本論文主要是探討思科公司如何成功的利用其成長策略一併購，未達成公司的成長目標。首先，簡要介紹思科公司創辦以來輝煌的經營績效。接著，我們探討其所處的產業環境以及公司發展目標的沿革、變遷。再來，我們嘗試瞭解其成長策略的運用和搭配的財務策略，諸如：資本形成、付款工具、企業風險等。借著分析其長期的財務統計資料，讓我們得以驗證思科策略的成功。我們也試圖分析決定其策略的箇中原委，進而深究移植思科成功經驗的可行性。 / Abstract This is the case study to investigate how Cisco has being successful to utilize strategies of mergers and acquisition for his corporate growth. It has structure breakdown to kernel to catch the truth. Starting from briefing about his amazing operation records during recent years, then we try to figure out what kinds of growth strategies which Cisco have applied in products planning and resources allocation to overcome undetermined business environments. It is mergers and acquisition strategies to fulfill his dream. We are interested in his motivations to choose such an external growth way and investigate how does Cisco make deals in mergers and acquisition. Then we get into how his financial strategies to support mergers and acquisition from the aspect of capital formation. We applied Pecking Order Theory to overview Cisco's financial strategies. We are also interested in the reason why stock swap is so popular in mergers and acquisition in high technical industry. We evaluated mergers and acquisition performance with financial indexes from company-wise point of view. Finally we concluded his successful formula and constraints applied in business in Taiwan.