近年來，全世界許多公司都想要藉由併購活動來創造一加一大於二的綜效，但中小企業該如何面對、應變併購之活動，及如何評估。本研究採取個案研究方式，從併購活動前期，併購活動中期之談判、支付工具選擇及綜效分析，檢視本個案併購活動結果對於企業發展的影響，包括企業價值的增加及綜效的產生。

本論文是以哈佛個案方式撰寫，先陳述個案公司整個發展歷程及其所遇到的環境及組織的變動，並敘述當時個案公司的狀況及經營者Alex所面臨的抉擇，及所需做的策略；期望學生可藉由讀此篇個案，經由老師的指導，學習到相關的管理知識。

在個案中併購者E公司為ㄧ中大型機械設計製造公司，而唐威科技為一小型之軟板工廠，依據唐威公司所處的中小企業的產業特徵，藉由此併購案來探討企業併購之動機，及所採取之併購方式及其要因，併購過程的策略搭配，是否具有互補性，考量風險承擔，分析綜效來源，完成併購後之人力資源、業務、財務、及文化整合之成敗關鍵。

In recent years, many companies in the world want to create the synergy of “one plus one greater than two” through mergers and acquisitions (M&A). The question is how small and medium-sized enterprises should manage and evaluate M&A activities. This study adopted the case study approach to examine the impact of M&A activities on company development, by analyzing negotiations, payment tool selection and synergy in early and middle phases of such activities. Such impact includes increase of company value and synergy generation.

This thesis was composed using the Harvard case study method. Firstly, it stated the entire development path of the case company and the environmental and organizational changes it faced. It also described the status of the company and the choices faced by the manager, Alex, as well as the strategies needed. The hope was that students could learn relevant knowledge of management by reading this case with their teacher’s guidance.

In the case study, the acquirer company E is a medium to large-sized mechanical design and manufacturing company; whereas Tech-Wave Industrial Company Limited is a small factory that produces flexible printed circuits boards. Based on the industrial features of small to medium-sized companies that also characterize Tech-Wave, the researchers of the study used this M&A case to investigate the motivations, patterns and main reasons for M&A as well as the complementarity of strategy mix during the M&A process, to weigh risk acceptance, and to analyze sources for synergy as well as the key to success in integrating human resources, operations, finance and corporate culture after the completion of M&A.

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