本研究以個案研究法剖析多國高科技公司的電子商務經營模式，研究首先欲瞭解高科技多國公司如何經營電子商務，並探討該公司將電子商務模式拓展至海外時，不同進入模式的管理方式與採用考量因素： 1.電子商務模式：收益模式、線上供給、價值群集、資源系統、與組織發展 個案公司之電子商務在線上提供可快速挑選、不需確認規格的標準品，藉由產品的銷售而獲利，屬於B2B之電子配銷商，該模式將「專業且多元的產品提供」、「便捷的送貨服務」與「售後服務」作為顧客利益的核心組合，並擁有官方網站與網路商店兩個平台，以多國語系支援各國業務；電子商務的總部團隊分成開拓業務的網路行銷團隊與校準銷售業務的商業發展團隊，總部透過管理機制，進一步支援電子商務模式的運作，其管理工具包含潛在客戶管理、電子看板綜覽、產品訓練課程、業務單位合作規劃等。 2.電子商務模式國際市場進入模式 在全球各地拓展此經營模式時，為因應成本縮減的壓力，個案公司僅提供標準化商品於線上，以節省人力支援的成本，但為回應各地不同的文化、基礎設施與通路競爭型態，仍透過管理方式的微調適應當地需求。 目前個案公司在全球20餘個國家共有約20個電子商務模式的據點，有直營、加盟與外包三種營運模式。個案公司會依據「地主國環境因素」與「地主國市場因素」進行市場評估，決定欲進入的海外市場，接著考量「全球策略」而選擇進入模式，若公司近期內不會在該地設立分公司，便會與當地既有之經銷商合作，從短期契約開始，並根據合作情形決定後續的合作模式，從最緊密的100%持股到合資、特許加盟、外包或是延續短期契約皆有可能。 本研究並在最後提出針對個案公司面臨之挑戰的相關建議，供其他業者與研究者參考。

台灣產險業在西元1991年後，配合台商產業外移擴張及政府南進與西向政策，紛紛於東南亞及中國大陸設立辦事處以服務台商。雖然產險業於海外設立據點已有十九年，但礙於各國保險法令規定及保險業投資限制，致使產險業在國際市場之經營迄今仍無重大突破。 本研究將針對目前產險業在海外東南亞據點及未來最大之保險市場-中國作完整探討，對各國目前經濟成長、保險市場、外資投資保險法令、及台商在該國的投資狀況分析及歸納，以做為台灣產業未來在當地經營發展之參考。 本研究文以日本產險業三井住友保險集團為比較模式，利用多國籍企業與海外市場進入模式，探討保守的日本保險公司如何在海外經營日商業務；進而以購併方式取得海外當地業務，以達到該公司全球策略願景。 台灣產物保險業應根據海外各據點之資源及條件，運用本身的競爭優勢以及自己的需求到不同地區做投資佈局；台灣產險業未來全球佈局的考量應是市場重於成本。 / In view of Taiwanese enterprises’ expansion to world market since 1991 and government’s policy toward Southeast Asia and policy toward West Mainland China, Taiwan non-life insurance companies decided to go abroad to set up office for serving their clients. Although Taiwan non-life insurance companies have 19 years experience in exploring world market, however, they still have no breakthrough in overseas business. In this study, I will bring out my view for the operation of non-life insurance companies in Southeast Asia and Mainland China which will be the biggest market in the future. The analysis for countries economic growth, local insurance market, laws of foreign insurance company entry, Taiwanese enterprise investment is also presented in the study. In order to study Multination Enterprise & Overseas Market Entry Model, Mitsui Sumitomo Insurance Group is taken as a model to analyze how the conservative non-life Japanese insurance company expand their international business and write local accounts by merging to achieve their global perspective. By the analysis, we can find that Taiwan non-life insurance companies shall utilize their advantage and resource to explore their strategy in different countries. Basically, they shall center on market instead of cost when they build global strategy.

The food and beverage industry in Taiwan is becoming increasingly competitive. Companies have therefore been trying to expand their operations abroad to different countries, both emerging and developed economies. How the companies expand and operate abroad is a challenging issue faced by every company that tries to enter foreign countries. This research starts out from the practitioners’ perspectives, and addresses critical management issues. The problems of international expansion are dynamic and fairly complicated due to the fast-changing business environment, which means practical decision rules are valuable. The study tackles this issue by attempting to offer decision rules on three research questions. They include the influence factors on the selection of foreign market entry mode, the mechanism of capturing growth and avoid huge losses and business model innovation in foreign markets. This research discovers entry mode choice should be accompanied by considering the joint effect of influence factors. And at point of entry, adopting real option perspective leads to better performance in the foreign market because it captures growth opportunities. Furthermore, adjusting the key processes in the business model helps companies realize more efficient operations and in some case, leads to better subsequent performance after entering the foreign country.

台灣和馬來西亞的經濟文化關係可以追溯到1960年代。雖然在官方關係上曾經斷交，但是非官方的交易來往並不受影響。本研究即將探討兩個國家的企業在進入彼此的國家發展的進入策略以及在該國的行銷手法之差異。本研究探討四方對象，有馬來西亞的M公司，台灣統創代理商，台灣六角國際（日出茶太）和馬來西亞日出茶太代理商，但是本研究以針對母國，也就是M公司和六角國際（日出茶太）為主要採訪企業，從母國的角度探討企業經營環境、國際化動機、市場進入模式與母國和地主國的行銷組合。另外，其中一個小節也針對台灣和馬來西亞的國家經濟環境和發展、人口、氣候、人文因素進行比較以辨別出兩國的差異。其研究結果一方面可提供國內的業者參考未來的國際化佈局策略，另一方面也有助於對於馬來西亞和台灣市場的了解。 本研究主要研究對象，M公司，生產馬來西亞風味方便麵和六角國際（日出茶太），直營和授權台灣手搖茶飲，這兩家不同國家和不同產業的公司進行接近兩小時的採訪，和在地主國的代理商之次級資料進行交叉比對，研究結果發現：1、兩家的國際化動機沒有顯著差異。2、因為兩家的產品性質不一和不同的經營環境和經驗背景，兩家的國際市場進入模式有著顯著地不同。3、兩個國家的國家大小、氣候、文化背景、習俗、基本建設影響母國和地主國的行銷組合之設計。 / The economic and cultural relations between Taiwan and Malaysia can be traced back to 1960. Although Malaysia has formally ended diplomatic relations with Taiwan, informal relations between Malaysia and Taiwan is still ongoing and maintaining. This study discussed the market entry mode and marketing mix in both countries of two different companies. This study targets four companies, which are Malaysia M Company, Taiwan Tongjih, Taiwan Lakaffa (Chatime) and lastly Malaysia (Chatime) but mainly interview only two founded companies, the M Company from Malaysia and Lakaffa from Taiwan. This research studies from the view of the mother land. It discusses both companies’ operating environment, the motive of globalization, market entry mode and the differences of marketing mix between the home country and host country. Beside of that, one of the chapters extends in comparing country environment and development, population, weather and culture factor between Malaysia and Taiwan. This study result aims to provide a reference in globalization strategy and improve a great knowledge about Malaysia and Taiwan market to the audience. Supported by M company, a manufacturer of Malaysia flavor instant noodle (Penang White Curry Mee) and Lakaffa, franchiser of Taiwanese beverages (Bubble Tea),two hours interview session, the comparison is showed as below: 1. There are no differences between the motives of globalization between these two companies. 2. Differences in product type, different operating environment and experience background affect the choice of market entry mode. 3. The differences of county size, weather, culture, custom and infrastructure affect the design of marketing mix in Malaysia and Taiwan market.

如何成長，是企業尋求永續經營所關心的永恆主題；如何國際化則是企業在經濟全球化時代面臨的挑戰。國際購併作為企業的擴張模式，同時兼具了企業追求成長和國際化佈局的內涵和效果，是歐美企業經常使用的成長策略和國際市場擴張策略。尤其在廿世紀的九○年代，全球化的風潮和跨國企業（MNCs）的全球化佈局，助長了跨國購併的盛行。 中國大陸在地理上緊鄰台灣，自1978年改革開放後，經濟呈現高度成長，除了是開發中國家首位國際對外直接投資（FDI）的目的地之外，更是全球最大的新興市場和製造工廠。惟與國際購併作為對外直接投資的主要模式比較起來，外資透過購併來經略中國市場並不普遍，在成交金額上僅佔5.5%，這主要是因為中國相關的購併法律環境還不健全、市場機制不成熟、資本市場也未全面開放所導致。因此，跨國購併目前並不是進入中國投資的主流模式。近年來，中國政府加強改善購併相關環境的工作，一方面使得購併活動蓬勃發展，另方面也讓外資得以在中國以購併方式經略中國。 本論文「以成長策略為經，以國際市場進入模式為緯」探討台資企業在中國大陸的購併策略，研究的出發點主要是關懷台商如何以及能否以購併策略來經略中國市場，並探究是否成功。由於過去與此相關的研究相當稀少，本研究可以定位為初探性研究，研究主要採取個案研究法，並在對三個個案研究公司從事購併的高階主管進行深度訪談，以及次級資料蒐集的輔助下，實證研究有幾項結論發現，分述如下： 一、台商以購併方式在中國大陸投資的主要考量是：如何以時間爭取市場空間。簡言之，面對大陸新興市場的高速成長，時間價值取得了投資策略思考的主導地位，形成了廠商以併購方式在中國投資的策略。當廠商面對快速成長的新興市場，購併是快速進入市場的最佳相配適策略。尤其當「時間對市場」變得相當重要的時候，購併是進入一個新市場最迅速的投資方式，此時併購相對於其他投資方式有其獨具的優勢。 在時間上，併購既有廠房確實比新建投資來得快速，進一步拿購併與投入新建廠房的兩三年內相比，在主併公司良好的整合策略配合下，開出新產能和建立新市場，其績效也比自建新廠來得好。以購併作為成長策略，主併公司借助了外部的力量而得以跳躍成長，省卻了以自己內部實力從事創新和開發所需的時間，其成長曲線不同於內部成長策略的S曲線。 二、海外購併投資同時是台資企業國際化的成長策略和海外市場的進入模式。國際併購作為台商的海外市場進入策略，通常兼具有策略性購併的特質，且都是以追求快速成長為目標。併購策略具有台資企業國際化歷程的中繼或過度性質特徵。易言之，在進入策略上，台商和許多其他國家國際企業一樣，採取了從低涉入到高涉入、資源投入從低到高、控制從低到高的模式，而購併模式在國際化過程中，往往是一個過度性質的中繼站，接著再以自建新廠的方式繼續投資，而且多是獨資的方式為之，此乃內部成長策略和外部成長策略兼採的市場進入方式；不過，亦有持續地單以併購與合資等外部成長方式作為投資的模式，來進行國際化的佈局。 購併投資若駕馭得當，可以達成企業設定的成長策略目標，但應考慮經營環境的內外變化，以規避快速成長所帶來的風險。企業外部環境的風險和內部經營能力對購併的影響，當主併公司的企業經營能力不能駕馭經營環境面臨的高度風險挑戰，將把獲來的資產化成為泡沫，一切成為烏有；若是企業能力優良，並且擁有低風險的經營環境，則購併後的主併公司將呈現蛙跳成長，成長快速。若是主併公司的經營能力和經營環境風險有相適應的發展，則呈現穩定的成長狀態，但公司宜加強經營能力，以防風險係數提高，造成公司難以應付的危機出現。 三、在購併整合和是否達成購併目標上發現：（一）購併後的整合端視主併公司與被併公司在資源互賴需求和組織獨立需求高低而決定。這點印證了Haspealagh and Jemison提出的資源整合矩陣觀點。（二）購併後若發生股權變動的情況，亦可能導致整合文化的變化，這說明了購併後整合模式具有動態變化的特性。（三）如果購併方是具有經營優勢的企業，被併者是家虧損企業，則通常購併後整合的主導模式是順向整合的吸納式。（四）整合模式與被併購方的母國和主併公司的母國是否為同一國家沒有必然的關聯。（五）購併雙方規模的大小或許也會影響整合的方式，在三個個案實例中，大對小進行購併都出現了吸納式整合模式，說明了其間的關聯性，但這層關係可能是建築在中介變數的影響下才成立的。筆者認為，主併公司的經營優勢或所有權優勢可能是中介變數，這才是影響主併公司採取吸納式整合模式的關鍵。（六）台商從事購併的整合活動都是從交易後才開始的現象。這和西方在目標公司選擇過程中，或交易談判時即開始進行的習慣有明顯的不同。因此，以「購併」─所透露的「先購後併」意義來形容台商購併的經歷應是較適宜的。（七）當購併達成了公司的策略目標或合併綜效，可以為公司創造價值或增值；反之，則會為公司帶來價值破壞，嚴重者甚至毀滅公司所有價值，將購併成長而來的價值付之一炬。（八）購併成功的可能性來自於整合和時間因素的作用，在購併後短時間內（通常在二年以內）發生整合效益，則購併成功的可能性高；若是購併後經歷了一段長時間（通常在二年以上）而未獲得整合效益，則購併以失敗告終的可能性高，也就是成功的可能性低。 四、台資企業以國際併購方式進入中國大陸市場投資是條可行的方式，但由於是外資購併，影響其成敗的因素多元，在購併決策和購併後整合經營時仍須謹慎應對，才能確保成功的可能性。在中國大陸經濟的持續成長、國有企業的轉型與改革和外商購併法制環境趨於健全之際，台商以購併進入中國投資是可以考慮的方式，尤其是對跟隨者和後進者來說，更是一個追求快速成長者的較佳選擇，或許可以透過此投資方式，取得與先驅者並駕齊驅或迎頭趕上的機會。但投資者也應考慮在中國大陸從事購併可能的風險。尤其，中國大陸的政經環境不可預期因素較多、資訊的不對稱和不夠透明化、產權（股權）問題的限制、公司治理結構的制約、司法救濟的不足、法律與文化差異等仍是外資購併大陸企業的障礙，這是想要以購併投資中國公司所必須考慮的問題。 總之，透過購併來達成公司成長，須在明確的公司願景和成長目標下，審視自身的能力與條件，以及外在環境的變化，根據需要制定一套可行的購併策略，再確實執行，並做好整合工作，購併才能增加公司的價值，以成長達到公司追求的願景。 / Keeping growth has been the core issue for corporations seeking continuous operations whereas internationalization poses a new challenge in this global era. International mergers and acquisitions (M&As) as a means for corporations aiming at business expansion are common occurrences, especially in the late 20th century when multinational companies (MNCs) were aggressively seeking global presence and expanding overseas operations. Mainland China, geographically adjacent to Taiwan, has been implementing its economic reforms since 1978 and grew rapidly as the new powerhouse of the world in manufacturing as well as in consumption. China has inevitably become one of the top-tier for foreign direct investment (FDI) among all developing countries. International M&As/ Cross-border M&As, however, have not been commonly utilized as vehicles by foreign investors to penetrate China’s market. In the year of 2000, international M&As only represented 5.5 % of the total FDI in China, mainly resulted from the strict regulations on its immature market mechanism and capital market. In light of the Chinese government’s recent attempts to improve its investment environment, including the deregulation of M&As, and to attract foreign investment via M&As, this research project focuses on Taiwanese enterprises’ M&As strategy in Mainland China in line with seeking continuous growth and through internationalization. Major emphasis on investment avenues Taiwanese enterprises to be the best situations of taking advantage in penetrating Chinese markets, and whether Taiwanese enterprises gaining better access to the Chinese market via M&As. In the past, the volume of research in this field is comparatively low; therefore, this research can be regarded as an exploratory study. With in-depth case studies of three selected Taiwanese enterprises that have adopted M&A strategy to enter the Chinese market, based upon my studies, key findings below. 1.“Time Saving" would be the major concern in taking M&A as approach for Taiwanese enterprises to invest in Mainland China. That is to say, to enter a rapidly growing market like China within the shortest time period has not only become the key successful factor (KSF) but also the theme center while envisioning its investment strategy. M&As are under most circumstances, considered as the most suitable and fastest strategy to enter the market, within the shortest time frame, especially when “time” is considered as KSF, and crucial element. Therefore, compared to other FDI avenues, M&As indeed have their unique edge. In terms of saving time, acquiring an existing operation is more effective than starting from ground zero, i.e. building new facilities. Given the identical time frame, with good strategic planning from the home country, the buy-in approach has advantages in boosting up capacity, creating new markets, avoiding high expenses caused by inefficiencies in the start-up period. Parent companies are more likely to have a leap in growth by taking acquisitions with assistance from the external and the growth curve would be different from the S curve. 2.M&As become the major growth strategy for Taiwanese enterprises to approach both purposes of internationalization, and entrance of overseas markets. That cross-border acquisitions of Taiwanese enterprise vehicles to enter overseas markets usually combines two characteristics, strategic acquisitions and rapid growth. M&As often act as a transition point for most Taiwanese enterprise in internationalization process. In other words, Taiwanese enterprise entry policy, like that of the MNCs counterpart, tends to take modules of starting from a low involvement to high, from a low degree of investment to high, and from a low level of control to high; The internationalization process is most often initiated by M&As, followed by increasing investment in constructing new facilities with full ownership. Applying such a policy to enter a foreign market utilizes both internal and external forces to obtain a company’s growth whereas a number of companies, after M&As are completed, prefer strategic alliances with external parties to sustain internationalization. As companies reach their desired growth goals and objectives via well planned investment strategy in the first stage, such as M&As, they should constantly be aware of any subtle changes in the investment environment in order to reduce potential risks arising from any rapid expansion and growth. In a relatively low-risk investment environment, steady growth is anticipated if the parent company is well managed and capable of adapting to environmental changes. That is to say, a parent company should always enhance its operating capability in order to mitigate risks from the ever- changing environment. 3.Can M&A strategy be applied to achieve goals and objectives? Here’s the brief of my thesis conclusion. (1) Post merger integrations (PMI) depend on the degree of interdependence between parent company and acquired company, such as resource supplies and organizational structure, which has matched Integration Matrix Theory by Haspealagh and Jemison. (2) Stock shares reallocations after acquisitions may result in the changes of integrated corporate culture, which illustrates that PMI is subject to variation. (3) When a parent company benefits from the operating over its acquired company, the PMI module is usually in the form of forward integration. (4) There are no correlations between the country origins of the parent company and the acquired company. (5) Scales of the parent company and the acquired company may influence PMI modules. Correlations are defined via these 3 case studies that absorption mode occurs when the parent company has operating advantages over acquired company. Based on the study result, the parent company’s operating advantages or scale over the acquired company are key elements for the occurrence of absorption mode. (6) Unlike enterprises in the USA or Europe where integrations usually begin during M&A negotiation or the process of searching for acquiring targets, Taiwanese enterprises normally start integration process after the acquisition deal is completed. (7) Additional value is created only when M&As comply with a company’s goals and objectives; otherwise, negative impacts from M&As apply. (8) How and when to integrate may be two key factors for a successful acquisition. The study indicates that integration would have a higher chance of success if the process is initiated within two years’ time frame after acquisition. 4.It is recommended that Taiwanese enterprises’ take on M&A as an approach to enter the Chinese market. However, many factors may attribute the results of M&As. The strategic forming and the PMI need to be carefully planned. Mainland China’s investment environment is improving, especially in the deregulation upon FDI’s M&As activities. With its increasing volumes of governmental entities’ reforms and transform actions, as well as its continuous economic growth, M&As strategy is indeed an alternative for Taiwanese enterprises to enter Chinese markets. Such strategy benefits market followers the most as resources and market entry can be obtained within the shortest time frame, and eventually to compete with other market frontiers. Nevertheless, investors should take risks into consideration, comparatively, there are higher levels of uncertainty in its economic and legal environments, restrictions toward ownership and organizational structure, shareholder limitations, culture and legal differences, as well as controlled information channels and sharing. In summary, to reach continuous growth via M&As, strategy should be in line with company goals and objectives. Such strategy should only be made with intensive evaluation of one’s capabilities and environmental circumstances, followed by well planned implementation and integration. By doing so, M&As will create additional value toward companies’ goals and objectives in seeking continuous growth.

本論文探討主題為文化創意產業之國際化，首先透過文獻探討方式，了解文化創意產業、企業國際化、新創事業、企業核心資源能力等議題內容；第二階段則透過個案訪談與次級資料的搜集與整理，對研究個案企業之發展歷程與國際化相關策略作一介紹；第三階段則將先前探討之文獻、研究與研究個案之國際化模式作分析、比較，歸納出命題並提出本研究之結論。 2002年行政院提出「挑戰2008：國家發展重點計劃」，明確將「文化創意產業」列為台灣未來重點發展產業，然綜觀目前國內有關文化創意產業之研究多以整體產業發展、文化創意產業與地方/社區經濟發展等相關主題為多，甚少有研究以文化創意產業為主體，針對其國際化議題做探討。本研究針對此議題，選擇以獲得行政院文建會所遴選之文化創意產業成功企業之法藍瓷有限公司為研究個案。法藍瓷成立至今僅有五年歷史，然憑藉著優異的設計創意與產品品質，產品上市不久即榮獲海內外各項大獎肯定，目前在海外市場約有五千多個銷售點，遍及美國、歐洲、紐澳地區、大中華地區與日韓等市場，年營業額約一千兩百多萬美金，是目前台灣文化創意產業裡，海外市場發展相對較成功者。 本研究結論簡述如下： 一、文化創意產業進入國際市場時，應考量本身資源能力，彈性地選擇最適合的 進入方式。 二、文化創意產業國際化的過程中，仍然適用於一般產業依各地比較利益不同而 將價值鏈各環節活動安排在不同地區之模式。 三、文化創意產業進行國際化時，除了研發、創意的掌握，亦應同時強化品牌行 銷能力培養與通路的建立。 四、國際化的資源能力可以在企業經營活動的動態過程裡逐步累積，企業若能 將國際化過程所習得的知識與經驗整理吸收，未來踏入一個新的國外市場 時，對於經營業務的推動與策略的形成將有相當幫助。 關鍵字：1.文化創意產業 2.國際化動機 3.國際市場進入模式 4.新創事業 5.工藝類文化創意產業 6.核心資源能力 / The cultural industry has been considered as the most promising industry for the future economic energy sources for many countries. However, with the limited market size in Taiwan, Taiwanese cultural industry also needs to go international for a bigger market. The purpose of this research is to understand the internationalization of cultural industry in Taiwan. As an exploratory research by case study method, the research consists of four aspects：（1）the characters of cultural industry；（2）the internalization of business；（3）the newborn business；（4）the core competence of a company. Through primary data collection, such as in-depth interview and secondary data collection from other researches and publications, the research chose Franzcolletions as the study focus. Conclusions drawn from this research results are： 1. When going globalization and entering into a foreign market, the cultural industry should take account of its own resources and capability, and thus being flexible choosing the most suitable entry mode. 2. During the process of globalization, the cultural industry will arrange the value chains activities which following the comparative advantage theory like other industries. 3. In addition to R&D, the cultural industry should also strengthen marketing ability and building up the distribution channels. 4. The cultural company can accumulate its resources and train up the core competence through the internalization process. Learning from the previous experiences, a cultural company can form a thorough strategy when entering a new foreign market in the future. Key Words：Motivation of Internationalization；International market entry mode；the cultural industry；Newborn business；Core competence.