政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/79521
English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  全文笔数/总笔数 : 113318/144297 (79%)
造访人次 : 50964093      在线人数 : 929
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
搜寻范围 查询小技巧：
  • 您可在西文检索词汇前后加上"双引号"，以获取较精准的检索结果
  • 若欲以作者姓名搜寻，建议至进阶搜寻限定作者字段，可获得较完整数据
    •  进阶搜寻


    请使用永久网址来引用或连结此文件: https://nccur.lib.nccu.edu.tw/handle/140.119/79521


    题名: 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
    贡献者: 季延平
    Chi, Yan Ping
    洪聰進
    Hung, Tsung Chin
    关键词: 企業併購
    merger& acquisition
    日期: 2015
    上传时间: 2015-12-02 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。
    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。
    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.
    This 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.
    The 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
    第一節 研究背景與動機..................................................1
    第二節 研究方向與目的..................................................3
    第三節 預期貢獻..............................................................4
    第四節 論文架構............................,.................................5
    第五節 研究限制..............................................................5

    第二章 文獻探討.................................................................................7
    第一節 企業併購類型與觀念之探討..............................7
    第二節 企業併購理論之探討........................................19
    第三節 企業併購綜效之探討........................................21
    第四節 企業併購成本與風險之探討............................57
    第三章 研究架構與方法..................................................................69
    第一節 研究架構............................................................69
    第二節 研究方法............................................................71

    第四章個案分析.................................................................................76
    第一節 個案公司營運現況說明....................................76
    第二節 個案公司併購案例之說明................................80
    第三節 個案公司併購成敗案例之分析........................98

    第五章 結論與建議.........................................................................111
    第一節 結論..................................................................111
    第二節 建議..................................................................113

    參考文獻...........................................................................................115
    參考文獻: 1. Andrew Campbell, Kathleen Sommers Luchs, Strategic synergy, Butterworth-Heinemann, 1992.
    2. Ansoff, H. Igor, Corporate strategy: an analytic approach to business policy for growth and expansion, McGraw-Hill, 1965.
    3. Ansoff & J. F. Weston., Merger objectives and organization Structure, The Quarterly Review of Economics and Business 3, 1962,P49-58.
    4. Atkeson, A. and Kehoe, P. J., Measuring Organizational Capital, NBER Working Paper No. 8722, National Bureau of Economic Research. 2002.
    5. 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.
    6. Barney, J., Firm Resources and Sustained Competitive Advantage, Journal of Management, 17, 99-120, 1991.
    7. 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.
    8. 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.
    9. Coase,R., The Nature of the Firm, Economica 4 (16): 386–405. 1937.
    10. Cohen SL, Backer NK, Making and mining intellectual capital: Method or madness？, Training & Development 1999, 53(9):pp46-58.
    11. C.K. Prahalad, G. Hamel, The Core Competence of Corporation, Harvard Business Review, 1990, (516): pp79- 91.
    12. Datta, D.K., Organizational fit and acquisition performance: Effects of post-acquisition integration. Strategic Management Journal, Vol. 12, No. 4, 1991, pp. 281-297.
    13. 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.
    14. Acquisitions, and Leveraged Buyouts, G. Leibcap, ed. Greenwich, CT: JAI Press, 1988.
    15. E. C. Prescott and M. Visscherf, Organization Capital, Journal of Political Economy, Vol.88 (June 1980):pp446-461.
    16. Edvinsson, L and Sullivan, P., Developing a model for managing intellectual capital, European Management Journal, Vol. 14 No 4, pp. 356-364, 1996.
    17. Fred Weston, Kwang S. Chung, Susan E. Hoag, Mergers, restructuring, and corporate control, Prentice Hall, 1990.
    18. 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.
    19. G. Hamel, A. Heene, Competence: Basel Competitions, Jhon Wiley & Sons, 1994.
    20. Gary S.Baker, Human Capital, 2nd ed. Columbia University Press, New York, 1975 and 3rd, 1994.
    21. H. Igor Ansoff, The new corporate strategy, Wiley; Revised Edition, 1988.
    22. Hannah L. & Kay J, Concentration in Modern Industry, London, Macmillan, 1977.
    23. 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.
    24. Itami Hiroyuki, Roehl, Thomas, Mobilizing Invisible Assets. Harvard University Press, 1987.
    25. Jensen, Michael C., and Murphy, Kevin J., Are Executive Compensation Contracts Structured Properly?, Mimeographed. Boston: Harvard Business School, May, 1988.
    26. Jemison, D. B., & Sitkin, S. B., Corporate acquisitions: A process perspective, Academy of Management Review, 11(1), 1986. 145–163.
    27. Jemison, D. B., & Sitkin, S. B. (1986b, March/April). Acquisitions: The process can be a problem. Harvard Business Review, 1986, 107–116.
    28. John Fred Weston, Kwang S. Chung, Susan E. Hoag, Mergers, Restructuring, and Corporate Control, Prentice-Hall International, 1990.
    29. Lubatkin, M. H., Merger strategies and stockholder value. StrategicManagement Journal, 8(1), 1987, pp39–54.
    30. Mark L. Sirower, The Synergy Trap, Free Press, 2007.
    31. Markides, Constantinos C., Williamson、Peter J., Related diversification, core competences and corporate performance, Strategic Management Journal, 1994(15).
    32. 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.
    33. 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.
    34. Michael Dietrich, Transaction Cost Economics & Beyond, Routledge, 1994.
    35. Michael Porter, Competitive Advantage: Creating and Sustaining Superior Performance, Free Press, 1998.
    36. Nahavandiand Malekzadeh, Organizational Culture in the Management of Mergers, Praeger, 1993.
    37. Nicola J. Foss, Michael Iversen, Promoting Synergies in Multiproduct Firms: Toward a Resource-based View, Copenhagen Business School working paper: P40.
    38. Nicolai J.Foss, Christian Knudsen,Towards a competence theory of the firm, Psychology Press, 1996.
    39. Polanyi, The Tacit Dimension, University Of Chicago Press; Reissue edition, 2009.
    40. Porter, M.E., What is Strategy, Harvard Business Review, Nov/Dec 1996.
    41. Prescott, E. C., and M. Visscher, Organization capital, Journal of Political Economy 88 (3): 366–82,1980.
    42. Patrick E.Connor, Linda K.Lake, Richard W.Stackman, Managing organizational change, Praeger, 3rd., 2003.
    43. P. C. Haspeslagh, D.B. Jemison, Managing Acquisition: Creating Value through Corporate Renewal, The Free Press, 1991.
    44. P. Pritchett, After the Merger: The Authoritative Guide for Integration Success, McGraw-Hill, 2ed., 2007.
    45. Robert D. Buzzelland Bradley T. Gale, The PIMS Principle: Linking Strategy to Performance, The Free Press, 1987.
    46. Robert S. Kaplan、David P. Norton, Alignment: Using the Balanced Scorecard to Create Corporate Synergies, Harvard Business Review Press, 2006.
    47. Rosen, S., Learning by experience as joint production, Quarterly Journal of Economics, 86 (3): 366–82.1972.
    48. Schultz T, Investment in Human Capital: The Role of Education and Research. Free Press, NY, Mac Millan, 1971.
    49. Shelton, L. M. (1988), Strategic business fits and corporate acquisition: Empirical evidence, Strategic Management Journal, 9, pp. 279-287.
    50. Sherwin Rosen, Learning by Experience as Joint Production, Quarterly Journal of Economics, August 1972: 366-382.
    51. Singh, Harbir, Corporate acquisition and economic performance, Doctoral dissertation, University of Michigan, Ann Arbor, 1984.
    52. Singh, Harbir and Montgomery, Cynthia A., Corporate Acquisition Strategies and Economic Performance, Strategic Management Journal, Vol.8, Issue 4, 1987, pp377-386.
    53. Sitkin, S. B., Lind, E. A., & Long., C. P., The pyramid model of leadership, Durham, NC: Duke University, 2001.
    54. Stuart Ferguson, Financial Analysis of M&A Integration, McGraw-Hill, 2003.
    55. 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.
    56. Thomas A. Stewart, Intellectual Capital: The new wealth of organization, Crown Business, 2010.
    57. Thomas Osegowitsch, The organizational dimension of internationalization strategy in the biotechnology industry. University of Western Australia, Master’s Thesis, 1995.
    58. Weaver and Weston, Mergers & Acquisitions, McGraw-Hill, 2004.
    59. Williamson, O. E., Markets and Hierarchies: Analysis and Antitrust Implications, New York: Free Press, 1975.
    60. PWC Global,資誠全球聯盟組織(PwC Global)2012-2016 全球娛樂及媒體展望, 2012
    61. 王長徵，企業併購整合，武漢大學出版社，2002(2)，P138。
    62. 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。
    63. 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)。
    64. 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。
    65. 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
    数据类型: thesis
    显示于类别:[經營管理碩士學程EMBA] 學位論文

    文件中的档案:

    档案 大小格式浏览次数
    index.html0KbHTML2287检视/开启


    在政大典藏中所有的数据项都受到原著作权保护.


    社群 sharing

    著作權政策宣告 Copyright Announcement
    1.本網站之數位內容為國立政治大學所收錄之機構典藏，無償提供學術研究與公眾教育等公益性使用，惟仍請適度，合理使用本網站之內容，以尊重著作權人之權益。商業上之利用，則請先取得著作權人之授權。
    The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

    2.本網站之製作，已盡力防止侵害著作權人之權益，如仍發現本網站之數位內容有侵害著作權人權益情事者，請權利人通知本網站維護人員(nccur@nccu.edu.tw)，維護人員將立即採取移除該數位著作等補救措施。
    NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - 回馈