企業經營活動會面臨來自不同層面的壓力，而要有效克服與突破壓力，就需仰賴正確的策略運作，當然策略也是企業創造獨特性或差異化特質及維持競爭優勢，讓企業持續成長與永續生存的的利器。不過任何策略均有成本，也會耗用企業資源，因此在企業資源有限下，就要對策略審慎取捨與對焦，才能讓策略對企業產生正面效果。因此要在眾多策略中進行取捨或對焦，找出符合企業需要的策略，就需仰賴財務分析工具的妥善運用，進行比較與篩選，讓策略與資源都能獲致最佳的選擇與配置。 因應公用事業穩健保守的環境要求，本研究經由財務比率分析與經濟附加價值分析，發現在擬訂創造捷運價值的策略時，考慮的驅動因子計有：投入資本、加權平均資金成本、運量成長率、稅後淨營業利潤、固定資產週轉率、資產報酬率、稅後盈餘成長率與長期資金占固定資產比率。而營運策略上要以專注與成長為主軸，從顧客滿意及重視員工價值出發，創造企業持續性的成長。財務策略則要配合營運策略採取穩健保守，著重於避險與降低或控制成本的策略與步驟。並配合推動附加價值概念的給付紅利與紅利銀行激勵制度，經由整體策略的形成與執行，創造符合民眾、政府、企業、股東與員工的價值。

自2007年–2008年全球金融危機爆發後，投資者開始對抵押證券的價值信心崩潰，產生流動性危機，即使多國中央銀行運用各種貨幣政策向金融市場注入巨額資金，也無法阻止這場金融危機所帶來的骨牌效應。不但多家大型的金融機構接連倒閉或被政府接管，更引發全球性的經濟衰退。 台灣因法規限制、政府干預及貨幣市場侷限，在面對全球金融風暴後，金融機構對於風險控管、融資對象的審核更趨嚴格。但是，各金融機構為求永續經營，對各營業據點卻沒有因金融風暴而降低業績及營收成長的要求。因此，分行及客戶經理除了必須接受總行更趨嚴格的風險控管、審核規範之外，仍須面對年年增長的業績目標，其經營情勢必更形艱鉅。 而投資人在面臨全球經濟衰退、產業獲利不佳的情況下，皆對市場皆採取觀望、現金為王的態度，因而多數投資人會將大量的閒置資金存放於金融機構；反觀，金融機構面對日益增加的存款，貸放成本一路提高，卻又苦無穩健的貸放對象，對賴以利差收入為主的金融業來說無異是雪上加霜。而傳統產業穩健、保守的產業生態、經營思維，擁有充沛的營運資金，又不喜於財務槓桿操作，是銀行低倒債風險、穩健的融資貸放客群。但是，傳統產業保守、習於運用自有資金、不習於運用融資的習慣。因此，要如何建立產業與金融業雙贏、獲利的策略，將是本研究主要探討的重點。 本研究係以大家熟知之無風險獲利模型為基礎，由個案公司透過出口型傳統產業之融資議價優勢，運用各金融機構之間不同的競爭優勢，所創造出能夠同時滿足三方需求的無風險獲利財務策略，達成三贏的局面。

N/A / In the previous academic studies, there are different views on the pros and cons for diversified firms and focus firms. On the other hand, most of previous works show that going to globalization is quite a definite trend and able to generate values for its shareholders. Both topics are especially critical for contemporary multi-business multinational firms, of which GE is a very typical example. In this study, we intend to conduct comprehensive analysis of the business and financial strategy that GE uses to grab deeper understanding of how a globally diversified company should leverage its competitive advantages to pursue growth and great performance. We also provide our views on some of the potential issues for firms like GE and recommend some measures to be done to make those companies more financially sound. From the result of our case study, we primarily conclude that diversification is good if the company can leverage the power of its various businesses and use the resources of one business to support the others in a reasonable manner. It is also crucial that the diversified firm should do its best to maintain its transparency to the outsiders to remove their concerns about information asymmetry. Furthermore, from the case of GE, it is also suggested that globalization should do a company with the scale like GE’s more good than harm. Going globally is actually an inevitable direction for most of the companies in the future.

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.