全球化的競爭趨勢下產業架構與經營型態已時過境遷，企業透過併購（Mergers and Acquisitions, M&A）來創造成長能力與維持競爭優勢是近幾年來不可或缺的一環。面對新科技網絡與知識經濟時代，商業生態系統（Business Ecosystem）已成為企業競爭環境中的主軸，必須了解身處在商業生態系統中能夠創造出的最佳價值；此外企業生命週期（Corporate Life Cycle）的每個階段都會面臨到不同的生存問題與挑戰使企業價值也隨之改變，為了能適時因應經營策略，使企業能夠提升績效達到永續發展的機會與開創出新的循環，然而環境生態保護與社會倫理責任乃是企業永續發展的重點，因此將「永續性」及「利害關係人」加入平衡計分卡（BSC）當中，成為永續性平衡計分卡（Sustainability BSC）以利企業永續發展之目的。綜合上述，本研究以台灣的併購個案與次級資料的收集再進行分析研究，透過商業生態系統、企業生命週期與永續性平衡計分卡的觀點結合作為併購績效之評估依據，以利未來達成企業併購目的之參考。

Under the trend of global competition, the situation of industrial structure and business model have been changed. Therefore, it is an indispensable part that enterprises adopt Mergers and Acquisitions (M&A) to create growth capabilities and maintain competitive advantage. Facing the new technology network and the era of knowledge economy, the Business Ecosystem has become the main axis in the corporate competitive environment. It is an important issue that companies must understand the best value they can create in the Business Ecosystem. In addition, each stage of the Corporate Life Cycle will face different survival problems and challenges, which will change the value of the company. In order to respond to the business strategy in a timely manner, so that the company can improve performance to achieve sustainable development opportunities and create a new cycle. As the environmental protection and social ethical responsibility are the focus of sustainable development of enterprises, so "sustainability" and "interested parties" are added to the Balance Scorecards. Therefore, it becomes the Sustainability Balanced Scorecard to facilitate the sustainable development of the enterprise. Based on the above, the researcher collects of Taiwanese M&A cases and secondary data to conduct the research. The combination of business ecosystem, corporate life cycle and sustainability balanced scorecards is used as the basis for evaluating M&A performance to facilitate the future achievement of corporate mergers and acquisitions.

目錄
目錄	I
圖目錄	II
表目錄	III
第一章、 緒論	1
第一節 、研究背景	1
第二節 、研究動機	4
第三節 、研究目的	5
第四節 、研究流程	6
第二章、 文獻探討	7
第一節 、併購（Mergers and Acquisitions, M&A）	7
第二節 、商業生態系統（Business Ecosystem）	12
第三節 、企業生命週期（Corporate Life Cycle）	15
第四節 、績效評估	21
第三章、 研究方法	29
第一節 、研究架構	29
第二節 、資料分析方法	30
第三節 、研究對象	35
第四章、 個案分析	36
第一節 、個案之介紹	36
第二節 、個案績效之分析	43
第五章、 結論與建議	55
第一節 、研究結論	55
第二節 、管理意涵	62
第三節 、研究限制與未來研究建議	63
參考文獻	64
中文文獻	64
英文文獻	65
網路文獻	71

圖目錄
圖 1-1 全球併購交易數量與金額	2
圖 1-2 台灣併購交易數量與金額	3
圖 1-3 個案產業鏈	4
圖 1-4 研究流程	6
圖 2-1 程序的觀點與公司存續狀態之分類	7
圖 2-2 企業價值鏈	10
圖 2-3 商業模式	13
圖 2-4 現有與預期之價值網絡	13
圖 2-5 商業生態系統	14
圖 2-6 企業生命週期	18
圖 2-7 生命週期之類型	20
圖 2-8 永續性平衡計分卡之因果關係連結	22
圖 2-9 平衡計分卡之四大構面	24
圖 2-10 平衡計分卡與永續性平衡計分卡之整合架構	26
圖 3-1 研究架構	29
圖 3-2 台灣經濟新報三大特色	33
圖 3-3 台灣企業資料之架構	34
圖 4-1 大大網數位平台服務之架構	37
圖 4-2 Ａ公司之關係企業（1）	38
圖 4-3 Ａ公司之關係企業（2）	39
圖 4-4 客戶需求的通路服務商業生態系統	44
圖 4-5 Ａ公司之企業生命週期	45
圖 4-6 Ｂ公司之企業生命週期	46
圖 5-1 Ｂ公司歷史股價日線圖	56
圖 5-2 Ｂ公司歷史股價年線圖	56
圖 5-3 全球半導體主要應用市場銷售數量	58
圖 5-4 Ａ公司全球市佔率與排名	59
圖 5-5 Ａ公司中國銷售淨額	59
圖 5-6 Ａ公司年營收	60

表目錄
表 2-1 生命週期發展階段之分析	19
表 2-2 永續性平衡計分卡之落後指標與領先指標	26
表 2-3 永續性平衡計分卡之指標範例	27
表 3-1 Ａ公司歷年之併購事件	35
表 4-1 Ａ公司之產品結構	40
表 4-2 Ａ公司計畫開發之新產品與服務	41
表 4-3 Ｂ公司之產品結構	42
表 4-4 Ａ公司之財務指標	48
表 4-5 Ａ公司之永續性財務指標	48
表 4-6 Ａ公司投資控股股份有限公司之顧客指標	50
表 4-7 Ａ公司投資控股股份有限公司之內部流程指標	51
表 4-8 Ａ公司投資控股股份有限公司之永續性內部流程指標	52
表 4-9 Ａ公司之學習與成長指標	53
表 4-10 Ａ公司之永續性學習與成長指標	54
表 5-1 永續績效重點	61

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