| 摘要: | 在行動APP(Application)產業，這樣一個競爭激烈且汰換速度快的環境中，多數創業家因自有資金不足而選擇接受併購，本研究相信仍有少數創業家拒絕被併購，如文中所提及 Snapchat創辦人Evan Spiegel拒絕Facebook、WhatsApp拒絕Google以及Twitch創辦人Kevin Lin拒絕Youtube卻接受Amazon等案例，可見價格並非考量接受或拒絕併購之唯一因素。
本研究採被併方創業家觀點，利用個案研究法、次級資料分析以及專家訪談探討本研究三個個案：Gogolook走著瞧、Snapchat以及Cardinal Blue之創辦人們創業動機，以及接受與拒絕併購之考量因素。經本研究整理所蒐集到的次級資料及訪談紀錄後，歸納出三項行動APP創業家接受併購之因素包括：(1)自有資金不足；(2)另創新業；(3)主併方適配性高。並歸納得出兩項行動APP創業家拒絕併購之因素，包括：(1)堅持創業動機；(2)主併方配適性低。其中配適性包含經營能力、產品範圍及組織文化等構面。
根據上述研究內容，本研究得出結論有二：首先，價格之外的策略因素更為關鍵；除了尚未有行動APP創業家表示價格是考量併購之主要因素，甚至有創業家基於雙方配適性較高而選出價較低的主並方。其次，本研究歸納出創業家考量接受或拒絕併購決策之兩種立場：創業家立場及公司立場；而行動APP創業家們可能會因為立場轉換而改變決策。本研究主要的管理意涵，除了一次性交易的買賣金額高低之外，併購策略應審慎考量主併方與被併方雙方的多元配適性，才能提升長期競爭優勢。
In the competitive and fast-growing environment, such as the application industry, most entrepreneurs accept the M&A offers because their financial resources are insufficient. However, there were few entrepreneurs, such as Evan Spiegel from Snapchat, Kevin Lin from Twitch, refused to being merged by the higher-price bidder.
From the view of the entrepreneurs of the acquired companies, I conducted a multiple case study, secondary data analyses and expert interviews on three cases of Gogolook, Snapchat, and Cardinal Blue, to discuss their reasons to accept or refuse and M&A offer. This research found three reasons of the entrepreneurs to accept an M&A offer: i) insufficient financial resource; ii) other venture opportunities; iii) the higher fitness between the acquiring company and the acquired company. Contrastingly, two reasons to refuse and M&A offer were identified: i) persistence of the entrepreneurial motivations, likes achievement; ii) the lower fitness between the acquiring company and the acquired company, including three dimensions of management capabilities, product scope, and organizational culture.
This research has drawn two major conclusions. First, entrepreneurs tend to consider other strategic factors than the bidding price; none of the entrepreneurs in this research claimed that price is the main reason to accept or refuse M&A offers. Second, entrepreneurs may change their decision to accept or reject based on their strategic position, either entrepreneurs or company position. In addition to the one-time price of M&A, it is recommended for both of the acquiring company and the acquired company to consider their strategic fitness in order to enhance their long-term competitive advantage. |
