| 摘要: | 企業併購是現代商業活動中促進企業成長與轉型的重要策略之一，尤其在數位經濟快速發展的時代，併購行為成為企業應對市場變化與競爭壓力的重要手段。本文以企業併購行為作為核心，聚焦於OTT（Over-the-Top）串流服務產業，探討企業併購的目的、策略、流程及效益，並結合OTT產業的市場現況與相關法規進行分析。
本研究首先梳理企業併購的基本概念與類型，並探討常見的併購策略與流程，包括併購前期的仔細規劃，併購過程中的條件談判與業務執行，以及併購後的組織融合歷程，強調整合能力對併購成功的重要性。此外，本文亦針對企業價值評估方法進行分析，介紹市場法、資產法與收益法等常見工具，並探討如何提升併購效益與協同效應。
在OTT串流服務產業方面，本文綜述全球與台灣市場的發展現況，指出此產業的快速發展已改變傳統媒體的商業模式，並帶來法規不完善、智慧財產權保護不足等挑戰。台灣率先提出「網際網路視聽服務法」草案，試圖建立OTT產業的法治基礎，但仍需進一步完善以平衡跨國平台監管與本地產業發展需求。
最後，本文以傳統娛樂媒體領導企業迪士尼的三件併購案例為範例，深入分析其收購漫威、BAMTech與21世紀福斯的策略與效益，探討企業如何透過併購實現價值創造、企業轉型與搶佔市場領導地位。研究結果顯示，成功的併購需具備清晰的策略目標、縝密的規劃與有效的整合能力，並應注重長期價值的創造。
本研究不僅為企業提供併購策略與效益提升的參考，亦對OTT產業的法規制定與市場策略提出建議，期望能促進產業的良性發展。
;Corporate mergers and acquisitions (M&A) are vital strategies for driving business growth and transformation, particularly in the rapidly evolving digital economy. M&A has become a key tool for enterprises to adapt to market changes and competitive pressures. This paper focuses on M&A activities within the OTT (Over-the-Top) streaming service industry, analyzing the objectives, strategies, processes, and benefits of M&A while examining the industry′s market trends and regulatory challenges.
The study outlines M&A fundamentals, including pre-merger planning, negotiation, execution, and post-merger integration, emphasizing the importance of integration capabilities for success. It also explores corporate valuation methods such as the market, asset, and income approaches, and discusses ways to enhance M&A effectiveness and achieve synergy.
In the OTT industry, the paper reviews global and Taiwanese market developments, noting how the rise of OTT services has disrupted traditional media models while posing regulatory and intellectual property challenges. Taiwan′s draft "Internet Audiovisual Service Management Act" aims to establish a legal framework for the OTT sector, though further refinements are necessary to balance international platform regulation and local industry growth.
Using Disney′s acquisitions of Marvel, BAMTech, and 21st Century Fox as case studies, the paper demonstrates how M&A can drive value creation, corporate transformation, and market leadership. The findings highlight the need for clear strategies, meticulous planning, effective integration, and a focus on long-term value creation, offering insights for both M&A practices and OTT industry development. |
