在當今世界經濟快速發展的條件下，企業在面對多變的競爭環境時，需要及時調整、更新企業能力，以維持企業成長。本文在總結前人的研究結果之上，以中國大連萬達集團的成長路徑為例，對企業動態能力的發展及公司成長的角度進行分析。深入探討大連萬達集團的四次轉型歷程，並選取兩個轉型歷程中經典的購併案例深入分析，分別為美國AMC院線和美國世界鐵人公司。透過轉型路徑的分析加上購併為集團帶來的成果研究，得出萬達集團在變化的競爭環境中不斷把握時機，轉變集團定位，並以購併的方式獲得新的集團競爭力，使集團不斷成長。 / Companies need to renew their competencies in order to achieve sustained growth in the changing business environment. In this thesis, I draw on prior studies on firm growth and examine the growth of the Dalian Wanda Group, a large diversified business group in China. I focus on the Wanda Group's four-transformation process, and in particular on its two recent acquisitions, AMC cinema and IronMan Company. The findings suggest that the Wanda Group has been able to develop and acquire new competencies in response to a changing competitive environment, and has been able to achieve growth through domestic diversification and internationalization.