本研究的主要目的有二：第一、本研究嘗試探討兩岸經貿政策的變遷對大陸台商中小企業價值網絡的主要衝擊為何？第二、分析大陸台商中小企業面外部環境的激烈變化，其策略選擇為何？本研究應用現金流量評價法與鄭漢镡(2009)提出的價值網絡架構分析個案公司面對外部經營環境變化的策略選擇。 本研究的結論如下： (1) 近年來大陸經貿政策著重產業提升、社會福利、以及保障勞動工作者，使大陸台商的人力成本與稅率大幅攀升。兩岸經貿變遷，使台商中小企業形成聚集，並強化台資企業間的信賴合作關係。 (2) 台商中小企業面對這些負面衝擊，主要的策略選擇有三：繼續經營、中止營業、以及與同業合併。由於個案公司為來料加工廠，其清算價值不高，另外繼續經營必要的調整成本過大，因此台商中小企業選擇被購併作為退場機制的意願較高。 (3) 個案公司於選擇購併對象的最終決策考量，不只是考慮購併綜效，買賣雙方的互信與默契也是關鍵因素。The purpose of this research is two-fold. First, it tries to explore the impact of changes in cross-strait economic and trade policies upon the value network of Taiwanese small and medium enterprises (SMEs) in China. Second, it analyzes the strategic choices of the SMEs under the environmental changes. This study uses the discounted cash flows valuation and the framework of value network proposed by Jeng (2009) to analyze the strategic choices of a Taiwanese SME in China in turbulent operating environment. The conclusions of this study are as follows: 1. In recent years, mainland economic policy focused on to upgrade industry, social welfare, and protection of labor workers. These changes have made the cost of labor and corporate income taxes of Taiwanese SMEs in China to increase dramatically. With the changed Cross-strait economic and trade policies, the Taiwanese SMEs in China have formed clusters and created mutually trust and cooperative relationships between the Taiwan-funded enterprises. 2. Facing the changes of the operating environment, the case company has three strategic choices: to keep the business alive, to liquidate the firm, or to engage in merger and acquisitions (M&As). Due to the small liquidation value and the huge cost of the necessary adjustments to keep the business to operate continually, Taiwanese SMEs are more likely to engage in M&As. 3. The synergy effects of an anticipated M&A may not be the most important factors for the case company in deciding which buyer to merge with. The mutual trust and understanding between buyers and sellers are also the key factors.
