在行動APP(Application)產業，這樣一個競爭激烈且汰換速度快的環境中，多數創業家因自有資金不足而選擇接受併購，本研究相信仍有少數創業家拒絕被併購，如文中所提及 Snapchat創辦人Evan Spiegel拒絕Facebook、WhatsApp拒絕Google以及Twitch創辦人Kevin Lin拒絕Youtube卻接受Amazon等案例，可見價格並非考量接受或拒絕併購之唯一因素。
本研究採被併方創業家觀點，利用個案研究法、次級資料分析以及專家訪談探討本研究三個個案：Gogolook走著瞧、Snapchat以及Cardinal Blue之創辦人們創業動機，以及接受與拒絕併購之考量因素。經本研究整理所蒐集到的次級資料及訪談紀錄後，歸納出三項行動APP創業家接受併購之因素包括：(1)自有資金不足；(2)另創新業；(3)主併方適配性高。並歸納得出兩項行動APP創業家拒絕併購之因素，包括：(1)堅持創業動機；(2)主併方配適性低。其中配適性包含經營能力、產品範圍及組織文化等構面。
根據上述研究內容，本研究得出結論有二：首先，價格之外的策略因素更為關鍵；除了尚未有行動APP創業家表示價格是考量併購之主要因素，甚至有創業家基於雙方配適性較高而選出價較低的主並方。其次，本研究歸納出創業家考量接受或拒絕併購決策之兩種立場：創業家立場及公司立場；而行動APP創業家們可能會因為立場轉換而改變決策。本研究主要的管理意涵，除了一次性交易的買賣金額高低之外，併購策略應審慎考量主併方與被併方雙方的多元配適性，才能提升長期競爭優勢。

In the competitive and fast-growing environment, such as the application industry, most entrepreneurs accept the M&A offers because their financial resources are insufficient. However, there were few entrepreneurs, such as Evan Spiegel from Snapchat, Kevin Lin from Twitch, refused to being merged by the higher-price bidder.
From the view of the entrepreneurs of the acquired companies, I conducted a multiple case study, secondary data analyses and expert interviews on three cases of Gogolook, Snapchat, and Cardinal Blue, to discuss their reasons to accept or refuse and M&A offer. This research found three reasons of the entrepreneurs to accept an M&A offer: i) insufficient financial resource; ii) other venture opportunities; iii) the higher fitness between the acquiring company and the acquired company. Contrastingly, two reasons to refuse and M&A offer were identified: i) persistence of the entrepreneurial motivations, likes achievement; ii) the lower fitness between the acquiring company and the acquired company, including three dimensions of management capabilities, product scope, and organizational culture.
This research has drawn two major conclusions. First, entrepreneurs tend to consider other strategic factors than the bidding price; none of the entrepreneurs in this research claimed that price is the main reason to accept or refuse M&A offers. Second, entrepreneurs may change their decision to accept or reject based on their strategic position, either entrepreneurs or company position. In addition to the one-time price of M&A, it is recommended for both of the acquiring company and the acquired company to consider their strategic fitness in order to enhance their long-term competitive advantage.

目錄                                                                                                                                   VI
圖目錄                                                                                                                              VII
表目錄                                                                                                                             VIII
附錄目錄                                                                                                                           IX
第一章緒論                                                                                                                      1
第一節研究背景與動機                                        2
第二節研究目的                                              4
第三節研究流程                                              6
第二章 文獻探討                                                                                                               8
第一節全球化微型企業                                        8
第二節併購理論                                             10
第三節創業家人格特質                                       14
第三章研究方法                                                                                                            17
第一節多個案研究法                                         17
第二節次級資料分析法                                       18
第三節專家訪談                                             20
第四章個案分析                                                                                                            22
第一節行動APP產業背景                                     22
第二節Gogolook走著瞧                                      24
第三節Snapchat                                             27
第四節Cardinal Blue                                        30
第五章研究發現                                                                                                            33
第一節行動APP個案歸納併購因素                             33
第二節創業家接受併購之因素探討                             36
第三節創業家拒絕併購之因素探討                             37
第六章結論與建議                                                                                                        39
第一節結論                                                 39
第二節研究限制                                             40
第三節管理意涵                                             41
參考文獻                                                     42
次級資料來源                                                 48
圖目錄
圖1-1台灣行動APP團隊人數規模                                                                      3
圖1-2本研究研究流程                                                                                            7
圖2-1併購種類圖                                                                                                  11
圖3-1次級資料研究的步驟                                                                                  19
圖4-1行動應用程式2017預估產值                                                                    23
圖4-2 2014年12月App商店的營收國家排行                                                  24
表目錄
表2-1併購類型                                                                                                      12
表2-2 Weston，Chung and Hoag(1990)七項併購理論                                        13
表2-3 Dubini (1989) 28個問項                                                                             15
表3-1個案受訪者基本資料                                                                                  21
表4-1 Gogolook走著瞧團隊創辦人資料整理                                                     25
表4-2 Gogolook走著瞧接受韓國NHN併購之觀點整理                                  26
表4-3 Snapchat創辦人資料整理                                                                          27
表4-4 Snapchat拒絕Facebook併購之觀點整理                                                29
表4-5 Cardinal Blue團隊創辦人資料整理                                                           30
表4-6 Cardinal Blue尚未有正式的併購提案之觀點整理                                  32
表5-1行動APP創業家接受併購之案例整理                                                    34
表5-2行動APP創業家拒絕併購之案例整理                                                    35
表5-3接受併購之原因與立場                                                                              36
表5-4拒絕併購之原因與立場                                                                              37

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