在全球化的浪潮下，世界各國的企業紛紛採取購併策略來獲取企業所需的資源與能力。成功的購併策略對於企業之轉型、規模經濟及國際競爭力均有正面的效益。在購併史上眾多的個案中本研究以吉利購併沃爾沃的實例為研究對象，旨在探討購併關鍵成功之因素。
本研究目的：
1. 探討吉利執行購併策略的動機。
2. 分析吉利執行購併策略的風險。
3. 分析吉利購併後所面對的管理議題。

本研究採用個案研究法，從兩方企業的外部環境與內部環境進行分析。研究結果發現此宗購併案的關鍵成功因素為：
1. 吉利公司擴展海外市場版圖的企圖心。
2. 國家資金與政策的支持。
3. 友善的併購態度。

依據本研究的結果提出兩個建議：
1. 購併是長期策略佈局。
2. 實行購併策略前應審慎評估。

Under the tide of globalization, enterprises all over the world have adopted merger and acquisition strategies to obtain the resources and capabilities needed by enterprises. Successful M&A strategies have positive effects on the transformation of enterprises, economies of scale and international competitiveness. Among the numerous cases in the history of mergers and acquisitions, this study takes Geely's merger of Volvo as the research object, aiming to explore the key success factors of mergers and acquisitions. The purpose of this study is:
1. Discuss Geely's motivation to implement M&A strategy.
2. What risks does Geely face in implementing its M&A strategy?
3. What integration problems Geely will face after completing its M&A strategy?
This study adopts the case study method to analyze the external and internal environment of two enterprises. The results show that the key success factors of this M&A case are:
1. Geely's intention to expand its overseas market.
2. Support from national funds and government policy.
3. Friendly M&A attitude.
Based on the results of this study, two suggestions are put forward:
1. Mergers and acquisitions are the long-term strategic layout.
2. The merger strategy should be carefully evaluated before it is implemented.

Table of the Contents
論文審定書………………………………………………………………………….…i
摘要……………………………………………………………………………………ii
Abstract…………………………………………………………………………….…iii
Table of the Contents……………………………………………………………..…...iv
Figures Contents…………………………………………………………………….…v
Tables Contents………………………………………………………………….…….v
Chapter I Introduction…………………………………………………………………1
I. Research Motivation…………………………………….….………………1
II. Research Purpose...…………………………………………………………2
III. Research Process...…………………………………….……………………3
Chapter II Literature Review…………………………………………………………..4
I. Analysis of Industrial Environment ………………………………..………4
II. Resource-based theory……………….………………………………..……7
III. Key success factors …………...…………………..………………………..9
IV. Growth Strategy of Enterprises …………………………………………11
V. M&A strategy of enterprise …………………………………..…………13
Chapter III Research Method………………………………………………………...22
I. Organization of this empirical research……………………………………22
II. Research Method…………………………….………………….…………23
Chapter IV Global Automobile Industry, Acquisition and Target…………………....25
I. Analysis of Global Automobile Industry…………………………….……25
II. The Acquiring Company - Geely………..……………………………...…30
III. The Target Company- Ford and Volvo………………...……………..……35
IV. Geely’s Acquisition of Volvo..………...…………………………..………37
V. Case summary……………………..………………………………………55
Chapter V Conclusion………………………………………………………………..56
I. Research findings and conclusions…...……...……………………………56
II. Research limitations…………………...………………………..…………57
III. Research Suggestion……………….......……………………….…………57
Reference……………………………………………………………………………..58

Figures Contents
Figure1- 1 Research process 3

Figure2- 1 The five forces that shape industry competition 4

Figure4- 1 Sales of Geely Automobile in Recent Ten Years 31
Figure4- 2 The Source of Geely's Funds 46
Figure4- 3 Advantages of International M&A Strategy 50

Tables Contents
Table2- 1 The growth strategy matrix 11
Table2- 2 M&A strategy management process 19
Table4- 1 Global automobile market ranks in 2018………………...………………..27
Table4- 2 Five Forces Analysis of Automobile Industry……………………………..27
Table4- 3 Event details of Geely’s acquisition……………………………………….42
Table4- 4 The Business Contents of Geely's Acquisition……………...……………..45
Table4- 5 Comparisons of Resource Differences between Geely and Volvo…..…….50

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