This thesis aims at understanding the M&A process from the beginning of strategy development, target screening, transaction execution, to integration and reorganization. On the buy side perspective knowing that during each process what are the key points and issues that a buyer/acquirer will encounter and fully prepare for it. In order to make a successful deal, a company must have a clear plan to fit its corporate strategy under the help with advisors toward the direction by using M&A as a choice to make expansion. It gives a successful first-timer deal making case study given that the buyer and seller’s company background, the motive behind this merge and the process. In addition to the overview of the case study it also identifies key issues during the transaction execution process. Finally it comes up with a synergy analysis to prove that why this deal is making a success. M&A is a complex topic involving with many business aspects and therefore in order to avoid failing, specific deal breakers should be careful during the process. There is a saying from Sun Tzu “know yourself, know your enemy, and you shall win a hundred battles without loss” and this is the right attitude toward an M&A deal in considering every issues that might have happened.

資本運作可最適化生產資源的配置，從而改善企業的經營效率。高效率企業透過併購低效率企業，能夠更好地利用後者的資源，從而創造附加價值。 綜觀資源運作的百年史，橫看國內外之一幕幕資源運作的故事，本研究發現，併購的效果並不如人們想像的那樣美好。麥肯錫顧問公司在1997年上半年公佈的一份研究報告顯示：在此之前的一百年中，透過弱肉強食的方式來併購企業之後，80%的大公司皆未能回收投資成本。透過併購而快速擴張的企業，後來因資金供應與管理停滯而發生危機的為數不少。 由於併構本身並不能立即為公司帶來具體的效益，往往併購之後的整合才是創造併購價值的開始。有關企業策略規劃、組織結構調整、企業文化融合、管理制度、營運作業或高階主管的領導風格，對於併購後之績效目標是否得以實現，被併購公司是否得以順利經營，不同被併購後之相關措施而流失人才與客戶，皆是併購後整合策略不可忽視的重要議題。 本研究採個案研究方法，對相關文獻探討之整合策略，研究發現如下： 1. 併購策略，企業策略與併購實務三者之間皆互相交互影響。 2. 現行業務會影響併購實務，而併購實務會使業務定型，從而限制業務創新，所以以現行業務導向引導併購實務存在著相當程度的風險性。 3. 透過產業競爭之五力分析，確認併構策略的核心目的為透過併購加強規模經濟，差量化產品或服務，以提高顧客之轉換成本，或限制到主要市場的通路，從而提高競爭障礙。 4. 本研究對個案公司執行實務的建議如下： (1) 不僅以現有業務為限要建立併購後願景。(2) 重視併購後的整合。(3) 採用標準化作業流程。(4) 實施顧客關係管理(CRM)。(5) 開發新產品與新策略。(6) 作業流程再造(Operation Process Reengineering,OPR)。(7) 訂製策略性資訊系統(Strategic Information System,SIS)。 5. 企業執行策略併購需要關注以下幾點：首先，要有長遠的策略性規劃，聚焦於企業核心競爭優勢而確定未來的發展方向和發展目標，透過策略併購強化企業的核心競爭能力。其次，正確選擇策略併購的時機和目標，審慎分析收購方與目標企業的行業特徵與個性特徵，仔細論証目標企業對收購方核心能力提升的綜效功能。最後，重視併購之後的資源整合。策略併購能否形成新的競爭優勢，增強企業的核心競爭力，最終取決於企業是否具有強大的資源整合能力，能否有效發揮併購獲得的各種資源的功能。併購的失敗往往就是由於併購之後資源整合的失敗。 6. 資訊不對稱風險是併購與資本運作當中的最重要的風險之一。 在本研究之中個案公司所做之盡職調查，或稱為審慎調查(due diligence)，它是降低併購過程中的資訊不對稱風險的最主要方法，理所當然地應成為併購操作的重要一環。所謂審慎調查，就是從資產、負債、財務、經營、策略和法律角度，對目標企業進行一系列深入的調查和核查，了解目標企業真實的經營業績和財務狀況以及目標企業所面臨的機會和潛在的風險，以對目標企業作出客觀評估，幫助主併方作出正確的收購決策。 / This paper adopts the method of case study, and study the related document to focus on the formulation of the integration strategies, the research discovers the following items: 1. The mergers and acquisition strategy, the entrepreneur strategy and the M & A practice is feedbacked interactively. 2. The present business operation will fix the type of the business operation to constraint the innovation of the business operation, therefore using the present operation oriented strategy to lead the way of the M & A practice exist some kinds of danger situation. 3. The research analyze with the five force analysis of the competitive advantage to confirm the main purpose of the M & A strategy is to strengthen the scale economy, differentiate products or the service through the M & A process, and to enhance the transformational cost of the customer, or restrict the channel of the main market to enhance the competitive barrier. 4. The suggestion of the research to the execute practice of the case study company are as follows: (1) Accept the new business operation. (2) Adopt the appropriate software package. (3) Adopt the standard operation procedure. (4) Implement the customer’s relationship management (CRM). (5) Develop the new produce and the new strategies. (6) Operation process reengineering (OPR). (7) Customized the strategic information system(SIS). 5. The execution of M & A must focus on the following points: first, the continous strategic planning must focus on the core competency. the second , choose the entry timing and the target of the strategic M & A correctly to enhance the function of synergy.the third, focused on the resource intergration after the M & A to acquire the integrative function of various resource. 6. The risk of the information asymmetry is the most crucial risk of the M & A and the capital operations.「The Due diligence」of the case study company in this research is the major method to reduce the risk of the information asymmetry in the M & A process.the due diligence investigation focus on various perspective of finance,management,strategy and the law,and doing a series of in depth investigation and checking to understand the right M & A chance and the potential risk of the target enterprise ,then in the final to build up the objective evaluation to the target enterprise.

本國為因應2018年亞太防制洗錢組織（APG）相互評鑑事宜，相關單位陸續參照國際規範，如防制洗錢金融行動工作組織（FATF）2012年發布之「防制洗錢及打擊資恐與武器擴散國際標準40項建議」、巴塞爾銀行監理委員會(BCBS)2014年發布之「健全有關防制洗錢及打擊資恐之風險管理」文件等，以及他國作法進行有關防制洗錢及打擊資恐法制規約、監管措施及自律規範等之修正，並促請義務機構強化執行，以期順利通過第三輪相互評鑑。 銀行向為洗錢及資恐犯罪喜好之金流管道，基於銀行提供之金融服務具安全性、便利性及多元化、全球化等優點，不僅吸引一般金融消費者與銀行緊密往來，亦同時受到不良分子之青睞，致金融體系資源易遭不當利用。銀行為金融體系之核心主體，負有防制洗錢及打擊資恐之義務與責任，本文爰就銀行業防制洗錢及打擊資恐實務切入，針對本國銀行應採行之因應措施基本架構進行探討。 本文將先介紹FATF之評鑑流程及方法論，以立下銀行進行防制洗錢及打擊資恐工作之目標，復就達成前開目標為方向，引述金融機構防制洗錢及打擊資恐機制之國際標準，繼而回歸國內外對銀行實際作為之法規要求，試行建構銀行防制洗錢及打擊資恐基本機制，末則就銀行於執行面可改善空間提出重點觀察建議。 隨著工業4.0、Bank3.0及Fintech（金融科技）之快速演進，銀行客戶樣貌及交易型態正在改變，健全防制洗錢及打擊資恐機制是所有銀行業共同面臨之進階版挑戰，本文謹提出銀行機制基本實務報告，俾作為開展細緻化措施之參考。另本文為一般性原則之探討，並非針對特定機構主體之描述，併此敘明。 / For the Mutual Evaluation which will be conducted by the Asia/Pacific Group on Money Laundering (APG) in 2018, basing on the following consulting international norms, such as “International Standards on combating Money Laundering and the Financing of Terrorism & Proliferation (The FATF Recommendations)” published by Financial Action Task Force (FATF) in 2012, “Sound management of risks related to money laundering and financing of terrorism” published by Basel Committee on Banking Supervision (BCBS) in 2014 and foreign advanced practices, the Taiwan authorities have amended the legal system, laws and regulations, supervision measures and self-disciplines referred to Anti-Money Laundering (AML) and Counter-Terrorism Financing(CTF). Meanwhile, every relevant entity is enhancing the prevent measures and internal control on AML/CFT (Counter-Financing of Terrorism) as well. The satisfactory result of the Third Round Mutual Evaluation will be expected. As people know, the banks are always the favorite cash flow channel of money laundering and terrorism financing, since the banks provide the financial services with advantages of safety, convenience, diversification and globalization, etc. Both general financial customers and criminals on ML/FT are attracted to make transactions with the banks. Thus, the financial system’s resources could be utilized improperly. Due to the role of the core of financial system, the banks should take the responsibility and bear the liability of Anti-Money Laundering and combating the financing of terrorism. In this paper, the primary framework on AML/CFT of domestic banks will be outlined according to the real practice. First, this paper has an introduction of mutual evaluation process and methodology in order to set the goal related to AML/CFT of the bank. Next, the model practices of international standards are presenting to achieve the goal for references. Then, this paper will focus on domestic and foreign regulatory requirements on banking, and try to construct the bank’s primary internal system of AML/CFT. Finally, there are some observations of the bank’s performance related to this issue. With the rapid evolution of Industry 4.0, Bank 3.0 and Fintech, the customers’ financial behaviors and transaction types are changing. Therefore, to keep sound internal system of AML/CFT is an advanced challenge to all the banks. This paper is trying to set a primary framework on AML/CFT of domestic banks, and to be taken reference for banks to start developing appropriate prevent measures. In addition, the statement of this paper is an approach to general principles, not indicating any specific institution.