163 / 274
163
臺大管理論叢
2017/9
第
27
卷第
3
期
163-214
DOI:10.6226/NTUMR.2017.NOV.25104-003
併購與策略聯盟在公司理財文獻之回顧與展望：
亞洲市場之研究
Review of M&A and Joint Ventures in the Field of Corporate
Finance: Asia as the Case Study
摘 要
企業需藉由不同投資決策，以達成追求成長與永續經營等目的。當內部成長例如創新
投資和資本投資等方式受限，無法達到成長目的時，併購、權益性策略聯盟如合資，
或非權益性策略聯盟等外部成長方式遂成為組織達到擴張的重要方式。本文主要聚焦
於公司外部成長之投資決策，回顧
2000~2015
間以亞洲市場資料為樣本，並發表於
TSSCI
或
A
級
SSCI
財務期刊中關於併購、合資與策略聯盟的文獻，依文獻之研究方向
分為併購以及策略聯盟二個議題，系統性整理與分析各議題的發展與成果。此外，台
灣市場具有家族企業普遍、網絡關係密切的產業供應鏈和集團企業等特性，這些特性
提供台灣學者未來發展以台灣樣本為基礎之併購與策略聯盟研究的良好利基。本文希
望透過系統性的整理分析，進而指出以台灣資料特性為樣本以及未來可能之研究方向，
提供予後續研究者參考。
【關鍵字】
併購、策略聯盟、合資、公司理財
Abstract
A firm needs to engage in various corporate investments in order to grow and ensure
sustainable operations. When opportunities for internal growth (innovation investment or
capital investment) are limited and financial goals are not achieved, a firm may then turn to
external growth methods (M&A, equity-based alliances such as joint ventures, and non-
equity-based alliances) to achieve its growth objective. This study focuses on external
growth strategies by revisiting the relevant literature that sampled data from the Asian
market, and was published in TSSCI or A Tier SSCI financial journals from 2000 to 2015.
Journals that touched upon M&A, joint ventures and strategic alliances were targeted.
Following the research format within these journal articles, topics were then divided into two
categories: M&A and alliances. Additionally, Taiwanese companies have a prevalence of
family businesses, supply chains with closed networks and business groups. These unique
characteristics of Taiwanese companies give scholars an opportunity to develop research
focused on M&A and alliances. Taiwanese companies provide good data on niche
acquisitions and alliances for researchers to examine. This study, through a systematic
analysis, sheds light on potential future research topics and studies related to M&A and
alliances based on data collected in Taiwan.
【
Keywords
】
M&A, alliance, joint venture, corporate finance
翁鶯娟
/
國立高雄應用科技大學企業管理系副教授
Ying-Jiuan Wong
, Associate Professor, Department of Business Administration, National Kaohsiung
University of Applied Sciences
張紹基
/
國立成功大學國際企業研究所教授
Shao-Chi Chang
, Professor, Institute of International Business, National Cheng Kung University
Received 2015/9, Final revision received 2016/11