用策略矩陣來進行併購策略之分析-以某網路資訊公司為例

Using Policy matrix to analyze the M & A strategy of an Internet information company in Taiwan

張芯慈(Hsin-Tzu Chang)

指導教授 ： 林霖

國立暨南國際大學/管理學院/經營管理碩士學位學程在職專班/碩士(2014年)

摘要

「併購」（Mergers and Acquisitions）包含合併（Mergers)與收購（Acquisitions)兩者形式，而併購的發生也是讓很多企業能快速進入新市場並取得品牌與通路等無形的有價值資產，甚至是決勝市場的關鍵要素。成功的企業其實併購並不容易，無需整體的策略思考包含併購前的策略規劃評估、併購中的執行，到併購後的整合，一旦併購成功不但可以促使企業快速取得關鍵技術、也可以擴大版圖、提高議價能力、引進策略投資人、減少競爭者等不同的效益，最終都會反應在企業價值的提升上。
本研究是應用司徒達賢所發展的策略矩陣分析法及文獻回顧法，從產業的流程中進行策略面的思考規劃，策略矩陣是策略分析與決策的思考模式，再結合「產業價值鏈」與「策略形態」相互交叉對比而推演出一套可分析產業環境、暸解產業運作而形成企業競爭優勢的工具。
全世界併購案是不斷在發生中，最近幾年社群網站遊戲產業蓬勃發展，近來也掀起一波併購熱潮，尤其以Company A和Playdom等大型遊戲商最積極的蠶食鯨吞，線上遊戲市場已形成群雄割據的局面。各開發商看準社群網站遊戲能大發利市，近兩年數百家小型遊戲開發商如雨後春筍般冒出，連帶掀起一波併購熱潮，Company A也在積極併購小型遊戲開發商，過去幾年來已收購不少家業者。
所以本研究針對個案公司Company A從3位員工名不經傳的小型電子遊戲公司短短幾年急速成長並在併購過程中融資、股東權益等財務面思考外，對併購小型開發商創辦人的溝通及整合、遊戲設計、創新、品牌行銷與通路等構面也需納入策略評估，快速的形成新的競爭優勢。策略矩陣分析法將歸納出社群網站開發商之產業價值鏈、策略要素做分析，再歸納數點結論與建議事項給後續追隨著做參考。

關鍵字

併購 ； 策略矩陣 ； 產業價值鏈 ； 策略要素

並列摘要

“Merges and Acquisitions" includes mergence and acquisitions two forms which with the occurrence procuring is also the great value property that makes the enterprises able to get into marketing field quickly. A successful mergence of the enterprise is not easy. The whole strategy thinking contains the valuation of strategy’s layout before merging, the execution during merging and the integrating after merging. Once merging successfully can urge the enterprises to obtain the key of techniques quickly, extend landscape, rise the negotiation capability, bring in strategy investors and reduce competitors in different efficiencies. Finally, it reflects the promotion on the enterprises’ valuation.
This research is an applied method which accords to being developed the strategy matrix analysis by Si-Tu-Da-Xian who carries on the thinking layout of strategy from industry process. The strategy matrix is strategy analysis and the thinking mode of decision, which combines "industry value chain" and "strategy appearance" and produce a set of performance that can analyze the industry environment, understand the industry operation and then it forms a strong tool in competitions for enterprises.
Merging occurs in marketing continuously. The booming social network game industry is bringing mergers and acqusitions all the rage. Especially for Company A and Playdom. Social network game market is becoming competitive. Almost two hundreds of company is poping out by knowing it will bring a great profits. With this popular craze of social network game, Company A is started to merging small game developer agressively. Company A had merging lots of company in the past few years.
This individual case of research, Company A, which was an unknown small company who growing fast in just few years. The communication, integration, game design, innovation, marketing and channels are considerations for strategy evaluation in order to form a new competitive advantages quickly. Strategy analysis is summarized industry value chain strategy analysis and some other conclusion and suggestion for others to refer.

並列關鍵字

M & A ； strategy matrix ； industry value chain ； strategy element

參考文獻

(1) Kim, Haleblian and Finkelstein, (2011), "When firms are desperate to grow via acquisition: The effect of growth patterns and acquisition experience on acquisition premiums" ,Administrative Science Quarterly 56：1, pp.26-60.

(2) Fong and Lee, (2012), "Reputation Spillover Effects and Post-Acquisition Performance: A Customer Perspective" ,Advances in Mergers & Acquisitions 11, pp.139-154.

(3) Kiessling, Harvey and Moeller ,(2012),"Supply-chain corporate venturing through acquisition: Key management team retention", Journal of World Business 47：1, pp.81-92.

(4) Nguyen, Yung and Sun, (2012), "Motives for Mergers and Acquisitions: Ex‐Post Market Evidence from the US", Journal of Business Finance & Accounting 39：9‐10, pp.1357-1375.

(5) Pi and Lan, (2013), "Transaction Cost Approach in Mergers and Acquisition Process", Communications in Information Science and Management Engineering.