltd, p. 251-292, 1994.\r\n14. Acquisitions, and Leveraged Buyouts, G. Leibcap, ed. Greenwich, CT: JAI Press, 1988.\r\n15. E. C. Prescott and M. Visscherf, Organization Capital, Journal of Political Economy, Vol.88 (June 1980):pp446-461.\r\n16. Edvinsson, L and Sullivan, P., Developing a model for managing intellectual capital, European Management Journal, Vol. 14 No 4, pp. 356-364, 1996.\r\n17. Fred Weston, Kwang S. Chung, Susan E. Hoag, Mergers, restructuring, and corporate control, Prentice Hall, 1990.\r\n18. F. Leorv, B. Ramanantsoa, The Cognitive and Behavioral Dimensions of Organizational Learning in a Merger: An Empirical Study, Journal of Management Studies, 1997, 34(6): 871-894.\r\n19. G. Hamel, A. Heene, Competence: Basel Competitions, Jhon Wiley & Sons, 1994.\r\n20. Gary S.Baker, Human Capital, 2nd ed. Columbia University Press, New York, 1975 and 3rd, 1994.\r\n21. H. Igor Ansoff, The new corporate strategy, Wiley; Revised Edition, 1988.\r\n22. Hannah L. & Kay J, Concentration in Modern Industry, London, Macmillan, 1977.\r\n23. Haspeslagh, P. & Farquhar, A., The acquisition integration process: A contingent framework. Paper presented at the 7th Annual International Conference of the Strategic Management Society, Boston, 1987. \r\n24. Itami Hiroyuki, Roehl, Thomas, Mobilizing Invisible Assets. Harvard University Press, 1987.\r\n25. Jensen, Michael C., and Murphy, Kevin J., Are Executive Compensation Contracts Structured Properly?, Mimeographed. Boston: Harvard Business School, May, 1988.\r\n26. 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