本文用個案法研究企業的成長策略，以日本獨特的企業型態「綜合商社」中的三菱商事作為觀察對象，分別選取屬於成長、擴張、重組三個營運階段的事業部門，探討三菱商事的成長策略「綜合經營」如何運用價值鏈探索成長方向，與其他事業夥伴合作形成成長方法，最後發展出原本雙方都難以獲得的成長動能。本研究發現三菱商事通過營業部門了解「供需市場趨勢」，由經營部門發掘產業「宏觀問題」作為成長動機。然後針對解決不同宏觀問題的方法展開價值鏈，從中選擇潛在合作對象、決定企業應該投入的資源比例。其中如何與合作對象形成穩固、對等的事業經營結構是影響綜合經營成長策略的關鍵；不同營運階段適合的成長方向也不同。

This paper uses a case study to explore a growth strategy of a Japanese enterprise. Choosing Mitsubishi Corporation (MC), an unique kind of Japanese enterprise “general trading company”, as study case, this paper analyzes the sages of growing, expanding and reorganizing business units to discuss the way how MC explores growing directions and develops growing methods with partners. Finally, all parties will gain growing momentum that would reach if they did not cooperate. I found that MC monitors supply and demand trends of markets through BUs, and proposes macroscopic problems by corporate departments as growing motivation. For different macroscopic problems, MC will construct value chains to filter potential partners and decide the amount of investments. Among all, to create a stable and balance business administrating structure with partners is key point, and there are different growth strategies suiting for the different stages of BUs.

中文書籍
1. 三菱商事株式會社(2014)，堀口健治，笹倉和幸(主編)，日本現代綜合商社論 三菱商事與事業創新，丁紅衛，葛東升(譯)(2014)，北京市: 知識產權出版社。
2. 齊藤孝浩(2018)，UNIQLO和ZARA的熱銷學(修訂版) 快時尚退燒，看東西兩大品牌的革新與突破，林瓊華(譯)(2020)，臺北市:城邦文化事業股份有限公司 商業周刊。

日文書籍
1. 丸紅経済研究所(2015)，図解入門業界研究 最新総合商社の動向とカラクリがよ~くわかる本[第4版]，東京都: 株式会社 秀和システム。
2. 田中隆之(2017)，総合商社—その「強さ」と、日本企業の「次」を探る，東京都: 祥伝社。

English Periodicals
1. Bill B.Francis, & Iftekhar Hasan, & Xian Sun, & Maya Waisman (2013). “Can firms learn by observing? Evidence from cross-border M&As.” Journal of Corporate Finance, 25 (2014), 202-215
2. Joy Ishii, & Yuhai Xuan (2014). “Acquirer-target social ties and merger outcomes.” Journal of Financial Economics, 112 (2014), 344-363
3. Paul Gompers, & Steven N. Kaplan, & Vladimir Mukharlyamov (2016). “What do private equity firms say they do?” Journal of Financial Economics, 121 (2016), 449-476
4. Emerson Wagner Mainardes, & João J. Ferreira, & Mário L. Raposo (2014). “Strategy and Strategic Management Concepts: Are They Recognised by Management Students.” E+M Economics and Management, 2014, 43-61
5. Birger Wernerfelt (1984), “A Resource-based View of the Firm.” Strategic Management Journal, Vol. 5, No. 2. 1984, 171-180
6. Michael E. Porter (1980), “Competitive Strategy: Techniques for Analyzing Industries and Competitors” New York: Free Press, 1980
7. David J. Teece, Gary Pisano, Amy Shuen (1997), “Dynamic capabilities and strategic management”, Strategic Management Journal, Vol. 18:7 (1997), 509–533
8. Penrose e.t. (1959), “The theory of the growth of the firm”, Oxford: Blackwell, 1959