平台策略併購: 騰訊控股科技有限公司 個案研究

Abstract

騰訊、阿里巴巴、百度分別為大陸互聯網公司排名第一、二、三名，他們都是透過網路平台策略成長及茁壯。其中，騰訊於2005年至2014年間透過積極的倂購(超過32筆)，建立其帝國，更於二零一四，三月十二日，市值達到美金一千五百億，超越英特爾及思科，因此透過騰訊輔以阿里巴巴、百度的個案研究以及外部專家(會計師合夥人及財務顧問)訪談，來瞭解平台策略與倂購策略，並提出倂購對於平台策略的一般性原則。 透過此一般性原則平台策略，創業家、專業經理人及外部顧問，可經由倂購提高廠商績效(透過併購綜效)。此一般性原則將平台策略廠商區分為三類包含垂直行業別新創公司、開放平台廠商與多環狀平台廠商。而區分的方式則透過三大變數包含時間先後、互補性條件齊備程度以及能力建立與開發方式，來決定平台策略廠商的相對競爭力。 不同的競爭力有不同的策略意涵，而不同的策略意涵則導致不同比重的倂購策略動機，包含能力建立與開發、平台擴充、產品線擴充、市場擴充(擴大經濟規模)、財務投資以及市場擴充(地理性)。 由騰訊過去超過32筆的倂購得知，它每一筆倂購都包含了多重目標，另外除了倂購的策略邏輯，本文亦指出策略邏輯的不足，需輔以組織行為(併購後)以及財務分析來使整個倂購策略完整化。 平台策略是一門相當新穎的研究，而之前相關的研究多聚焦於軟硬體公司，如英特爾、微軟、思科以及國際商業機器等公司以分析其開放與控制策略的平衡點為主，然而，本文將重點移到追求平台策略的互聯網廠商，並指出快速靈活的倂購為其反應(攻擊及防守)市場變化及成長的主要動能之一，甚至對於多環狀平台廠商是唯一。 最後文中針對平台策略會做詳述，並連結平台策略與倂購策略為平台策略併購。

This thesis analyses mergers and acquisitions (M&A) through the platform strategy by focusing on Tencent, whose market cap outpaced that of Intel and Cisco at US $150 billion on March 12, 2014. A generic rule on platform strategy M&A is then proposed by analysing complementary cases such as Alibaba and Baidu and by interviewing external experts. This thesis’ generic rule could be used by platform strategy entrepreneurs, professional managers, and M&A transaction facilitators to improve the M&A transaction performance of platform strategy companies. It classifies platform strategy companies into three categories (vertical start-ups, open platform companies, and multi open platform ecosystem companies) according to three dimensions (time, complements readiness, and capability building). Companies in each category will have different platform strategy competitiveness levels, and their various M&A objectives will include capability build, platform expansion, product expansion, economic and geographic market expansion, and investment. Tencent executed more than 32 M&A deals between 2005 to 2014, during which it mixed its M&A objectives. Nonetheless, this thesis identifies the limitations of the company’s generic rule and points to directions for further research on organizational (post-merger) behaviour and on financial issues to ensure the effectiveness of M&A transactions and their strategic logic. Platform strategy is a relatively new knowledge domain flowing from theories focused on hardware/software (both open and control) companies like Intel, Microsoft, Cisco, and IBM. However, this thesis focuses on Internet companies pursuing a platform strategy, for whom M&A transactions are the major means of growing their business and gaining the speed and agility needed to respond to market dynamics. This thesis reviews the platform strategy and then bridges the gap between it and the M&A strategy in order to formulate an M&A method through the platform strategy.