購併經常是公司用來達到成長的方式之一，除了國內購併外，跨國購併也是公司用來擴展海外市場的途徑。在過去的購併案例中，主要是以已開發國家的公司開始展開跨國購併為主，但近年來新興市場的崛起，新興市場的公司開始向外擴展，尋求海外購併目標，尤其在金融海嘯與歐債危機之後，新興市場的公司所主導的購併案件加速上升，逐漸追上已開發國家的公司所完成的購併案件。
本研究以2007到2012年5月為研究範圍，探討不同跨國購併主併者的購併動機，透過收集有關跨國購併的次級資料，整理過去探討購併動機的文獻，把公司的購併動機予以分類，期望能找出新興市場主併者與已開發國家主併者在購併動機上的差異。
研究結果顯示，已開發國家主併者以購入成長所需要的資源、進入當地市場擴張海外市場版圖與購併同業以增加規模為主，而新興市場主併者則以迅速進入國際市場、獲得規模經濟與取得所需要的資源為主。此外，已開發國家主併者與新興市場主併者在產業類別上的差異也會對購併動機有所影響。

It is a common method to use mergers and acquisitions to grow for enterprises. Cross-border mergers and acquisitions is one of the ways to expand the oversea marker share, besides mergers and acquisitions in domestic market itself. In the past, the enterprises from developed countries took the role to buy oversee targets. The enterprises from emerging markets gradually become the protagonist for the reason of the rise of emerging markets, especially after the Global Financial Crisis and European Debt Crisis.
This study refers to literature presented to look deeply into the motivations of mergers and acquisitions from different acquirers. We classified the motivations we found in the secondary data, with year 2007 to May 2012 as the scope, expecting to figure out the differences between developed-country acquirers and emerging-market acquirers.
The result shows that the main motivations for developed-country acquirers are seeking for the resources needed, entering local market and increasing the size of itself. On the other hand, going into international market, reaching economy of scale and seeking for the resources needed are the main motivations for emerging-market acquirers. Furthermore, the motivation of mergers and acquisition differs from one industry to another.

論文審定書..........................................................i
摘要...............................................................ii
Abstract..........................................................iii
圖次................................................................v
表次...............................................................vi
第一章 緒論..................................................1
第一節 研究背景................................................1
第二節 研究動機................................................3
第三節 研究問題與研究目的......................................4
第二章 文獻探討.............................................5
第一節 跨國購併之定義與動機....................................5
第二節 跨國購併的動機..........................................8
第三節 購併相關理論...........................................11
第三章 研究設計............................................13
第一節 研究架構...............................................13
第二節 研究方法...............................................14
第三節 研究流程...............................................15
第四章 研究個案與分析....................................16
第一節 產業類別與個案公司.....................................16
第二節 主併者位於已開發國家...................................18
第三節 主併者位於新興市場的國家...............................30
第五章 結論與建議.........................................40
第一節 研究發現與結論.........................................40
第二節 研究限制...............................................44
第三節 對未來之研究建議.......................................45
參考文獻........................................................46
附錄.............................................................48

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