不完全訊息下企業併購策略之應用-以新加坡商 惠普全球科技股份有限公司為例

The Strategy of an Enterprise M&A under Incomplete Information-An Example from Hewlett-Packard International Pte. Ltd.

周欣儀(Hsin-Yi Chou)

指導教授 ： 蔡政言 ； 賈昭南

淡江大學/商學院/國際商學碩士在職專班/碩士(2012年)

https://doi.org/10.6846/TKU.2012.01056

摘要

一般對於企業的經營研究，通常比較著重於對過去的成功或失敗案例做深入的評析，透過學理的架構並提出導致結果或是改善結果並可行方案。相對的，對於一個是否該併購及改造中的企業要如何累積核心資源及培養組織能耐的課題，則較少有相關的實例探討。
在2002年，惠普及康柏電腦界的合併大事至今已過了10年之久，加上去年熱門話題，普惠將拆售PC部門等，看戲的人潮反而有增無減。讓我們將新惠普的改變用賽局模型及學理的策略和架構來探討研究，並深入了解及思考這宗「水平式型態的合併案」是否真具有合併綜效。
本研究主要是探討當惠普併購他家公司的時所使用的策略工具，是否會影響在併購當下因缺乏計畫及以長期利潤為主而衝動性收購及收購後的營運虧損而造成企業本身所得到的認知失調?以下針對相關文獻所提供之定義、理論與研究分別探討，以便釐清主題的焦點與方向。
了解合併前後及是否該併購等議題，做出關連性問題及提出建議，並期望本研究對同性質公司想要從事水平型態企業併購時，利用更短的學習曲線並創造合併後的獲利契機及有所助益。

關鍵字

訊號不對稱賽局 ； 從眾行為 ； 衝動性併購 ； 認知失調理論 ； Spence求職模型

並列摘要

The study of business management is often focused through analysis of historical successful and failure management cases. With the help of theoretical business models, it would help the company to improve the business management towards better results.
However, the case study of remodeling business through accumulating core business essentials and flexibility of organizational structure from merger and acquisition are much less explored.
From The acquisition of Compaq 10 years ago and recently announced to spin off PC organization. The study of HP (Hewlett-Packard) merger and acquisition can be helped with 2 concepts, that is, game theory and theoretical business structure and strategy, and to see whether this horizontal merger is workable from economical and strategical point of view.
This thesis focuses on the method of acquisition of HP to reconstruct better picture of the details before and after acquisition. This is to see if the acquisition decision was due to mis-judged of business trend and operation, which caused impulsive merging action without proper plans and lack of long term investment insight.
The following definitions, theories and study cases of the reference documents would help to understand on the main topic and direction of this thesis.
This thesis will provide relative and connective questions and suggestions for the decisions before and after merger or acquisition. The aim is to provide suggestion and information with best benefit during horizontal merger or acquisition in shortest period of time for the companies which have similar aspects (or competition in the same market).

並列關鍵字

Signaling Game ； Herding Behiavior ； Impulse M&A ； Congnitive Dissonance Theory ； Spence Model

參考文獻

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