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題名 企業併購之組織文化及人力資本整合策略
The Integration Strategies of Organizational Culture and Human Capital in Corporate Mergers and Acquisitions作者 張妍榛
Chang, Yan-Zhen貢獻者 林月雲<br>吳啟銘
Lin, Yeh-Yun<br>Wu, Chi-Ming
張妍榛
Chang, Yan-Zhen關鍵詞 併購
併購後整合
人力資本整合
組織文化整合
Mergers and acquisitions
Key success factors
Post-merger integration
Human capital integration
Organizational cultural integration日期 2022 上傳時間 3-六月-2024 11:34:12 (UTC+8) 摘要 近幾年來因為金融市場的開放、貿易自由化及開放國外直接投資等因素，使 全球逐漸走入國際化。面對經營環境的快速變遷，併購已成為企業提升競爭力的 途徑，企業藉由併購達到擴大規模、節省成本、產生綜效等效益。 因金融機構在整體經濟發展中居極重要地位，我國政府積極推動金融改革， 以提升金融監督管理效能及金融機構在國內外的競爭，但整合問題一直是企業的 一大挑戰，若缺乏併購事前調查及事後整合策略，將使原預期的綜效大幅降低。 研究顯示有效的併後整合（Post-merger integration, PMI），不僅是決定企業 併購案是否成功的主要因素，也是最複雜且失敗率最高的部分。在實務上，成功 的併後整合必須有嚴謹的計畫與執行，除了投入足夠的管理資源外，也須重視組 織文化的整合，藉由雙方高階管理者的參與，使整合策略能徹底執行，減少失敗 之風險。 本研究以文獻探討和多重個案研究方法，分析臺灣代表性企業－元大金融控 股公司合併大眾商業銀行、凱基證券股份有限公司合併台証綜合證券為併購案例， 著重於企業併購後之組織文化和人力資本整合策略。本研究目的在使企業未來在 實際執行併購策略時，能謹慎思考並實施相對應措施。
In recent years, the global landscape has witnessed a significant embrace of internationalization, spurred by factors like the opening of financial markets, trade liberalization, and increased foreign direct investments. In response to these rapid changes in the business environment, mergers and acquisitions have emerged as strategies tools for enterprises to bolster their competitive edge. By engaging in mergers and acquisitions, enterprises can achieve numerous advantages, including expanding their business scale, reducing costs, and harnessing synergies. As financial institutions wield considerable influence over a nation’s economic progress, the Taiwan government has proactively championed financial reforms aimed at bolstering the efficacy of financial oversight and fostering competition among domestic and international financial entities. However, the challenge of integration has persistently loomed over enterprises. Inadequate pre-merger due diligence and post-merger integration (“PMI”) efforts have notably constrained synergistic benefits, often falling short of initial expectations. Studies have demonstrated that successful PMI is not only the primary determinant of corporate merger and acquisition success but also the most intricate factor, with the highest failure rate. Achieving successful PMI necessitates meticulous planning and execution, including substantial investment in management resources and meticulous attention to cultural integration within the organization. Through active engagement from executive managers from both merging entities, the integration strategy can be comprehensively implemented, thereby mitigating the risk of failure. This thesis conducts literature reviews and multiple case studies to analyze representative mergers and acquisitions cases of companies in Taiwan. It specifically focuses on two mergers: the merging of Yuanta Commercial Bank Co., Ltd. with Ta Chong Commercial Bank Co., Ltd., and the merger between KGI Securities Co. Ltd. and Taiwan Securities Co., Ltd. This study examines post-merger integration (“PMI”) strategies concerning organizational culture and human capital. The objective is to provide insights that enable enterprises to carefully consider and implement appropriate measures when executing mergers and acquisitions strategies in the future.參考文獻 Aaker, D. A. 2001. Developing business strategies. J. Wiley. Aghasi, K., 2015. Predicting who stays or leaves after the acquisition: Target’s top manager turnover. KTH Royal Institute of Technology Unpublished Doctoral Thesis. Angwin, D. N. 2007. Motive Archetypes in mergers and acquisitions (M&A): The implications of a configurational approach to performance. JAI Press, 6: 77-106. Bai, J., Jin, W., & Serfling, M., 2018/7/17. How M&A Can Lead to Better Management, The CLS Blue Sky Blog. Barkema, H. G., Bell, J. H. J., & Pennings, J. M. 1996. Foreign entry, cultural barriers, and learning. Strategic Management Journal (1986-1998), 17(2): 151-166. Baxter, P. E., & Jack, S. M. 2008. Qualitative case study methodology: Study design and implementation for novice researchers. Qualitative Report, 13(4): 544-556. Belyh, A., 2019/9/23. A Historical Analysis of M&A Waves. https://cleverism.com/historical-analysis-ma-waves-mergers-acquisition/. Retrieved: 2022/7/2. Bryson, J. 2003. Managing HRM risk in a merger. Employee Relations, 25(1): 14-30. Calori, R., Lubatkin, M., & Very, P. 1994. Control mechanisms in cross-border acquisitions: An international comparison. Organization Studies, 15(3): 361-379. Celikyurt, U., Sevilir, M., & Shivdasani, A. 2010. Going public to acquire? The acquisition motive in IPOs. Journal of Financial Economics, 96(3): 345-363. UpCounsel, 2020/10/8. Change of control provision: Everything you need to know. https://www.upcounsel.com/change-of-control-provision. Retrieved: 2022/06/20. Christensen, M. C., Alton, R., Rising, C., & Waldeck, A. 2011. The Big Idea: The New M&A Playbook. Harvard Business Review, 89(3): 48-60. Chung, H. F. L., & Ho, M. H. W. 2021. International competitive strategies, organizational learning and export performance: A match and mis-match conceptualization. European Journal of Marketing, 55(10): 2794-2822. Deloitte Development LLC, 2017. Driving M&A value through HR integration. https://www2.deloitte.com/content/dam/Deloitte/us/Documents/mergers-acqisitions/us-ma-driving-m-and-a-value-through-hr-integration-get-it-right-from-the-start.pdf. Retrieved: 2022/06/15. California Manufacturing Technology Consulting, 2015/4/13. Diversification: The key to improving your organization’s stability. https://www.cmtc.com/blog/diversification-the-key-to-improving-your-organizations-stability. Retrieved: 2022/5/17. Elgers, P. T., & Clark, J. J. 1980. Mergers types and shareholder returns: Additional evidence. Financial Management, 9(2): 66-72. Haspeslagh, P. C., & Jemison, D. B. 1993. Managing acquisitions: Creating value through corporate renewal. Academy of Management Review, 18(2): 370-374. Lyons, E., 2018/12/12. The cultural adjustment curve and the hype cycle curve are similar because people are the same for everything. https://elilyons.medium.com/the-cultural-adjustment-curve-and-the-hype-cycle-curve-are-similar-because-people-are-the-same-for-51eccfed9a6d. Retrieved: 2022/06/19. Mack, N., Woodsong, C., MacQueen, M. K., Guest, G., & Namey. E. 2005. Qualitative research methods: A data collector’s field guide. Family Health International. Makhlouk, H., & Shevchuk, O., 2008. The importance and the influence of the corporate culture in a merger and acquisition context. University of Kalmar Unpublished Master Thesis. Malik, M. F., Anuar, M. A., Khan, S., & Khan, F. 2014. Mergers and acquisitions: A conceptual review. International Journal of Accounting and Financial Reporting, 4(2): 520-533. Marks, M. L. 1991. Merger management HR’s way. HRMagazine: On human resource management, 36(5): 60-62, 66. Ouchi, W. 1981. Theory Z: How American business can meet the Japanese Challenge. Business Horizons. Patel, K., 2021/12/7. Understanding the business acquisition manager role. https://dealroom.net/blog/business-acquisition-manager-role-information. Retrieved: 2022/7/4. Pikulina, E., 2011. M&A waves and its evolution throughout history. Tilburg University Unpublished Bachelor Thesis. Polymeridou, N., 2019/9/2. 5 Different Forms of Corporate Restructuring to Consider. https://www.glaisyers.com/5-different-forms-of-corporate-restructuring-to-consider/. Retrieved: 2022/05/18. PricewaterhouseCoopers, 2019. Creating value beyond the deal: What if you took a different perspective to your M&A?. https://www.pwc.tw/zh/publications/topic-invest/deals-report.html. Retrieved: 2022/5/19. Rozen-Bakher, Z. 2017. Comparison of merger and acquisition (M&A) success in horizontal, vertical and conglomerate M&As: Industry sector vs. services sector. The Service Industries Journal, 38(7-8): 492-518. Sanjukta, B., Agyenim, B., & Sardar, A. 2018. Motives of mergers and acquisitions in the European public utilities: An empirical investigation of the wealth-anomaly. International Journal of Public Sector Management, 31(5): 599-616. Soosay, C., Ferrer, M., Santa, R., & Hyland, P. 2007. Internal and external integration: Strategies for logistics competitiveness, CQ University. Stake, R. E. 1995. The art of case study research. SAGE Publications, Inc. Stimpson, P., & Smith, A., 2015. Business management for the IB diploma coursebook (2nd Eds.). Cambridge University Press. The Asset, 2009. The Asset Country Awards 2009 North Asia. https://www.theasset.com/awards/18.html. Retrieved: 2022/7/9. The Center for Public Integrity, 2013. Five years later, where are they now?. https://publicintegrity.org/inequality-poverty-opportunity/five-years-later-where-are-they-now/. Retrieved: 2022/7/10. The Clearing, Inc., 2017/1/10. 4 strategies for overcoming culture clash after a merger. https://theclearing.com/insights/four-strategies-for-overcoming-culture-clash-after-a-merger/. Retrieved: 2022/7/2. Utah, C., & Capital, A., 2014/11/13. What happens when company cultures clash?. https://www.inc.com/chris-utah/what-happens-when-company-cultures-clash.html. Retrieved: 2022/7/5. Vaara, E. 2003. Post-acquisition integration as sensemaking: Glimpses of ambiguity, confusion, hypocrisy, and politicization. Journal of Management Studies, 40(4): 859-894. Vannoni, M. 2014. What are case studies good for? Nesting comparative case study research into the Lakatosian research program. Cross-Cultural Research, 49(4): 331-357. Yin, R. K. 2009. Case study research: Design and methods (4th Eds.). SAGE Publications, Inc. Young, P. V. 1966. Scientific social surveys and research (4th Eds.). Prentice-Hall. 描述 碩士
國立政治大學
企業管理研究所(MBA學位學程)
109363064資料來源 http://thesis.lib.nccu.edu.tw/record/#G0109363064 資料類型 thesis dc.contributor.advisor 林月雲<br>吳啟銘 zh_TW dc.contributor.advisor Lin, Yeh-Yun<br>Wu, Chi-Ming en_US dc.contributor.author (作者) 張妍榛 zh_TW dc.contributor.author (作者) Chang, Yan-Zhen en_US dc.creator (作者) 張妍榛 zh_TW dc.creator (作者) Chang, Yan-Zhen en_US dc.date (日期) 2022 en_US dc.date.accessioned 3-六月-2024 11:34:12 (UTC+8) - dc.date.available 3-六月-2024 11:34:12 (UTC+8) - dc.date.issued (上傳時間) 3-六月-2024 11:34:12 (UTC+8) - dc.identifier (其他 識別碼) G0109363064 en_US dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/151495 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 企業管理研究所(MBA學位學程) zh_TW dc.description (描述) 109363064 zh_TW dc.description.abstract (摘要) 近幾年來因為金融市場的開放、貿易自由化及開放國外直接投資等因素，使 全球逐漸走入國際化。面對經營環境的快速變遷，併購已成為企業提升競爭力的 途徑，企業藉由併購達到擴大規模、節省成本、產生綜效等效益。 因金融機構在整體經濟發展中居極重要地位，我國政府積極推動金融改革， 以提升金融監督管理效能及金融機構在國內外的競爭，但整合問題一直是企業的 一大挑戰，若缺乏併購事前調查及事後整合策略，將使原預期的綜效大幅降低。 研究顯示有效的併後整合（Post-merger integration, PMI），不僅是決定企業 併購案是否成功的主要因素，也是最複雜且失敗率最高的部分。在實務上，成功 的併後整合必須有嚴謹的計畫與執行，除了投入足夠的管理資源外，也須重視組 織文化的整合，藉由雙方高階管理者的參與，使整合策略能徹底執行，減少失敗 之風險。 本研究以文獻探討和多重個案研究方法，分析臺灣代表性企業－元大金融控 股公司合併大眾商業銀行、凱基證券股份有限公司合併台証綜合證券為併購案例， 著重於企業併購後之組織文化和人力資本整合策略。本研究目的在使企業未來在 實際執行併購策略時，能謹慎思考並實施相對應措施。 zh_TW dc.description.abstract (摘要) In recent years, the global landscape has witnessed a significant embrace of internationalization, spurred by factors like the opening of financial markets, trade liberalization, and increased foreign direct investments. In response to these rapid changes in the business environment, mergers and acquisitions have emerged as strategies tools for enterprises to bolster their competitive edge. By engaging in mergers and acquisitions, enterprises can achieve numerous advantages, including expanding their business scale, reducing costs, and harnessing synergies. As financial institutions wield considerable influence over a nation’s economic progress, the Taiwan government has proactively championed financial reforms aimed at bolstering the efficacy of financial oversight and fostering competition among domestic and international financial entities. However, the challenge of integration has persistently loomed over enterprises. Inadequate pre-merger due diligence and post-merger integration (“PMI”) efforts have notably constrained synergistic benefits, often falling short of initial expectations. Studies have demonstrated that successful PMI is not only the primary determinant of corporate merger and acquisition success but also the most intricate factor, with the highest failure rate. Achieving successful PMI necessitates meticulous planning and execution, including substantial investment in management resources and meticulous attention to cultural integration within the organization. Through active engagement from executive managers from both merging entities, the integration strategy can be comprehensively implemented, thereby mitigating the risk of failure. This thesis conducts literature reviews and multiple case studies to analyze representative mergers and acquisitions cases of companies in Taiwan. It specifically focuses on two mergers: the merging of Yuanta Commercial Bank Co., Ltd. with Ta Chong Commercial Bank Co., Ltd., and the merger between KGI Securities Co. Ltd. and Taiwan Securities Co., Ltd. This study examines post-merger integration (“PMI”) strategies concerning organizational culture and human capital. The objective is to provide insights that enable enterprises to carefully consider and implement appropriate measures when executing mergers and acquisitions strategies in the future. en_US dc.description.tableofcontents Acknowledgments I 摘要 II Abstract III Table of Contents V List of Figures VI List of Tables VII Chapter 1 Introduction 1 1.1 Research Background and Motivations 1 1.2 Research Objectives and Questions 5 Chapter 2 Literature Review 7 2.1 Mergers and Acquisitions 7 2.1.1 Definition of Merger and Acquisition 9 2.1.2 Types of Mergers and Acquisitions 11 2.1.3 Motivations for Mergers and Acquisitions 15 2.2 The Impacts of Mergers and Acquisitions 18 2.2.1 The Impact on Organizations 18 2.2.2 The Impact on Employees 21 2.3 Critical Success Factors in Mergers and Acquisitions 23 2.4 Post-merger Integration Management 25 Chapter 3 Research Methodology 35 3.1 Research Scope and Structure 36 3.2 Research Data Collection and Limitations 38 Chapter 4 Cases of Mergers and Acquisitions 40 4.1 Merger between Yuanta Bank and Ta Chong Bank 40 4.1.1 Motivations Behind the Mergers and Acquisitions 46 4.1.2 Post-Merger and Acquisition Integration 50 4.2 Merger between KGI Securities and Taiwan Securities 61 4.2.1 Motivations Behind the Merger and Acquisition 67 4.2.2 Post-Merger and Acquisition Integration 70 Chapter 5 Conclusion and Recommendations 80 5.1 Research Conclusion 80 5.2 Research Recommendations 87 References 89 zh_TW dc.format.extent 2399988 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0109363064 en_US dc.subject (關鍵詞) 併購 zh_TW dc.subject (關鍵詞) 併購後整合 zh_TW dc.subject (關鍵詞) 人力資本整合 zh_TW dc.subject (關鍵詞) 組織文化整合 zh_TW dc.subject (關鍵詞) Mergers and acquisitions en_US dc.subject (關鍵詞) Key success factors en_US dc.subject (關鍵詞) Post-merger integration en_US dc.subject (關鍵詞) Human capital integration en_US dc.subject (關鍵詞) Organizational cultural integration en_US dc.title (題名) 企業併購之組織文化及人力資本整合策略 zh_TW dc.title (題名) The Integration Strategies of Organizational Culture and Human Capital in Corporate Mergers and Acquisitions en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) Aaker, D. A. 2001. Developing business strategies. J. Wiley. Aghasi, K., 2015. Predicting who stays or leaves after the acquisition: Target’s top manager turnover. KTH Royal Institute of Technology Unpublished Doctoral Thesis. Angwin, D. N. 2007. Motive Archetypes in mergers and acquisitions (M&A): The implications of a configurational approach to performance. JAI Press, 6: 77-106. Bai, J., Jin, W., & Serfling, M., 2018/7/17. How M&A Can Lead to Better Management, The CLS Blue Sky Blog. Barkema, H. G., Bell, J. H. J., & Pennings, J. M. 1996. Foreign entry, cultural barriers, and learning. Strategic Management Journal (1986-1998), 17(2): 151-166. Baxter, P. E., & Jack, S. M. 2008. Qualitative case study methodology: Study design and implementation for novice researchers. Qualitative Report, 13(4): 544-556. Belyh, A., 2019/9/23. A Historical Analysis of M&A Waves. https://cleverism.com/historical-analysis-ma-waves-mergers-acquisition/. Retrieved: 2022/7/2. Bryson, J. 2003. Managing HRM risk in a merger. Employee Relations, 25(1): 14-30. Calori, R., Lubatkin, M., & Very, P. 1994. Control mechanisms in cross-border acquisitions: An international comparison. Organization Studies, 15(3): 361-379. Celikyurt, U., Sevilir, M., & Shivdasani, A. 2010. Going public to acquire? The acquisition motive in IPOs. Journal of Financial Economics, 96(3): 345-363. UpCounsel, 2020/10/8. Change of control provision: Everything you need to know. https://www.upcounsel.com/change-of-control-provision. Retrieved: 2022/06/20. Christensen, M. C., Alton, R., Rising, C., & Waldeck, A. 2011. The Big Idea: The New M&A Playbook. Harvard Business Review, 89(3): 48-60. Chung, H. F. L., & Ho, M. H. W. 2021. International competitive strategies, organizational learning and export performance: A match and mis-match conceptualization. European Journal of Marketing, 55(10): 2794-2822. Deloitte Development LLC, 2017. Driving M&A value through HR integration. https://www2.deloitte.com/content/dam/Deloitte/us/Documents/mergers-acqisitions/us-ma-driving-m-and-a-value-through-hr-integration-get-it-right-from-the-start.pdf. Retrieved: 2022/06/15. California Manufacturing Technology Consulting, 2015/4/13. Diversification: The key to improving your organization’s stability. https://www.cmtc.com/blog/diversification-the-key-to-improving-your-organizations-stability. Retrieved: 2022/5/17. Elgers, P. T., & Clark, J. J. 1980. Mergers types and shareholder returns: Additional evidence. Financial Management, 9(2): 66-72. Haspeslagh, P. C., & Jemison, D. B. 1993. Managing acquisitions: Creating value through corporate renewal. Academy of Management Review, 18(2): 370-374. Lyons, E., 2018/12/12. The cultural adjustment curve and the hype cycle curve are similar because people are the same for everything. https://elilyons.medium.com/the-cultural-adjustment-curve-and-the-hype-cycle-curve-are-similar-because-people-are-the-same-for-51eccfed9a6d. Retrieved: 2022/06/19. Mack, N., Woodsong, C., MacQueen, M. K., Guest, G., & Namey. E. 2005. Qualitative research methods: A data collector’s field guide. Family Health International. Makhlouk, H., & Shevchuk, O., 2008. The importance and the influence of the corporate culture in a merger and acquisition context. University of Kalmar Unpublished Master Thesis. Malik, M. F., Anuar, M. A., Khan, S., & Khan, F. 2014. Mergers and acquisitions: A conceptual review. International Journal of Accounting and Financial Reporting, 4(2): 520-533. Marks, M. L. 1991. Merger management HR’s way. HRMagazine: On human resource management, 36(5): 60-62, 66. Ouchi, W. 1981. Theory Z: How American business can meet the Japanese Challenge. Business Horizons. Patel, K., 2021/12/7. Understanding the business acquisition manager role. https://dealroom.net/blog/business-acquisition-manager-role-information. Retrieved: 2022/7/4. Pikulina, E., 2011. M&A waves and its evolution throughout history. Tilburg University Unpublished Bachelor Thesis. Polymeridou, N., 2019/9/2. 5 Different Forms of Corporate Restructuring to Consider. https://www.glaisyers.com/5-different-forms-of-corporate-restructuring-to-consider/. Retrieved: 2022/05/18. PricewaterhouseCoopers, 2019. Creating value beyond the deal: What if you took a different perspective to your M&A?. https://www.pwc.tw/zh/publications/topic-invest/deals-report.html. Retrieved: 2022/5/19. Rozen-Bakher, Z. 2017. Comparison of merger and acquisition (M&A) success in horizontal, vertical and conglomerate M&As: Industry sector vs. services sector. The Service Industries Journal, 38(7-8): 492-518. Sanjukta, B., Agyenim, B., & Sardar, A. 2018. Motives of mergers and acquisitions in the European public utilities: An empirical investigation of the wealth-anomaly. International Journal of Public Sector Management, 31(5): 599-616. Soosay, C., Ferrer, M., Santa, R., & Hyland, P. 2007. Internal and external integration: Strategies for logistics competitiveness, CQ University. Stake, R. E. 1995. The art of case study research. SAGE Publications, Inc. Stimpson, P., & Smith, A., 2015. Business management for the IB diploma coursebook (2nd Eds.). Cambridge University Press. The Asset, 2009. The Asset Country Awards 2009 North Asia. https://www.theasset.com/awards/18.html. Retrieved: 2022/7/9. The Center for Public Integrity, 2013. Five years later, where are they now?. https://publicintegrity.org/inequality-poverty-opportunity/five-years-later-where-are-they-now/. Retrieved: 2022/7/10. The Clearing, Inc., 2017/1/10. 4 strategies for overcoming culture clash after a merger. https://theclearing.com/insights/four-strategies-for-overcoming-culture-clash-after-a-merger/. Retrieved: 2022/7/2. Utah, C., & Capital, A., 2014/11/13. What happens when company cultures clash?. https://www.inc.com/chris-utah/what-happens-when-company-cultures-clash.html. Retrieved: 2022/7/5. Vaara, E. 2003. Post-acquisition integration as sensemaking: Glimpses of ambiguity, confusion, hypocrisy, and politicization. Journal of Management Studies, 40(4): 859-894. Vannoni, M. 2014. What are case studies good for? Nesting comparative case study research into the Lakatosian research program. Cross-Cultural Research, 49(4): 331-357. Yin, R. K. 2009. Case study research: Design and methods (4th Eds.). SAGE Publications, Inc. Young, P. V. 1966. Scientific social surveys and research (4th Eds.). Prentice-Hall. zh_TW
