支付產業企業成長策略分析：以Adyen公司及Global Payments公司為例

Abstract

在現代世界中，企業必須培養核心競爭力並維持競爭優勢，以在所屬行業中保持盈利能力。企業成長策略通常分為兩大類：透過併購（M&A）實現的外部成長以及透過有機發展實現的內部成長。本論文旨在找出適合當今支付行業的企業成長策略。論文設計主要採用質性研究，並輔以量化數據分析。研究依賴於兩家案例研究公司的公開次級資料來源，即 Adyen N.V. 和 Global Payments Inc.。論文目的是比較這兩家公司所採用的不同成長策略，藉此確定哪種策略能帶來更好的財務表現和市場地位，最終對各種方法的有效性得出結論。

儘管方法和結果各有不同，Adyen N.V. 和 Global Payments Inc. 共享一個共同的目標：通過在現有地理區域和行業細分中的市場滲透，或在新地區和新行業中的市場開發來擴展業務。最終目標是加深價值鏈整合、創造與競爭對手的差異化，並利用這些競爭優勢來維持較高的利潤率。總結而言，無論是內部的有機成長還是外部的併購成長，支付行業的公司應專注於價值鏈整合和差異化。這一策略可增強競爭優勢，提高利潤率，避免成本領導競爭，並實現行業生態系統中的持續成長。

In modern world, corporations must cultivate core competencies and maintain competitive advantages to remain profitable within their industries. Corporate growth strategies typically fall into two major categories: external growth through mergers and acquisitions (M&A) and internal growth through organic development. This thesis aims to identify the most suitable growth strategy for corporations in today's payment industry. The thesis design primarily involves qualitative research, supported by quantitative data analysis. The research relies on secondary sources publicly released by the two case study companies, Adyen N.V. and Global Payments Inc. The purpose of the thesis is to compare the different growth strategies adopted by these two companies, with the goal of determining which strategy yields better financial performance and market position, ultimately drawing conclusions about the effectiveness of each approach. Despite their contrasting methods and different outcomes, both Adyen N.V. and Global Payments Inc. share a common rationale: to expand their businesses through market penetration in existing geographical areas and industry segments or through market development in new regions and sectors. The ultimate objective is to deepen value chain integration, create differentiation from competitors, and leverage these competitive advantages to maintain higher profit margins. In conclusion, regardless of the specific growth approach—whether internal organic growth or external M&A—companies in the payment industry should focus on value chain integration and differentiation. This strategy enhances competitive advantage, boosts margins, avoids cost leadership competition, and enables sustained growth within the industry ecosystem.