企業以收購為其成長策略已在相關企業發展管理領域多有討論，但鮮少有討論單一個案持續此策略之研究，且此策略通常並非為企業主要成長策略，更多是以短期目標為導向。本案欲以個案研究法探討若公司以此策略為主要成長策略，其背後可能動機為何？在短期、中長期會遇到之可能問題，以及需要注意之其他影響因素，最後歸納出一套可行之策略導引，供未來其他欲採用此策略之公司參考。

本案採用個案研究法探討「Vishay」此跨國集團公司-其貫徹以收購為成長策略之行為與動機，並以1995~2019年間長達25年之歷史資料作為本文研究基礎，透過將收購活動整理並解析此一持續收購活動如何與其各項營運指標產生關聯，並摘錄其收購史中具代表性的兩筆收購案作個案分析，一是換股收購美商通用半導體，另一是現金收購台商凌耀科技，最後以公司各項財務營運指標及股價表現來佐證此一策略成效。

總結，此一策略成功之關鍵並不再於收購目標本身之價值與否，更多是體現於長久穩定的現金流量控管以及公司後續的管理能力，亦即，執行此一策略之企業可能受短期效應影響，包括海外收購面臨之障礙、該收購目標價值被高估而產生超額溢價、該收購案未能達到預計成效、短期現金流出現缺口等，但是如果企業能掌握關鍵成功因素，長期而言，此一策略仍能創造回收成果且能夠帶動企業持續成長。

關鍵字：收購、企業成長、跨國集團公司、海外收購、溢價

Previous researches tended to focus on the growth strategy of enterprises through acquisitions rather than its strategy of a single case continuously. Moreover, the acquisition is usually not the primary growth strategy of the company, and most of the time, it is set to be a short-term goal. This thesis uses a case study methodology to explore the possible motivation of why a company chose this strategy as its primary growth strategy, and the potential problems in its short, medium and long term, etc. Finally, this study aims to build feasible strategy guidance for companies that would adopt this strategy.

This thesis uses case study methodology to analyze historical data from 1995 to 2019 of a multinational group company "Vishay," exploring the behavior and motivation of its growth strategy through constant acquisitions. The thesis digs into how Vishay's series of acquisitions influence its various operational indicators, and examining two representative acquisition cases. The strategy outcome evaluation is based on Vishay's various financial operating indicators and stock price performance.

In summary, the key to the success of this strategy is not the value of the acquisition target itself, but the long-term stable cash flow control and the subsequent management capabilities of the acquiring enterprise. The companies using this strategy may be affected by short-term effects. However, if the company could grasp the critical success factors, in the long run, the strategy can still create a return on investment and drive continued growth.

Keyword：Acquisition、Company Growth、Multinational Group Company、Overseas Acquisition、Excessive Premium

論文審定書…………………………………………………………………………………………i
誌謝…………………………………………………………………………………………………….ii
摘要………………………………………………………….……………………………………….. iii
Abstract………………………………………..……………………………………………………..iv
圖目錄………………………………………..……………………………………………………….vii
表目錄………………………………………..……………………………………………………….ix
第 一 章 緒論………………………………………………………………………………….1
1.1 研究背景與動機…………………………………………………………………….1
1.2 研究目的………………………………………………………………………………..2
1.3 研究步驟與流程…………………………………………………………………….3
第 二 章 文獻探討…………………………………………………………………………..4
2.1 收購定義………….…………………………………………………………………….4
2.2 收購動機………………………………………………………………………………..4
2.3 海外收購討論………………………………………………………………………..6
第 三 章 研究背景簡介………………………………………………………………….10
3.1 Vishay公司簡介…………………………………………………………………….10
3.2 產品別產業介紹…………………………………………………………………….11
第 四 章 收購活動分析…………………………………………………………………..16
4.1 Vishay收購策略……………………………………………………………………..16
4.2 收購歷史紀錄…………………………………………………………………………18
4.3 收購溢價率分析……………………………………………………………………..20
4.4 收購活動與股價表現分析………………………………………………………22
4.5 Vishay個別收購分析……………………………………………………………….24
第 五 章 Vishay營運管理分析………………………………………………………..27
5.1 營運計畫執行………………………………………………………………………….27
5.2 財務指標分析………………………………………………………………………….30
5.3 毛利與銷售占比分析………………………………………………………………35
5.4 區域別與終端產品別銷售占比………………………………………………39
5.5 現金流控管分析……………………………………………………………………..42
5.6 營收與股價表現……………………………………………………………………..46
第 六 章 結論與建議……………………………………………………………………….48
參考文獻與資料來源………………………………………….……………………………….51

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