現今企業面對國際化與市場自由化的衝擊，競爭日益激烈，成長過程中也伴隨諸多挑戰。為提升競爭力與實現永續經營，企業除了透過內部成長與策略聯盟，也常採取併購策略加速擴張。透過併購，企業能迅速取得資源、提升市佔率，然而若未審慎評估潛在風險，反而可能陷入經營困境。併購並非單純的「付錢—交接」，其中牽涉到更複雜的管理責任與潛藏風險。
媒體上雖常報導大型企業成功併購的案例，但實際上失敗的例子更多。表面上看似單純的併購，背後涉及企業背景、政治環境、政策變動與市場波動等多重因素。本研究以今勛欲併購勤豐的個案為例，從高經理的視角切入，深入探討中小企業在進行工廠併購時所面對的風險與抉擇。儘管勤豐的出售價格極具吸引力，但外部環境與內部管理問題讓這筆交易充滿變數。最終，透過實地查核與風險評估，今勛選擇放棄併購，避免潛在損失。
本研究採用哈佛個案研究法，結合資源依賴理論與企業成長策略（安索夫矩陣），探討企業併購的動機與效益，再運用風險矩陣分析潛在問題，並強調自我審視與策略調整在決策過程中的重要性，提供中小企業面對併購決策時的參考與借鏡。

In today’s business landscape, companies are facing increasing pressure from globalization and market liberalization, making competition more intense than ever. As they seek growth and long-term sustainability, many firms pursue internal development or strategic alliances, while mergers and acquisitions (M&A) have become a popular strategy for rapid expansion. By acquiring other companies or factories, businesses can quickly gain access to resources and increase market share. However, without thorough risk assessment, M&A decisions can lead to operational difficulties and unintended consequences. M&A is far more complex than a simple "payment–handover" process; it involves deep responsibilities and hidden challenges.
While media often highlights successful M&A cases of large corporations, it frequently overlooks the numerous failed ones. Seemingly straightforward deals are often entangled with corporate backgrounds, political factors, policy shifts, and market risks. This study examines the case of Kin-Shine’s potential acquisition of Ching-Fung, exploring the risks and decision-making process from the perspective of manager Gao. Although the factory’s asking price appeared highly attractive, external uncertainties and internal management issues raised red flags. Ultimately, after conducting site inspections and a thorough risk evaluation, Kin-Shine decided to abandon the acquisition, avoiding possible losses.
This research adopts the Harvard Case Study method and combines it with Resource Dependence Theory and the Ansoff Matrix to analyze the motivation and strategic benefits behind M&A. It further applies risk matrix analysis to identify and assess potential threats. The study emphasizes the importance of self-reflection and strategic adjustment in making sound business decisions, offering valuable insights for SMEs navigating the complexities of acquisition.

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3.Festinger, L. (1957). A theory of cognitive dissonance. Stanford University Press.
中文文獻:
1. 杜英宗、顏和正 (2015)，用併購讓經營更卓越:就算爬窗也要聽的熱門課，天下雜誌出版。
2. 楊仁壽、卓秀足（2017），組織理論與管理：個案、衡量與產業應用，三版一刷。
3. 伍中賢(2013)企業併購-理論與實務(四版)。
4. 葉長齡(2013)企業風險管理實務，要有光出版。
5. 洪啟仁(2008)企業併購交易指南-策略、模式、評估與整合，安侯企業管理出版。

網路資源:
1.台灣印刷包裝相關產業年報(2022/01/14)
2. 全球各類印刷產業規模(2021-03-25)
https://www.kmds.com.tw/news/0k359648771938823546
3.香港印刷業商會(香港印刷第 120 期)
http://media.hkprinters.org/HKPM-120/HKPM120-Top3.pdf
4. 包装印刷产业智能制造发展与案例分析（一）(2024-01-17)
https://www.iii.tsinghua.edu.cn/info/1154/3788.htm
5.中國報告大廳 2023 年印刷行業數據統計:印刷行業產值擴張至 1.42 萬億元(2023/07/25)
https://m.chinabgao.com/info/1245531.html
6. 2023 年中国印刷业行业市场全景洞察：智能化建设已经成为全行业共识[图](2023/08/16)
https://www.chyxx.com/industry/1153288.html
7. 瓦楞紙箱材質/種類，怎麼分?(2020/05/12)
https://www.shbox8.com/%E7%93%A6%E6%A5%9E%E7%B4%99%E7%AE%B1
8.什麼是三來一補?(2016/02/17)
https://wiki.mbalib.com/zhtw/%E4%B8%89%E6%9D%A5%E4%B8%80%E8%A1%A5
10. 組織管理》資源依賴與交易成本理論
https://yunjoy.tw/index.php/study/organization/115-resourcedependence-theory
11. 安索夫矩陣-維基百科(2022/11/08)
https://zh.wikipedia.org/zhtw/%E5%AE%89%E7%B4%A2%E5%A4%AB%E7%9F%A9%E9%99%A3