成功的企業購併需仰賴正確的投資評估以及有效的購併過程管理,本文包含兩個部分,第一部分主要探討購併利益評估的問題,使用的方法為real-option approach簡化了購併效益之評估,且可獲得較正確的結果;第二部分為兩家國際出版業合併之個案研究,就此成功的例子而言,管理者可以獲得較有利且完善的合併經營方法。 / Successful mergers depend on proper valuation of this special type of investment and effective management of this process. First essay devoted to the problem of merger profitability valuation. Using real-option approach, a simple model is developed to expand accuracy in decision making process about merger possibility. This model considers uncertainty of situation and provides flexibility in company’s strategy. According to this approach profitability of merger may be calculated by using value of premium paid for acquiring company and value of synergy that expected from merge of two companies. Main problem of merger’s valuation in this approach is correct definition of synergy. In second essay, merger of two publishing companies Addison Wesley Longman and Simon & Schuster is analyzed. Positive experience in choosing candidates for merge, pre- and post-acquisition decision making process can serve as a good example of effective merger’s management.