In the age of knowledge-based economy, company need to hire talented people who possess leading knowledge and skill to keep its competitive advantages. Taiwan located in crucial position of Asian market, but lost competitive advantages in attracting talented people when comparing the policies and environmental conditions with neighboring countries like South Korea, Singapore and the raising China This study chooses case company which is successful in attracting global talent in Taiwanese electronic technology industry. To investigate the factors that make firm attractive to talented people. The finding show that company should build up international recruitment network and good reputation, thus job applicant will have positive perception to company. Providing long-term development opportunity to talented people to satisfy their need. Besides, company should provide social support actively, to help talented people get used to unfamiliar environment, thus talented people will contribute to company more effectively.

本論文旨在探討台商企業面對中國大陸這幾年來的投資環境變化所採取之創新應變策略之研究。本研究聚焦在台商聚集最密集、且近年來大陸投資環境變化最劇烈的東莞地區，探討過去以彈性、創新與問題解決為特性的台商企業，在快速變遷與競爭的大陸與全球市場，所面臨的困難以及他們的創新之道，藉由掌握台商後續在中國大陸市場發展的重要參考。 本研究結果顯示，中國大陸外資政策的巨大轉變，讓當地的台商企業產生營運成本提高、出口退稅減少的問題。對外又受到全球原物料上漲與金融海嘯的衝擊，影響其營運成本和外銷訂單衰退。 儘管多數受訪企業都受到外在投資環境改變的影響，但本研究也顯示，成功的企業早在投資環境開始大幅改變之前，就以前瞻的思維做好創新的準備，並採取「提高價值(Value up)」的路線，而非一味的講求「降低成本(Cost down)」。因此開始在產品上更加強化研發實力，在內部管理上更加強調人員培訓，在市場開發上則更加注重中國內需市場，以發展自有品牌或代理國際代工客戶的品牌，走出外銷不振的衝擊。 最後，本研究也建議，企業在發展創新策略時應該注意保持對自身核心競爭力與外在市場的敏銳了解，才能成功創新，讓企業永續經營。 / The objective of the thesis is to discuss the innovation strategies that Taiwanese enterprises take to overcome the dramatic changes of Chinese investment environment. The study mainly focus on Taiwanese enterprises in the DungKuan City, the area that most Taiwanese enterprises locate in and has been through the most dramatic investment environment changes in recent years. Also, the study aims to discuss what kind of problems these Taiwanese enterprises, who are known for being flexible, innovate, quick problem-solving encountered and how do they solve the problems by innovative ways. These results can become important reference for Taiwanese to develop further in Chinese. The result shows that the changes of Chinese policies for foreign enterprises increase the Taiwanese enterprises’ operating costs and decrease their export tax benefits. At the same time, the soaring raw material price and global financial crisis also infect the Taiwanese enterprises’ operating costs and lose of export orders. Although most of the Taiwanese enterprises suffered from the impact of external investment environment challenges, the study also indicates that successful enterprises have made well preparation before the environment challenges happen. Also, they mainly focus on “value up” strategies, not just to “cost down”. Therefore, they emphasize more on research and develop abilities, or human power training, or make efforts on developing Chinese market by different branding strategies. At last, the study also provide suggestion to these Taiwanese enterprises and points out that enterprises should oversee their competitive advantages and cultivate strong market sense when they develop their innovation strategies. In this way, the Taiwanese enterprises can survive from the investment environment changes and have a better future.

隨著中國經濟的快速增長，國民所得亦跟著提升，使得國內的市場規模日益壯大，加上中國加入WTO之後，加速開放國內市場，外資企業看好中國的商機，紛紛投入中國內需市場的經營，如今的中國已然由「世界工廠」轉變成「世界市場」。眾多外資企業的進入，加上中國本土企業的崛起，使得中國市場的競爭愈形激烈。為了增加在中國的競爭力，部分的日本企業選擇與台灣企業進行策略聯盟，共同經營中國事業。 本研究認為日本企業之所以與台灣企業進行策略聯盟，是因為可以藉此利用台灣企業的優勢，諸如銷售能力及人事管理能力等等，彌補本身的弱勢，提高在中國的競爭力。此外，日本企業與台灣企業在台灣長達數十年的合作經驗，為雙方建立起良好的信任關係也是策略聯盟的原因之一，因此日台雙方的企業合作遍布各個產業，策略目標也各有不同。由於在日台企業的策略聯盟中，以進軍中國內需市場為目標的合作案表現最為亮眼，因此在個案研究方面，本研究選擇日本企業(包括伊藤忠商事及朝日啤酒等八家企業)與頂新集團的策略聯盟作為研究對象，期能對日台企業的策略聯盟能有更深入的了解。 / Along with China’s fast economic growth, local consumers become wealthier as their disposable income continuously increasing, enabling the domestic market in China to keep growing rapidly. Moreover, after China’s accession to the WTO, China must gradually open up the domestic market, so many foreign enterprises see a huge opportunity in China, and they can vie for China’s market one after another. A lot of foreign enterprises’ entry and China’s indigenous enterprises’ rise make the market competition more intense. In order to improve the competitive capacity, some Japanese enterprises build the strategic alliance with Taiwanese enterprises. This study shows that Japanese enterprises build the strategic alliance with Taiwanese enterprises because they can use Taiwanese enterprises’ resources to offset their weaknesses, and boost their competitiveness. Furthermore, the second season is that after dozens of years of friendly cooperation between both sides in Taiwan, Japanese and Taiwanese enterprises have established trust relationship. Therefore, Japanese and Taiwanese enterprises’ alliances are found in numerous industries, and strategic goals are different. In all kinds of strategic alliances, the alliance that enters to China market is the most outstanding, so this study focuses on the alliance that is built by nine Japanese enterprises and Ting Hsin Group, and tries to understand the alliance thoroughly.

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.