成長對於一家追求永續經營的企業，是必要的策略。併購是成長策略的一環，過去研究併購的對象，多數集中在大型企業，很少以中小企業為主。此外，併購的研究主題，也多集中在併購動機、併購決策、併購模式、併購談判、併購後整合、與併購後的財務績效與成敗等，很少探討創業家精神在併購決策與併購成敗中所扮演的角色。併購後的績效，以往的研究，也著重在一至三年或五年的財務績效。但本研究的結果卻認為，研究中小企業的併購，若僅著眼於三至五年的財務績效，是無法判定此一併購案的成功與否。本研究以質性研究的個案研究法，針對第一代中小企業主在進行重大併購案時，創業家精神在併購過程中所扮演的角色進行研究。研究結果發現，白手起家的中小企業主在進行併購決策時，其關鍵思考點與一般專業經理人所思考的有所差異；在併購後發生及發現併購前未預期的內憂外患而導致嚴重的虧損時，以及在併購後整合的過程，也堅持不懈的帶動組織學習，以避免併購案的失敗，並成功轉敗為勝，使企業集團步入倍數成長的階段。此一轉敗為勝的歷程，創業家精神皆扮演了一個重要的關鍵角色。本研究並對過去的研究質疑，認為，中小企業與國際性大型企業財團，在併購後整合方面，尤其是非關聯性的多角化併購，由於資源與人才的不足，併購後整合的過程，需要歷經更長的學習內化時間。過去以一至五年進行併購績效成敗的研究，用來對中小企業的併購績效進行評價，或許是不恰當的。
關鍵字：中小企業、創業家精神、企業併購、併購策略、併購後整合、組織學習

For a company pursuing sustainable development, growth is an essential strategy. Mergers and acquisitions (M&A) is a part of growth strategy. In the past, studies on M&A focus mostly on large enterprises and few on small and medium enterprises (SMEs). Also, topics covered in those studies are mainly on the motivations, decision-making, structures, negotiations, post-merger integration, financial synergies and success of M&A activities. The role of entrepreneurship in the decision-making process and the ultimate success of M&A is rarely touched upon. On post-merger synergies, the past studies emphasize on the 1~3 years or 5-year financial synergies. However, in this study, we found that when studying M&A of SMEs, we should not judge the success of an M&A activity based only on the financial synergies derived in 3~5 years. In this qualitative case study, it is found that the key decision-making points of the founding owner-managers of SMEs are somewhat different to professional managers. In fact, entrepreneurship does play a key role in turning defeat into victory, for example, when the enterprise encountered serious financial losses post-M&A as a result of unexpected internal and/or external turmoil; in post-merger integration, persistently leading organizational learning to avoid merger failure, and consequently, allowing the enterprise to grow exponentially. This study also questions past studies in that, as SMEs have less resources and human capital compared to large multinational enterprises, it takes longer in the post-merger integration process. The 1~5 year financial benchmarks commonly used in past studies are perhaps inappropriate for the SMEs M&A.
Keywords: Small and medium enterprises, entrepreneurship, merger and acquisition, M&A strategies, post-merger integrations, organizational learning.

摘要........................II
Abstract....................III
誌謝........................IV
目錄.........................V
圖目錄........................VI
表目錄........................VII
壹、導論.......................1
一、研究背景與動機..............1
二、研究目的....................4
三、研究流程....................6
貳、文獻探討....................7
一、創業家......................7
二、創業家精神...................9
三、中小企業....................12
四、併購動機與策略...............14
五、併購策略與創業家精神之關係.....18
參、研究方法.....................20
肆、個案探討與分析................23
伍、研究結果分析..................71
一、研究結論......................71
二、理論貢獻......................80
三、實務貢獻......................81
四、研究限制與未來研究建議..........83
陸、參考文獻...................... 84
附錄一 CF公司重要事件年表...........92
圖目錄
圖1-1 研究流程圖................. 6
圖4-1 HW組織圖 (200608)..........46
圖4-2 CF集團組織圖................60
圖4-3 HW歷年銷售量趨勢圖(2006-2016）...... 62
圖4-4 HW歷年營業額趨勢圖(2006-2016）...... 62
圖5-1 併購流程圖 77
圖5-2 創業家精神與併購決策流程之整合架構..... 79
表目錄
表3-1 問題類型與不同的研究策略.............. 22
表4-1 CF併購經驗......................... 41
表4-2 併購後HW歷年營業額與銷售量比較表....... 61

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