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    题名: 企業併購個案分析：以Adobe併購Marketo為例
    Merger and Acquisition Case Study: Adobe’s Acquisition of Marketo
    作者: 詹佩樺
    Chan, Pei-Hua
    贡献者: 吳啟銘
    謝凱宇
    Wu, Chi-Ming
    Hsieh, Kai-Yu
    詹佩樺
    Chan, Pei-Hua
    关键词: Adobe
    Marketo
    行銷科技
    水平整合
    併購
    成長策略
    組織學習
    Adobe
    Marketo
    Marketing technology
    Horizontal integration
    Mergers and acquisitions
    Growth strategy
    Organizational learning
    日期: 2021
    上传时间: 2021-08-04 16:36:26 (UTC+8)
    摘要: 行銷科技產業處於產業生命週期的成長期，市場規模與需求擴增，潛在競爭者的威脅高，典型的軟體大廠和眾多小型新創公司並存於市場上，軟體大廠之間的競爭激烈，積極透過併購獲取成長機會。本研究採用個案研究方法，探討Adobe併購Marketo個案之外部環境誘因、內部併購動機、綜效來源、購併價金之合理性、支付工具與融資安排之選擇、市場反應、併購後續整合及績效分析，了解併購策略是否適當，以及併購後能否如期實現綜效。
    本研究發現，透過檢視各事業部的成長潛力與競爭地位，分辨各事業部是否有繼續投資的價值，或是對事業部進行維持、處分、縮編，經由適當的企業資源配置，發展相關的業務與加深差異化競爭優勢，能逐步建立護城河。行銷科技產業屬於成長階段且競爭激烈，企業軟體的轉換成本高昂，因此技術發展與獲得市佔率的速度尤為重要，透過水平整合的成長策略可以快速取得核心能力和市場，亦能減緩策略群組內的競爭強度。
    併購須符合策略上的互補性，兩間公司之間的互補性越高，整合後帶來的綜效也越高；基於組織學習，企業可以藉由過去的併購經驗與目標公司的能力中學習，因此相關的併購經驗及策略互補的能力，能為企業帶來經驗學習之效益，獲得可持續競爭的優勢。本研究提供管理者選擇成長策略的思考面向，此個案之策略思維可以作為併購時之參考依據。
    The marketing technology industry is now at the growth stage of the industry life-cycle; market scale and demands are increasing, and the threat of potential competitors is high. Companies obtain growth opportunities actively through mergers and acquisitions in such fierce competition. This case study, Adobe’s acquisition of Marketo, explains the M&A strategy, including external and internal motivations, synergy, valuation, method of payment, acquisition finance, market reaction, post-merger integration and performance analysis. To understand whether the growth strategy is appropriate, and whether the synergy can be achieved.
    By examining the growth potential and competitive position of each business unit, companies can develop related businesses through appropriate enterprise resource allocation, and strengthen competitive advantages. Due to high switching barriers of enterprise software, the speed of development is particularly important within the growing and intense industry. Companies can acquire core capabilities and markets fast via horizontal integration, reduce the intensity of competition as well.
    Strategic fit is essential for M&A; the higher of complementarity between two companies, the more synergy can be created after the integration. Based on organizational learning, companies can learn from acquisition experience and the knowledge of target companies. Therefore, acquirers can benefit from related M&A experience, and gain sustainable competitive advantages.
    參考文獻: 朱文儀、陳建男譯，Hill, C. W. L., Schilling, M. A., & Jones, G. R. 著，（2020）。策略管理。臺北市：華泰文化。
    吳啟銘，（2010）。企業評價：個案實證分析。臺北市：智勝文化。
    高端訓，（2020）。以MARTECH經營大數據會員行銷。臺北市：時報文化。
    Sedivy, P., & Barrett, M. (2021). 敏捷：改寫遊戲規則。2021全球行銷趨勢：聚焦核心價值，勤業眾信，16-23。
    溫紹群，（2021）。在地觀點：2021臺灣數位行銷趨勢與影響。2021全球行銷趨勢：聚焦核心價值，勤業眾信，70-71。
    羅明敏，（1998）。台灣企業海內外購併宣告對主併公司股東財富影響之實證研究。朝陽科技大學，財務金融研究所，臺中市。
    Bebchuk, L., Cohen, A., & Wang, C. C.Y. (2014). Golden Parachutes and the Wealth of Shareholders. Journal of Corporate Finance, 25, 140-154.
    Brinker, S. (2020). Marketing Technology Landscape Supergraphic (2020): Martech 5000 — really 8,000, but who’s counting? Retrieved from https://chiefmartec.com/2020/04/marketing-technology-landscape-2020-martech-5000/ (April 16, 2021)
    Chao, Y. C. (2018). Organizational learning and acquirer performance: How do serial acquirers learn from acquisition experience? Asia Pacific Management Review, 23, 161-168.
    Elkin, N., Bloom, B., McGuire, M., & Enever, J. (2021). Magic Quadrant for Multichannel Marketing Hubs, Gartner.
    Folus, D., & Boutron, E. (2015). Exit Strategies in Private Equity. Private Equity: Opportunities and Risks, 215-235.
    Gompers, P., Kaplan, S. N., & Mukharlyamov, V. (2016). What do private equity firms say they do? Journal of Financial Economics, 121, 449-476.
    Huang, P., Officer, M. S., & Powell, R. (2016). Method of payment and risk mitigation in cross-border mergers and acquisitions. Journal of Corporate Finance, 40, 216-234.
    Nalawade, S. (2018). The Big Billions: The 6 Biggest MarTech Acquisitions of 2018. Retrieved from https://www.martechadvisor.com/articles/marketing-automation-2/six-biggest-martech-acquisitions-of-2018/ (April 16, 2021)
    Ryan, D. (2019). MARTECH: 2020 AND BEYOND, BDO & WARC.
    Sarner, A., Frank, A., Polk, J., Elkin, N., & Bloom, B. (2018). Magic Quadrant for Multichannel Marketing Hubs, Gartner.
    Vermaelen, T., & Xu, M. (2014). Acquisition finance and market timing. Journal of Corporate Finance, 25, 73-91.
    From mall to mobile: Adjusting to new consumer habits, PwC’s Global Consumer Insights Survey 2018. (2018). Retrieved from https://www.pwc.com/gx/en/industries/consumer-markets/consumer-insights-survey/archive/2018/new-consumer-habits.html (April 15, 2021)
    描述: 碩士
    國立政治大學
    企業管理研究所(MBA學位學程)
    108363052
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0108363052
    数据类型: thesis
    DOI: 10.6814/NCCU202100924
    显示于类别:[企業管理研究所（MBA學位學程）] 學位論文

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