隨著企業經營方式與策略越趨多元、外部環境越趨複雜，企業併購成為現今企業在開拓新市場、擴展業務範圍或面對外部競爭挑戰的一項重要策略。企業併購所費不貲，涵蓋財務、管理成本，因此影響併購者股權收購策略的因素極為重要。本研究回顧過往股權收購策略的因素，歸納出被併購者組織複雜度是較少被探討的角度，但本研究認為被併購者組織內之各項條件亦是影響併購、技術學習是否成功的關鍵。因此本研究以被併購者組織複雜度為基礎，以組織複雜度的兩個面向來探討被併購者組織複雜度是否會對併購者股權收購數量造成影響。本研究也提出併購者與被併購者的產業相似度可以做為主假設之調節變數。本研究透過SDC資料庫搜集了148筆有效樣本，利用羅吉斯迴歸模型進行分析，研究結果顯示被併購者組織複雜度與併購者股權收購策略之關係不顯著。也就是說本研究並無觀察到被併購者組織複雜度能顯著地影響併購者股權收購數量。本研究對此結果提出了可能之原因並提供未來研究可以再進一步優化此研究模型之方法；同時提出在此研究模型之上，可以延伸的部分，以期對此議題之研究能更臻完善。

With the complexity of business operation, strategy and external environment getting higher, acquisition has become a prevalent practice to expand new market and face external challenges from competitors in modern business field. Acquisition is costly in the way that it consumes not only money but also managerial resources. Thus, the factors that influence acquirer’s stake ownership choice may be important and worthy of investigation. This research reviewed the determinants on acquirer’s stake ownership choice investigated by previous research and found the angle of acquiree’s organizational complexity was under observed. This research claims that the internal factors and condition in acquiree firm may also be a critical factor that may impact the efficiency of integration and technical learning. Therefore, this research develops a set of hypotheses on the basis of two dimensions of organizational complexity and hypothesizes that industrial relatedness among the acquirer and acquiree can act as a moderator in this research model. This research collected 148 valid samples from SDC database and conducted empirical research via logistic regression. The result shows that there is no significant relationship among acquiree’s organizational complexity and acquirer’s stake ownership choice. This research presents possible reasons toward the results and several ways to improve the current research model. Moreover, it provides several suggestions to expand this research model so as to complete and enrich the research on this issue.

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