鑒於轉投資收益占公司收益比重日形增加，且紡織業為一成熟期產業 ，頻頻地從事於轉投資活動，遂引起本研究的研究動機。 本研究的目 的是希望能對紡織業上市公司轉投資活動作一全面瞭解，並試圖找出會系 統化地影響轉投資活動的一些公司特質。 本研究結果發現公司屬於第 一類上市公司或第二類上市公司、公司屬於前兩百大企業集團或不屬於集 團、公司負債比率的高低、總經理持股比率的高低、公司近年來本業是否 曾虧損，都是會系統化影響公司轉投資活動的因子。 另外，從事轉投 資的動機方面最主要是因本業衰退，再者是希望能進入高報酬行業；而轉 投資又分三大類：垂直整合型、相關多角化型、非相關多角化型，從事這 三類型的轉投資其在實務上的考量因素都大致與理論所言符合；而在垂直 整合型轉投資與相關多角化型轉投資上，公司傾向於持有較高的股份。在 非相關多角化上，多數的公司都想跨入營建業、投資業、證券業、商銀、 創業投資業、資訊電子業等。至於選擇轉投資的對象時，首重被投資公司 的產品的市場可行性分析與投資的回收期間，而在事後的績效評估上，則 重投資報酬率與被投資公司的成長潛力；又當被投資公司獲利情形大好或 大壞時，或被投資公司的股票將要上市或上櫃時，投資公司都可能突然大 幅的增加或減少持股。

Tourism industry, one of the most rapid growing economic activities around the world, brings countries foreign exchange and creates million jobs. Due to the huge profit involved, more and more countries recognize the importance of tourism marketing and start to include it into their national development plan, so does Taiwan. However, little attention has been paid in the academic field to Taiwan’s tourism promotions on a global basis. Therefore, this research aims at analyzing how Taiwan manages and integrates its tourism marketing communications in its three main target regions—Northeast Asia, Southeast Asia, and Europe and America—from the perspective of Globally Integrated Marketing Communication (GIMC), and uses the current campaign “Tour Taiwan Years 2008-2009” as the subject. Following the IMC Audit proposed by Duncan (2002), this case study conducts document analysis and in-depth interviews with Tourism Bureau to investigate how Taiwan integrates its global communication either vertically across marketing disciplines or horizontally across countries. In addition, the level of standardization across marketing disciplines is compared, and suggestions for employing GIMC model are also provided. The finding can be summarized into three points: 1. Either within each region or across regions, the strategies Tourism Bureau employs are close to globally integrated strategy, but with different level of vertical and horizontal integrations. 2. The proposition, which suggests that public relation, sales promotion, and direct marketing are more difficult to standardize compared to advertising, is not supported in the case of “Tour Taiwan Years 2008-2009.” 3. The application of GIMC to tourism marketing in this case suggests that strategy should be the guiding principle for integration; and the classification of GIMC strategy should be adjusted and made based on a continuum approach.

近年來，台灣市面上的連鎖咖啡市場經營形態相當地多元，不僅更加擴大了整個咖啡市場的量，也讓各式連鎖咖啡業者之間的競爭更加白熱化與緊張。 未來，平價連鎖咖啡業者最大的競爭對象，除了高價挾全球連鎖咖啡龍頭的星巴客(Starbucks)外，全台街頭到處矗立並已達上萬家的便利超商更是不容忽視之勁敵。針對不斷進入市場的這些各有財團支持的大型競爭者，目前已如達戰國市場的連鎖咖啡業者應如何調整營運模式與經營策略以因應？如何讓公司立於不敗之地並打贏這場生存戰爭？則競爭策略是生存的必要遊戲規則。 本研究透過分析X連鎖咖啡內部的優勢與劣勢(S/W)和外部的機會與威脅(O/T)，發展出TOWS模型的形成來分析。在強項下利用外部機會發揮公司強處，及弱項下如何隱藏弱點以避免威脅。希望透過個案研究分析來探討X連鎖咖啡店面對挾全球連鎖咖啡知名品牌壓境的星巴客(Starbucks) 、與便利超商(7-Eleven， 全家超商，萊爾富)這些各有財團支持的強大競爭者的因應策略方案。而我們亦了解連鎖咖啡產業正值成熟期階段，X連鎖咖啡唯有在經營策略上以品牌定位、服務品質的提升、產品多樣化、價位合理化外，並走向垂直整合或多角化來維持利潤以鞏固現有市場並對擴張新市場。

高科技產業是目前台灣繼紡織工業、機械工業後引領台灣近三十年來產業發展的主流產業，其中又以ICT（Information & Communications Technology）產業是台灣高科技產業的代表。但高科技產業特徵是快速的變化，並不斷經過創新技術的發展，加劇其變化的速度，要有能力在高科技產業中持續發展，對市場趨勢、核心能力的掌握、新技術發展、人才養成、垂直整合能力、水平產業整合能力等皆需具備，才有機會在高科技產業中生存及發展。因此如何掌握企業本身的核心能力、檢視整體供應鏈價值，並提出適合之企業經營與競合策略，便是能否在高科技產業中持續發展的關鍵因素了。 觸控面板產業自2007年Apple正式推出iPhone後，觸控面板有了急速成長的開端。其中台灣在觸控面板的供應鏈中佔有超過50%的產值，是台灣在全球的又一個世界第一，值得期待，而本研究的主題”捲揚式真空濺鍍產業”正是觸控面板業中的關鍵材料製造技術。但在台灣創造另一個第一的同時，細部去分析此類產品供應鏈的成本結構，獲利最高的並非台灣廠商而是日本廠商，那麼如何提高台灣廠商在觸控面板產業的價值，答案就在如何洞悉產業及如合運用創新與競合的經營策略了。 / A high-tech industry is a mainstream industry. In Taiwan, the machinery industry is second only to the textile industry as the leading industry over three decades of industrial development. Within the machinery industry, the Information & Communications Technology (ICT) industry is representative of Taiwan's high-tech industry. However, the high-tech industry is characterised by rapid change, which results in the continuous development of innovative technologies. These changes enable companies to sustain technological development, grasp market trends, enhance core competencies, develop talent, gain vertical integration capability, and improve their chances of survival and growth in the high-technology industry. Therefore, the key to sustainable development of the high-tech industry lies in mastering the core competencies of the enterprise itself, considering the value of the overall supply chain, and adopting a suitable competition and cooperation strategy for the business. Since 2007, there has been significant growth in the touch panel industry with the official launch of the Apple iPhone. This study on the“winch vacuum sputtering industry”focuses on the Taiwan based touch panel supply chain, which is a world leader and accounts for 50% of national output value,to assess the key materials in manufacturing technology. However, establishing another successful industry in Taiwan requires additional data to analyse the cost structure of the supply chain of such products and requires assessing Japanese manufacturers in addition to the most profitable Taiwanese companies. Hence, insights from the business strategies of innovating/competing industries is likely to improve the value of Taiwanese touch panel manufacturers.

本論文主要由兩篇文章所組成，探討有關跨國購併活動中目標公司的選擇，以及聯貸市場中參貸銀行的選擇。第一部份旨在分析市場集中程度與跨國購併在垂直相關產業的議題。Beladi, Chakrabarti and Marjit (2013)建立一般均衡寡佔模型，連結當地國的市場競爭力和跨國購併在垂直相關產業的論點。他們模型認為當地國家的垂直整合程度會改變國外主併者策略優勢。我們使用1990年至2012年涵蓋86個國家，之全球購併活動案件，我們衡量當地國家的市場競爭與垂直整合程度，呈現當地國家前期的市場競爭力將會誘發國外市場主併者進入，以垂直購併的方式購併當地國家之目標公司。本研究結果提供了實證性的結果來支持過去理論之發現，認為產業的集中程度會影響跨國購併。 本論文的第二部份，在研究知識技能互補和銀行商譽在參貸銀行的選擇，觀察主貸銀行該如何選擇參貸銀行之決策分析。延伸Diamond (1991)的商譽建立假說，透過主貸銀行本身的特性因子與工作經驗，來探討主貸銀行選擇參貸銀行的誘因動機。研究結果發現，當主貸銀行具有較高的自身商譽佳、經營及投資具效率性、內部監理機制較佳、且市場經驗較為豐富時，會誘使主貸銀行減少對高商譽參貸銀行的需求。呈現知識技能互補的現象於主貸銀行選擇參貸銀行的決策。本研究結果可提供我們對聯貸銀行團商譽互補現象及分析。 / Two essays are comprised in this dissertation to study on choices of target firms in cross-border M&As and choices of participant banks in the syndicated loan market. In the first essay, cross-border mergers and market concentration in a vertically related industry, we examine the relationship between market concentration and cross-border M&A. Beladi, Chakrabarti and Marjit (2013) present an oligopoly in general equilibrium model to identify the linkages between local market competition and cross-border mergers in a vertically related industry. Their model predicts that a vertical integration at home changes the strategic advantage for foreign acquirers. Using firm-level data from 86 countries between 1990 and 2012, we calculate proxies for local market competition and show that lower (higher) pre-merger local competition at home country will increase (decrease) mergers between a foreign firm and a vertically integrated home firm. These findings provide empirical supports for the significant impact of industry concentration on the decisions of cross-border M&A. In the second essay, the effects of knowledge complementarities and bank reputation on participant banks choices, we focus on the decision of lead arrangers on participant bank choices in the syndicated loan market. We extend reputation building theory (Diamond, 1991) and model the lead arranger’s partner choice problem through the effect of self-related and task-related factors. Our paper show that when lead arrangers have higher reputation, operating efficiency, and market experience, lead arrangers tend to choose less reputable partners. These results help to explain how lead arrangers, through their partner selection decisions, manage the reputation pool among banks in the syndicated loan market.