現今小規模電信業者面臨因應不同的生命週期而出現不同的經營問題，或許併購是可值得思考的一種方式，但並不是絕對解決方式，重點是要找出對企業最有價值的策略。如何進行併購？需思考適合企業本身的方式，才能將併購後之綜效發揮至極大，故完善的評估作業，是小規模電信業者在併購前必作的課題。 本研究試針對小規模新進電信業者，研討可能透過的併購方式，使企業有增加企業價值及成長機會。其可能選擇之併購型態、併購動機(包含營運綜效、市場綜效、財務綜效、稅務綜效)及併購後可能產生之負面影響分別就問卷，訪談及個案分析找出最適合小規模電信業者併購策略方式。 研究發現台灣大哥大及遠傳電信在合併過程中都屬於主併者、同源式併購、併購雙方而言皆為合意併購。於提升品牌競爭力、增加經濟規模及範疇以及有效運用資源上有明顯之效果，但就市場綜效及財務綜效短期內並不明顯。另外根據問卷及訪談也發現大部分受訪者認為小規模業者應考慮作為「被併者」而非「主併者」，合併策略以「水平式」及「合意」方式為佳。合併之營運綜效前三名排名分別為「增加市場佔有率(用戶數)」、「增加生存能力」、「增加經濟規模」，市場綜效前三名為「可提升網路涵蓋率」、「可提高市場談判籌碼，進而降低進貨成本」、「可創造更多新用戶」。財務綜效前三名為「可改善財務結構」、「可提升股價」、「可增加其現金流量與穩定性」。至於稅務綜效則分別來自於利息費用可產生之稅盾以及小規模業者之虧損可作為合併個體所得稅之抵減項目。最後，調查中也發現併購後可能會因企業文化相異，導致企業人才流失，資源重覆投資，或因整合不易，導致營運成本增加。關鍵字：併購、小規模電信業者 / Currently, in Taiwan small telecom operators were facing different life cycles as well as operating issuing. Mergers and acquisitions (M&A) is a possible way which is worth to consider, but should not be the ultimately way, because the main point is to identify the most valuable strategy for the operators. How to make a successful M&A? Small telecom operators (STO) should identify an appropriate way for their own to achieve the maximum benefit for M&A. Therefore, a complete evaluation M&A is a very important topic for STO before merger. This study concentrates on M&A of STO, and tries to analyze the possible ways for STO to increase corporate value and growth opportunities through M&A. The research uses questionnaires, interview and case study approaches to analyze types of M&A, motivations of M&A (including synergy of operating, marketing, financial and tax effectiveness) and possible negative impacts after M&A. The case study finds that both Taiwan Mobile and Far East Tone Telecommunications in the M&A process were "the main acquirers", the type of M&A is "homologous-type merger" and "friendly takeover merger ". The both cases also indicat that the brand competitiveness improvement, increasing economies of scale and scope, and effectiveness of resources using have significant effects, but the effects of market synergy and financial synergy are not so obvious in the short term. In addition, questionnaires and interviews also suggested that most of respondents believe that the small telecom operators should consider to be "acquired firm" instead of "acquiring firm" "horizontal" and "friendly takeover" are the better M&A strategies for STO. The top three operating synergies were "increasing market share (number of subscribers) ", "increasing the survivability", and "increasing the economics of scale". The top three market synergies are "improving network coverage", "enhancing bargaining power and reducing purchasing costs", and "creating more new subscribers". The top three financial synergies are "improving financial structure", "increasing stock price", and "increasing cash flow and its stability". Synergy of tax is coming from the "tax shield", which is result from interest expenses and operating loss for STO, respectively. Finally, the study also finds that the negative post merger effects include corporate culture change which increases employees’ turnover rate, duplicate investment, and increasing operating costs due to difficult integration. Keywords: Mergers and Acquisitions, Small Telecom Operators

數位內容產業為這幾年政府大力推廣的產業之一，為扶植數位內容產業能順利領導華文市場以落實知識經濟發展政府已於2002年3月將數位內容產業列為「新世紀兩兆雙星產業發展計畫」之一，而數位內容這種將傳統形式的內容透過數位科技的轉換，使無形資產可以創造出有形利潤的概念，正好是「知識經濟」的精神，因此台灣廠商若要走出有別以往製造業微利的競爭，就不能夠在全球數位內容產業中缺席。 而在數位內容產業中，行動內容是很重要的一個環節，由於電信網路為一封閉的系統，因此在收費機制具有高度的可靠性及安全性，而在終端設備方面，國內的手機市場也已將當成熟，根據數據顯示，台灣手機普及率已超過 100 %，而目前全球對於行動內容的發展又以亞洲市場之起步最快，且根據我國經濟部的資料，台灣3 G行動網路商機在二○○五年可達新台幣一百卅八億元，二○一○年更將突破三千二百廿二億元，商機潛力雄厚，而台灣行動內容整個產業可以說是處於一個剛起步發展的階段，需要相關文獻針對行動內容的價值鏈作深入的分析探討，特別是針對行動內容產業價值鏈中內容提供者、內容整合商與電信業者間的互動關係之討論，而本論文認為，內容業者進入行動內容產業具有一定門檻，而目前存在之內容整合商提供的功能尚未成熟，因此本研究認為行動內容加值平台在產業價值鏈有其生存的空間，未來更有甚著可能在產業價值鏈中扮演極關鍵的角色。 因此本論文將以探索性研究的方式，提出一套「行動內容加值服務平台」之創新事業模式，並利用交易成本的觀點，進ㄧ步探討行動內容加值平台在產業中發展之空間及可能性，及研究眾多內容提供者與電信業者間之交易行為，使數位內容之價值能充分發揮。 本論文的結論主要可分為兩個部份，第一個部份就是前提假設驗證的結果，也就是平台存在的必要因素，而第二部份則是對於平台發展之建議，也就是平台存在的充要因素，分別論述如下： 一、 平台存在之必要因素： (1) 本平台存在能有效降低交易雙方之交易成本： 透過專業分工，能夠替內容提供者省去許多技術密集的工作項目，使其能夠專注於內容的開發；另一方面也替電信業者省去了搜尋內容的成本，透過與本平台的一次交易，接觸到更多的內容提供者，有效的降低交易成本。 (2) 本平台的經營具有經濟效益： 也就是說本平台的經營是能夠帶來利潤的，只要本平台所連結的內容提供者越多，對於降低雙方交易成本就會有越明顯的效果，相對的本平台的經營成本就能更有效的壓縮，所帶來的利潤也越大，本平台也越有獨立存在的空間。 二、 平台存在之充分因素： (1) 平台經營的重點及方向 交易前本平台應多瞭解市場對於行動內容的需求，主動針對電信業者可能的需求提供服務；交易中的營運重點應該放在系統界接與手機格式問題的解決；交易後：本平台需能主動提供給電信業者消費者使用資訊。 (2) 在降低交易成本的作法 像是「後台」概念的建立：建構一套系統架構，統一處理在行動內容交易的過程中產生之重複且繁瑣的動作，不但可節省分開處理之成本，而且方便管理。 (3) 在技術背景選擇的方面 目前發展 JAVA 技術的行動內容是需要花費較多成本，而且由於市場規模不夠大，因此並不能符合經濟效應。所以在本平台的經營上，必須密切注意行動內容相關技術的特性，並配合市場研究，選擇最適合之技術發展平台。 (4) 在平台的切入點方面 本平台要盡量避免電信業者經營的行動應用有所衝突，未來的應用將會越來越多樣化，技術層次也將越來越高，因此本平台更必須密切觀察新技術的發展，以利發展市場新應用，作為切入行動內容產業的最佳時間點。 / Digital content has been one of industries that government highly promotes since 2002. Transferring content of traditional forms through digital technology, digital content is able to make tangible profits out of invisible assets, which is the spirits of “Economics of Knowledge”. Therefore, we cannot be absent from the competition of digital content industry that is different from low-profit traditional manufacturing industry. Mobile content is an essential link in the digital content industry. For telecommunication network, charging system has had high security and reliability. For terminal equipment, cell phone market in Taiwan has been mature enough. According to Ministry of Economics, mobile content is an industry with high potentiality of making profit out of. However, in Taiwan, mobile content is at its infant stage and the functions of content integrators, which the researcher of this study regarded as a necessity of existence and a key role in the value chain in the industry, still have room for development. Therefore, there is a need to analyze closely the value chain of mobile content industry, especially aiming at the interaction among content provider, content integrator, and telecommunication industry. Using explorative way of research, we addressed an innovative business model , “Added-value platform of mobile content”. Besides, its development in the industry and transactions between various content providers and operators were discussed to make the value of digital content revealed. The conclusion of the study are two-fold. The first one is the results of hypothesis-verifying process, the essential factors of platform’s existence. The other is the suggestion of future development of such platform, the adequate factors of platform’s existence. The results are as follows. 1. The essential factors of platform’s existence (1) The existence of platform could reduce the transaction cost effectively. Professional cooperation lessons the tech-intensive work for content providers and enables them to focus on the development of content. Moreover, cooperation could help save searching cost for operators. (2) Operation of such platform brings profits. The more the content providers cooperate with the platform, the lower the transaction cost is. 2. The adequate factors of platform’s existence (1) Keys to platform operation. Before transaction, we should analyze the market, providing services that operators need. During transaction, we should focus on inter-system integration and cell phone differences. After transaction, we should initiate consumers’ feedback to operators. (2) Ways to lower transaction cost. Construction of “Back-end” idea: building a system that deals with repetitive and trivial action from various transactions can not only reduce cost but easily manage. (3) Aspects of choosing technology. We should avoid immature and high-cost technology at the beginning. Therefore, for platform management, we should notice the mobile-related technology. (4) Cutting points of the platform. We should avoid operation conflicts with operators and keep an eye on the development of new technology for new application of mobile content.

由於行動上網技術不斷地進步，消費者也逐漸養成了行動上網的習慣。Apple公司的iPhone結合了App Store的推出，更帶動了這股風潮。我國電信業者也在這樣的趨勢下，開始自行發展軟體商店(Application Store)以服務用戶。 在過去的行動通訊產業中，電信業者一直擁有主導優勢，各種加值服務都是屬於封閉的型態，所以用戶使用加值服務時，一定得經由電信業者所經營的入口。但是，自從Apple成功發展出軟體商店的模式之後，各種智慧型手機的軟體商店平台也開始蓬勃發展，用戶可繞過電信業者而取得相關的服務。因此，電信業者乃積極發展軟體商店以回應其所面臨的挑戰。 本研究以中華電信、台灣大哥大、遠傳電信等國內三家主要電信業者為個案研究對象，針對個案公司發展軟體商店的創新營運模式進行深入的探討。所得到的初步結論包括： (1)電信業者在經營軟體商店上，會強調多樣化加值服務的策略。(2) 電信業者在經營軟體商店上會根據不同的價值網路進行差異化。(3) 電信業者在經營軟體商店時，在價值創造方面會著重於讓消費者快速地找到正確的、所需要的軟體。(4)電信業者在發展軟體商店時，「在地化」是其經營上的關鍵要素。本文最後並提出實務上的意涵與後續研究的建議。 關鍵字：電信業者、軟體商店、營運模式創新、價值創造 / Nowadays smartphone has an enormous growth over the entire mobilephone market. A lot of people choose to use smartphone such as iPhone or android phone because smartphone brings more fun and convenience into their life. One of the key factors is application store which Apple made it successed in 2008. Application store or so-called app store is an online platform which provides service for customers to download applications and developers to upload. The transaction must be got involved in the whole process. However, the manefactors of mobilephone were active in establishing their own application store but the operators are eager to do so as well. The value-added service used to be controlled fully by the operators. Not only the contents but the portals were hold by operators so end-users had a few choices. Since the application stores become more poplular, operators are encountering a big chanllenge. This thesis studys how operators deal with the problem of decreasing ARPU by running application stores on their own. Based on the case study, the initial findings includes: (1) When operators run an application store, they emphasize variety of value-added services. (2) The methods which operators choose to differentiate their application store are related to the differences in their value network. (3) When operators run an application store, they put emphasis on elimination of information asymmetry. (4) When operators run an application store, localization is the key factor in opration. Key word: oprators, application store, business model innovation, value creation