The development of digital solutions has changed the way consumers complete purchases today. New distribution channels through internet and mobile applications have come to challenge the business of traditional retailers. Thus, retailers must find new ways of keeping customers loyal to the store. One way of retaining customers is to provide a more prominent customer experience. This study focuses on technological solutions for the food retail industry that enables the creation of this experience, more specifically self-scanning applications provided by the Swedish company Datema.The Swedish market, in which Datema acts, is among the most technologically advanced in the world regarding self-scanning solutions and has begun to reach a maturity phase. This, along with desires to expand the marketplace, has created an attraction to larger foreign markets such as North America. Similarities in business culture and a strong buying power have led to a certain interest in the Northeastern part of America. Thus, the purpose of this thesis is to investigate the need for self-scanning solutions in this specific area and to provide recommendations for how the market could be targeted.To create an overview of the market structure the consumer market has been studied through an in-depth literature review of the latest market investigations. Furthermore, the technological level of Northeastern supermarket chains was investigated through market observations and interviews with store managers in Boston, Massachusetts. To create the holistic view of the market, interviews with experts in the US retail market and with US IT-vendors were conducted. Additionally, interviews with management consultants and experts in market entries have contributed to answering the question of how the market should be entered. Finally, in order to provide conclusions and recommendations, the results have been analyzed with relevant literature and theories within marketing, change management and entry mode management.The findings in this master thesis indicates that there is a need for technological solutions that enhance the customer experience in the Northeastern American food retail market. Furthermore, the technological level of the existing supermarket chains in Boston is considered low and that the level and acceptance varies with the store concept. The previous resistance towards implementation of new technological solutions in the stores was found to mainly depend on a low knowledge, low trust in the consumers and fear of losing customer interaction.Datema is recommended to address the middle and high-end supermarket chains with a follower approach. Further recommendations include that the market should be entered through a joint venture with a local partner.

Multinational corporations (MNCs) encounter intricate challenges as they expand their global presence, which demands strategic decision-making. The selection of an entry mode significantly impacts various aspects of a firm's operations, stakeholder relationships and long-term performance. This thesis focuses on Swedish companies entering the US market to investigate how Internal Factors and Host Country Conditions shape entry mode strategies. The primary objective is to deepen the understanding of interactions between internal firm demands and external conditions when evaluating entry mode choices. The study considers Internal Factors such as dissemination risk, control, and resource commitment, as well as Host Country Conditions including culture, market attractiveness, legal environment, and uncertainty. The key findings highlight a discrepancy between the recommended entry modes in each category, emphasizing the importance for firms to assess the relative significance of each category and prioritize one over the other. This approach enables firms to gain a clearer understanding of how to effectively enter the market.

台灣和馬來西亞的經濟文化關係可以追溯到1960年代。雖然在官方關係上曾經斷交，但是非官方的交易來往並不受影響。本研究即將探討兩個國家的企業在進入彼此的國家發展的進入策略以及在該國的行銷手法之差異。本研究探討四方對象，有馬來西亞的M公司，台灣統創代理商，台灣六角國際（日出茶太）和馬來西亞日出茶太代理商，但是本研究以針對母國，也就是M公司和六角國際（日出茶太）為主要採訪企業，從母國的角度探討企業經營環境、國際化動機、市場進入模式與母國和地主國的行銷組合。另外，其中一個小節也針對台灣和馬來西亞的國家經濟環境和發展、人口、氣候、人文因素進行比較以辨別出兩國的差異。其研究結果一方面可提供國內的業者參考未來的國際化佈局策略，另一方面也有助於對於馬來西亞和台灣市場的了解。 本研究主要研究對象，M公司，生產馬來西亞風味方便麵和六角國際（日出茶太），直營和授權台灣手搖茶飲，這兩家不同國家和不同產業的公司進行接近兩小時的採訪，和在地主國的代理商之次級資料進行交叉比對，研究結果發現：1、兩家的國際化動機沒有顯著差異。2、因為兩家的產品性質不一和不同的經營環境和經驗背景，兩家的國際市場進入模式有著顯著地不同。3、兩個國家的國家大小、氣候、文化背景、習俗、基本建設影響母國和地主國的行銷組合之設計。 / The economic and cultural relations between Taiwan and Malaysia can be traced back to 1960. Although Malaysia has formally ended diplomatic relations with Taiwan, informal relations between Malaysia and Taiwan is still ongoing and maintaining. This study discussed the market entry mode and marketing mix in both countries of two different companies. This study targets four companies, which are Malaysia M Company, Taiwan Tongjih, Taiwan Lakaffa (Chatime) and lastly Malaysia (Chatime) but mainly interview only two founded companies, the M Company from Malaysia and Lakaffa from Taiwan. This research studies from the view of the mother land. It discusses both companies’ operating environment, the motive of globalization, market entry mode and the differences of marketing mix between the home country and host country. Beside of that, one of the chapters extends in comparing country environment and development, population, weather and culture factor between Malaysia and Taiwan. This study result aims to provide a reference in globalization strategy and improve a great knowledge about Malaysia and Taiwan market to the audience. Supported by M company, a manufacturer of Malaysia flavor instant noodle (Penang White Curry Mee) and Lakaffa, franchiser of Taiwanese beverages (Bubble Tea),two hours interview session, the comparison is showed as below: 1. There are no differences between the motives of globalization between these two companies. 2. Differences in product type, different operating environment and experience background affect the choice of market entry mode. 3. The differences of county size, weather, culture, custom and infrastructure affect the design of marketing mix in Malaysia and Taiwan market.

Made available in DSpace on 2016-04-25T16:44:34Z (GMT). No. of bitstreams: 1 Ana Lucia Moura Novais.pdf: 1994366 bytes, checksum: 707c3919d6da09df41fa9a012905ad62 (MD5) Previous issue date: 2013-06-12 / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior / This research work adopts as reference the article by Brouthers awarded as the best of the decade by Journal of International Business Studies (JIBS). One of the aspects to be outlined in such text is the way Brouthers articulate a debate on institutional, cultural and transaction costs on entry mode choice by firms aiming the best performance in market. This thesis aims to investigate the actual research art involving the relationship among institutional, cultural and transaction costs aspects in international business. The discussion proposed here is justified as relevant in both academic and business environments, due to the way different authors have approached transaction costs subjects along the time. As methodological procedures, the articles were obtained in electronic databases, such as, ISI Web of Science and UMI-ProQuest. The key words were transaction cost , entry mode , cultural aspects , institutional . The selected articles were published in the period from 2002 to 2012. Articles structured in meta-analysis procedures were also selected in the referred database. All selected articles are quantitative approach, since it is an essential condition to adopt in the future meta-analytical procedures / Esta pesquisa tem por referência o artigo de Brouthers que recebeu em 2012 o prêmio de melhor da década pelo periódico Journal of International Business Studies (JIBS). Um dos motivos que chama a atenção neste texto premiado de Brouthers é a articulação de influências institucionais, culturais e de custos de transação no processo de escolha do modo de entrada e meios para obter o melhor desempenho das empresas. Estabelece-se como objetivo geral desta dissertação investigar o estado atual da pesquisa acadêmica envolvendo a relação entre aspectos institucionais, culturais e custos de transação no modo de entrada em negócios internacionais. Como justificativa para a relevância da discussão do tema em meios acadêmicos e empresariais, pode-se destacar a ênfase que diferentes autores têm atribuído à teoria de custos de transação no decorrer do tempo. Como procedimento metodológico, obteve-se a seleção de artigos pela consulta às bases eletrônicas do ISI Web of Science e UMI-ProQuest. Escolheram-se as palavras-chave em inglês transaction cost , entry mode , cultural aspects , institutional . Optou-se por artigos publicados no período de 2002 a 2012. A partir daí, selecionaram-se alguns artigos já estruturados na metodologia de meta-análise com temas relacionados à teoria de custos de transação. Procedimento semelhante foi adotado com os demais artigos, com o intuito de averiguar como são analisados aspectos institucionais, culturais e/ou de custos de transação na escolha do modo de entrada em negócios internacionais. Os estudos selecionados constituem abordagens quantitativas sobre os assuntos propostos, condição essencial para se adotar futuramente a metodologia de meta-análise

臺灣地區蘊藏的天然資源不多，對外銷的倚賴度偏高；而國際化過程中，密切掌握顧客的需要，做好價值單元的管理，是企業得以成功的關鍵；而就近年來宏基、統一等企業購併歐美公司的案例來看，通路往往是企業最主要的考量；行銷通路是生產者與消費者之間主要連結的管道，而這种管道的建立通常必須花費相當多的時間與資本，是其他競爭對手不易模仿者，可形成企業的競爭優勢。本研究嘗試以內外部環境因素、通路管理、通路績效對國際行銷通路進行探討，希望能達成以下目的： 1.探討內外部環境因素對通路結構、政策及通路管理的影響。 2.探討通路結構、政策、通路管理的決策。 3.探討通路結構、政策與通路管理對通路績效的影響。 4.探討企業體進行國際化時，通路結構、政策與通路管理方式的變化與演變，以及對通路績效的影響。 本研究採用個案研究法進行，以我國的高科技產業，特別是電子資訊業具有外銷實績的廠商作為研究的對象。研究結果發現： 就通路結構而言：當地通路結構反映了當地顧客的消費行為，因此與當地通路結構的搭配極其重要；應使企業資源、規模與市場規模間密切的配合，以發揮競爭上的優勢；較小的企業可選擇採出口、經銷商、分公司等循序漸進的方式進入市場，在獲利與風險間取得一個平衡；重視產品特性與通路管理間的組合，視產品特性選擇不同的通路長度。通路商的選擇則以銷績效、信用與財務狀況最受重視，而綜效的發揮也是企業先擇通路夥伴時重要的考量之一。 而就通路管理而言，高控制力的通路一般擁有較佳的績效；而其中實質的作業支援是對強化通路成員關係最直接的方式；近年來資訊業來逐次降價的趨勢，使通路管理中的價值單元管理更為重要；而當企業因企業的發展而須對通路結構進行調整時，原有通路結構與成員的管理問題須格外注意。 / For lack of Natural Resoure in Taiwan, the dependency of exporting is much higher; It is the key successful factor that a copany keep the needs of customers and execute value-chain management well in the process of internationalization; It is channel why some well-known companies, such as Acer Group, President Group etc., merged foreign companies; Marketing channels is the way to connect producers and customers, difficult to build, costing and time-consuming, theefore, it can become the competitive advantage. In the research, internal and external environment factors, channel structure, channel management, channel performance will be discussed. The major objects includes: 1. discuss the effects among environment factors, channel structures channel policies, and channel management. 2. discuss the decisions of channel structuresm channel policies,and channel management. 3. discuss the effects of channel structures, channel policies, and channel management to channel performance. 4. discuss the changes of channel structures, channel policies, and channel management in different stages of internationalization. The research is analyzed through cade study, and the primary data were collected form hi-tech manufacturers, especially from computer and electronic manufactures. The empirical findings are summarized as follows: For channel Structures: The channel structures reflect local buying behaviors, then a company should depend on comany resources and company size to select the best mode to enter. A small-scale company could enter a foreign market through exporting, distributors, branch offices, step by step; in other words, the optimal entry mode is considering between profits and risks. The channel length depends on the complexity of products. The most important factors to select channel members are selling performance and credit status, moreover, the synergy effect is another key factor. For Channel Management: The channel in higher control performs better generally. The relationship among channel members could be hardened by substantial operation support directly. Recently, it is common for the prices of electronic products to slump step by step, thus the value-chain management is more important. Facing the changing of channel structures, it should pay more attention to the channel management of original members.

本研究係針對資本額在四仟萬以下之海外廠商台灣技術移公司作問卷調查 ，調查的地區包括中國大陸、泰國、越南、菲律賓、韓國等開發中國家， 探討台灣產業的技術發展過程、台灣中小企業的技術移轉方式、技術價值 認定、以及技術移轉成敗的關鍵因素。研究發現得到下列結論：一.台灣 技術移轉廠商在台灣經營時間愈久，海外技術愈易成功，顯見基礎穩固公 司較易成功。二.以獲取技術利潤為動機的台灣廠商，技術移轉失敗率較 高。三.海外控股比例愈高的台灣廠商，技術移轉的成功率愈高。四.對海 外經營層愈重視的廠商，技術移轉的成功率愈高。五.對海外法律愈重視 的廠商，技術移轉的成功率愈高。六.移轉對象為海外產品代理商或上下 游廠商，技術移轉的成功率愈高。七.台灣廠商技術移轉前有先從事產品 輸出的廠商，技術移轉的成功率較高。八.具有市場面控制能力的台灣廠 商，技術移轉的成功率較高。九.台灣廠商事前能簽定技術移轉協議書且 經過地主國法律保護，技術移轉成功率較高。十.資本力愈高的台灣廠商 ，技術移轉成功率較高。

根據我國經濟部投資審議委員會民國83年所做統計，從民國80年至民國83年2月止，我國企業赴大陸投資之家數經報備者計10,003件，金額達美金3,709,415仟元，平均每家投資額僅37萬美元。由此可見，台商赴大陸投資者多為中小企業。 　　我國中小企業佔全體廠商家數高達98%，以勤奮及彈性兩大特點，創造了所謂的台灣奇蹟，成為我國政府遷台以後40多年間經濟穩定成長的主力。民國75年開始，台灣面臨了台幣升值、勞動力缺乏、環保嚴格、土地上漲等不利因素，出口導向的我國廠商逐漸在國際市場中喪失價格競爭優勢，政府與業界一片升級與轉型呼聲。在此同時，海峽兩岸的對立型態出現轉機，政府在民國79年宣佈開放廠商以間接的方式赴大陸投資，在此之前，中小企業早以其靈活的速度，於政府大陸政策尚未明朗化時，就憑著冒險犯難的精神，摸索出自己獨特的投資模式。由以往身居國內熟悉的環境，推展到一個在政治、經濟、社會各方面均不相同但卻擁有誘人機會的市場一他們是如何進行規劃？如何進入？績效如何？面對何種困難？如何克服……等問題，相信是許多不同層面人仕所關心的課題，然而有關中小企業方面的研究，卻並不多見。 　　鑑於中小企業一般而言均較保守，面對問卷調查時配合意願多不高，所得資料之信度與效度造成研究者相當大的困擾。因此，本論文遂採取個案深入訪談的方式，直接與受訪企業主管人員晤談，針對中小企業大陸市場進入模式之規劃、選擇、調整等方面搜集資料，配合學理基礎進行分析整理與推導命題，最後並達成下列結論： 　　1.中小企業藉由控制力的取得，可提高大陸市場經營自主性。 　　2.中小企業藉由集中資源及快速進入市場可與大企業抗衡。 　　3.中小企業藉由強化本身策略性資源可提高談判地位。 　　4.中小企業藉由構建穩定的營運組織可提高經營績效。

近年來中國大陸以其廣大的市場及較低的人力成本優勢，成為外資及台商競相投資的市場，台灣各產業莫不以進入中國市場為營運發展的重要目標。國內生技製藥產業在這一波投資中國熱中，也嘗試從生產、銷售、行銷、代工及研發等不同面向切入，以掌握商機及尋求企業的永續經營與成長。 本論文著眼於研究台商生技製藥公司在進入中國大陸市場時，所選擇的海外直接投資之進入模式分析。並以John H. Dunning對外投資之折衷理論為研究架構，從「所有權優勢」、「區位優勢」及「內部化優勢」等構面，來分析台灣生技醫藥公司的中國市場進入模式。藉由國內生技製藥公司的企業訪談及上市櫃公司公開資訊的分析，以及次級資料與公開報導的整理，以瞭解台商生技製藥公司在大陸的直接投資進入模式及影響投資決策的關鍵因素及公司優勢。 本研究共訪談國內四家生技製藥公司。研究發現，生技製藥台商在中國市場的進入模式選擇，主要可能受到區位優勢決定因素的影響，而決定因素則可分為市場導向、資源取得導向及風險評估等三項。本研究將有助於瞭解國內生技製藥業，在中國進行跨國經營與投資的決策考量，並裨益國際企業領域及國際策略管理的理論與實務發展。 / Over the past years, China has attracted much investment from Taiwan companies and foreign companies due to its advantages of board markets and low-cost labors. Companies in Taiwan also set “enter China market “as a goal in their business planning. Upon this wave of “Invest China fever” , the domestic Biotech & pharmaceutical companies have no doubt approached their business target by entering China market through different operations, that is, production, sales, marketing, out-sourcing, and research & development, etc to catch the opportunities and sustainable growth of business The objectives of the study were to analyze the entry mode of China market Taiwan biotech & pharmaceutical companies have conducted their foreign direct investment (FDI). Based on the theory of the eclectic paradigm of FDI initiated by John H. Dunning as a research framework, from the perspectives of Ownership advantages, Location advantages, and Internalization advantages, the analysis for the entry mode of FDI and the Key factors as well as company advantages to affect the decision were employed to examine both the primary data and secondary data. Primary data consisted of the interviews of domestic pharmaceutical companies and the data statistics from the Market Observation Post System (Taiwan stock market). Meanwhile, secondary data was collected from the news and the reports of the journals, magazines, and the websites. Four Biotech-pharmaceutical companies were interviewed in this study. The result shows that Location advantages may be the major factors for FDI in China of Taiwan companies. The factors consist of market -oriented, resources -oriented, and risk assessment factors. This study will contribute the strategic considerations for Taiwan international companies that operate foreign Biotechnology and Pharmaceutical business in China. This study also suggests the strategy for the international business and international management both in theory and the practice.

In his assessment of the theory development within international market entry mode, Cumberland (2006) outlines the importance of devoting more attention to the research linking the theoretical level and the operational level. Other researchers have shown the performance of a firm is highly affected by its internationalisation process and selecting the right entry mode is one of the most critical managerial decisions. Despite many years of interest from researchers, the entry choice strategy area is still considered a frontier issue. Researchers have suggested that managing risk is one of the major strategic objectives for managers of multinational firms. Furthermore, risk is regarded as a key determinant in relation to entry mode choice. Research has found that the various risk variables should be regarded as an integrated measure in relation to entry mode choice and not single measures. By looking at a single risk variable, the firm might analyse the situation incorrectly, which may lead to an incorrect entry mode. This study investigates the relationship between entry mode choice, perceived risk and risk tolerance for Danish firms entering Central and Eastern Europe by using a probabilistic model. The results indicate risk should be regarded as an integrated measure in relation to entry mode. Despite not all risk variables showing significant correlation with entry mode, some relations were found. The preferred model for predicting entry mode included years of CEE experience, number of competitors, cultural difference, consumer taste and future market potential. In addition, the analysis showed that Danish firms generally are relatively risk averse. Regardless of entry mode, the analysis showed that Danish firms regard CEE as politically stable and do not see a potential risk in government involvement in their activities. Furthermore, Danish firms experience relatively high and increasing competition in CEE, however, they indicate the same methods are available for marketing in CEE as in Denmark.

如何成長，是企業尋求永續經營所關心的永恆主題；如何國際化則是企業在經濟全球化時代面臨的挑戰。國際購併作為企業的擴張模式，同時兼具了企業追求成長和國際化佈局的內涵和效果，是歐美企業經常使用的成長策略和國際市場擴張策略。尤其在廿世紀的九○年代，全球化的風潮和跨國企業（MNCs）的全球化佈局，助長了跨國購併的盛行。 中國大陸在地理上緊鄰台灣，自1978年改革開放後，經濟呈現高度成長，除了是開發中國家首位國際對外直接投資（FDI）的目的地之外，更是全球最大的新興市場和製造工廠。惟與國際購併作為對外直接投資的主要模式比較起來，外資透過購併來經略中國市場並不普遍，在成交金額上僅佔5.5%，這主要是因為中國相關的購併法律環境還不健全、市場機制不成熟、資本市場也未全面開放所導致。因此，跨國購併目前並不是進入中國投資的主流模式。近年來，中國政府加強改善購併相關環境的工作，一方面使得購併活動蓬勃發展，另方面也讓外資得以在中國以購併方式經略中國。 本論文「以成長策略為經，以國際市場進入模式為緯」探討台資企業在中國大陸的購併策略，研究的出發點主要是關懷台商如何以及能否以購併策略來經略中國市場，並探究是否成功。由於過去與此相關的研究相當稀少，本研究可以定位為初探性研究，研究主要採取個案研究法，並在對三個個案研究公司從事購併的高階主管進行深度訪談，以及次級資料蒐集的輔助下，實證研究有幾項結論發現，分述如下： 一、台商以購併方式在中國大陸投資的主要考量是：如何以時間爭取市場空間。簡言之，面對大陸新興市場的高速成長，時間價值取得了投資策略思考的主導地位，形成了廠商以併購方式在中國投資的策略。當廠商面對快速成長的新興市場，購併是快速進入市場的最佳相配適策略。尤其當「時間對市場」變得相當重要的時候，購併是進入一個新市場最迅速的投資方式，此時併購相對於其他投資方式有其獨具的優勢。 在時間上，併購既有廠房確實比新建投資來得快速，進一步拿購併與投入新建廠房的兩三年內相比，在主併公司良好的整合策略配合下，開出新產能和建立新市場，其績效也比自建新廠來得好。以購併作為成長策略，主併公司借助了外部的力量而得以跳躍成長，省卻了以自己內部實力從事創新和開發所需的時間，其成長曲線不同於內部成長策略的S曲線。 二、海外購併投資同時是台資企業國際化的成長策略和海外市場的進入模式。國際併購作為台商的海外市場進入策略，通常兼具有策略性購併的特質，且都是以追求快速成長為目標。併購策略具有台資企業國際化歷程的中繼或過度性質特徵。易言之，在進入策略上，台商和許多其他國家國際企業一樣，採取了從低涉入到高涉入、資源投入從低到高、控制從低到高的模式，而購併模式在國際化過程中，往往是一個過度性質的中繼站，接著再以自建新廠的方式繼續投資，而且多是獨資的方式為之，此乃內部成長策略和外部成長策略兼採的市場進入方式；不過，亦有持續地單以併購與合資等外部成長方式作為投資的模式，來進行國際化的佈局。 購併投資若駕馭得當，可以達成企業設定的成長策略目標，但應考慮經營環境的內外變化，以規避快速成長所帶來的風險。企業外部環境的風險和內部經營能力對購併的影響，當主併公司的企業經營能力不能駕馭經營環境面臨的高度風險挑戰，將把獲來的資產化成為泡沫，一切成為烏有；若是企業能力優良，並且擁有低風險的經營環境，則購併後的主併公司將呈現蛙跳成長，成長快速。若是主併公司的經營能力和經營環境風險有相適應的發展，則呈現穩定的成長狀態，但公司宜加強經營能力，以防風險係數提高，造成公司難以應付的危機出現。 三、在購併整合和是否達成購併目標上發現：（一）購併後的整合端視主併公司與被併公司在資源互賴需求和組織獨立需求高低而決定。這點印證了Haspealagh and Jemison提出的資源整合矩陣觀點。（二）購併後若發生股權變動的情況，亦可能導致整合文化的變化，這說明了購併後整合模式具有動態變化的特性。（三）如果購併方是具有經營優勢的企業，被併者是家虧損企業，則通常購併後整合的主導模式是順向整合的吸納式。（四）整合模式與被併購方的母國和主併公司的母國是否為同一國家沒有必然的關聯。（五）購併雙方規模的大小或許也會影響整合的方式，在三個個案實例中，大對小進行購併都出現了吸納式整合模式，說明了其間的關聯性，但這層關係可能是建築在中介變數的影響下才成立的。筆者認為，主併公司的經營優勢或所有權優勢可能是中介變數，這才是影響主併公司採取吸納式整合模式的關鍵。（六）台商從事購併的整合活動都是從交易後才開始的現象。這和西方在目標公司選擇過程中，或交易談判時即開始進行的習慣有明顯的不同。因此，以「購併」─所透露的「先購後併」意義來形容台商購併的經歷應是較適宜的。（七）當購併達成了公司的策略目標或合併綜效，可以為公司創造價值或增值；反之，則會為公司帶來價值破壞，嚴重者甚至毀滅公司所有價值，將購併成長而來的價值付之一炬。（八）購併成功的可能性來自於整合和時間因素的作用，在購併後短時間內（通常在二年以內）發生整合效益，則購併成功的可能性高；若是購併後經歷了一段長時間（通常在二年以上）而未獲得整合效益，則購併以失敗告終的可能性高，也就是成功的可能性低。 四、台資企業以國際併購方式進入中國大陸市場投資是條可行的方式，但由於是外資購併，影響其成敗的因素多元，在購併決策和購併後整合經營時仍須謹慎應對，才能確保成功的可能性。在中國大陸經濟的持續成長、國有企業的轉型與改革和外商購併法制環境趨於健全之際，台商以購併進入中國投資是可以考慮的方式，尤其是對跟隨者和後進者來說，更是一個追求快速成長者的較佳選擇，或許可以透過此投資方式，取得與先驅者並駕齊驅或迎頭趕上的機會。但投資者也應考慮在中國大陸從事購併可能的風險。尤其，中國大陸的政經環境不可預期因素較多、資訊的不對稱和不夠透明化、產權（股權）問題的限制、公司治理結構的制約、司法救濟的不足、法律與文化差異等仍是外資購併大陸企業的障礙，這是想要以購併投資中國公司所必須考慮的問題。 總之，透過購併來達成公司成長，須在明確的公司願景和成長目標下，審視自身的能力與條件，以及外在環境的變化，根據需要制定一套可行的購併策略，再確實執行，並做好整合工作，購併才能增加公司的價值，以成長達到公司追求的願景。 / Keeping growth has been the core issue for corporations seeking continuous operations whereas internationalization poses a new challenge in this global era. International mergers and acquisitions (M&As) as a means for corporations aiming at business expansion are common occurrences, especially in the late 20th century when multinational companies (MNCs) were aggressively seeking global presence and expanding overseas operations. Mainland China, geographically adjacent to Taiwan, has been implementing its economic reforms since 1978 and grew rapidly as the new powerhouse of the world in manufacturing as well as in consumption. China has inevitably become one of the top-tier for foreign direct investment (FDI) among all developing countries. International M&As/ Cross-border M&As, however, have not been commonly utilized as vehicles by foreign investors to penetrate China’s market. In the year of 2000, international M&As only represented 5.5 % of the total FDI in China, mainly resulted from the strict regulations on its immature market mechanism and capital market. In light of the Chinese government’s recent attempts to improve its investment environment, including the deregulation of M&As, and to attract foreign investment via M&As, this research project focuses on Taiwanese enterprises’ M&As strategy in Mainland China in line with seeking continuous growth and through internationalization. Major emphasis on investment avenues Taiwanese enterprises to be the best situations of taking advantage in penetrating Chinese markets, and whether Taiwanese enterprises gaining better access to the Chinese market via M&As. In the past, the volume of research in this field is comparatively low; therefore, this research can be regarded as an exploratory study. With in-depth case studies of three selected Taiwanese enterprises that have adopted M&A strategy to enter the Chinese market, based upon my studies, key findings below. 1.“Time Saving" would be the major concern in taking M&A as approach for Taiwanese enterprises to invest in Mainland China. That is to say, to enter a rapidly growing market like China within the shortest time period has not only become the key successful factor (KSF) but also the theme center while envisioning its investment strategy. M&As are under most circumstances, considered as the most suitable and fastest strategy to enter the market, within the shortest time frame, especially when “time” is considered as KSF, and crucial element. Therefore, compared to other FDI avenues, M&As indeed have their unique edge. In terms of saving time, acquiring an existing operation is more effective than starting from ground zero, i.e. building new facilities. Given the identical time frame, with good strategic planning from the home country, the buy-in approach has advantages in boosting up capacity, creating new markets, avoiding high expenses caused by inefficiencies in the start-up period. Parent companies are more likely to have a leap in growth by taking acquisitions with assistance from the external and the growth curve would be different from the S curve. 2.M&As become the major growth strategy for Taiwanese enterprises to approach both purposes of internationalization, and entrance of overseas markets. That cross-border acquisitions of Taiwanese enterprise vehicles to enter overseas markets usually combines two characteristics, strategic acquisitions and rapid growth. M&As often act as a transition point for most Taiwanese enterprise in internationalization process. In other words, Taiwanese enterprise entry policy, like that of the MNCs counterpart, tends to take modules of starting from a low involvement to high, from a low degree of investment to high, and from a low level of control to high; The internationalization process is most often initiated by M&As, followed by increasing investment in constructing new facilities with full ownership. Applying such a policy to enter a foreign market utilizes both internal and external forces to obtain a company’s growth whereas a number of companies, after M&As are completed, prefer strategic alliances with external parties to sustain internationalization. As companies reach their desired growth goals and objectives via well planned investment strategy in the first stage, such as M&As, they should constantly be aware of any subtle changes in the investment environment in order to reduce potential risks arising from any rapid expansion and growth. In a relatively low-risk investment environment, steady growth is anticipated if the parent company is well managed and capable of adapting to environmental changes. That is to say, a parent company should always enhance its operating capability in order to mitigate risks from the ever- changing environment. 3.Can M&A strategy be applied to achieve goals and objectives? Here’s the brief of my thesis conclusion. (1) Post merger integrations (PMI) depend on the degree of interdependence between parent company and acquired company, such as resource supplies and organizational structure, which has matched Integration Matrix Theory by Haspealagh and Jemison. (2) Stock shares reallocations after acquisitions may result in the changes of integrated corporate culture, which illustrates that PMI is subject to variation. (3) When a parent company benefits from the operating over its acquired company, the PMI module is usually in the form of forward integration. (4) There are no correlations between the country origins of the parent company and the acquired company. (5) Scales of the parent company and the acquired company may influence PMI modules. Correlations are defined via these 3 case studies that absorption mode occurs when the parent company has operating advantages over acquired company. Based on the study result, the parent company’s operating advantages or scale over the acquired company are key elements for the occurrence of absorption mode. (6) Unlike enterprises in the USA or Europe where integrations usually begin during M&A negotiation or the process of searching for acquiring targets, Taiwanese enterprises normally start integration process after the acquisition deal is completed. (7) Additional value is created only when M&As comply with a company’s goals and objectives; otherwise, negative impacts from M&As apply. (8) How and when to integrate may be two key factors for a successful acquisition. The study indicates that integration would have a higher chance of success if the process is initiated within two years’ time frame after acquisition. 4.It is recommended that Taiwanese enterprises’ take on M&A as an approach to enter the Chinese market. However, many factors may attribute the results of M&As. The strategic forming and the PMI need to be carefully planned. Mainland China’s investment environment is improving, especially in the deregulation upon FDI’s M&As activities. With its increasing volumes of governmental entities’ reforms and transform actions, as well as its continuous economic growth, M&As strategy is indeed an alternative for Taiwanese enterprises to enter Chinese markets. Such strategy benefits market followers the most as resources and market entry can be obtained within the shortest time frame, and eventually to compete with other market frontiers. Nevertheless, investors should take risks into consideration, comparatively, there are higher levels of uncertainty in its economic and legal environments, restrictions toward ownership and organizational structure, shareholder limitations, culture and legal differences, as well as controlled information channels and sharing. In summary, to reach continuous growth via M&As, strategy should be in line with company goals and objectives. Such strategy should only be made with intensive evaluation of one’s capabilities and environmental circumstances, followed by well planned implementation and integration. By doing so, M&As will create additional value toward companies’ goals and objectives in seeking continuous growth.