臺灣博碩士論文加值系統

在科技產業中，產品更迭迅速，產品的生命週期較其他產業更要來得短，無論開發新產品或者是進入新市場，在短期間內，很難獲得正的現金流量或報酬，因此併購已經是企業發展與擴張的必要手段。
在此背景下，本文將闡釋併購前中後的各項重要分析，包含環境分析、交易特性、策略誘因、支付工具、企業評價等。並以Google併購Nest為例，從一個科技龍頭併購新創企業，看似一樁正確的交易，為何最終以失敗收場。新創企業在組織成長的過程中，又面臨什麼樣的難題？
研究最終發現，在新創企業中，創辦人往往過於投入在打造產品和開拓市場，而忽略了管理組織的重要性，其技術或者是創業家導向，甚至可能缺少企業管理所需的職能。因此當企業成長到一定階段，為了更有效率的管理資源，引進能被創辦人所接受的外部專業經理人，將組織重新凝聚在一起，是避免新創企業在組織成長時，產生領導的危機的作法。
雖然本篇研究方法以次級資料為主，但由於距離Google對Nest的收購完成日期2014年2月7日已經超過一段時間，因此有足夠的資訊可供參照，輔以策略管理和企業併購的理論和實際應用，本篇論文可以作為企業未來在併購新創事業時的參考。

In the Information Technology (IT) world, product life cycle goes through rapidly. While companies can either enter a new market or develop a new product, it remains difficult to gain a positive cash flow in a short period of time. Therefore, mergers and acquisitions (M&As) have become one of the commonly used strategies when companies attempt to expand.
Given the frequent use of M&As in the industry, this thesis elucidates regarding the evaluation and analysis of M&A, including macro environment analysis, the motivation, the payment and business evaluation. By using Google's Nest acquisition as a case study, this thesis examines the following questions: why did Google's Nest acquisition fail eventually? What difficulties would a startup company encounter during the expansion?
Results of this thesis demonstrate the following. The founder of a startup company tends to focus more on developing new products and markets but less on leading the company. Moreover, they generally technically or entrepreneurially oriented but lack of business management competence. Consequently, as the company grows, a business manager who is acceptable to the founders will be the essential to solve the crisis of leadership.
Although this thesis uses secondary data, it obtains sufficient information accumulated in time as the transaction of Google's Nest acquisition closed on February 7, 2014. Along with existing theories and practices in strategic management and M&As, this thesis serves as a good reference for companies that attempt to acquire a startup company.

第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究方法 4
第二章 併購交易的事前分析 6
第一節 交易簡介 6
第二節 公司簡介 6
Nest 6
Google 8
第三節 交易特性 10
大強併小強 11
上市併未上市 11
垂直併購與水平併購 11
是否為重大交易 13
第四節 總體環境分析 14
政治 (Political) 15
經濟 (Economic) 15
社會 (Social) 17
科技（Technological） 18
第五節 策略誘因 19
主併動機 20
被併動機 22
第二章 – 併購交易的事中分析 23
第一節 支付工具 23
第二節 市場反應 24
第三節 企業評價 (Business Valuation) 25
NEST評價 27
第四節 綜效分析 28
第三章 併購交易的事後分析 30
第一節 個案結語 30
第二節 後續發展 30
第四章 結論與建議 33
第一節 結論 33
第二節 建議 36
引進外部專業經理人 42
採用盈利支付計畫(earn-out) 43
參考文獻 44

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