併購是公司多角化經營的常見策略，但每個併購案背後的動機卻可能大相徑庭。本研究針對陶氏杜邦公司合併與分拆一案進行分析，用併購以及分拆的角度探討此一合併案的動機與目的，藉由收集各類型的次集資料，包含雜誌與新聞共約314筆，整理並釐清該事件發展的始末。首先，了解陶氏化學與杜邦各自的歷史與經營風格，接續分析化工產業特色和近年趨勢，最後，以陳述陶氏杜邦所提出的投資策略做結論。本研究初步探尋發現：大環境經濟經下滑的因素、激進機構投資者的參與與介入以及陶氏化學與杜邦公司高階管理層的影響，對於這一個併購案的影響各有不同，但是卻相互影響這個分拆的結果。當然這場兩大化工巨獸公司間的合併與分拆案，隨著分拆的作業時程安排將於2019年6月逐步抵定，建議未來可以針對該案件的後續發展做追蹤探討。

Firms always employ Mergers and Spin-offs to diversify their operations. However, the motives of Mergers and Spin-offs cases may be quite different. This study analyzes the merger and spin-offs case of DowDuPont by exploring the motive and purpose of this merger from the Mergers and Spin-offs perspective. The study presents the whole process of the case through collecting various types of secondary data, including the information from magazines and news (314 records). First, the study reviews the history and management style of Dow Chemical and DuPont. Second, the study analyzes the characteristics and the trend of the chemical industry in recent years. Finally, the study concludes the investment strategy proposed by Dow DuPont. This study initially finds that the declined economic environment, the involvement of radical institutional investors and the influence from the top management teams of Dow Chemical and DuPont’s may have different impacts on this case whose mutual interaction contributes to the establishment of DowDuPont. The merger and spin-offs of the two major giant companies have reached agreements on June 1, 2019 with the schedule of the split operation. The future Mergers and Spin-offs research may keep an eye on the development of the Dow Chemical and DuPont’s case.

中文文獻

王正彬、洪安玲, 2005 「公司分拆行為理論研究綜述」，經濟學動態，2005(1): 95- 98。
林正寶，2008，「企業併購之動機及個案分析」，取自 http://www.lcis.com.tw/paper_store/paper_store/cah02-J-972-16-201551722232631.pdf, accessed on March 4, 2017
林正寶，2008，「企業併購之動機及個案分析」，國立中興大學，取自
http://www.lcis.com.tw/paper_store/paper_store/cah02-J-972-16- 201551722232631.pdf, accessed on March 4, 2017
唐任伍、董潔, 2003 「西方並購動因與並購效應理論的發展」，經濟學動態，2003(2) : 61- 65。
梁樹廣, 2011 「企業兼併理論述評」，山東財政學院學報，2011(3) : 114- 121。
裘孝鋒，2017，「陶氏化學發展模式研究— 他山之石系列報告之二, 陶氏化學發展模式研究」，光大證券化工企業專題系列 : 7-21。
裘孝鋒，2017，「杜邦發展歷史研究——他山之石系列報告之四」，光大證券化工企業專題系列 : 5-27。

英文文獻

Walter Frick. (2016). “The Case for Activist Investors”, Harvard Business Review, March: 108–109.