本研究旨在透過個案研究，綜合探討競爭與購併策略與國內電信業購併的動態，暸解電信產業之發展趨勢，以及遠傳電信公司購併成功之關鍵影響因素，整理出購併雙方之動機目的、策略形成及其相關問題與決策考量事項，並且分析其購併策略是否產生綜效？對其競爭態勢之影響？另針對未來第三代行動通訊(3G)市場的發展趨勢，提出對該公司之發展方向與策略建議。
本研究分析發現，影響購併成功的關鍵因素主要為：一、購併雙方的策略願景及產業定位明確具有共識。二、購併決策的形成過程，購併雙方對換股比例的決定，以及考量大股東意願與利益。三、企業執行購併決策時，事前規劃與整合管理之適切妥當，降低文化的衝突，兼顧顧客、股東、員工與商業夥伴的利益。四、企業購併之目的與預期綜效愈明確可行，購併成功機會愈高。由此可見，無論企業採取任何經營策略，皆應有一套經營策略與提昇企業價值管理之準則，俾以強化本身之產業核心競爭力，方能在競爭環境劇烈變動中，即時有效且正確地判斷，並因應未來的發展與挑戰。

This research uses case study, probe into merger and acquistion and the competitive strategy theory and trends which the domestic telecommunication industry merger and acquistion synthetically, find out about the development trend of the telecommunication industry, and this case study influence factor of the merger success.This study uses “Far EasTone Telecommunications ”firm as an example to discuss its merging strategy, the acquisition process and its consequential result.The influence on its competition situation? Direct against the development trend of 3G market in the future separately, propose developing direction and tactics suggestion on this company.
This study found that influence the relevant factor of mergers and acquistions success mainly: First, strategies of both sides of aquistion and merger wish the scene and the industrial localization is clear about and has the mutual recognition. Second, in the forming process of decision , decisions of the proportion to changing shares of both sides of aquistion and merger, and it is also very important to consider the main shareholder's will and interests. Third, when enterprises carry out aquistion and merger and make policy, appropriate in what has been planned and combined management in advance, besides can reduce the conflict of culture , work as the interests of giving consideration to the customer , shareholder , staff and merchant partner even more. Fourth , The more clear the purpose to merger and acquistion and synergy are, it is the higher to reach the chance to succeed.
Therefore, no matter enterprises adopt any management tactics, there should all be a set of management tactics and criterion of the promotion enterprise value management, in order to strengthen itself the industrial core competency,one's own industry key competitiveness, can of the violent change of competitive environment, effective immediately and judge trully , development and challenge that and should be in the future.

一、中文部分
1.伍忠賢，「企業購併聖經」，遠流出版事業股份有限公司，1998/08/01。
2.Michael E﹒Porter著，李明軒、邱如美譯，「競爭優勢」，天下文化，1999/01/25。
3.司徒達賢，「企業政策與策略規劃」，東華出版，1979。
4.謝劍平，「財務管理新觀念與本土化」，智勝文化，2000/7。
5.Charlcs W.L.Hill Garcth R.Jones著，黃營杉譯，「策略管理」，華泰出版社，
1999/01/01。
6.陳冠伶，「3G爆發性成長的2006年」，拓璞產業研究所，2005/10/27。
7.吳林，「談企業併購之相關規範及修訂建議」，證券櫃檯101期。
8.余尚武，江玉柏，「影響企業購併成敗因素與策略探討」，經濟情勢暨評論季刊，第四
卷第二期，1998。
9.李春南，「電信產業購併策略之研究」，國立政治大學經營管理碩士論文，2000。
10.林志田，「電信業購併策略之效益分析--以台灣大哥大購併泛亞電信為例」，義守大學
資訊工程學系碩士論文，2002
11.李青峰，「國內電信業併購之價格決定—以遠傳、和信合併案為例」，國立中興大學高
階經理人碩士在職專班，2003
12.劉博麒，「從電信產業的自由化與國際化來探討中華電信的競爭策略」，義守大學資訊
管理研究所碩士論文，2003。
13.林淑婉，「我國民營全區行動電話服務業者經營策略與經營績效之研究」，國立交通大
學管理學院碩士論文，2003。
14.柯富聰，「電信產業的劇烈變動與管理應變」，國立中央大學資訊管理研究所，2004。
15.蔡政宏，「以SPACE分析法探討國內電信產業競爭策略分析」，國立成功大學企業管理
研究所，2004。
16.張會堂，「行動電話號碼可攜性對顧客轉換意願之探討」，國立台灣科技大學管理研究
所碩士論文，2005。
17.交通部電信總局2003年委託財團法人中華經濟研究院研究計劃「我國電信自由化效益分
析」。
18.交通部電信總局網站www.dgt.gov.tw
19.遠傳電信網站www.fareastone.com.tw
20.和信電訊網站www.kgt.com.tw
21.公開資訊觀測站newmops.tse.com.tw
22.ITIS產業資訊服務網www.itis.org.tw
23.資策會FIND網站www.find.org.tw
24.通訊雜誌網站www.cqinc.com.tw

二、英文部分
1.Barney,Warf,“Mergers and Acquisitions in the TelecommunicationsIndustry”,
Growth andChange,vol.34 No.3. ,2003, pp.321-344
2.Chandler, A. Strategy and Structure, Cambridge：MIT Press. 1962。
3.Hill,C.W.L.& Jones,G..R., Strategic Management Theory,1992。
4.Hill,C.W.L.& Jones,G..R., Strategic Management Theory,1995。
5.Haspeslagh, P.C., & Jemison, D.B., Managing Acquisition –Creating Value
Through Corporate Renewal, Free Press, N.Y. 1991
6.Olaf Rieck,“Value Creation in International Telecom Acquisitions”,Aug.8,
2002
7.Porter, Michael, Competitive Strategy, New York：Free Press, 1980。
8.Porter, Michael, Competitive Advantage, New York：Free Press, 1985。
9.Sirower, M., “Imaged Synergy : A Prescription for a Non-Win Deal”, Mergers
& Acquistions, Jan.- Feb, 1998, pp.23-29
10.Sirower, M., “Constructing A Synergistic Base for Premier Deals”, Mergers
& Acquistions, May-Jun, 1998, pp.42-49
11.Syed Tariq Anwa,“ NTT DoCoMo and m-commerce: A case study in market
expansion and global strategy”, 2002。
12.Weihrich, H. The TOWS Matrix-A Tool for Situational Analysis, Long Range
Planning, 15(2), 1982。
13.Wilcox, H.D., Chang K.C., Grover V.“Valuation of mergers and acquisitions
in the telecommunications industry: a study on diversification and firm
size. ”, Information & Management 38, 2001
14.Zweig, P.L., Kline, J.P., Forest, S.A., & Gudridge, K., “The Case Against
Mergers”, Business Week, Oct. 30, 1995, pp.56-64