遊戲產業進入資本市場之策略研究-以手機遊戲U公司為例

The Study of Strategies of Game Industry's Access to Capital Martet : Example of Mobile Games Company U.

王克成(Ko-Cheng Wang)

指導教授 ： 古永嘉博士與呂姿瑩博士

國立臺北大學/商學院/企業管理學系碩士在職專班/碩士(2014年)

摘要

由於網路的進步與盛行及智慧型手機及平板電腦等移動裝置的性能強大並且普及化，使得手機應用軟體商店(App store)大行其道。而手機遊戲市場的營運規模，也因載具的可移動性使用者休閒時間可以片段化，產值因此大增。預估2015年全球市場產值將達到152億美元以上，早已超過原本只能在PC或NB上玩的線上遊戲的產值。
國內各大遊戲廠商也紛紛投入手機遊戲的經營，更由於網路的無國界，大陸手機遊戲廠商大舉進入台灣，分食繁中版的全球華人市場。而且大陸廠商在遊戲產品研發、手遊平台建置、營運發行等的實力皆優於台灣廠商，關鍵在於大陸廠商透過資本市場取得資金，敢於投入大筆資金在手機遊戲產業。大陸廠商結合在台人士，更是以購併的方式取得遊戲公司的經營權，並以高薪挖角台灣遊戲營運的人才。
U公司是目前唯一純台灣本土資本的手機遊戲營運商，也是台灣最早進入手機遊戲營運的廠商。U公司過去是台灣最知名的電腦圖書發行公司，2000年開始轉型為休閒軟體的營運公司，也是從一般線上遊戲、網路遊戲營運開始，到目前的手機遊戲營運。因尚未公開發行，資金雖靠銀行往來，但主要還是靠大股東的背書保證才能取得額度，這對於U公司的營運發展是受限的。
所以本研究就是以U公司能夠儘快進入資本市場，以取得較低成本的資金為研究目的。在為達到事業與營運規模擴大以及永續經營之目的，及透過進入資本市場讓營運人才留任的考量下，策略選擇最快及最適進入資本市場的方案。
在經過U公司內部經營高層的不斷討論，及本案研究分析，最適方案為策略聯盟或併購(被併購) 的決策選項。除取得資金使公司永續發展、留住營運人才的目的，更是要以投資方(經營高層)、員工及策略聯盟合作對象三方利益皆顧及的策略選項，才是最佳方案。

關鍵字

策略聯盟與併購

並列摘要

APP store become more popular because the improvement of smart phone and the strong facilities and prevalence of tablet PC. The value of operation scale of mobile games market is increased by the mobile mobility that make leisure time can be fragmented. Furthermore, there are some research predict that the value of global mobile game market will reach to $15.2 billion in 2015, which has already more than originally only on PC or NB to play online games value.
Hence, not only domestic game companies invest in the mobile games market, but also China’s mobile games companies get into Taiwan due to internet without national boundaries, and they partition off games market of Asia. Moreover, the capability of game product research, established game platform, and operation ability of China’s games companies are better than Taiwan, the key of the reason is that they access to the fund from capital market, and put plenty of capital in mobile games industry. The other reason is they obtain the concession through mergers and acquisitions, paying high salary to hunt Taiwan’s talented person in mobile games industry.
Our study case, company U, is not only the only one mobile games company that use native capital in Taiwan, but also the first company that engage in mobile games industry. Company U used to be the Taiwan’s best-know computer book publishing firm, and transformed into an operating company that produce leisure software during 2000, meanwhile, this company was started from general online games. Now, company U devotes itself to mobile games operating.
However, company U, which isn’t be public offering yet, make some development restrictions in this company, although the funds are financed by banks, these funds obtained mainly from stockholders’ guarantee endorsement. Therefore, for our study purposes, we will investigate how company U to enter the capital market as soon as possible and acquires capital with lower cost.
In order to achieve the goal that broaden the business and operation scale, and that manage company to be sustainable, consider that retain talent employees by accessing to capital market, we choice the strategy which is the fast and the most appropriate for entering the capital market.
Though our analysis, we suggested that the most appropriate way to enter the capital market is strategy alliance or acquisition. In addition, this program is not only accomplishing the purpose of sustainable management and retaining talent employees, but also considering the benefits of employer, employees and strategic alliance partners.

參考文獻

楊孫宛(2011)。首次公開發行對同業之股價衝擊(未出版之論文)。國立台灣大學國際企業學研究所，台北市。

蘇云睿(2012)。借殼上市公司與一般上市公司財務績效分析-以建設公司為例(未出版之論文)。國立成功大學高階管理碩士在職專班，台南市。

沈鳳儀(2009)。臺灣首次公開發行股票折價之影響因素分析-分量迴歸之應用(未出版之論文)。國立台北大學國際財務金融碩士在職專班，台北市。

洪玉屏(2011)。熱門手機遊戲之研究－以台灣之Appstore為例(未出版之論文)。國立台北科技大學管理學院工業工程與管理EMBA專班，台北市。

粘博翔(2012)。借殼上市公司特性及其投資研究(未出版之論文)。國立政治大學經營管理碩士學程，台北市。