Les alliances stratégiques et les fusions-acquisitions sont théoriquement considérées aujourd’hui comme de véritables leviers de création de valeur. Cette création de valeur prend différentes formes, à savoir essentiellement une valeur stratégique, une valeur substantielle, une valeur institutionnelle et une valeur financière (notamment actionnariale). C’est cette dernière qui retient spécifiquement notre attention. L’objectif de ce travail de recherche, après avoir analysé les résultats des travaux empiriques réalisés sur l’impact des annonces d’acquisitions portant sur la performance boursière, est de répondre à deux questions fondamentales. La première question est de savoir si à un horizon plus ou moins lointain, la performance boursière des acquisitions coïncide avec la performance réelle, et si par conséquent cette forme de croissance externe peut se justifier par la motivation financière des dirigeants ou actionnaires. La deuxième question est de savoir si cette hypothèse formulée se vérifie également pour le cas des alliances, établissant par la même une comparaison avantageuse en faveur de l’une ou l’autre des options de croissance externe. Nos résultats montrent en définitive que sur le court terme l’annonce d’une alliance a un impact négatif sur la performance contrairement à l’annonce d’une fusion ou d’acquisition, tandis que d’autre part sur le long terme, il n’y a aucun impact positif (impact neutre) sur la performance financière qu’il s’agisse de l’alliance stratégique ou de la fusion-acquisition. Nous expliquons ce résultat par un phénomène de « création de valeur compensatoire » dans le cadre d’une intention stratégico-financière. / Strategic alliances and mergers & acquisitions are theoretically now considered as real levers of value creation. This value creation takes different forms, essentially strategic value, substantial value, institutional value and financial value (including shareholders). This latter holds our attention specifically. The objective of our research, after analyzing the results of empirical works focused on the acquisition announcements impact on the stock market performance, is to answer two fundamental questions. The first question is to know that if, on a more or less distant horizon, the stock market performance of acquisitions coincides with the actual performance and so if this form of acquisitions can be justified by the financial motivation of CEOs or shareholders. The second question is to know that if this hypothesis is also true in the case of alliances, establishing by the way an advantageous comparison in favor of one or other of the external growth options. Our final results show that in the short term the announcement of an alliance has a negative impact on performance as opposed to the announcement of a merger & acquisition, while other hand on the long-term, there is no positive impact (neutral impact) on financial performance whether it be the strategic alliance or merger & acquisition. We explain this result by the phenomenon of "creation of compensatory value" in the context of a strategic and financial plan.

É inegável a importância das micro e pequenas empresas para a geração de riqueza destinada à nação brasileira. As micro e pequenas empresas brasileiras são responsáveis por uma parcela expressiva do PIB nacional e dos empregos formais no país. Porém, estudos demonstram que uma grande parte destas empresas são encerradas em um período curto de operação, não passando pela fase de crescimento e maturidade, por causa, basicamente, de falhas em sua gestão. A organização objeto desta pesquisa, da qual o pesquisador é sócio, passou pela transação de micro para pequena empresa durante o processo de pesquisa dessa dissertação e enfrenta o desafio de crescer. Desta forma, surgiu a questão desta pesquisa: \"Como tratar os fatores limitantes e impulsionadores de crescimento de uma consultoria e assessoria empresarial?\". E o seu objetivo foi de propor uma sistematização das iniciativas que iriam suplantar as limitações identificadas e que possibilitariam o crescimento da consultoria e assessoria empresarial. Inicialmente levantaram-se as causas observadas das restrições ao crescimento desta organização, elaboradas entre o pesquisador e sua equipe, são elas: recursos limitados, baixo nível de padronização e posicionamento sem clareza. Quanto ao método de pesquisa escolhido utilizou-se de pesquisa bibliográfica para atender ao objetivo secundário de identificar os fatores limitantes e impulsionadores de crescimento na bibliografia, assim como soluções para o crescimento. Dentre o referencial teórico se utilizou dos seguintes temas: as particularidades da pequena empresa e o seu ciclo de crescimento, as características empreendedoras, melhores práticas de crescimento observadas nas pequenas e médias empresas, especificidades da prestação de serviço em consultoria e estratégia e posicionamento. A fim de pesquisar melhores práticas para crescimento existentes em consultorias ou assessorias empresariais realizaram-se 6 entrevistas semiestruturadas com proprietários de empresas prestadoras de serviço e correlatas ao segmento da organização estudada que passaram por um processo de crescimento. Da teoria e das entrevistas foram elencados 9 limitadores do crescimento empresarial. Das entrevistas elencaram-se 23 impulsionadores de crescimento e estes foram relacionados aos limitadores, gerando uma matriz relacional. Por fim, para elaborar uma sistematização das iniciativas que iriam suplantar as limitações identificadas e que possibilitariam o crescimento da consultoria e assessoria empresarial foi utilizado o método de pesquisa-ação. Através dos limitadores e impulsionadores identificados, além dos exemplos práticos citados pelos entrevistados, o pesquisador listou 17 iniciativas que compuseram um plano de intervenção, ou seja, uma sistematização. Ao longo da pesquisa, 5 das 17 iniciativas foram implantadas na organização estudada e os resultados observados. A média do faturamento bruto mensal da organização dobrou entre o período anterior ao início da pesquisa e o período posterior ao início da pesquisa, denotando uma correlação positiva às implantações de algumas iniciativas do plano de intervenção, não se limitando apenas às interferências destas variáveis. As limitações constatadas para esta pesquisa foram a falta de tempo (por se tratar de um mestrado) de aplicar o plano de intervenção na íntegra e também uma pesquisa quantitativa para validar este plano. Como contribuição desta pesquisa, espera-se que empresários ou aspirantes, que passam por situações semelhantes às enfrentadas pelo pesquisador, possam utilizar-se das evidências práticas deste material aplicando-o em suas próprias organizações. / The importance of micro and small companies for the generation of wealth destined for the Brazilian nation is undeniable. Brazilian micro and small enterprises are responsible for a significant share of national GDP and formal jobs in the country. However, studies show that a large part of these companies are shut down in a short period of operation, do not cross the growth and maturity phase, basically due to failures in their management. The organization object of this research, of which the researcher is a partner, went through the transaction from micro to small company during the research process of this dissertation and faces the challenge of growing. In this way, the question of this research appeared: \"How to deal with the limiting factors and growth promoters of a business consulting and advisory?\". Its objective was to propose a systematization of the initiatives that would overcome the limitations identified and that would enable the growth of business consulting and advisory services. Initially, it raised the observed causes of restrictions of growth of this organization, elaborated between the researcher and his team, it are: limited resources, low level of standardization and positioning without clarity. Regarding the chosen research method, a bibliographic search was used to meet the secondary objective of identifying the limiting factors and growth promoters in the bibliography, as well as solutions for growth. Among the theoretical references, the following themes were used: the particularities of the small company and its growth cycle, the entrepreneurial characteristics, the best practices of growth observed in small and medium enterprises, the specifics of the service rendering in consulting and strategy and positioning. In order to research best practices for growth existing in consultancies or business advisors, six semi-structured interviews with owners of service companies and correlated to the segment of the organization object of this research, which underwent a process of growth, were carried out. From the theory and the interviews were listed 9 limiters of business growth. Of the interviews, 23 growth promoters were listed and these were related to the limiters, generating a relational matrix. Finally, in order to elaborate a systematization of the initiatives that would overcome the identified limitations and that would allow the growth of the consulting and business consultancy, the action-research method was used. Through the identified limiters and drivers, in addition to the practical examples cited by the interviewees, the researcher listed 17 initiatives that comprised an intervention plan, that is, a systematization. Throughout the research, 5 of the 17 initiatives were implemented in the organization object of this research and the results observed. The average gross monthly turnover of the organization doubled between the period prior to the start of the survey and the period after the start of the survey, indicating a positive correlation to the implementation of some initiatives of the intervention plan, not limited to the interference of these variables. The limitations found for this research were the lack of time (because it is a master\'s degree) to apply the intervention plan in full and also a quantitative research to validate this plan. As a contribution of this research, it is expected that entrepreneurs or aspirants, who undergo similar situations to those faced by the researcher, can use the practical evidence of this material applying it in their own organizations.

The topic of this diploma thesis is the analysis of activities of the Czech biggest automotive producer, Skoda Auto company, on the UK market. The thesis maps historical development of the Skoda Auto's activities in that country, goes into the company's chosen growth strategy and provides an analysis of weaknesses and suggestions for possible improvements, which could lead to strengthening of Skoda Auto's position on that market. The first chapter is dedicated to the presentation of Skoda Auto company, outlining the historical development of that car maker and describing of importance, which has that company and also the whole automotive industry for the Czech Republic. The chapter also analyses the sales situation on other markets and the company's global growth strategy. The second chapter focuses on the British market. At first it researches the economic background of the country and then the automotive market. Historical development, current situation and the competition of Skoda Auto are analysed afterwards. The third chapter analyses more deeply Skoda Auto's activities on the UK market. It deals with the historical development of the company's operation in that country, analyses in detail the current growth strategy, which is implemented from 2011 to 2015. The chapter analyses the four main pillars of the strategy, sales, marketing, dealer network and aftersales, and the fulfilment of the objectives, which were set for the previous year. After that it provides the proposals for the possible improvement and steps that the company could take to consolidate its position on that market.

本論文研究的動機，乃因於中國大陸自1978年改革開放後，經濟呈現高度成長，目前更是全球最大新興市場和製造工廠，工程塑膠材料的需求及市場亦隨著3C電子塑膠零件和汽車塑膠零件在中國大量製造而蓬勃發展。但是，中國地區還是有許多法律環境不健全且市場機制不成熟; 近來更因為勞工意識高漲及當地的政策改革，台商在大陸的生存壓力愈來愈大。本研究欲藉由個案公司一路從經銷、研發及經營兩岸與工廠業務的過程，藉此探討個案公司在經營兩岸業務時，是如何審視自身的能力與條件，以及外在環境的發展機會與威脅，依此根據制定一套可行的成長策略，以獲得一個良好的績效產出，期待協助個案公司整體營運績效的提升。除此，本研究亦期望經此個案研究，可提供學術探討與企業實務相關的參考，有助了解工程塑膠科技材料產業成長策略之實況、困難與相關因應之道。 本研究為促使文獻探討的內容，更具週延性; 所以，首先從工程塑膠材料產業發展面開始了解，繼而從擬定策略所需的策略觀點進行探討，最後再從企業成長策略的擬定作探討。 本研究為探索性的個案與文獻之研究，所採取的研究架構，以企業願景與定位及大陸的競爭方式為自變數，而以企業成長策略為應變數。而研究方法，主要採行文獻探討、個案研究與資料分析。 對於個案公司的分析，首先從個案公司的沿革與產品範圍進行說明，其次對個案公司營運與型態進行探討，再者對個案公司所處之競爭與地位進行分析，最後對個案公司如何因應未來進行分解與剖析。 所以，本研究提出對於個案公司未來成長策略擬定的建議，主要從成長方向與策略規劃兩方面提出： 1.成長方向的建議: 質感的創造、標準的符合、環保的落實、異業的 結盟。 2.策略規劃的建議：成本領導策略(水平整合，海外拓展，紅海)差異化策 略:(量身訂做，研發集中，藍海) 對於未來從事相關議題的研究，本研究建議可從研究資料的增加、研究方法的改進與研究方向的拓展，以促使本領域的研究更深入與完整。

本研究採用個案研究法以主機板產業的公司–技嘉科技作為個案公司，再廣泛蒐集次級資料及深度訪談個案公司高階主管。接著，使用PEST、五力分析、價值鏈分析和SWOT分析層層由外部到內部來找出轉型策略的方向。 研究建議認為技嘉單單靠主機板為主要獲利來源是相當危險的。物聯網的成長是目前科技產業相互爭食的大餅，根據技嘉的核心能力和價值鏈的綜效，投入工業電腦是可行的方向。 個案公司為主機板的龍頭公司，且現今大多高科技公司面對後PC時代，有將掀起另一波群雄割據，要如何積極轉型，可作為其他相關產業工作為參考。

In den letzten Jahren verzeichneten viele mittelständische Unternehmen ein überdurchschnittliches Unternehmenswachstum. Häufig gerät die Zielsetzung des Unternehmenswachstums jedoch mit anderen Zielsetzungen wie der Bestandsreduktion oder einer erhöhten Kunden- und Prozessorientierung in eine Art Wettbewerb. Um eine Harmonisierung zwischen den Anforderungen der Wachstumsstrategie und der Supply-Chain-Gestaltung zu erreichen, bedarf es einer Aufbereitung der Wechselwirkungen zwischen der Wachstumsstrategie und den Supply Chain Methoden. Ausgehend von dieser Problemstellung wurde ein Modellansatz entwickelt, welche die Interdependenzen zwischen den Wachstumsstrategien und den Gestaltungselementen der Supply Chain darstellt. Im Rahmen des Konzeptes werden anhand der vier Handlungsfelder (Prozess, Struktur, Collaboration und IT) aufgezeigt, wie ein Unternehmen eine an die Wachstumsstrategie angepasste Supply-Chain-Gestaltung vornehmen kann.

This diploma thesis works with innovation that is described as a key factor of development in global economy. First charter described management approach to innovation in enterprise and consequent micro economical view is followed by macro economical analysis of innovation. The main aim of this part is to define key factors that affect innovation and competitiveness of economy. The third charter is dedicated to institutional framework on innovation in European Union, United States of America, Japan and China. The result of thesis is a set of theoretical recommendations and simple model of innovation company and economy.

Bakgrund och problem: Integrationsprocessen, och strategin som anammas vid integration av förvärv, anses vara en vital aspekt för förvärvets potentiella framgång. Studier visar däremot hur det utgör en av de svåraste faserna vid företagsförvärv, och utgör därav en stor anledning till att förvärv misslyckas. Problematiken som belyses i tidigare studier är skapandet av balans mellan integration och autonomi. Däremot identifieras inte hur den här balansen kan uppnås eller vad som påverkar organisationers val av integration, där det här troligen kan relateras till den förvärvande organisationens struktur och styrningen. Det uppdagas därmed en kunskapslucka i tidigare studier kring hur organisatoriska förutsättningar påverkar förvärvs- och integrationsprocessen, vilka konsekvenser det har för skapandet av balans, samt vilka aspekter som är viktiga för förvärvets potentiella framgång. Tidigare studier placerar fokus på de individuella moment som förvärvsprocessen utgörs av, därav ämnar studien även att bidra med ett helhetsperspektiv genom framtagning av ett ramverk som kan användas vid genomförande av förvärvs- och integrationsprocesser.  Syfte: Syftet med studien är att öka kunskapen kring hur förvärvs- och integrationsprocessen påverkas av organisatoriska förutsättningar i strategi, struktur och styrning. Vidare ämnar studien att identifiera och analysera vilka faktorer som är väsentliga att beakta under förvärvs- och integrationsprocessen. Avslutningsvis presenteras ett ramverk för förvärvs- och integrationsprocessen, vilket kan användas av företag för att underlätta processen och bidra till förvärvets framgång. Metod: En kvalitativ forskningsansats har använts för genomförande av studien. En fallstudie har utförts på NIBE Group, vilket utgör en välkänd koncern med uttalad förvärvsstrategi och lång erfarenhet av lyckade företagsförvärv. Studien är indelad i tre avsnitt; teoretisk referensram, empirisk referensram samt analys. Det teoretiska avsnittet ämnar skapa förståelse för företagsförvärv, organisationsstruktur samt styrning. Det empiriska materialet har sedan insamlats genom semistrukturerade intervjuer med respondenter från NIBE och sex tillhörande dotterbolag. Avsnittet har till syfte att skapa en helhetsförståelse för hur en förvärvsstrategi samt förvärvs- och integrationsprocess kan se ut, och vilka aspekter som betraktas som viktiga av både förvärvande och förvärvade bolag. Slutligen analyseras teori och empiri i analysavsnittet, vilket mynnar ut i det framtagna ramverket.  Slutsats: Studiens resultat belyser behovet av att anamma ett helhetsperspektiv vid analys och genomförande av förvärvs- och integrationsprocessen, då samtliga moment har en inverkan på varandra. Det föreligger ett samband mellan organisationsstruktur, förvärvsstrategi samt förvärvs- och integrationsprocess, där konsensus mellan de olika faktorerna är viktigt för att undvika en del svårigheter som kan hämma förvärvets framgång. Ytterligare poängteras vikten av kontroll och samordning inom aspekter som finansiell rapportering, IT samt människor, för att möjliggöra givande av autonomi. Studien resulterade även i framtagning av ett ramverk för användning vid företagsförvärv. Modellen belyser både vikten av ett helhetsperspektiv, men även vilka aspekter som är viktiga att beakta vid varje moment, vilket kan minska potentiella hinder under processens genomförande. / Background and problem: The integration process, and the strategy adopted during post-acquisition integration, is considered an important aspect of the acquisition's potential success. Studies, on the other hand, show how it is one of the most difficult phases of an acquisition, and therefore constitutes a major reason why acquisitions fail. The problem highlighted in previous studies is the creation of balance between integration and autonomy. However, it does not identify how this balance can be achieved or what influences the choice of integration level, where this can probably be related to the structure and governance of the acquiring organization. Thus, there is a knowledge gap discovered in previous studies on how organizational conditions affect the acquisition and integration process, what consequences it has for the creation of balance, and which aspects that are important for potential success. Previous studies place focus on the individual phases that the acquisition process consists of, hence this study also intends to contribute with a holistic perspective by developing a framework that can be used during the acquisition and integration processes.  Purpose: The purpose of the study is to create a deeper understanding of how the acquisition- and integration process is affected by organizational conditions in strategy, structure and governance. Furthermore, the study aims to identify and analyze which factors are important to consider during the acquisition- and integration process. Finally, a framework for the acquisition- and integration process is presented, which can be used by companies to facilitate the process and contribute to the success of the acquisition.  Method: A qualitative research approach has been used to carry out the study. A case study has been conducted at NIBE Group, which is a well-known group with a pronounced acquisition strategy and long experience of successful acquisitions. The study is divided into three sections; theoretical frame of reference, empirical frame of reference and analysis. The theoretical section aims to create an understanding of acquisitions, organizational structure and governance. The empirical material has then been collected through semi-structured interviews with respondents from NIBE and six associated subsidiaries. The purpose of the section is to create a holistic understanding of an acquisition strategy, as well as what the acquisition and integration process can look like, and which aspects that are considered important by both acquiring and acquired companies. Finally, theory and empirical data are analyzed in the analysis section, which results in the developed framework. Conclusion: The results of the study highlight the need to adopt a holistic perspective when analyzing and implementing the acquisition and integration process, as all elements have an impact on each other. There is a relationship between organizational structure, acquisition strategy and the acquisition- and integration process, where consensus between the various factors is important to avoid some difficulties that may hinder the success of the acquisition. Furthermore, the importance of control and coordination in aspects such as financial reporting, IT and people is emphasized, to enable the granting of autonomy. The study also resulted in the development of a framework for use during acquisitions. The model highlights both the importance of a holistic perspective, but also which aspects are important to consider at each step, which can reduce potential obstacles during the process.

The cosmetics market is very dynamic and high growth potential industry. This case study will attempt to analyze how L’Oreal’s success in implementing its global growth strategies. The introduction will cover the history of L’Oreal and its amazing growth performance during these past years. This case study will analyze L’Oreal’s business model, a model that is differentiated from others by a combination of research & development, portfolio of brands, a complete distribution network, and financial prowess. With a competitive advantage in production, L’Oreal can concentrate their resources on their star product marketing strategy. An effective brand management emphasizes on categories and channels expertise, innovation via precise positioning, and adaptation at the market level. In addition, L’Oreal believes in a philosophy called “the virtuous spiral”, the driving force behind L’Oreal’s steady persistent growth over these many years.

本研究主要探討汽車零組件廠商之國際化發展歷程、國際化進入模式選擇以及廠商核心資源能力對其國際化策略之影響。首先藉由文獻探討瞭解企業國際化、核心能力、成長策略及策略九說等相關議題，接著透過實地訪談及次級資料蒐集對研究個案的國際化發展歷程作一回顧，最後分別由國際化理論、資源基礎說及策略九說的觀點對個案的國際化發展歷程及經營策略作歸納整理與分析，並提出本研究之結論。 台灣產業發展以製造業為主體，特別是資通訊產品、機械、自行車等產業在世界上均取得良好的成績。然而面對新興發展國家的急起直追，台灣製造業如何繼續維持本身的競爭優勢，從過去強調製造技術的專精，力求跨入設計、行銷等領域，走向微笑曲線的兩端，成為未來台灣廠商的新挑戰。以資訊產業為例，台灣廠商多專精於通用規格產品製造，藉由大量生產降低成本，常採取的成長策略為極力擴張產能，設法切入產業全球供應鏈成為其中一環。然而相對於資通訊、自行車產品，AM汽車零組件講究少量多樣，在產品生產與企業經營上亦有一定的困難度，台灣廠商如何能在AM車體碰撞零組件市場居世界領導地位，其經營歷程與成長策略究竟為何？立足於現今的基礎上，台灣汽車零組件產業下一階段的成長又應往那個方向進行？這是本研究想探討的議題。 目前台灣約供應全球85％-90％之汽車AM碰撞零組件，本研究選擇台灣AM碰撞件業者中規模最大，亦是全球領導廠商之東陽集團為研究個案，該公司在天下雜誌2007年國內製造業行業別（汽車及其零件）排名中名列第6，營收規模領先帝寶、堤維西等同業，年營收淨額新台幣165.8億元。研究結論簡述如下： 一、強大的模具開發能力、完善的集貨網路、少量多樣彈性生產的管理能力，是台灣AM碰撞件廠商國際化發展成功的重要因素。 二、AM汽車碰撞件廠商國際化發展過程中，應視本身資源能力及國際市場條件，彈性選擇最適的國際化發展模式。 三、AM碰撞件廠商可透過整併競爭對手、增加顧客價值、累積資源能力等方式提昇產業競爭地位，逐步取得市場主導權。 四、AM碰撞件業者可透過降低內部生產成本與外部資源取得成本，提高經營效率，增強市場競爭力。 五、台灣AM碰撞件廠商未來發展應掌握發展潛力雄厚的新興市場，並積極切入國際大車廠OEM零件供應鏈。 / Taiwanese companies produce 85%-90% of the After Market (AM) auto crash parts in the world. While most other countries’ auto parts export is substantially composed of OEM parts, Taiwan is one of the few countries which mainly exports AM auto parts in the world. With the limited market size in Taiwan, Taiwanese auto parts industry has to seek out the global market for potential markets. As a result, more than 80% of Taiwan-produced auto parts are exported each year, of which more than 80% are for AM use. The purpose of this research is to understand the internationalization of AM auto parts industry in Taiwan. The research consists of four aspects: (I) the characters of auto parts industry; (II) the internationalization of business; (III) the core competency of business; (IV) the business growth strategy. The research chose the leading AM auto parts manufacturer in Taiwan, the Tong Yang Group (TYG) as the study case. Through primary data collection such as in-depth interview and secondary data collection from other researches and publications, the research concludes as followed: 1.Mold development ability, broad sourcing network, and flexible production management are the key success factors of the internationalization of Taiwanese AM auto crash parts manufacturer. 2.During the process of internationalization, the most suitable entry model should be chosen based on the AM auto parts manufacturer’s own resources, capabilities and the market conditions. 3.AM crash parts manufacturer can raise their competitive advantage and gain market dominance by: Merger & Acquisition (M&A), increasing customer perceived value, and accumulating resources and capabilities. 4.AM crash parts manufacturer can strengthen competitiveness and increase efficiency by reduce both internal production costs and external sourcing costs. 5.Taiwanese AM auto parts manufacturers should grasp the emerging markets with great potential, and manage to penetrate the OEM parts supply chain of leading global auto manufacturers.