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| Title: | 企業併購案例分析：以Google併購Nest為例
Merger and acquisition case study : Google`s Nest acquisition |
| Authors: | 黃雅惠
Huang, YaHui |
| Contributors: | 吳啟銘
黃雅惠
Huang, YaHui |
| Keywords: | 併購
購併
智慧家庭
企業評價
現金流量折現模式
組織成長
新創
Merger
Acquisition
Smart home
Business valuation
DCF
Greiner`s model of growth
Startup
Google
Nest
Dropcam |
| Date: | 2017 |
| Issue Date: | 2018-02-05 17:12:17 (UTC+8) |
| Abstract: | 在科技產業中，產品更迭迅速，產品的生命週期較其他產業更要來得短，無論開發新產品或者是進入新市場，在短期間內，很難獲得正的現金流量或報酬，因此併購已經是企業發展與擴張的必要手段。
在此背景下，本文將闡釋併購前中後的各項重要分析，包含環境分析、交易特性、策略誘因、支付工具、企業評價等。並以Google併購Nest為例，從一個科技龍頭併購新創企業，看似一樁正確的交易，為何最終以失敗收場。新創企業在組織成長的過程中，又面臨什麼樣的難題？
研究最終發現，在新創企業中，創辦人往往過於投入在打造產品和開拓市場，而忽略了管理組織的重要性，甚至可能缺少企業管理所需的職能。因此當企業成長到一定階段，引進能被創辦人所接受的外部專業經理人，是避免新創企業在組織成長時，產生領導的危機的作法之一。
雖然本篇研究方法以次級資料為主，但由於距離Google對Nest的收購完成日期2014年2月7日已經超過一段時間，因此有足夠的資訊可供參照，輔以策略管理和企業併購的理論和實際應用，本篇論文可以作為企業未來在併購新創事業時的參考。
In the Information Technology (IT) world, product life cycle goes through rapidly. While companies can either enter a new market or develop a new product, it remains difficult to gain a positive cash flow in a short period of time. Therefore, mergers and acquisitions (M&As) have become one of the commonly used strategies when companies attempt to expand.
Given the frequent use of M&As in the industry, this thesis elucidates regarding the evaluation and analysis of M&A, including macro environment analysis, the motivation, the payment and business evaluation. By using Google`s Nest acquisition as a case study, this thesis examines the following questions: why did Google`s Nest acquisition fail eventually? What difficulties would a startup company encounter during the expansion?
Results of this thesis demonstrate the following. The founder of a startup company tends to focus more on developing new products and markets but less on leading the company. Moreover, they generally technically or entrepreneurially oriented but lack of business management competence. Consequently, as the company grows, a business manager who is acceptable to the founders will be the essential to solve the crisis of leadership.
Although this thesis uses secondary data, it obtains sufficient information accumulated in time as the transaction of Google`s Nest acquisition closed on February 7, 2014. Along with existing theories and practices in strategic management and M&As, this thesis serves as a good reference for companies that attempt to acquire a startup company. |
| Reference: | [1] Charles W.L.、Melissa A. Schilling、Gareth R. Jones, 策略管理, 2017, p. 185. 本人重新繪製。
[2] 政治大學陳嬿如副教授提供，本人重新繪製。, Product Life Cycle.
[3] “Learn more about Time of Savings,” Nest, 2017. [線上]. Available: https://nest.com/support/article/Learn-more-about-Time-of-Savings.
[4] “Series C - Nest Labs,” crunchbase, 2017. [線上]. Available: https://www.crunchbase.com/funding_round/nest-labs-series-c--04419a3e.
[5] “The Google Acquisition Tracker,” CBINSIGHTS, 2017. [線上]. Available: https://www.cbinsights.com/research-google-acquisitions.
[6] “Google Strategy Teardown: Betting The Future On AI, Cloud Services, And (Tamed) Moonshots,” CBINSIGHTS, 2017. [線上]. Available: https://www.cbinsights.com/research/report/google-strategy-teardown/.
[7] Florian Bauer, Kurt Matzler, “Antecedents of M&A success: The role of strategic complementarity, cultural fit, and degree and speed of integration,” Strategic Management Journal, 26 April 2013.
[8] D. Goldman, “Obama`s not as tough on mergers as you think,” CNN Money, 2014. [線上]. Available: http://money.cnn.com/2016/04/08/news/obama-mergers-antitrust/index.html.
[9] “20 Game Changing Consumer Tech M&A Deals,” CBSINSIGHTS, 2015. [線上]. Available: https://www.cbinsights.com/research/consumer-tech-acquisition-merger-deals/.
[10] “A First Look at the Dropcam,” CNET, 2012. [線上]. Available: https://www.cnet.com/au/videos/a-first-look-at-the-dropcam/.
[11] “智慧雲插座,” D-Link, [線上]. Available: http://www.dlinktw.com.tw/home/product?id=941&hid=31.
[12] M. Tarsalewska, “The timing of mergers along the production chain, capital structure,,” Journal of Banking & Finance, 編號 57, pp. 51-64, 2015.
[13] Alphabet Q2 2016 Earnings Call. [影片]. Alphabet, 2016.
[14] M. Philpott, “Smart Home Services Forecast: 2016–21,” OVUM, 2017.
[15] “Alphabet Inc. (GOOG),” [線上]. Available: https://finance.yahoo.com/quote/GOOG/.
[16] 吳啟銘, 企業評價, 智勝, 2010, p. 53.
[17] 吳啟銘, 企業評價, 智勝, 2010, pp. 44, 45.
[18] 吳啟銘, 企業評價, 智勝, 2010, p. 23.
[19] 吳啟銘, 企業評價, 智勝, 2010, p. 344.
[20] A. Hertzfeld, “Folklore.org: Creative Think,” 1982. [線上]. Available: https://www.folklore.org/StoryView.py?project=Macintosh&story=Creative_Think.txt.
[21] Misty, “Nest被人遗忘的这两年：失败、动荡和离职,” 雷锋网, 2016. [線上]. Available: https://www.leiphone.com/news/201603/gSRQhiLSG5rhuvfj.html.
[22] Chris, “Nest 的內部大混戰，很可能源自於蘋果與 Google 的文化衝突！,” INSIDE, 2016. [線上]. Available: https://www.inside.com.tw/2016/04/08/nest-tony-fadell-struggling.
[23] J. D`Onfro, “After Dropcam Sold For $555 Million To Google, Its Employees Are Miserable And They Blame Tony Fadell,” BUSINESS INSIDER, 2014. [線上]. Available: http://www.businessinsider.com/dropcam-employees-arent-happy-at-nest-2014-11.
[24] Charles W.L.、Melissa A. Schilling、Gareth R. Jones, 策略管理, 華泰文化, 2017, p. 361.
[25] Charles W.L.、Melissa A. Schilling、Gareth R. Jones, 策略管理, 華泰文化, 2017, p. 395.
[26] L. E. Greiner, “Evolution and Revolution as Organizations Grow,” Harvard Business Review, MAY–JUNE 1988.
[27] L. E. Greiner, “Evolution and Revolution as Organizations Grow,” Harvard Business Review, MAY–JUNE 1998. 本人翻譯。
[28] G. Jones, 組織理論與管理, 雙葉書廊, 2012, p. 522. |
| Description: | 碩士
國立政治大學
企業管理研究所(MBA學位學程)
105363054 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0105363054 |
| Data Type: | thesis |
| Appears in Collections: | [企業管理研究所（MBA學位學程）] 學位論文
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| 305401a.pdf | 1973Kb | Adobe PDF2 | 1274 | View/Open |
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