併購是企業加速產品開發時效及快速增加市場佔有率之關鍵外部成長策略。產品追求創新，產品生命週期越見縮短，產品開發所需技術也越複雜，促使企業尋求外部併購成長來達成其快速成長之策略意圖。全球併購案於近年展現成長趨勢，2015年與2016年併購案件之數量或金額更呈現大幅成長。深入分析併購整合，對企業經營及產業升級有具體貢獻。
本研究採用價值鏈整合觀點，使用個案分析及平衡計分卡衡量併購整合績效。本研究命題結論指出，被併企業為上游供應商並擁有關鍵技術時，財務整合及顧客整合績效大於一般性上游供應商之併購整合；顧客整合績效只有部份成立，但學習成長績效則不成立。再者被併企業為下游通路商時，對「併購之認同程度」與併購之財務、顧客、內部流程、學習與成長等四構面之整合績效均有正向影響。
本研究從個案中得到驗證，併購目的與類型的不同，均會影響併購綜效呈現的方式。本研究將致力於學術理論研究與管理實務，研究成果可提供併購後整合相關理論及管理實務決策之建議。

Mergers and acquisitions (M&A) is one of major entry strategy to rapid growth. From the recent years, global mergers and acquisitions M&A have shown the growth trend. During 2016 and 2017, the amount of M&A cases have substantially growth and historical high. From the recent successful enterprises globally, such as Apple and Google who concentrate more on product M&A can more likely succeed in the post-M&A integration. 
Value chain integration perspectives, balanced scorecard and case study have been applied in this study. The analysis pointed out that when the acquired company is an upstream supplier and with key technologies, the results demonstrate that post-M&A integration positively impact financial integration and internal process performance. However, it has only with partly positively impact on customers’ integration performances, nevertheless, does not correlate positively with post-M&A learning & growth integration performance. Furthermore, when the acquired company is a downstream sales channel, the results demonstrate that post-M&A integration has a positive impact on financial, customer, internal process and learning & growth integration performance. 
This study provides a framework for managing post-M&A integration and concludes by discussing the theoretical and practical implications of the research findings.

目錄
目錄	IV
圖目錄	VI
表目錄	VII
第一章、 緒論	1
第一節、 研究動機與背景	1
第二節、 研究方向與目的	10
第三節、 研究流程	12
第二章、 文獻探討與命題	14
第一節、 文獻探討	14
第二節、 研究命題	22
第三節、 研究架構	25
第三章、 研究設計	28
第一節、 研究方法	28
第二節、 訪談分析	32
第三節、 併購整合績效訪談問題	35
第四章、 個案分析	36
第一節、A公司簡介	36
第二節、B公司簡介	37
第三節、網通業2003~2013產業分析	38
第四節、C公司簡介	40
第五節、D公司簡介	42
第五章、 命題分析	44
第一節、 併購上游供應商	44
第二節、 併購下游通路商	53
第六章、 研究結論及限制	60
參考文獻	66



圖目錄
圖1-1 全球併購金額2
圖1-2 全球主要科技集團併購趨勢3
圖1-3 Google併購趨勢分析6
圖1-4 台灣併購數量統計分析9
圖1-5 台灣併購金額統計分析9
圖1-6 研究流程13
圖2-1 Porter價值鏈14
圖2-2 價值鏈整合構面15
圖2-3平衡計分卡四個構面21
圖2-4研究架構27
圖5-1 B公司2003-2013年營業毛利率46
圖5-2 B公司2003-2013年每股盈餘46
圖5-3 B公司2000-2010年售貨天數48
圖5-4 B公司2000-2010年存貨周轉率49
圖5-5 B公司2003-2013年營業毛利51
圖5-6 B公司2003-2013年營業成本52
圖6-1 B公司歷史股價資訊61
圖6-2 B公司2003-2013年營收62
圖6-3 台灣製造業2003-2013年景氣分數63
圖6-4 A公司2003-2013年營收63
圖6-5 C公司2006-2016年營收數據64

 
表目錄
表1-1 鴻海併購一覽表5
表1-2 晶元光電併購一覽表8
表2-1 併購分類18
表3-1 個案研究的定義30
表3-3 價值鏈整合訪談內容34
表3-4 併購整合績效訪談內容35
表4-1 國內主要無線區域網路設備業者營收概況39
表5-1 B公司2005、2006年經營能力指標45
表6-1價值鏈整合與平衡計分卡構面命題分析結果60

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