第五章 結論與建議
第三節 結論
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第三節 結論
在以往的研究中，有非常多的文獻針對企業成長的理論進行分析，企業成 長的因素被大量地討論，而企業成長對於經理人的意涵也有文獻詳述之。另一 方面，因應 1980 年代後的企業併購潮，東西方的學者也紛紛開始研究併購的各 種理論，併購之動機等併購理論開始被學者們所重視。雖然上述兩個領域皆有 十分嚴謹之研究，但卻少有學者將上述兩個領域做結合，尤其少有針對台灣企 業所進行的相關研究。
本研究將企業成長理論與併購動機理論作結合，希望釐清出企業成長與併 購行為的相關性，針對台灣企業進行實證研究，希望能夠提供學界在理論方面 的充實，同時提供企業界在制定相關策略時的參考依據。
根據研究的結果，併購確實為今日企業在企業成長之時會進行的重要策 略。企業成長到一定的階段後，非常有可能會考慮是否要採行併購，但併購畢 竟是高風險的策略，雖然能在短時間為企業帶來快速的成長，但其所附帶的成 本仍是不可無視之。故企業在決策之時，更需要釐清併購的動機，在學界的觀 點裡，動機有可能是為了企業綜效，但也可能是經理人自身的考量等，若是出 於錯誤的動機而進行的併購，也難以對企業帶來正向的貢獻。企業成長後是否 就需要進行併購，還是值得每個企業深入討論的議題。
另一方面，企業成長的經驗，同樣決定了併購的方向，例如資產成長快速 的企業較會決定要併購更多的標的股票，而營業收入成長快速的企業較易進行 國際化的併購。這樣的現象顯示了企業在併購決策上仍會參照自身的發展歷 程，但為了降低併購帶來的負面效果，仍需度量決策可能帶來的風險，避免過 度依賴自身經驗而導致併購的失敗。
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