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題名 併購技術綜效創新－以史丹利百得工具機集團為例
Synergy Innovation of Technical Mergers and Acquisitions - The Case study of Stanley Black & Decker Group
作者 黃咸鈞
Huang, Xian Jun
貢獻者 蕭瑞麟
Hsiao, Ruey Lin
黃咸鈞
Huang, Xian Jun
關鍵詞 企業併購
技術平台
技術綜效
多角化
日期 2016
上傳時間 3-Feb-2016 12:24:36 (UTC+8)
摘要 當企業面臨到成長上的限制時，往往會以併購作為突破瓶頸的主要手段。但是當技術型企業要藉由技術的整合發展多角化事業時，企業要如何運用併購手段達成企業發展的目標，成為當前研究亟欲探討的主題。本研究提出三大分析重點。第一，從三個技術綜效的實踐過程中，分析個案企業形成三種不同技術平台的方式。第二，探討三種透過解讀技術邏輯尋找併購對象的過程。第三，分析個案企業透過併購手段，從單一技術發展到完整產品解決方案的脈絡。本研究以史丹利百得工具機集團底下之三大事業部門做為個案，分析企業的併購與技術的整合。學理上，本研究填補過去企業併購在技術綜效實踐過程的理論缺口。實務上，技術型企業可以理解技術綜效的實踐過程。
參考文獻 中文文獻
陳則銘、劉江彬、孫遠釗，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未出版之碩士論文。
黃正一，2012，「從價值鏈談台灣電子代工業的併購後整合－以H公司為例」，國立台灣大學資訊管理學系碩士論文。
曾真真，2008，「M&A與R&D：研發存量、技術相似性與併購績效之關係」，管理評論，27卷4期：59-77。
劉常勇，1998，「技術資源管理能力對新產品開發績效影響之研究」，科技管理學報，第三卷，第一期：121-135。
蕭瑞麟，2015，「研華科技(D)：邁向多角化工業公司」，研華科技教學案例。
蕭瑞麟，2015，「研華科技(E)：ACI投資部門的併購使命」，研華科技教學案例。

英文文獻
Agrawal, A., Ferrer, C., & West, A. 2011. When Big Acquisitions Pay Off. The McKinsey Quarterly, 2011(3): 103(106)
Ahuja, G., & Katila, R. 2001. Technological Acquisitions and the Innovation Performance of Acquiring Firms: A Longitudinal Study. Strategic Management Journal, 22(3): 197-220.
Amihud, Y., & Lev, B. 1999. Does Corporate Ownership Structure Affect its Strategy Towards Diversification？ Strategic Management Journal, 20: 1063-1069.
Andersson, U., Johanson, J., & Vahlne, J.-E. 1997. Organic Acquisitions in the Internationalization Process of the Business Firm. Management International Review, 37: 67-84.
Ansoff. 1988. The new corporate strategy, 3rd. New York: John Wiley & Sons Inc.
Benbasat, I., Goldstein, D. K., & Mead, M. 1987. The Case Research Strategy in Studies of Information Systems. MIS Quarterly, 11(3): 369.
Bertrand, O., & Zuniga, P. 2006. R&D and M&A: Are Cross-Border M&A Different？ An Investigation on OECD Countries. International Journal of Industrial Organization, 24(2): 401-423.
Besanko, D., Dranove, D., & Shanley, M. 2000. Economics of strategy: New York: Wiley.
Cassiman, B., Colombo, M. G., Garrone, P., & Veugelers, R. 2005. The Impact of M&A on the R&D Process. Research Policy, 34(2): 195-220.
Coase, R. H. 1937. The Nature of the Firm. Economica, 4: 386-405.
Copeland, T. E., & Weston, J. F. 1979. Financial Theory and Corporate Policy, 2ed: Reading, Mass. : Addison-Wesley.
Delios, A., & Beamish, P. W. 1999. Ownership Strategy of Japanese Firms: Transactional, Institutional, and Experience Influences. Strategic Management Journal, 20(10): 915-933.
Dyer, J. H., & Singh, H. 1998. The Relational View: Cooperative Strategy and Sources of Interorganizational Competitive Advantage. The Academy of Management Review, 23(4): 660-679.
Goold, M., & Campbell, A. 1998. Desperately Seeking Synergy. Harvard Business Review, 76(5): 130-143.
Granstrand, O., Bohlin, E., Oskarsson, C., & Sjöberg, N. 1992. External Technology Acquisition in Large Multi‐Technology Corporations. R&D Management, 22(2): 111-134.
Houston, J. F., & James, C. M. 2001. Where Do Merger Gains Come From？ Bank Mergers From the Perspective of Insiders and Outsiders. Journal of Financial Economics, 60(2-3): 285-331.
Marcus, A. J. 1982. Risk Sharing and the Theory of the Firm. The Bell Journal of Economics, 13: 369-378.
Porter, M. E. 1998. Competitive Strategy: Techniques for Analyzing Industries and Competitors: Free Press; 1st edition.
Prabhu, J. C., Chandy, R. K., & Ellis, M. E. 2005. The Impact of Acquisitions on Innovation: Poison Pill, Placebo, or Tonic？ Journal Of Marketing, 69(1): 114-130.
Puranam, P., Singh, H., & Zollo, M. 2006. Organizing for Innovation: Managing the Coordination-Autonomy Dilemma in Technology Acquisitions. The Academy of Management Journal, 49(2): 263-280.
Ramanujam, V., & Varadarajan, P. 1989. Research on Corporate Diversification: a Synthesis. Strategic Management Journal, 10(6): 523.
Rhoades, S. A. 1993. Efficiency Effects of Horizontal (In-Market) Bank Mergers. Journal of Banking and Finance, 17(2-3): 411-422.
Seth, A. 1990. Value Creation in Acquisitions A Re-Examination of Performance Issues. Strategic Management Journal, 11(2): 99-115.
Shleifer, A., & Vishny, R. W. 1986. Large Shareholders and Corporate Control. Political Economy, 94: 461-488.
Silhan, P. A., & Thomas, H. 1986. Using Simulated Mergers to Guage Conglomerate Performance: A New Approach to Strategy Evaluation. Strategic Management Journal, 7(6): 523 -534.
Singh, H., & Montgomery, C. A. 1987. Corporate Acquisition Strategies and Economic Performance. Strategic Management Journal 8(4): 377-386.
Stein, J. C. 1997. Internal Capital Markets and the Competition for Corporate Resources. Journal Of Finance, 52(1): 111-133.
Strauss, A., & Corbin, J. M. 1990. Basics of Qualitative Research: Grounded Theory Procedures and Techniques: SAGE Publications, Inc; Second Edition edition.
Tanriverdi, H. 2005. Information Technology Relatedness, Knowledge Management Capability, and Performance of Multibusiness Firms. MIS Quarterly, 29(2): 311-334.
Teece, D. 1980. Economies of Scope and the Scope of the Enterprise. Economic Behavior and Organization, 1(3): 223-247.
Wasserstein, B. 2000. Big Deal and Beyon. New York: Warner Books.
Williamson, O. E. 1986. Economic Organization Firms, Markets and Policy Control: Brighton, Sussex : Wheatsheaf Books.
Yin, R. K. 1994. Case Study Research: Design and Methods: SAGE Publications, Inc; 2nd Revised edition edition.
描述 碩士
國立政治大學
科技管理與智慧財產研究所
101359020
資料來源 http://thesis.lib.nccu.edu.tw/record/#G1013590204
資料類型 thesis
dc.contributor.advisor 蕭瑞麟zh_TW
dc.contributor.advisor Hsiao, Ruey Linen_US
dc.contributor.author (Authors) 黃咸鈞zh_TW
dc.contributor.author (Authors) Huang, Xian Junen_US
dc.creator (作者) 黃咸鈞zh_TW
dc.creator (作者) Huang, Xian Junen_US
dc.date (日期) 2016en_US
dc.date.accessioned 3-Feb-2016 12:24:36 (UTC+8)-
dc.date.available 3-Feb-2016 12:24:36 (UTC+8)-
dc.date.issued (上傳時間) 3-Feb-2016 12:24:36 (UTC+8)-
dc.identifier (Other Identifiers) G1013590204en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/81241-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 科技管理與智慧財產研究所zh_TW
dc.description (描述) 101359020zh_TW
dc.description.abstract (摘要) 當企業面臨到成長上的限制時，往往會以併購作為突破瓶頸的主要手段。但是當技術型企業要藉由技術的整合發展多角化事業時，企業要如何運用併購手段達成企業發展的目標，成為當前研究亟欲探討的主題。本研究提出三大分析重點。第一，從三個技術綜效的實踐過程中，分析個案企業形成三種不同技術平台的方式。第二，探討三種透過解讀技術邏輯尋找併購對象的過程。第三，分析個案企業透過併購手段，從單一技術發展到完整產品解決方案的脈絡。本研究以史丹利百得工具機集團底下之三大事業部門做為個案，分析企業的併購與技術的整合。學理上，本研究填補過去企業併購在技術綜效實踐過程的理論缺口。實務上，技術型企業可以理解技術綜效的實踐過程。zh_TW
dc.description.tableofcontents 壹、緒論 1
1.1 研究動機 2
1.2 研究目的 4
1.3 預期成效 5
貳、文獻回顧 8
2.1企業併購行為 10
2.1.1投資成長策略 10
2.1.2企業併購史 12
2.1.3企業併購之定義與方法 17
2.2併購績效的相關論述 21
2.2.1 財務綜效（Financial Synergy） 22
2.2.2 營運綜效（Operating Synergy） 23
2.2.3 市場綜效（Marketing Synergy） 24
2.2.4 技術綜效（Technical Synergy） 25
2.3文獻缺口 26
參、研究方法 28
3.1 方法論 28
3.2 案例選擇原則 30
3.3 個案背景說明 31
3.4 資料收集 33
3.5 資料分析架構 35
肆、研究發現 36
4.1 Stanley Security Platform 39
4.1.1安全防護平台 39
4.1.2技術綜效分析 44
4.2 Stanley Infrastructure Platform 47
4.2.1 平台成立過程 47
4.2.2 技術綜效分析 51
4.3 Stanley Fastened Platform 55
4.3.1 平台成立過程 55
4.3.2 技術綜效分析 61
伍、討論 65
5.1 學術意涵 65
5.2 實務啟示 67
5.3 研究限制與未來研究方向 69
5.3.1 研究限制 69
5.3.2 建議研究方向 69
陸、結論 70
參考文獻 71		zh_TW
dc.format.extent 2581299 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G1013590204en_US
dc.subject (關鍵詞) 企業併購zh_TW
dc.subject (關鍵詞) 技術平台zh_TW
dc.subject (關鍵詞) 技術綜效zh_TW
dc.subject (關鍵詞) 多角化zh_TW
dc.title (題名) 併購技術綜效創新－以史丹利百得工具機集團為例zh_TW
dc.title (題名) Synergy Innovation of Technical Mergers and Acquisitions - The Case study of Stanley Black & Decker Groupen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 中文文獻
陳則銘、劉江彬、孫遠釗，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未出版之碩士論文。
黃正一，2012，「從價值鏈談台灣電子代工業的併購後整合－以H公司為例」，國立台灣大學資訊管理學系碩士論文。
曾真真，2008，「M&A與R&D：研發存量、技術相似性與併購績效之關係」，管理評論，27卷4期：59-77。
劉常勇，1998，「技術資源管理能力對新產品開發績效影響之研究」，科技管理學報，第三卷，第一期：121-135。
蕭瑞麟，2015，「研華科技(D)：邁向多角化工業公司」，研華科技教學案例。
蕭瑞麟，2015，「研華科技(E)：ACI投資部門的併購使命」，研華科技教學案例。

英文文獻
Agrawal, A., Ferrer, C., & West, A. 2011. When Big Acquisitions Pay Off. The McKinsey Quarterly, 2011(3): 103(106)
Ahuja, G., & Katila, R. 2001. Technological Acquisitions and the Innovation Performance of Acquiring Firms: A Longitudinal Study. Strategic Management Journal, 22(3): 197-220.
Amihud, Y., & Lev, B. 1999. Does Corporate Ownership Structure Affect its Strategy Towards Diversification？ Strategic Management Journal, 20: 1063-1069.
Andersson, U., Johanson, J., & Vahlne, J.-E. 1997. Organic Acquisitions in the Internationalization Process of the Business Firm. Management International Review, 37: 67-84.
Ansoff. 1988. The new corporate strategy, 3rd. New York: John Wiley & Sons Inc.
Benbasat, I., Goldstein, D. K., & Mead, M. 1987. The Case Research Strategy in Studies of Information Systems. MIS Quarterly, 11(3): 369.
Bertrand, O., & Zuniga, P. 2006. R&D and M&A: Are Cross-Border M&A Different？ An Investigation on OECD Countries. International Journal of Industrial Organization, 24(2): 401-423.
Besanko, D., Dranove, D., & Shanley, M. 2000. Economics of strategy: New York: Wiley.
Cassiman, B., Colombo, M. G., Garrone, P., & Veugelers, R. 2005. The Impact of M&A on the R&D Process. Research Policy, 34(2): 195-220.
Coase, R. H. 1937. The Nature of the Firm. Economica, 4: 386-405.
Copeland, T. E., & Weston, J. F. 1979. Financial Theory and Corporate Policy, 2ed: Reading, Mass. : Addison-Wesley.
Delios, A., & Beamish, P. W. 1999. Ownership Strategy of Japanese Firms: Transactional, Institutional, and Experience Influences. Strategic Management Journal, 20(10): 915-933.
Dyer, J. H., & Singh, H. 1998. The Relational View: Cooperative Strategy and Sources of Interorganizational Competitive Advantage. The Academy of Management Review, 23(4): 660-679.
Goold, M., & Campbell, A. 1998. Desperately Seeking Synergy. Harvard Business Review, 76(5): 130-143.
Granstrand, O., Bohlin, E., Oskarsson, C., & Sjöberg, N. 1992. External Technology Acquisition in Large Multi‐Technology Corporations. R&D Management, 22(2): 111-134.
Houston, J. F., & James, C. M. 2001. Where Do Merger Gains Come From？ Bank Mergers From the Perspective of Insiders and Outsiders. Journal of Financial Economics, 60(2-3): 285-331.
Marcus, A. J. 1982. Risk Sharing and the Theory of the Firm. The Bell Journal of Economics, 13: 369-378.
Porter, M. E. 1998. Competitive Strategy: Techniques for Analyzing Industries and Competitors: Free Press; 1st edition.
Prabhu, J. C., Chandy, R. K., & Ellis, M. E. 2005. The Impact of Acquisitions on Innovation: Poison Pill, Placebo, or Tonic？ Journal Of Marketing, 69(1): 114-130.
Puranam, P., Singh, H., & Zollo, M. 2006. Organizing for Innovation: Managing the Coordination-Autonomy Dilemma in Technology Acquisitions. The Academy of Management Journal, 49(2): 263-280.
Ramanujam, V., & Varadarajan, P. 1989. Research on Corporate Diversification: a Synthesis. Strategic Management Journal, 10(6): 523.
Rhoades, S. A. 1993. Efficiency Effects of Horizontal (In-Market) Bank Mergers. Journal of Banking and Finance, 17(2-3): 411-422.
Seth, A. 1990. Value Creation in Acquisitions A Re-Examination of Performance Issues. Strategic Management Journal, 11(2): 99-115.
Shleifer, A., & Vishny, R. W. 1986. Large Shareholders and Corporate Control. Political Economy, 94: 461-488.
Silhan, P. A., & Thomas, H. 1986. Using Simulated Mergers to Guage Conglomerate Performance: A New Approach to Strategy Evaluation. Strategic Management Journal, 7(6): 523 -534.
Singh, H., & Montgomery, C. A. 1987. Corporate Acquisition Strategies and Economic Performance. Strategic Management Journal 8(4): 377-386.
Stein, J. C. 1997. Internal Capital Markets and the Competition for Corporate Resources. Journal Of Finance, 52(1): 111-133.
Strauss, A., & Corbin, J. M. 1990. Basics of Qualitative Research: Grounded Theory Procedures and Techniques: SAGE Publications, Inc; Second Edition edition.
Tanriverdi, H. 2005. Information Technology Relatedness, Knowledge Management Capability, and Performance of Multibusiness Firms. MIS Quarterly, 29(2): 311-334.
Teece, D. 1980. Economies of Scope and the Scope of the Enterprise. Economic Behavior and Organization, 1(3): 223-247.
Wasserstein, B. 2000. Big Deal and Beyon. New York: Warner Books.
Williamson, O. E. 1986. Economic Organization Firms, Markets and Policy Control: Brighton, Sussex : Wheatsheaf Books.
Yin, R. K. 1994. Case Study Research: Design and Methods: SAGE Publications, Inc; 2nd Revised edition edition.		zh_TW