自網際網路興起，使全球化經濟加快，競爭對手全球化，加上科技業產品生
命週期短的特性。科技業從擴大市佔率轉為取得技術而購併。台達集團近年來發
生多起收購案，營收依然逐年成長。本研究將分析其 2004 至 2019 年來收購活動
背後的動機與模式，又帶給集團什麼樣的綜效。
本研究目的包含：
一、深入了解台達集團的收購動機
二、找出台達集團收購企業的依據與目的
三、分析每個收購案背後的策略意涵與帶給集團的效益
本研究以個案分析法，蒐集並整理次級資料，得出台達集團在選擇收購對象
與收購模式有下列六點：
一、協助其快速增加歐洲與美洲市場規模之企業
二、進行相關多角化策略時，被購企業多屬於具有子公司的跨國企業
三、大部分被購企業納入集團後仍獨立營運，少數遭吸收合併的企業皆發生在垂
直整合策略
四、研發上游元件的企業以收購台灣企業為主
五、在海外市場的合資企業最終都會以股權收購提高策略彈性
六、收購投資企業之主要目的為其擁有的股權資產

Since the rise of the Internet, accelerate the global economy, the competitors have been globalized. Moreover, short product life cycle is an attributes of technology
products. M&A in the technology industry has changed from expanding its market share to acquiring technology. In recent years, Delta Electronics has carried out a number of
acquisitions, and its revenue is still growing year by year. This research will analyze the motivation and pattern behind its acquisition activities from 2004 to 2019, and what
synergies bring to Delta Electronics.
This research collected and organized secondary data, then used case study method
to conclude the result. We found out that there are six points about selecting objects and
pattern when Delta Electronic conducts acquisition activities.
1、 Assist the group that rapidly increase the size of European and American markets.
2、 Most of the target companies are Multinational Corporation with subsidiaries when
conducting related diversification strategy.
3、 Most of the target companies still operate independently after being incorporated
into the group, and few of dissolved companies are classified in vertical integration
strategies.
4、 Taiwanese companies are the main choice for upstream component develop
supplier.
5、 Joint ventures in overseas markets will eventually be acquired to increase strategic flexibility of the group.
6、 The main purpose of acquiring an investment company is to acquire its own equity
assets.

論文審訂書 .................................................................................................................. i
摘要 ............................................................................................................................ ii
ABSTRACT ................................................................................................................ iii
第一章 緒論 ............................................................................................................... 2
第一節 研究背景與動機 ............................................................................................ 2
第二節 研究目的 ....................................................................................................... 2
第三節 研究流程 ......................................................................................................... 3
第二章 文獻探討 .......................................................................................................... 4
第一節 國際化策略 ..................................................................................................... 4
第二節 企業成長策略 ............................................................................................... 12
第三節 購併策略 ....................................................................................................... 14
第四節 企業策略購併類型 ....................................................................................... 24
第三章 研究設計 ........................................................................................................ 26
第一節 研究結構 ....................................................................................................... 26
第二節 研究方法 ....................................................................................................... 27
第四章 產業及個案公司介紹 .................................................................................... 31
第一節 全球產業概述 ............................................................................................... 31
第二節 個案公司介紹 ............................................................................................... 36
第三節 2004~2019 台達收購整理 ........................................................................... 43
第五章 實證分析 ........................................................................................................ 51
第一節 台達集團之收購動機 ................................................................................... 51
第二節 台達集團的成長策略 ................................................................................... 56
第三節 收購分析總結 ............................................................................................... 64
第六章 結論與建議 .................................................................................................... 66
第一節 研究結論 ....................................................................................................... 66
第二節 研究建議 ....................................................................................................... 68
第三節 研究限制 ....................................................................................................... 68
參考文獻 ................................................................................................................... 69

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