隨著時代的進步，許多企業為了提升自我的競爭力及保有市場地位，在面對營運問題時已經無法藉由改善內部流程來擴張或重整公司狀況，只有大量借助外力才能在短期間內有所改革，因此自1980年起，不同企業在全國競爭的環境下越來越重視併購，此外全球併購活動於2020年下半年相較上半年併購交易件數增加了18%，足以代表現在的企業對於併購的重視度相較於以往提高了許多，當企業經營需要多角化發展或取得額外的新技術，才能擴長自己的經濟規模及市場版圖時，會藉由評估相關企業後並與其他企業進行「合併」或「收購」之資產轉移行為，強化企業的競爭力。不論是在相同的產業或是不同的產業下，不同的併購類型會取決於該企業併購的目的，在過去的文獻中，大多數的研究都只採用財務觀點來衡量併購目的，但企業的營運狀況無法以財務觀點為全面性的代表，因此我們參考組織文化及商業風險兩個不同的觀點，透過文字探勘來分析公司的年報，將這些非結構化的資料加上財務指標來衡量不同併購類型的特徵。
本研究為了探討臺灣電子業的併購類型，分析2014年至2019年間臺灣上市上櫃電子工業的併購案例，採用典型相關分析(Canonical Correlation Analysis)找出不同的併購類型，挖掘企業的不同併購傾向，供決策者決定併購目的後選擇併購目標的特徵，實驗結果顯示不同的併購目的在組織文化、商業風險及財務觀點上具有明顯的差異，發現4種以上的電子業併購型態，此外也透過 Pearson 相關分析來驗證每筆併購案例的併購傾向，發現大多數的企業會以單一目的或多目的的併購來提升企業的競爭力。在未來研究的延伸中，可以將分析目標擴大到不同的領域，探討不同產業的併購案例，供企業決策者在進行併購時能以過去的併購類型作考量。

As technology advances, reorganizing internal processes and rebuilding corporate operations to enhance enterprises' competitiveness and maintain their market positioning are no longer useful for many companies that are faced with operational problems. Only by massively relying on external forces can they be reformed in a short period of time. Therefore, since 1980, multiple companies have paid higher attention to mergers and acquisitions (M&A) under the competitive environment worldwide. In addition, the number of global M&A in the second half of 2020 has increased by 18% compared with the first half of the year, which sufficiently represents the increase of awareness by current companies on mergers and acquisitions compared to the past. When a company needs an extension in diverse fields or obtaining new technologies in order to spread its economic scale and market territory, it will evaluate relevant companies and transfer assets by conducting "merger" or "acquisition" to strengthen the competitiveness of the enterprise.
Whether within the same or diverse industries, different types of M&A will present the purpose of M&A. According to past research, most studies only adapt financial perspectives to assess the reason for M & A, however, the operation status of a company cannot be comprehensively represented only by its financial condition. Hence, we included two views, organizational culture and business risks into this research. When analyzing the annual report of the company through text mining, these unstructured data were included along with financial indicators to measure and distinguish the characteristics of M&A pattern types.
In order to explore the M&A pattern types in Taiwan’s electronics industry, the M&A cases, which occurred in the period of 2014 to 2019 of listed companies in Taiwan’s electronics industry were analyzed. This study uses Canonical Correlation Analysis (CCA) to identify M&A types and explore its different merger trends for decision makers to choose from characteristics of the M&A target after determining the M&A purpose. The results present that different M&A purposes show significant differences in organizational culture, business risks and financial viewpoints, which conclude four types of M&A pattern in the electronics industry. In addition, Pearson Correlation Analysis is also used to verify the M&A pattern tendency of each M&A case, which suggests that most companies will use single-purpose or multi-purpose M&A to enhance their competitiveness. In the future research, the objects for M&A analysis could spread to other industries and offer information of M&A evaluations for those corporate decision makers to conduct M&A in the future.

論文審定書........................................................................................................i
誌謝 ..................................................................................................................ii
摘要 .................................................................................................................iii
Abstract ...........................................................................................................iv
TABLE OF CONTENTS ......................................................................................vi
LIST OF FIGURES ...........................................................................................viii
LIST OF TABLES ...............................................................................................ix
CHAPTER 1 Introduction .................................................................................1
1.1 Research background and motivation .....................................................1
1.2 Research purpose and goals .....................................................................4
1.3 Organization of the research .....................................................................4
CHAPTER 2 Literature Review .........................................................................6
2.1 Business M&A .............................................................................................6
2.1.1 Planning and analysis of M&A ................................................................7
2.1.2 Post integration of M&A ..........................................................................8
2.2 M&A impact indicators .............................................................................11
2.2.1 Financial variables ................................................................................11
2.2.2 Organizational culture ..........................................................................15
2.2.3 Business risk .........................................................................................18
2.3 M&A pattern model ..................................................................................22
2.3.1 Canonical correlation analysis .............................................................22
CHAPTER 3 Proposed Research Approach ...................................................23
3.1 Data collection and preprocess ...............................................................24
3.2 M&A pattern model ..................................................................................32
CHAPTER 4 Canonical correlation analytic results ......................................33
4.1 Data analysis ............................................................................................33
4.2 M&A pattern implications ........................................................................35
4.3 M&A pattern validations ..........................................................................46
CHAPTER 5 Conclusions ................................................................................53
5.1 Concluding remarks ................................................................................53
5.2 Research limitations ................................................................................54
5.3 Future work ..............................................................................................55
References .....................................................................................................57
Appendix ........................................................................................................63

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