臺灣博碩士論文加值系統

摘 要
併購 (M&A) 是管理者用來擴大和獲得市場占有率以提高其在全球商業環境中的競爭力，最重要之戰略工具之一。儘管近年來交易數量和價值大幅增加，但交易成功率仍然很低。導致不滿意結果之原因有幾個，其中合法性概念已被確定為併購成功或失敗之決定因素。
儘管這一概念在組織研究中發揮重要作用，但文獻仍缺乏關於如何獲得它以及需要採取何種行動方可在收購中成為合法之收購方。因此，本論文研究問題透過回答如何建立合法性以及收購方如何在併購中尋求合法手段，並對併購現象是否合法進行進一步的認識。本論文研究是在與奧地利汽車零售商合作之背景下，分析在瑞典之具體收購案例，以與半結構性專家訪談以及內部公司資料與新聞報導作為經驗數據進行單一案例研究。
本研究對既有文獻數據多重分析，顯示開放式溝通、早期訊息交換和積極影響對於收購方在合法化過程中至關重要。此外，收購方與被收購方間積極互動及適當變更管理是建立合法性的重要因素。並通過創建一個模型，將研究結果說明被收購公司與收購方間重要聯繫，並強調追求合法性時所需最有價值行動，進而產生有價值的管理和理論影響。
關鍵詞：合法性、確立合法性、併購、單一案例研究、汽車產業、瑞典、奧地利

ABSTRACT
Mergers and acquisitions (M&A) are among the most important strategic tools man-agers use to expand and gain market share to increase competitiveness in the global business environment. Although the number and value has increased significantly in recent years, the success rate of the transactions remains rather low. Several reasons for the dissatisfying outcome are existing in which the concept of legitimacy has been identified as determining factor for the success or failure of M&A.
Although the concept plays an important role in organizational research, literature is still lacking on how it is obtained and what actions are required to become legitimated as an acquirer in a takeover. Therefore, this thesis adds further insights on the phe-nomenon legitimacy by answering the research question of how legitimacy is estab-lished and how acquirers seek legitimacy in M&A. In the context of a cooperation with an Austrian automotive retailer, a concrete takeover in Sweden is analysed. To answer the research question, a single case study is carried out in which semi-structured expert interviews as well as internal company material and newspaper arti-cles form the empirical data.
Triangulation of the data obtained with the existing literature shows that open com-munication, early information exchange and positive influence are crucial for the ac-quirer in the legitimation process. In addition, proactive interaction between acquirer and target and an appropriate change management are considered important factors in creating legitimacy. The findings are conceptualised through the creation of a model that illustrates the important link between the target company and the acquirer and highlights the most valuable actions required in the pursuit of legitimacy. This yields valuable administrative and theoretical implications.
Keywords: Legitimation, Establishment of legitimacy, Mergers and Acquisitions, Sin-gle Case Study, Automotive industry, Sweden, Austria

LIST OF CONTENTS
摘 要 i
ABSTRACT ii
ACKNOWLEDGMENTS iv
List of contents v
List of figures viii
List of tables ix
List of abbreviations x
1 Chapter 1: Introduction 1
1.1 Research Background 1
1.1.1 Mergers and Acquisitions as Internationalization Strategy 1
1.1.2 Types of Mergers and Acquisitions 3
1.1.3 Mergers and Acquisitions in Sweden 4
1.1.4 Mergers and Acquisitions in Austria 6
1.1.5 Overview automotive industry in Sweden 8
1.1.6 Covid-19 impact on the Swedish automotive industry 10
1.1.7 Electric vehicle trend in Sweden 12
1.2 Current Situation and Problem Definition 14
1.3 Research motivation and goals 15
1.4 Research question 16
1.5 Outlines of the Thesis 17
2 Chapter 2: Literature Review 18
2.1 Legitimacy and legitimation 18
2.2 Legitimation in Organizational Research 20
2.2.1 Definition of Legitimation in Organizational Research 21
2.2.2 Types of Legitimacy in Organizational Research 22
2.2.3 Establishing Legitimacy in Organizational research 24
2.3 Legitimation in Mergers and Acquisitions 27
2.3.1 Definition of Mergers and Acquisitions 27
2.3.2 Success and failure in Mergers and Acquisitions 28
2.3.3 The role of legitimation in Mergers and Acquisitions 29
2.4 Research Gap 31
3 Chapter 3: Research Methodology 33
3.1 Qualitative Research 33
3.1.1 Definition 33
3.1.2 Research process 34
3.1.3 Application of qualitative research 36
3.2 Data Sources 36
3.2.1 The case of a serial acquirer 36
3.2.2 Individual Expert Interviews 37
3.2.3 Single Case Study 39
3.3 Data Analysis 41
4 Chapter 4: Critical Analysis on legitimacy in PMI 45
4.1 Case Study Results 45
4.1.1 Communication in the legitimation process 45
4.1.2 Information exchange between acquirer and target 47
4.1.3 Mutual influence in the legitimation process 48
4.1.4 Interaction between acquirer and target 49
4.1.5 Change management in the legitimation process 51
4.1.6 Positive/negative perceptions by the target company 53
4.2 Case Study Analysis 56
4.3 Establishment of legitimacy in the Swedish case 57
4.4 Conceptualization of the legitimization process 58
5 Chapter 5: Conclusion and Recommendation 61
5.1 Theoretical implications 61
5.2 Managerial implications 63
5.3 Limitation and further research 65
5.4 Conclusion 66
References 68
Appendix 78

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