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研究生:李運鞭
研究生(外文):Yun-Pien Lee
論文名稱:從企業家心智框架觀點探討併購決策之制訂:以印刷電路板產業之個案為例
論文名稱(外文):Cognitive Framing Effects of Decision Makers on M&A Decisions:A Case Study of the Printed Circuit Board Industry
指導教授:吳學良吳學良引用關係
口試委員:柯承恩陳忠仁
口試日期:2013-07-30
學位類別:碩士
校院名稱:國立臺灣大學
系所名稱:國際企業管理組
學門:商業及管理學門
學類:企業管理學類
論文種類:學術論文
論文出版年:2013
畢業學年度:101
語文別:中文
論文頁數:76
中文關鍵詞:併購個案研究心智框架
外文關鍵詞:mergers and acquisitionscase studyframe of mind
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對於企業而言,持續獲利及穩定成長為其重要的經營目標,因此企業常透過併購作為手段尋求發展機會,這也使得併購案例日益增加且愈加扮演著重要角色。成功的併購案取決於併購決策者在併購過程中的決策評估,因此探討併購決策者進行評估時的思考模式,討論其應該採取何種思考邏輯才能增加併購成功機會是極為重要的課題。本研究將針對研究者實際參與之印刷電路板產業的併購案例,以個案研究方法論與訪談方式探討該併購案例在決策過程中,台灣企業決策者與管理階層(併購專家)與專業財務會計人員(併購新手)兩不同角色的不同思維。本研究分析顯示,兩者在面對併購案決策上,彼此的思考邏輯與決策思維是截然不同。併購專家面對併購決策時所採用的心智框架為效果型心智框架(Effectual frame),而併購新手則以因果型心智框架(Causal frame)作決策思考。
為使管理實務者未來在面對同樣問題時能有參考依據,本研究總結併購決策的思考模式提出相關研究命題,此外也可以供後續研究者進行實證研究時參考之用。


For most businesses, sustained profitability and stable growth are key objectives, so mergers and acquisitions are often pursued in order to seek development opportunities, leading to a rise in the number of M&A cases and playing an important role in business expansion.
A successful merger depends on the assessment of decision-makers in the M&A process, so it is very important to explore their ways of thinking and logic when evaluating mergers, and to identify which model they should follow in order to increase the chance of success.
This paper uses a case-study of a merger case in Taiwan’s printed circuit board industry, based on an interview approach, to explore the different ways of thinking in the different participatory roles, between decision makers and managers in Taiwan (M&A specialists) and professional financial and accounting staff (M&A novices).
The study revealed that the logical thinking and decision-making thinking patterns in the merger case differed between the two roles. The M&A specialists adopted an effectual frame of mind and the M&A novices a causal frame of mind when involved in the merger process.
To provide a reference for management when facing similar problems in the future, the study concluded that the decisions-maker’s thinking model is the relevant research proposition in merger cases, which, it is hoped, will provide the basis for future empirical research.


目錄
口試委員會審定書…………………………………………………………………….Ⅰ
誌謝…………………………………………………………………………………….Ⅱ
中文摘要………………………………………………………………………….……Ⅲ
ABSTRACT…………………………………………………………………….……...Ⅳ
目錄……………………………………………………………………… ….…….V
圖目錄…………………………………………………………………………….……IX
表目錄…………………………………………………………………………………..X
第一章 緒論…………………………………………………………………………….1
1.1 研究背景與動機……………………………………………………………………1
1.2 研究問題與目的……………………………………………………………………2
1.3 文章架構……………………………………………………………………………3
第二章 文獻回顧……………………………………………………………………….4
2.1 公司發展與併購……………………………………………………………………4
2.1.1 併購定義………………………………………………………………………...4
2.1.2 併購之形式……………………………………………………………………...5
2.2 併購動機及理論…………………………………………………………………..6
2.2.1 新古典綜合學派………………………………………………………………...7
2.2.2 綜效理論………………………………………………………………………...7
2.2.3 控制權市場理論………………………………………………………………...8
2.2.4 代理理論………………………………………………………………………...8
2.2.5 交易成本理論…………………………………………………………………...9
2.2.6 資源基礎理論………………………………………………………………….10
2.3 跨國併購理論……………………………………………………………………..10
2.4 M&A的決策過程:效果型與因果型心智框架…………………………………...12
2.4.1 效果型與因果型邏輯………………………………………………………….12
2.4.2 專家與新手之思考模式……………………………………………………….13
第三章 研究方法……………………………………………………………………...15
第四章 印刷電路板產業及個案介紹………………………………………………...18
4.1 印刷電路板發展現況……………………………………………………………..18
4.1.1 印刷電路板產品簡介………………………………………………………….18
4.1.2 印刷電路板產業供應鏈……………………………………………………….20
4.1.3 印刷電路板發展趨勢………………………………………………………….22
4.2 印刷電路板市場分析……………………………………………………………..23
4.2.1 印刷電路板全球市場概況…………………………………………………….23
4.2.2 印刷電路板日本市場概況…………………………………………………….25
4.2.3 印刷電路板台灣市場概況…………………………………………………….26
4.2.4 市場分析小結………………………………………………………………….30
4.3 主購公司簡介:A公司…………………………………………………………….31
4.3.1 A公司簡介與發展概況………………………………………………………...31
4.3.2 A公司產品簡介……………………………………………………………...... 33
4.3.3 A公司過去併購與投資案例…………………………………………………...35
4.4 被併公司簡介:B公司…………………………………………………………….38
4.4.1 B公司簡介與發展概況………………………………………………………...38
4.4.2 B公司產品簡介………………………………………………………………...38
4.4.3 B公司營運困境分析…………………………………………………………...40
4.5 本個案之併購過程………………………………………………………………..42
4.5.1 併購背景與決策過程………………………………………………………….42
4.5.2 合併後之現況………………………………………………………………….47
第五章 個案探討與分析……………………………………………………………...50
5.1 以效果型心智框架分析併購決策………………………………………………..51
5.1.1 併購專家之類比推理………………………………………………………….51
5.1.2 併購專家之思考廣度………………………………………………………….52
5.1.3 併購專家對預測資料的態度………………………………………………….53
5.1.4 併購專家對未來的看法……………………………………………………….53
5.1.5 併購專家之行動基礎………………………………………………………….54
5.1.6 併購專家對風險和資源的傾向……………………………………………….54
5.1.7 併購專家對於外人的態度…………………………………………………….55
5.1.8 併購專家對意外狀況的態度………………………………………………….56
5.2 以因果型心智框架分析併購決策………………………………………………..56
5.2.1 併購新手之類比推理………………………………………………………….57
5.2.2 併購新手之思考廣度………………………………………………………….58
5.2.3 併購新手對預測資料的態度………………………………………………….58
5.2.4 併購新手對未來的看法……………………………………………………….59
5.2.5 併購新手之行動基礎………………………………………………………….59
5.2.6 併購新手對風險和資源的傾向……………………………………………….60
5.2.7 併購新手對於外人的態度…………………………………………………….61
5.2.8 併購新手對意外狀況的態度………………………………………………….61
5.3 兩種心智框架之比較與分析……………………………………………………..62
5.4 研究命題…………………………………………………………………………..67
第六章 結論與未來研究方向………………………………………………………...72
6.1 研究結論與貢獻…………………………………………………………………..72
6.1.1 研究結論……………………………………………………………………….72
6.1.2 研究貢獻……………………………………………………………………….74
6.2研究限制與未來研究方向…………………………………….…………………..75
參考文獻……………………………………………………………………………….76


中文文獻
1、A公司100年年報
2、A公司101年年報
3、林昭穆(民國96),企業併購關鍵成功因素之研究-鴻海個案為例,國立高雄第一科技大學企業管理研究所
4、吳慧玲(民國96),全球化下影響企業跨國併購成敗的文化因素-以Yahoo!併購Kimo與Ben Q併購Siemens之個案比較研究為例,銘傳大學國際事務研究所
5、張福成(民國89),企業併購之個案研究,國立臺灣大學商學研究所
6、張逸綸(民國100),短期與中長期下併購行為與營運績效之關係探討,國立臺灣大學財務金融學研究所
7、黃柏儒(民國100),跨國併購績效實證研究:以台灣上市公司為例,國立臺灣大學國際企業學研究所
8、謝孟玹、趙祖佑(民國101),2012電子零組件產業年鑑,財團法人工業技術研究院
9、謝孟玹、趙祖祐(民國102),2011電子零組件產業年鑑,財團法人工業技術研究院
10、魏志忠(民國91),企業購併之個案研究-以E公司為例,元智大學資訊管理學系



英文文獻
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