本研究的併購動機主要分為綜效假說、代理假說和傲慢假說。我們以目標公司報酬和總報酬的相關性，以及目標公司報酬和主併公司報酬的相關性來區分此三種假說。併購動機若支持綜效假說，則預期目標公司報酬和總報酬呈正相關，且目標公司報酬也和主併公司報酬呈正相關。併購動機若支持代理假說，則預期目標公司報酬和總報酬呈負相關，且目標公司報酬也和主併公司報酬呈負相關。併購動機若支持傲慢假說，則預期目標公司報酬和總報酬無關，且目標公司報酬和主併公司報酬呈負相關。 　　本研究探討美國88件國內併購案以及79件跨國併購案，樣本期間為2000年1月1日到2006年12月31日。根據本研究的實證結果，做出以下結論： 1、在國內併購案中，併購的動機主要來自綜效假說和傲慢假說。而在跨國併 購案中，併購的動機主要來自代理假說和傲慢假說。 2、沒有足夠的證據顯示以傲慢假說為併購的動機會減少公司的價值。 3、匯率的變動並不影響企業從事跨國併購的動機。 / This paper develops tests to distinguish among the three major motives for M&A：synergy、agency and hubris. We distinguish three hypotheses by observing the correlation between target, acquirer and total gains. If the motive supports the synergy hypothesis, it expects positive correlation between target and total gains. The synergy hypothesis also expects positive correlation between target and acquirer gains. If the motive supports the agency hypothesis, it expects negative correlation between target and total gains. The agency hypothesis also expects negative correlation between target and acquirer gains. If the motive supports the hubris hypothesis, it expects zero correlation between target and total gains. The hubris hypothesis also expects negative correlation between target and acquirer gains. 　　This paper treats 88 domestic and 79 cross-boarder cases of M&A over the period of 2000 to 2006 in America. According to the empirical result of the study, the conclusions are stated as follows： 1. In the domestic cases of M&A, the synergy hypothesis and the hubris hypothesis are the primary motive of M&A. In the cross-boarder cases of M&A, the agency hypothesis and the hubris hypothesis are the primary motive of M&A. 2. It has no adequate proof to show the motive of M&A flows from the hubris hypothesis may decrease the value of the company. 3. The variation of the exchange rate has no effect on the motive of cross-boarder M&A.

隨著國內企業的成長，以及商業競爭的國際化，併購已成為企業在維持及增加成長幅度時考慮的主要策略之一。過往的文獻對於企業成長理論有相當多的研究，經理人在成長歷程中的角色也被深度討論。另一方面，許多學者針對併購的動機進行討論，其中又以綜效、經理人自利與過度自信經理人為最被廣泛認可的併購動機。 　　雖然過去已經有非常多文獻分別針對企業成長理論與併購動機理論深入研究，但少有文獻對於兩者的關係進行研究，尤其未有文獻對台灣企業的情況進行研究。為了理解台灣企業的成長與併購之間的關係，本研究以台灣2008年至2014年以台灣企業為主併企業之併購案作為研究樣本，藉由統計迴歸的量化研究，釐清企業成長之速度對於併購行為之影響，解釋企業併購機率、併購股數、國際化併購與成功機率等併購相關變數。 　　本研究分別以營業收入及資產總額來衡量企業成長，發現在兩種衡量方法下，企業成長越快的企業皆越可能進行併購。但營業收入成長越快的企業，越可能併購國外的企業；資產總額成長越快的企業，則是在併購時會購入越多標的企業之股票。結果顯示，企業成長確實會增加併購的機率，但若企業有不同的成長模式，也會導致併購行為上的差異。 / With the growing of firms in Taiwan and the internalization of commercial competition, merger and acquisition (M&A) have become one of the main strategies that firms consider when they want to keep growing. Previous studies have done a lot of research of firm growth and managers’ role on the path of growth. The antecedent of M&A has been discussed widely as well. Synergy, managerialism and hubris are the most recognized antecedents of M&A in these studies. Although there were a large number of studies concerning firm growth and antecedents of M&A, few focused on the relationship between them, especially none was about Taiwan’s situation. With the sample of M&A cases of Taiwanese firms from 2008 to 2014, this study examines the relationship between firm growth and antecedents of merger. This study uses regression model to analysis the impact of firm growth rate on M&A behavior. Furthermore, M&A related variables such as probability of M&A, equity bought, international M&A percentage and success rate are explained in this study. Two methods are used in this study to measure firm growth: sales revenue and total assets. The regression result shows that firms with higher growth rates are more likely to participate in M&A activities in both methods. While firms with higher sales growth tend to merge more foreign companies, firms with higher assets growth tend to buy more equity in M&As. To sum up, firm growth increase the probability of M&A activity. But different growth patterns can lead to variation of M&A behavior as well.

近幾年企業跨國併購活動頻繁，尤其亞洲企業併購歐美知名品牌形成一種趨勢。亞洲各國政府有感品牌對於消費市場的重要性，因此建置併購外國企業的鼓勵政策，藉此汲取跨國營運與品牌經營經驗。例如：自1997年起中國政府鼓勵企業「走出去」，透過海外直接投資活動形成跨國企業，2004年之後對知名品牌企業進行併購引起全球關注。而我國政府於2003年積極輔導「品牌台灣發展計畫」，希冀企業能著眼於「品牌」的培養，另外為加速台灣跨國企業品牌能在全球舞台嶄露頭角，外貿發展協會在2005年正式推動「併購國外品牌與通路計畫」，透過政府單位與併購專業機構等管道，著眼於品牌與通路資產尋找適合的對象，協助我國廠商拓展國際市場以進行跨國營運、提升企業品牌權益，進而打響台灣的國家品牌形象。 本研究即以亞洲企業併購歐美品牌為研究主體，探討企業併購動機與企業內部品牌資產（專利、商標、通路）的關連性，以及併購後對外品牌策略的使用，結合內部資產與外部品牌策略的使用，說明主併企業的品牌權益能否借他人力量提升並立足於跨國市場上。 本研究以個案分析的方式，以「聯想併購IBM PC部門」與「成霖全球品牌併購」進行探討，得出亞洲企業併購歐美知名品牌後，保留被併標的的品牌並採取聯合品牌、彈性使用品牌策略，來提升主併企業的品牌權益或維持各區域品牌的營運。另得出以下建議，希冀能對我國企業採取併購活動時有所助益： 1.提升併購品牌的策略層次： 併購動機的層次會影響併購後企業營運方式及品牌策略，如聯想藉由併購及聯合品牌策略提升其內部技術與亞洲品牌的層次，成霖的併購與品牌策略展現其現階段以佈局國際市場的營運、增加營收為主，對自身品牌權益的提升較少。 2.併購標的應具備多項品牌資產： 品牌資產可使企業掌握市場的競爭優勢，除掌握通路進入市場外，亦應觀察其專利、商標等權利運用與移轉，牽制競爭對手與影響市場結構，利於主併企業品牌權益的提升。 3.注重併購品牌的整合： 要使被併品牌發揮市場效益，併購後資產的整合與運用更須注意，對外需熟知當地政府對企業之獎懲法規、勞工保護規範以及當地顧客市場的需求，對內則瞭解被併企業營運方式與員工需求以此進行融合管理，讓內部員工與當地市場能接受主併企業，由內而外槓桿併購品牌的實質效益。 / The mergers between Asian enterprises and famous American and European brands become a trend in the frequent international mergers and acquisitions in recent years. Asian governments become more aware of the importance of brand in the markets and thus formulate policies to encourage cross-border M&A, through which enterprises can learn international corporation and brand management. For example, China government had urged enterprises become international corporation through foreign direct investments since 1997. The mergers of famous companies and brands after 2004 become a global concern. Taiwan government enthusiastically developed “Branding Taiwan” to encourage enterprises to focus on brand development. Taiwan External Trade Development Council started “M&A Foreign Brand and Channel” in 2005 to promote Taiwan brand to global business. Government units and M&A professional organizations try to help Taiwan firms find suitable merging targets of good brand and channel to get more brand equity and experience concerning international business management, thus to promote Taiwan brands. This thesis aims to focus on Asian enterprises merging famous American and European brands to explore the correlation between M&A motives and internal brand assets of enterprises and to analyze the external brand strategies in post merger. The discussion will involve the possibility whether the acquiring firm can enhance their brand equity through M&A. This thesis will take “Lenovo Acquired IBM PCD” and “Globe Union M&A Global Brands” for case studies. Asian firms retain acquired brand and take co-brand strategy to raise their corporate brand equity, or take flexible brand strategy to operate regional brand enterprise individually. Further, it provides three suggestions to Taiwan enterprises when they decide to proceed with a merger. 1.Enhancing Motives to Strategic Level: acquiring firms would be led to different business operation level by what goal they set. 2.Acquired targets should possess more brand assets: the more brand assets acquiring firm can manipulate, the much competency they will have. 3.Emphasizing on Brand Integration after Merger: In order to obtain more revenues from acquired brands, acquiring firms have to pay more attention to all factors through the integration, including local industrial policies and labor protection regulations. They should also know the corporate culture and employees’ expectations of the acquired companies to better management and lessen the resistance from the employees and local market.