近年來，市場併購儼然已成為企業尋求成長與分散風險的首要策略。在2020年初，在中國武漢所發現的新型冠狀病毒(Covid-19)造成了全球災難，基本上所有國家皆有感染者，而在過去經貿活動全球化及供應鏈高度的分工趨勢下，此次的疫情直接影響了各國各產業的發展，並產生了蝴蝶效應。在疫情過後，企業會更重視組織重整，也會重新組合並優化內部資源來創造更強大的商業利潤與價值，以達成永續發展的目標。在後疫情時代下，我認為企業利用併購策略來啟動變革將是轉型成長中最具效益也是最為快速的一種方式。此篇論文將利用質性研究中的個案研究方法與深入訪談法來檢視企業高層，並將分析台灣鋼鐵集團如何利用併購策略來改善其原有的產業結構、並強化營運體質、以及達到最佳的併購綜效。本論文研究的結果將可提供企業併購前後管理的方針，包含併購動機、併購整合過程的挑戰與併購整合後的效益評估。

Mergers and acquisitions (M&As) have been deemed as a useful strategy for firms to seek growth and to diversify risks in recent years. At the beginning of 2020, the coronavirus (Covid-19) discovered in Wuhan, China, which then caused a global pandemic. Under the trend of globalization in economic trade activities and a high division of labor in the supply chain, the epidemic has directly affected industries in various countries and we can see a butterfly effect. Due to such drastic environmental risk, many companies have been suffered from the stagnant growth and negative performance, they, thereafter, are seeking for organizational restructuring through reconfiguring internal resources to create greater commercial values and achieve sustainable developments. M&A is perhaps one of the most efficient and speedy ways for organizational transformation and growth. This dissertation adopts case study approach to unpack M&A strategies carried out by Taiwan Steel Group (TSG) in the past years. Through in-depth interviews with TSG top management, it analyzes how TSG has improved the overall industrial structure via some serious strategic M&A deals, achieves the operational excellence by the means of corporate restructuring, and how they maximize the comprehensive synergies after M&As.

論文審定書…………………………………………………………………………………………………….…… i
摘要…………………………………………………………………………………………………………………….. ii
Abstract……………………………………………………………………………………………………………….. iii
Table of Contents…………………………………………………………………………………………………. iv
List of Table.………………………………………………………………………………..……………………… vi
Chapter 1 Introduction………………………………………………………………….……………………… 1
1.1 Research Background and Motivation…………………………………….……………. 1
1.2 Research Purpose…………………………………………………………………………………. 3
1.3 Research Procedure……………………………………………………………………………... 5
Chapter 2 Literature Review……………………………………………………………………………..... 7
2.1 Definitions of Merger and Acquisition.………..…………….………………………….. 7
2.2 Ways of M&As.…………………………………………………………………………………….. 7
2.3 Motives of M&As. …………………………………………………………………………..…… 10
2.4 Challenges of M&As…………………………………………………………………………….. 15
2.5 Evaluation of M&A Performance………………………………………………………….. 19
Chapter 3 Research Methodology……………………………………………………………………….. 23
3.1 Method……………………………………………………………………………………………….. 23
3.2 Implementation process and List of Interviewees………………………………….. 26
3.3 Contents of Interviews…………………………………………………………………………….. 28
Chapter 4 Result and Discussion…………………………………………………………………………... 30
4.1 Introduction of Taiwan Steel Group……………………………………………………….... 30
4.2 Past M&A’s Actions by Taiwan Steel Group…………………………………….……... 33
4.3 The Position of Each Subsidiaries and Beneficial Result.……………………….... 37
4.4 The Research Finding and Evaluation………………………………………………….…… 58
Chapter 5 Conclusion and Suggestion………………………………………………………………….… 62
5.1 Discussion and Research Findings………………………………………………………….… 62
5.2 Theoretical and Managerial Implications………………………………………………….. 67
5.3 Limitation of the Research……………………………………………………………………….. 69
Reference………………………………………………………………………………………………………………. 71
English Reference…………………………………………………………….…………………………………...... 71
Mandarin Reference……………………………………………………………….………………………………… 75
Appendix- Verbatim Text from Interviewees………………………………………………………………76

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