從企業家心智框架觀點探討併購決策之制訂：以印刷電路板產業之個案為例

Cognitive Framing Effects of Decision Makers on M&A Decisions：A Case Study of the Printed Circuit Board Industry

李運鞭(Yun-Pien Lee)

指導教授 ： 吳學良

國立臺灣大學/管理學院/國際企業管理組/碩士(2013年)

https://doi.org/10.6342/NTU.2013.10408

摘要

對於企業而言，持續獲利及穩定成長為其重要的經營目標，因此企業常透過併購作為手段尋求發展機會，這也使得併購案例日益增加且愈加扮演著重要角色。成功的併購案取決於併購決策者在併購過程中的決策評估，因此探討併購決策者進行評估時的思考模式，討論其應該採取何種思考邏輯才能增加併購成功機會是極為重要的課題。本研究將針對研究者實際參與之印刷電路板產業的併購案例，以個案研究方法論與訪談方式探討該併購案例在決策過程中，台灣企業決策者與管理階層（併購專家）與專業財務會計人員（併購新手）兩不同角色的不同思維。本研究分析顯示，兩者在面對併購案決策上，彼此的思考邏輯與決策思維是截然不同。併購專家面對併購決策時所採用的心智框架為效果型心智框架（Effectual frame），而併購新手則以因果型心智框架（Causal frame）作決策思考。
為使管理實務者未來在面對同樣問題時能有參考依據，本研究總結併購決策的思考模式提出相關研究命題，此外也可以供後續研究者進行實證研究時參考之用。

關鍵字

併購 ； 個案研究 ； 心智框架

並列摘要

For most businesses, sustained profitability and stable growth are key objectives, so mergers and acquisitions are often pursued in order to seek development opportunities, leading to a rise in the number of M&A cases and playing an important role in business expansion.
A successful merger depends on the assessment of decision-makers in the M&A process, so it is very important to explore their ways of thinking and logic when evaluating mergers, and to identify which model they should follow in order to increase the chance of success.
This paper uses a case-study of a merger case in Taiwan’s printed circuit board industry, based on an interview approach, to explore the different ways of thinking in the different participatory roles, between decision makers and managers in Taiwan (M&A specialists) and professional financial and accounting staff (M&A novices).
The study revealed that the logical thinking and decision-making thinking patterns in the merger case differed between the two roles. The M&A specialists adopted an effectual frame of mind and the M&A novices a causal frame of mind when involved in the merger process.
To provide a reference for management when facing similar problems in the future, the study concluded that the decisions-maker’s thinking model is the relevant research proposition in merger cases, which, it is hoped, will provide the basis for future empirical research.

並列關鍵字

mergers and acquisitions ； case study ； frame of mind

參考文獻

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