在IC設計產業蓬勃發展的現今，成長與創新成為IC設計公司的決勝點；然而成長創新有兩大路線，分別為個體研究創新與外部併購成長，在兩者間IC設計公司是否有雙線並進的成長模式與方法，即為本研究關注之重點。本研究透過資源基礎理論與企業併購理論解析企業透過外部獲取關鍵資源來成長的途徑，並加入企業破壞式創新的個體能力引導成長，以個案分析法解析F公司的雙線成功經驗，在公司產品生命週期的循環中搭配質性分析個案公司於資源發展基礎理論下的動態推進，並融入個體研發出具破壞式創新的整合型創新產品原型；接著，透過外部併購O公司進而提升整體的資源優勢與組織成長，最後推出破壞式創新型態產品顛覆舊有市場，也展開新創產品生命週期之成長並創造新的市場獲利。
本研究以質性方法研究該個案進而發展出多迴圈開發模型 (Multi-Loop Development Model)，以IC設計開發產品為基礎的四大節點：市場、資源、開發與銷售，透過遞迴至產品開發各關鍵節點的動態資源基礎與外部機會進行綜合策略展開。透過多迴圈開發模型可讓IC設計公司的成長具有效方法並有成功經驗可借鏡，避免只在市場中苦苦掙扎而無有效方法，更進一步提升台灣IC設計公司的整體成長，以取得更佳的競爭優勢。

In today's booming IC design industry, growth and innovation have become the decisive points for IC design companies. However, there are two major routes to growth: 1. Individual research innovation and 2. External M&A growth. Whether an IC design company could expand with both routes is the focus of this research. This research analyzes the way that companies grow through product life cycle analysis, resource-based theory, corporate M&A theory and the disruptive innovation theory for individual innovation. It used Company-F case study method and qualitative analysis to research the two-line successful experience of Company-F which developed a new-type integrated products with disruptive and enhanced the overall growth momentum through external mergers and acquisitions of Company-O, and finally subverted the old market by launching disruptive innovative products to create new market profits.
In this study, qualitative analysis was used to develop a multi-loop development model, which is based on the four major steps of IC design company’s product development: Market, Resources, Development and Sales, which added innovation and dynamic recursion to the major step of product development to avoid struggling in the market without effective methods. Through the multi-loop development model, IC design companies can grow with effective methods and have a successful experience of Company-F as reference. The model also enhances the overall growth of Taiwan's IC design industry by gaining competitive advantage of each IC design company.

吳芳銘（2006），購併成長－面對中國高速經濟成長的策略。時英出版社。

吳思華 (2000)，策略九說：策略思考的本質。臉譜。

洪世章 (2021)，打造創新路徑:改變世紀的台灣科技產業。聯經出版社。

洪慧芳(譯) (2015)，瞬時競爭策略：快經濟時代的新常態。天下。(McGrath, R.G. 2013)

資誠聯合會計師事務所 (2022)， 2022全球併購產業趨勢報告。資誠聯合會計師事務所。

蔡明介 (2008)，競爭力的探索：IC設計高科技產業實戰策略與觀察。財信。

薛明玲、楊敬先、游明德編(2011)，企業併購策略與最佳實務。三民書局。

Alhares A., Ali-Agha S. H., Jawad S. N. (2017), The impact of Distinctive Competencies on Competitive Advantage: An empirical study on Detergents Manufacturing Companies in Jordan, Merit Research Journal of Business and Management, Vol. 5, No. 3, PP.052-056.

Barney, J. (1991), Firm Resource and Sustained Competitive Advantage, Journal of Management, Vol.17, No.1, PP.99-120.

Clayton M. C. (1999) The innovator’s Dilemma: When New Technologies Cause Great Firm to Fail, Harvard Business School Press.

Clayton M. C. (2003), The innovator’s solution: creating and sustaining successful growth, Harvard Business School Press.

Dean J. (1950), Pricing policies for new product, Harvard Business Review Vol.28 No.6, pp.45-53.

Handy, C. (1995), The empty Raincoat: Making sense of the future arrow, London.

Keith D. B., Paul H. and Joran (1998), If Most Mergers Fail Why Are They so Popular?, Long Range Planning, Vol.31, No.3, PP.347-353.

Michael E. Porter (1985), Competitive Advantage: Creading and sustaining superior Performance, The Free Press.

Onkvisit S. and Shaw J.J. (1989), Product life cycles and oroduct management, Quorum, New York.

Rachel C., Shlomo T. and David B. (2010), Mergers and acquisitions: A review of phases, motives, and success factors, Advances in Mergers and Acquisitions, Vol.9, PP.1-24.

Rink D.R., Swan J.E. (1979), Product life cycle research: a literature review, Journal of Business Research, 78(September), pp.-219-242.

Robert M. G. (1992), The Resource-Based Theory of Competitive Advantage: Implications for Strategy Formulation, California Management Review, PP.114-135.

Wemeffelt, Birger. (1984), A Resource-Based View of the Firm, Strategic Management Journal, Vol.5, No.2, PP.171-180.