This master thesis investigates how an infrastructure for cultural adoption in a merger and acquisition integration could be designed. This research is valuable since prior research indicate that culture plays an important role in the success of integrating an acquired firm into the acquirer’s organization. However, there has been no research conducted in the field of how the culture should be regarded for. Our research took place at the Stockholm office of Logica, an Information Technology (IT) consultancy company which was acquired by CGI in August 2012. We have by the means of interviews and observations through our study at the case company derived numerous factors which all have a positive impact on the cultural adoption. These factors have then been categorized into three major themes; Experience, Planning, and Communication. These themes, and thus also factors, are not entirely independent but rather impose effects on each other, most notably in the case of experience. However, it is still our suggestion that the infrastructure for cultural adoption in a merger and acquisition (M&A) integration should address these three topics. Furthermore, it is in our beliefs that if these areas are addressed, the frequently recurring problem of unsuccessful M&As due to the neglecting of culture can be managed. And hopefully, by applying an infrastructural approach, it will aid the cultural adoption and moreover increase the probability of a successful M&A integration.

The dissertation’s subject matter is mergers and acquisitions (“M&A”). The reason standing behind the dissertation is the ever growing number of announced M&A transactions around the world. The research shows why M&A are important for the company management and why managers today see them as one of the greatest challenges. The work includes a chapter dedicated to the history of M&A and its current state, which has been affected by the financial crisis. One of the main objectives of the dissertation is to connect the economic and legal views on M&A. The work confronts theoretical knowledge with actual M&A cases. In order to provide a clearer understanding of M&A, cases of both successful and unsuccessful M&A transactions in various industries are described. The dissertation includes a detailed description of the specific stages in the M&A process. It deals with the preparatory stage, due diligence, implementation, and the subsequent integration of the two and more merged companies. The dissertation also provides evaluation of the individual stages’ importance. Special attention is given to the most frequent problems occurring during the entire M&A process: human resources and the integration process. In addition, the dissertation responds to the changes in economic environment that took place between the economic boom, at the beginning of the millennium, and the recession that commenced in autumn 2008. It also shows possible future developments in M&A. The dissertation was based on a review of the existing secondary sources; on primary research in companies with experience in M&A, and on collaboration with the tutor and other experts in the M&A field. On the grounds of secondary sources review, primary research, and discussions with experts, a guide on how to successfully implement an M&A transaction was prepared. The dissertation is to serve for didactic purposes in educating future managers, as a guide for companies’ management which implement M&A transaction, and should provide a basis for further research and scientific work in the M&A field. The dissertation’s conclusion evaluates hypotheses formulated prior to its elaboration.

Companies use merger and acquisitions, M&A, as a strategic choice to boost the firm. But even though M&As are a common way to boost the company, the failure rate is 70-90%, indicating the need to explore success factors. The objective of this study is therefore to establish a deeper understanding about how a Swedish firm conducts an acquisition, to give insights about essential elements during the acquisition process. This is achieved by answering the research questions: what are the success factors influencing the performance of an acquisition in Sweden, as well as how is the acquisition process successfully managed in a Swedish firm. By investigating these questions, the study will give insights about essential elements during the acquisition process, with the aim to increase the success rate. By analysing the management team within one single company, we were able to investigate a single case deeply and acquire their opinions and ideas. Due to the fact the managers are the ones steering and controlling the firm, it was necessary for us to comprehend their opinions. The study has taken a qualitative research approach, and six semi-structured interviews were held with the management team of our analysed firm. The empirical material has been analysed and compared with previous research within the subject. The theoretical framework discusse dM&As by covering the subjects, management, organisational change, culture, and success factors. Based on the empirical findings along with previous scientific articles, the research questions have been analysed and answered in the conclusion. Conclusively, we found eleven different success factors influencing the performance of an acquisition in Sweden, whereas seven of them have been found earlier in various studies and the additional four comes from our empirical findings. The additional four success factors are to be flexible, to be present, stand on common ground, and establish fellowship with the employees. The conclusion of adding these four comes from the greatest obstacle an organisation can face during an acquisition, getting the staff on board. Our second research question was about how the acquisition process is successfully managed in a Swedish firm. Where the conclusion is that the analysed firm endeavours to be honest and open with the employees, as well as being present and on site. Furthermore, the senior managers surround themselves with people they believe in. This to achieve the capacity to acquire another company. When looking at a potential firm the analysed firm believes it can be beneficial to have a sceptical mindset, to minimise the risk of making wrong estimation of the synergies. When the firm has acquired another firm, the senior managers strive to be flexible, and have the ability to adjust their leadership style depending on the situation.

伴隨著世界歷史步入二十一世紀，以企業為核心的市場體系處於一個大的結構性調整。企業能否順利調整到為整個世界的經濟發展服務，成為了全球各大公司所關注的首要問題。在此轉捩點，各個勵精圖治的企業家無一例外的選擇了擴大經營規模，世界500大的公司都是靠收購和合併發展起來，國際企業經常以併購的方式進行企業水平、垂直整合，以利於從事專業經營，提升經營效率，為因應企業全球化趨勢，有關企業併購法制之完備及明確，勢所必需。 企業收購合併為一法律上饒富興味之課題，這不只因為合併具有多種的形態，更因為合併涉及企業間複雜的權利義務關係，使得多種面向的法律領域都與之產生牽連。 本論文之結構安排如下：第一章為緒論，介紹本篇論文之研究動機、背景、以及研究方法與範圍。第二章為法律經濟分析概述，介紹法律經濟分析的內涵、背景、發展以及與傳統法學研究上之差異，並說明為何選取以法律經濟分析之方式作為研究主軸。第三章法律經濟分析的經濟理論基礎，主要對法律經濟分析中經常運用到個體經濟學的最大化、效益、供需理論及賽局理論進行分析與闡述。第四章為企業併購概述。第五章台灣企業併購現況。第六章為企業併購法制之經濟分析檢視各種現行法之可行性，並建議以經濟觀點構築之法制作為解決方案。第七章為結論與建議。 本文的主要目的以一種法律經濟分析的不同視角，從企業併購的經濟學基礎、法律制度的供需狀況、效率等方面論證對企業併購法制進行法律規範的必要性和合理性，有系統地檢視企業併購於現行法中所扮演之功能分析是否符合經濟學中效率的觀念，並且分析於現行企業併購法制發生違反效率的情況。 / During the last quarter of the twentieth century, the humanities and social sciences have turned toward history, something that culminated in the 1990s, and this phenomenon was evident in law as well. However, until recently, law and economics, the most influential post-World War II jurisprudential movement, was a-historical in its methodology and research agenda. The objective of this article is to call attention to economic analysis of merger and acquisition law, its methodological causes, and the nature of its interaction with other sub-fields of law and of economics. Mergers and acquisitions are undoubtedly among the most significant macro-economic phenomena of the industrialized West during the last twenty years. The size of acquisitions is constantly rising, with no sign of this phenomenon being part of a passing trend. Taking into consideration the diverse and complex aspects of acquisitions, the Article attempts to develop a comprehensive theoretical model that defines acquisition law's central policy goals and suggests criteria to be followed in order to ensure the achievement of these goals.

在高科技之推波助瀾下，新經濟與全球化之競爭模式儼然成形，也使得智慧財產在此競爭中扮演著重要的角色，成為高科技公司逐鹿中原的武器之一。相對地，也迫使高科技公司在全球割喉競爭之壓力下，開始思索如何更快進入戰場，並以智慧財產制敵機先。於是，企業併購策略開始成為高科技公司之經營決策者思考採行之策略。 企業併購（Merger and Acquisition）一詞，並非明確之法律定義，實乃商業管理實務界常用之名詞，因此，與其強加定義，不如從併購之模式加以說明，更為精確。併購模式概可歸納為二大模式：一為「收購」，一為「合併」。收購又可區分為「資產收購」與「股權收購」；而合併則有以吸收合併、新設合併及存續合併為主之「法定合併」類型，與以簡式合併、三角合併、強迫合併及實質合併為主之「特殊合併」類型。 所謂「收購」，係指收購公司以取得資產或經營權之目的，而以現金或債券、股票等有價證券買受目標公司全部或一部資產或股份之行為。而「合併」則係指兩家或兩家以上之公司，訂立合併契約，並經各當事公司之全體股東同意，或股東會之特別決議同意後，結合成一家公司之法律行為。其因合併而消滅之公司之權利義務，由合併後存續或新設立之公司概括承受，毋須再為個別資產或權利義務之移轉。 在企業採行併購策略之動機上，學理與實務上歸納出五種主要之動機，包括：綜效理論假說、多角化經營假說、策略性重組假說、價值低估假說，及代理成本理論與傲慢假說。綜效理論假說主要可歸納出，以追求規模經濟與範疇經濟之「營運綜效」；以風險分散或節稅考量為思考之「財務綜效」；企圖集中市場以形成壟斷之「市場綜效」；及為更精確掌握時機而追求之「起動綜效」。多角化經營則可分別從「複合式多角化」或「中心式多角化」切入討論。而策略性重組假說則著眼於「法規環境改變」或「技術創新改變」致使企業採取併購策略以為因應之面向，加以討論。此外，價值低估價說及代理成本理論與傲慢假說，則與企業經營決策者企圖追求本業之價值極大化無關，卻也經常成為經營決策者採行併購策略之動機。 前述企業併購動機之討論，事實上與美國併購歷史上所發生之五次併購浪潮息息相關，而這五次併購浪潮之興衰則亦與美國經濟發展之歷程有關。第一波併購浪潮發生於一八九七年至一九○四年間，其特色主要為「水平整合形成獨占市場」；第二波併購浪潮發生於一九一六年至一九二九年間，其特色主要為「垂直整合以利強化體質」；第三波併購浪潮發生於一九六五年至一九六九年間，其特色主要為「複合式併購擴大多角化」；第四波併購浪潮發生於一九八一年至一九八九年間，其則係以「金融工具激化敵意併購」為主要特色；時至一九九二年至二○○○年間所發生之第五次併購浪潮，則以「策略重組點燃超級併購」，逐漸將以取得智慧財產為目的之併購動機推上台面。亦即，由於全球化競爭而掀起跨國併購，及高科技產業併購之趨勢日盛，以智慧財產之取得規劃併購策略，成為高科技公司開始思考如何將企業價值極大化之策略之一。 高科技產業之競爭，已進入「超優勢競爭（Hypercompetition）」之態勢，惟有以動態競爭因應，始能勝出。而智慧財產之佈局與運用在動態競爭情境中，扮演著極為重要之角色。因此，透過併購以取得智慧財產，而得達成「控制新資源，加速企業外部成長」、「改變商業模式，大幅躍進新市場」、「動態競爭中，整合或對抗競爭者」，或「併購取得智慧財產權，待價而沽」之成果，已成為許多高科技公司之策略思考方向。 「世上沒有賣不出去的產品，只有賣不出去的價格」。在企業併購的過程中，如何就目標公司之企業價值進行評價往往是決定併購案是否能成功之關鍵。然而，對於企業的營運有重大影響之智慧財產，其「品質」究竟如何，將會對企業未來的營運造成重大的影響。因此，對於高科技產業之併購案，如何透過對於智慧財產進行查核評估（Due Diligence），協助併購交易雙方瞭解目標公司其智慧財產之品質，使雙方得以更正確評估目標公司之價值，並就併購案可能面臨之風險預先進行規劃，即為重要之課題。 換言之，由於企業併購交易之內容複雜且代價高昂，動輒為千萬至百億金額的現金交易或股份交換。雖然在交易過程中，賣方或買方通常會準備相關交易資訊及查核評估報告，以提供對方作為評估之用。但由於交易當事人自行提供之資訊通常過於簡略或可能隱惡揚善，為避免在交易價格之決定與交易後風險之承擔及效益之展現上出現問題，因此交易當事人有自行進行查核評估之必要。此即孫子兵法《謀攻篇》中所述「知己知彼，百戰不殆；不知彼不知己，每戰必敗。」所傳達之精神。 鑑於智慧財產查核評估是一項耗時費力，且所費不貲之工作，企業內部法律顧問或外部律師在進行智慧財產查核評估時，應對於其查核之範圍有所限制。並非所有智慧財產對於買方公司皆有顯著之影響，因此必須從公司之觀點加以檢視，並以其對於公司所可能產生之價值排序其先後。而除了時間、成本與專業人力投入等因素之考量外，「買方公司之策略目標」、「目標公司之核心競爭力」，與「企業併購交易之模式」將影響智慧財產查核評估所欲進行之範圍。 對於高科技公司而言，其企圖藉由併購活動所取得之智慧財產各異，然最主要者，尤其是對於我國公司而言，仍以「專利權」之取得以利企業在全球市場產業價值鏈中之佈局為首要考量。因此本文將就「專利查核」之相關議題，略做探討。而進行專利查核時，除從「專利申請案」、「專利審查歷程」與「法律意見書」等相關文件，進行概略初步審查外，概可聚焦於「目標公司是否確為真正之完整權利擁有者」、「發明之實施是否須依賴業已存在或第三人之權利」、「目標公司之發明是否獲得足夠之保障」、「目標公司之專利是否已為適當之利用」，及「目標公司之專利是否（或可能）涉訟」等面向出發，進行深入探查。 深入探究目標公司是否確為真正之完整權利擁有者之議題上，本論文將從「共同發明」、「受雇人之發明」與「部分讓與」所涉及之問題加以討論；而在發明之實施是否須依賴業已存在或第三人之權利之議題上，關於「技術改良與從屬專利」、「交互授權」及「技術輸入授權」涉及之契約約款（例如：契約存續期間、專屬性、可轉讓性與控制權之變更、轉授權、授權範圍、技術改良與回饋授權、擔保與賠償責任、最惠待遇，與過往侵權免責等）所衍生相關問題將為本論文關心之重點。 此外，在目標公司之發明是否獲得足夠之保障之議題上，本論文將討論關於「發明之檢討與揭露程序」、「專利權之地理範圍」，及「申請專利範圍與專利審查歷程之檢討」等問題；而關於「授權實施」及「專利濫用」將係買方公司查核目標公司之專利是否已為適當之利用時之重點。最後，在目標公司之專利是否（或可能）涉訟此議題之討論中，本論文將從評估目標公司之專利組合是否侵害第三人之專利權所進行之「專利侵權評估」與如涉及專利侵權訴訟時可能之「反訴或抗辯之評估」。 為印證本論文所提高科技公司以併購活動取得智慧財產之策略及所進行之查核評估活動，在結論與建議部分將以一家台灣公司之實際經驗為個案，探討其進行跨國併購時所面臨之問題，並就多數高科技公司所忽略之「競業禁止」問題，以美國法下之經驗，作為高科技公司進行跨國（尤其是美國）併購時，在專利查核之外，亦應注意之建議，以避免研發團隊於併購前後離職或被挖角，對買方公司所造成之傷害。 / A recent survey showed that between two and five emerging technology companies are acquired for every one that does an initial public offering （IPO）. Acquisitions can provide strategic, operating and financial benefits to both emerging technology companies and the company acquiring it. A strategic acquisition can provide emerging technology companies’ shareholders with earlier liquidity than an IPO, with less risk and dilution. It also can provide emerging technology companies with the immediate leverage of Buy Company's established manufacturing or distribution infrastructure, without the dilution, time and risk of internal development. A strategic acquisition can provide Buy Company with the new products and technologies necessary to maintain its competitive advantage, growth rate and profitability. Ill-conceived or badly done acquisitions, however, can result in expense and disruption to both businesses, the discontinuance of good technologies and products, employee dissatisfaction and defection, and poor operating results by the combined company. By understanding the key factors that lead to a successful acquisition, Target Company and Buy Company can improve the probability of achieving one. When considering an M&A transaction, Target Company first step should be to identify the strategic reasons why it wants to be acquired. For example, while Target Company may seek liquidity for its founders and investors, it also may have concluded that its future success requires the synergies of complementary resources and access to the infrastructure of a major corporation. An IPO could provide Target Company’s shareholders with liquidity, but would not immediately address Target Company’s need for product synergy or provide an established infrastructure. Those needs could be better met by finding a strategic buyer for Target Company. Equally important is to identify Buy Company’s strategic objectives in acquiring Target Company. For example, Buy Company may seek to acquire a product line or key technology, gain creative, technical or management talent, or eliminate a competitor. Ultimately, Buy Company will acquire Target Company because it believes M&A transaction is a more effective means of meeting a strategic need and increasing shareholder value than internal development. If Target Company understands its own and Buy Company’s strategic objectives, it can focus on candidates that are most likely to meet its needs and value the assets that it has to offer. While the objectives of individual companies will vary, the following table identifies common strategic objectives that Target Companies and Buy Companies try to achieve through an M&A activity. Target Company Reasons to Be Acquired Buy Company Reasons to Make a M&A Access to complementary products Access to complementary markets Access to working capital Avoid dilution of building own infrastructure Best and fastest return on investment Faster access to established infrastructure Gain critical mass Improve distribution capacity More rapid expansion of customer base Acquire key technology Acquire a new distribution channel Assure a source of supply Eliminate a competitor Expand or add a product line Gain creative talent Gain expertise and entry in a new market Gain a time-to-market advantage Increase earnings per share This study focuses on intellectual property due diligence, especially for the investigation of the benefits and risks associated with the ownership and exploitation of patent right when a company involves in a M&A activity. The increased profile, frequency, and value of intellectual property-related transactions have elevated the need for all legal, financial and managerial professionals and intellectual property owners to have a thorough understanding of the assessment and valuation of these assets and their role in commercial transactions; a detailed assessment of patent right is becoming an increasingly integral part of commercial transactions for the high-technology companies. Acquiring or investing in a business that owns intellectual property assets requires expanding the scope and depth of the due diligence that is usually conducted in such transactions. The process of gathering information and assessing the merits, issues, and risks associated with a business transaction is called “due diligence.” It is a critical exercise in the acquisition and strategic utilization of intellectual property assets. Due diligence is a necessary precursor to funding a new venture, and is critically important in many other business transactions, including mergers, acquisitions, licenses, initial public offerings, and in some instances litigation. In recent years, the commercial importance of patents and other intellectual property has become highly visible. Courts have imposed large damage awards for intellectual property misuse and infringement. Multi-million dollar judgments are no longer a rarity. Courts have also granted significant injunctions to limit the products which a company can market. For instance, Kodak was virtually eliminated from the instant camera market and subject to an extremely high damage award when it was found to infringe patents owned by Polaroid. As a result of these potential events, and the increasing value of intellectual property assets in today’s high technology society, intellectual property matters have become an important aspect of a traditional due diligence study. Intellectual property due diligence can be conducted in preparation for a wide variety of transactions. For example, intellectual property assets should be analyzed in the context of a share purchase or asset transfer, or may require assessment in connection with a capital contribution, in a joint venture or security for a loan, or in preparation of disclosure in connection with an offering of securities. Intellectual property due diligence can also facilitate a company’s thorough internal assessment of its own assets. Such a self-audit can prepare the company for an externally conducted due diligence, such as audited by a buyer company involving in a M&A transaction, and can enhance the company’s own intellectual property planning and management. Intellectual property rights are the product of human thought, born of human needs and aspirations, and manifested by societal values. A thorough intellectual property due diligence also requires consideration of many nonlegal, nonmaterial aspects of the rights involved. The impact of an investment in a specific intellectual property right, and its role and value in a given M&A transaction, can be easily miscalculated if the private and public implications of those rights are not considered. Every intellectual property transaction embodies both individual and societal beliefs and values that can profoundly affect the parties’s strategies and success. The philosophical underpinnings of intellectual property rights are often discussed in academic and philosophical forums. However, these principles deserve reiteration here, in a transaction-specific context. Too often, they are forgotten amidst the binders, cabinets and files full of due diligence documents and analytical reports. In Chapter 4, Patent Due Diligence, it comprises detailed analyses of the key issues to be assessed in the patent investigation. This chapter presents the steps in the legal review that should be undertaken on patents, and reviews the pertinent law pertaining to patent right. This chapter identifies the relevant documents that should be requested, defines the subject right, and analyzes the following substantive questions: Whether Target Company owns the patent right(s); Whether the patent right(s) have been adequately protected; Whether Target Company’s use of the patent right(s) is dependent on third part rights; Whether the scope of patent right(s) is sufficient; Whether the patent right(s) have been properly exploited; and Whether the patent right(s) present a risk of litigation. An investigation of Target Company’s patent assets can require analysis of extensive documentation, as well as knowledge of the specific technical field in which Target Company conducts its business, and of patent law. The circumstances of each particular case will dictate whether specialized patent counsel will need to be retained to assist with the patent due diligence. Buyer Company should be aware that proper preparation of patentability opinions and validity / infringement opinions can require substantial lead time and budget, and should accordingly account for these contingencies. Similarly, a thorough investigation to confirm ownership and assess exploitation of Target Company’s patent portfolio can require discussions regarding contribution of inventive ideas, past and present consultant or employment status of inventors, proper use of assignments, close investigation of the technology, markets, improvement clauses, cross-licenses, and the like. In sum, if Buyer Company specifies Target Company’s patent portfolio as a high priority in the intellectual property due diligence investigation, Buyer Company is well-advised to assign the patent-related investigation tasks to team members and, as applicable, patent experts, early in the due diligence process.

企業的持續成長是每一家企業所追求的目標之一，也是衡量企業營運績效之重要指標，當一個企業成長趨緩或開始衰退時，往往是企業遭遇困難的警訊。而企業能持續成長端賴競爭力之保有及持續提升，這在企業就必須具有企業競爭優勢策略，因而企業競爭優勢策略是提升企業經營績效的重要課題。 營運成長模式一般可分為內部成長與外部成長。內部成長是指經由公司內部新事業、新產品或新訂單與新客戶的增加使營業額成長；外部成長則是藉由外部策略聯盟、轉投資、購併等手段使公司能取得有利競爭優勢與地位或擴大營業規模。又因為藉由轉投資與購併經常能使企業之規模與競爭力獲得跳躍式成長，如美國通用電氣(General Electric)與思科(Cisco corp.)均為明顯而成功的案例，故在大部分企業經營時，其成為很多企業成長策略的主要選項。 然而，企業在選擇轉投資、策略聯盟或購併行為時，其策略與目標的訂定、購併與被購併企業之定位、整合；購併或轉投資的標的選擇與評估、計畫的規劃與執行等等，均影響外部成長之成敗，導致企業競爭力是否持續增進。 本研究針對垂直市場的產業內聯盟與轉投資為限制範圍，以聚焦於”垂直市場”產業內之轉投資有別於跨產業之投資行為，以”優勢競爭替代”之觀點來探討企業策略定位，以”組織變革”觀點來觀察購併與被購併或投資者與被投資者之定位策略與執行策略，以”累積長期競爭優勢”為標準來衡量與檢驗聯盟或轉投資之效益。 本研究針對研華股份有限公司轉投資艾訊股份有限公司之策略聯盟個案，以探索性研究方法依理論比較實務，研究其在策略聯盟之過程，探討此個案之策略與執行過程，期望能對研華與艾訊公司之策略作一研究與檢討並提出後續改進之建議。 本研究之歸納發現為： 一、 垂直市場競爭者之水平式策略聯盟或購併，如僅由發揮最大生產效率之綜效來考量，不易累積長久之競爭優勢。 二、 在垂直市場產業中，卓越的聯盟或購併之策略運用，在清楚的分析所處市場特性與公司定位以持續維持競爭優勢是策略思考的核心。 三、 破壞性創新思維運用在市場競爭策略上，市場在位者可提升維持性創新競爭力並同時可建立低階策略聯盟以形成阻止其他低階攻擊者障礙，足以保護現有市場在位領先者免於被競爭者侵蝕競爭力。形成結構上的長期競爭優勢。 四、 購併策略之執行，是否應將被併購企業併入，端賴兩方公司之策略定位。依據定位來檢視雙方之資源、流程與價值三個構面，當此三構面在雙方整合對整體策略有助益，則雙方應合併，反之則應維持獨立運作。 五、 雖然處於相同產業，但競爭之主要成功因素將因企業為維持性創新之市場在位者，或是防止低階、低價進攻者之阻攻者角色而有所改變；相對應的組織變革就應提出以確保策略之成功執行。 / The continuous revenue growth is one of the utmost goals that every enterprise seeks. It is also one of the key factors to measure the operation efficiency of an enterprise. It is an alarming signal that the enterprise is encountering serious challenges whenever the sales growth stays slow or encounters a recession. In order to keep the revenue grow consistently, an enterprise needs to sustain its competitiveness and keep its ascendancy as its cutting edge strategy. We can classify the growth engines into two categories: first, the internal growth engine which is contributed by new business, new products, and new orders; second, the external growth engine which is contributed by strategic alliances, M&A, and other investment opportunities. The enterprise usually gets a quantum jump on its business scale when a successful Merger & Acquisition is executed. The General Electric Co. and Cisco Co. cases are good examples of M&A. This probably explains why many companies place M&A and investment opportunity on high priority when setting growth strategies. However, when an enterprise adopts strategic alliance, M&A or diversified investment, its success depends heavily on its abilities of goal setting, positioning, targeting of Alliance Company, doing due-diligence, and solving culture conflict. This thesis investigates the strategic alliances and diversification investment between vertical market players, to focus on monistic industrial investment instead of cross industrial investment; reviews the company positioning strategy from the point of ascendancy competitiveness strategy; studies the execution of organization change between merger and merged companies and verifies the effectiveness of strategic alliances from the viewpoint of accumulated long term competitiveness advantages. The thesis studies from theoretical research to the case study of Advantech Co. which applies the exploratory research method. The Advantech Co. conducted an alliance with Axiomtek Co. in 2002 by stock swap between the two companies. Advantech owns 65% of Axiomtek after the alliance. It is my purpose to assay the process of strategic alliance and try to provide some advices to improve the effectiveness of this strategy. Conclusions can be summarized as follows 1. The strategic alliances or diversification investment between vertical market players can contribute less for cumulating the competitiveness if it is targeted to prevail by maximizing the production efficiency synergy. 2. A superior alliance strategy in vertical market is to analyze the market attributes and anchor the company positioning which helps the competitiveness accumulating for a player. 3. By implementing the disruptive innovation theory in market competition strategy, one company can develop alliance with a lower cost, 2nd tier or less functionality product provider to create the barrier for protecting attack from the disruptive competitors. 4. The resources, process and value are three scopes to judge whether two companies need be combined as one company or not. When those three measurements are formulating more advantages after combining based on mergers decision on companies positioning strategy, then, it should be combined as one company, otherwise vice versa. 5. The key success factors will be reformed accordingly if the acquirer re-positioning the company. A correspondent organization change also is recommended to be implemented.

本文所稱之「先購後併」乃係指併購公司或公開收購公司於併購或公開收購消息公開前，於市場上先行購買目標公司之股份提前佈局的行為，亦有以「立足點持股」或「預先持股」稱之。於先購後併之情況下，是否併購方有構成內線交易之疑慮，因我國無論證券交易法或企業併購法對此議題皆無明確規定，故素來即存在爭議，實務上亦不乏收購人因建立投資部位而招致內線交易訴訟之案例存在。 本文試以我國內線交易法規範之根源—美國法作為比較法，分析先購後併的情況下，是否併購人或公開收購人本身為內線交易之主體，以及併購人或公開收購人是否得與他人一同建立投資部位，再加入104年7⽉月8⽇公布之企業併購法第27條第10項⾄至第15項關於併購前建立投資部位之最新修訂說明，以及實務案例研析，並於文後嘗試提出本文見解。

本研究係以民國81年1月1日至民國90年12月31日間曾從事併購行為之國內53家上市櫃公司為研究樣本，取其併購前後五年之財務資料，利用資料包落分析法計算其整體技術效率、純技術效率、規模效率值，再依據目標公司是否位於國內為併購類型的分類標準，探討併購活動與併購類型是否影響主併公司績效。 本研究實證結果如下： 一、在不考慮併購類型的情況下，併購前後對於整體技術效率、純技術效率與規模效率呈現不顯著的正向關係，表示併購後效率雖然有提升，但未達顯著水準。 二、在未區別併購前後的情況下，雖然併購類型對於整體技術效率與純技術效率均呈正向關係，與規模效率則呈負向關係，但三種效率值皆未達到統計上顯著水準，表示進行國內併購與跨國併購的主併公司在效率上沒有太大差異。 三、跨國併購後在整體技術效率、純技術效率與規模效率均呈現正向關係，並且在整體技術效率與純技術效率達到統計上顯著水準，表示「國際化網路」假說確實存在。 / In this research, we based on the companies that listed in Taiwan Security Exchange or the OTC which had domestic or foreign acquisitions over the period from 1992 to 2001. Using these firms’ five years financial data before and after acquisitions, we apply Data Envelopment Analysis to measure efficiency and compare the performance of firms following domestic or foreign acquisitions. The major research finding as follows. First, if we do not consider the type of acqusiontion, domestic or foreign, the results denote that there is no efficiency difference before or after acquisitions. Second, after we control before or after acquisitions, the results demonstrate that there is no efference difference between domestic and foreign acquisions. Third, after we control the cross effects between acquisition time and acquisition types, the results show that after foreign acquisitions the merger companies increase efficiency significantly, which confirms “Positive Multinational Network Hypothesis”.

隨著資金、市場與人才國際化的趨勢，企業面對的競爭越來越激烈，企業從單品牌策略逐漸走向多品牌策略；其中，併購品牌為最快速、控制與投資程度高的品牌組合建立方式，也是目前品牌組合建立的主要趨勢，尤其以國際大型集團發起的併購案件，近幾年於市場上更是層出不窮。然而，目前關於併購行為所產生的益處與影響，多著重於有形資產財務指標的表現，而忽略無形資產的變化，然而品牌是企業彰顯價值以及與消費者溝通的橋梁，是競爭優勢來源之一，因此，本研究欲以消費者的觀點，探討品牌併購會消費者品牌認知的影響。 本研究選定保養品牌作為研究目標，操弄「併購類型相關性」與「品牌個性相似度」等變數，探究品牌併購前後，消費者對主併品牌與被併品牌「品牌權益」與「購買意願」的變化；本研究首先進行前測，找出保養品牌個性差異小與個性差異大的品牌組合，以作為正式實驗之研究標的；接著透過實驗分組，探究受試者對這些品牌組合的反應，以得到其對品牌權益與購買意願產生的變化。 本研究結果顯示，對主併品牌而言，在併購之後，對品牌權益與消費者購買意願變化並無明顯差異，但有相關性併購優於非相關性併購、品牌個性相近組合優於品牌個性相異組合的傾向；而對被併品牌而言，在被併購之後，品牌權益與消費者購買意願變化皆有顯著提升，並且相關性併購提升程度大於非相關性併購，品牌個性相似組合提升程度亦大於品牌個性相異組合。透過本研究結果分析，發現併購活動會造成企業無形資產品牌權益與購買意願的變化，因此，企業在進行併購活動時，應將品牌納入併購活動策略考量中，同時也應注重併購品牌的相關性與品牌個性相似度，以避免對彼此的品牌受損。 / With the internationalization of capital, market and human resources, companies are facing more and more intense competitions. In order to deal with this situation, companies moves from single brand strategy to multi-brand strategy, especially the strategy of merger and acquisition (M&A), which is a fast, highly controlled and highly invested method to develop multi brands. At the same time, M&A is the most common way nowadays to apply multi-brand strategy, especially for international corporations. However, the researches about the advantages and influences of M&A have focused on tangible assets, such as financial performance, instead of focusing on intangible assets, such as brand equity and brand image, which are also important to the corporations. Brand is not only a channel for company to communicate with customers but also a source of competitive advantages. Therefore, this study wants to research how the brand merger and acquisition affects customers’ brand recognitions. This study chooses beauty care brands as research object, and “merger type” and “brand personality” as variables. By undergoing an experiment, this study examines the changes of “brand equity” and “purchase intention” after M&A for both acquiring and acquired brands. The findings are, for the acquiring brand, there is no significant change in brand equity and purchase intention after M&A, and related M&A is better than unrelated M&A, while the similar brand personality combination is better than distinc one. As for the acquired brand, there are significant rises in brand equity and purchase intention after M&A, and just like the acquiring brand, related M&A is better than unrelated M&A, while the similar brand personality combination is better than distinc one as well. This study’s results show that the M&A would actually affect corporation’s intangible assets, brand equity and purchase intention. Therefore, when corporations decide to implement M&A strategy, they should take “brand” in consideration. Also, corporations should pay attention on the merger type and brand personality between acquiring and acquired brand to prevent the harm on both brands after M&A.

This thesis is focused on mergers with an emphasis on valuation. It deals mainly with economic, legal, accounting and tax aspects. These aspects are enriched by the amendment of laws that come into legal force from 2012. The thesis is complemented by expert valuation process, without which most of the mergers could not be realized. Final part of this thesis describes concrete national merger of three companies stating the accounting treatment.