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題名 併購後整合策略分析:以成霖企業為例
A Case Study on the Post Merger and Acquisition Integration Strategy of Globe Union Inc.
作者 姚蓓怡
Yao, Betty
貢獻者 邱奕嘉
Chiu, Yi Chia
姚蓓怡
Yao, Betty
關鍵詞 併購後整合策略分析
日期 2008
上傳時間 18-Sep-2009 20:27:51 (UTC+8)
摘要 併購後整合策略分析:以成霖企業為例
The rise of globalization has exponentially increased the market for cross border Merger and Acquisitions (M&As). There are many purposes and motives that organizations choose to engage merger and acquisitions activities. Yet, the dominant rationale behind M&As is to seek improved financial performance. Post merger integration has been considered as the most important phase as it will formulate the merger and acquisition’s effectiveness and efficiency. This study will focus on the key success factors and the managerial procedures of post-merger integration, covering from Finance, Human Resources and Strategic management aspects. The author chooses Globe Union Inc, Taiwan-based Corporation, as it has engaged several cross border merger and acquisitions in recent years. Globe Union concentrates and values corporate managerial procedures significantly as they served as the discipline and communication means to guide Globe Union and the acquired companies to a better and improved future with a clear strategy and goals. The three acquired companies, Gerber, Home Boutique International, and PJH will be analyzed with its post integration results linking with the execution of the managerial procedures.
Key Words: Cross-border mergers and acquisitions; Post Merger and Acquisition Integration, Globe Union Inc. cases; Taiwan cases
參考文獻 English
1. Albizzatti, Nicolas J., Christofferson, Scott A., and Sias, Diane L. 2005. Smoothing Post Merger Integration, Mckinsey on Finance.
2. Baker, George P., Michael C. Jensen, and Kevin J. Murphy. 1988. Compensation and Incentives: Practice vs. Theory. Journal of Finance 593-616. http://citeseer.ist.psu.edu/george88compensation.html
3. Carleton, J. Robert, Lineberry, Claude S. 2004. “Achieving Post-Merger Success: A Stakeholder’s Guide to Cultural Due Deligence, Assessment, and Integration”. John Wiley & Sons. Inc.
4. Cook, Colin, Kelly, and John. 1999. Merger & Acquisition Integration: A Business Guide, KPMG.
5. Habeck, M., Kroger, F., & Tram, M. 2000. After the Merger: Seven Strategies for Successful Post-Merger Integration. Harlow: Pearson Education Ltd.
6. Hilton, “Managerial Accounting: Strategic Cost Management, Incentive Design and Performance Measurement”, 5th Ed.; Irwin McGraw-Hill ISBN: 0-07-250287-8
7. Huang, C., & Kleiner, B. 2004. New Developments Concerning Managing Mergers and Acquisitions. Management Research News. 27(4/5), 54-62.
8. Hubbard, N,. 1999. “Acquisition Strategy and Implementation”. Macmillian Press LTD.
9. Kaplan, Robert S. and Norton, David P.. 2004. “Strategy Maps: Converting Intangible Assets into Tangible Outcomes”. Harvard Business School Press.
10. Kearney, A. T. 1999. “Corporate Marriage: Blight or Bliss? A Monograph on Post-Merger Integration” .
11. King, David R, Daily, Catherine M., and Covin, Jefferey G. 2004. “Meta-Analysis of Post-Acquisitions Performance: Indications of Unidentified Moderators” Strategy Management Journal pp187 – 200.
12. Kluyver, Cornelis A. De and Pearce II, John A.. 2003. “Strategy: A View from the Top” Prentice Hall, pp 45-46, 102-131.
13. Lajoux, Alexandra Reed. 2006. The Art of M&A Integration: A Guide to Merging Resources, Processes, and Responsibilities, 2nd edition, pp.26-27.
14. Nahavandi, A. & Malekzadeh, A.R. 1988. “Acculturation in mergers and acquisitions.” Academy of Management Review, 13(1), 79090.
15. Ou, Audi. 2007. “HR Perspectives for Cross-Border M&As in Taiwan – Case Studies on Three Taiwanese Corporations”. MBA Thesis. National Chengchi Universtiy.
16. Paulson, Ed and Court Huber. 2001. The Technology M&A Guidebook (New York John Wiley & Sons). pp. 405 – 408.
17. Pautler, Paul A. 2003. “The Effects of Mergers and Post-Merger Integration: A Review of Business Consulting Literature”, Bureau of Economics Federal Trade Commission.
18. Pomeroy, Ann. 2005. “A Fitting Role”. HR Magazine
19. Pritchett, Prince, Robinson, Donald, and Clarkson, Rusell, 1997. “After the Merger: The Authoritative Guide for Integration Success”, Revised Edition, pp. 5-7, McGraw-Hill.
20. Roland Berger Strategy Consultants. 2006. “Mastering Post Merger Integration” Hamburg.
21. Shelton, Michael and Sias, Diane. 2002. McKinsey & Co., Presentation to the Federal Trade Commission on Issues in Post-Merger Integration, Washington.
22. Shrisvastava, P. 1986. Postmerger integration. The Journal of Business Strategy, 7(1), 65-76.
23. Thompson, Arthur A., Strickland A. J., Gamble, John E. 2007. “Crafting and Executing Strategy”, 15th Edition McGraw-Hill Irwin, p. 162-181.
24. Tsai, Mark. 2007. “Managing Strategy and Process of Post-Merger Integration of IT and Operations: Case Studies on M&A of Taishin-Dah An and Chinatrust-GCB”. MBA Thesis. National Chengchi University.
25. Viscio, Albert J., Harbison, John R., Asin, Amy, and Vitaro, Richard P. 1999. “Post-Merger Integration: What Makes Mergers Work?” Fourth Quarter.
26. Zollo, Maurizio and Harbir, Singh. 2004. “Deliberate Learning in Corporate Acquisitions: Post-Acquisition Strategies and Integration Capability in U.S Bank Mergers”, Strategy Management Journal pp. 1233 – 1256.
Chinese
1. 黃亦筠,「併購高手: 衛浴用品業, 成霖企業: 用流程 DNA 征戰國際」,
天下雜誌,2006年8月2日,第80頁至第82頁。
2. 張孝勍、盧映利,「北美水龍頭大王: 歐陽明海狼人生」,非凡新聞e周刊,2006年11月19日,第51頁至第59頁。
3. 張孝勍、盧映利,「成霖併購不敗手冊: 讓併購對象成為你的競爭優勢」,非凡新聞e周刊,2006年11月19,第60頁至第63頁。
4. Wei, Ten-Jau (1992), “企業購併的十大迷失” 世界經理文摘 ,第42頁至第50頁。
5. 于卓民,「國際企業環境與管理」,2005年4月二版,華泰文化,第212頁至第229頁。
6. 廖宜慶、范凱棠,2006,「成霖企業股份有限公司 (A) & (B) 個案分析」,國立中興大學企業管理研究所碩士論文。
7. 唐國昌,「掌握3C的合作模式」,1992年11月21版,工商時報。
8. 楊淑娟,2005,「台灣衛浴產業核心競爭策略之探討- 以成霖企業為例」,
東海大學企業管理研究所碩士論文。
描述 碩士
國立政治大學
國際經營管理碩士班(IMBA)
94933020
97
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0094933020
資料類型 thesis
dc.contributor.advisor 邱奕嘉zh_TW
dc.contributor.advisor Chiu, Yi Chiaen_US
dc.contributor.author (Authors) 姚蓓怡zh_TW
dc.contributor.author (Authors) Yao, Bettyen_US
dc.creator (作者) 姚蓓怡zh_TW
dc.creator (作者) Yao, Bettyen_US
dc.date (日期) 2008en_US
dc.date.accessioned 18-Sep-2009 20:27:51 (UTC+8)-
dc.date.available 18-Sep-2009 20:27:51 (UTC+8)-
dc.date.issued (上傳時間) 18-Sep-2009 20:27:51 (UTC+8)-
dc.identifier (Other Identifiers) G0094933020en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/37011-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 國際經營管理碩士班(IMBA)zh_TW
dc.description (描述) 94933020zh_TW
dc.description (描述) 97zh_TW
dc.description.abstract (摘要) 併購後整合策略分析:以成霖企業為例zh_TW
dc.description.abstract (摘要) The rise of globalization has exponentially increased the market for cross border Merger and Acquisitions (M&As). There are many purposes and motives that organizations choose to engage merger and acquisitions activities. Yet, the dominant rationale behind M&As is to seek improved financial performance. Post merger integration has been considered as the most important phase as it will formulate the merger and acquisition’s effectiveness and efficiency. This study will focus on the key success factors and the managerial procedures of post-merger integration, covering from Finance, Human Resources and Strategic management aspects. The author chooses Globe Union Inc, Taiwan-based Corporation, as it has engaged several cross border merger and acquisitions in recent years. Globe Union concentrates and values corporate managerial procedures significantly as they served as the discipline and communication means to guide Globe Union and the acquired companies to a better and improved future with a clear strategy and goals. The three acquired companies, Gerber, Home Boutique International, and PJH will be analyzed with its post integration results linking with the execution of the managerial procedures.
Key Words: Cross-border mergers and acquisitions; Post Merger and Acquisition Integration, Globe Union Inc. cases; Taiwan cases
en_US
dc.description.tableofcontents Chapter 1 Introduction 1
1.1 Research Motive 1
1.2 Research Purpose 3
1.3 Thesis Structure 4
Chapter 2 Business Literature Review 5
2.1 Post Merger and Acqisition Integration 5
2.2 Key Success Factors of Post Merger and Acqisition Integration 11
Chapter 3 Research Methodology 15
3.1 Primary and Secondary Data Sources 15
3.2 Conceptual Framework 15
Chapter 4 Background Information 17
4.1 Introduction of Globe Union Inc. 17
4.1.1 Globe Union Background and Key Business Strategies 17
4.1.2 Globe Union’s Merger and Acquisition Path 20
4.2 Introduction of Acquired Companies 22
4.2.1 Gerber Background and Key Business Strategies 22
4.2.2 Home Boutique Background and Key Business Strategies 25
4.2.3 PJH Background and Key Business Strategies………………………. 30
Chapter 5 Analysis of Post Merger and Acqisition Integration 35
5.1 KSF#1 Early Planning for Integration Process 36
5.2 KSF#2 Clearly Define and Communicate Corporate Goals 40
5.3 KSF#3 Engage Culture Harmonization 51
5.4 KSF#4 Enhancing Shareholder Values 54
5.5 KSF#5 Speed of Post Merger and Acqisition Integration 61
5.6 KSF#6 Identify Integration Leader and Team 64
5.7 KSF#7 Integrate Information Technology System Quickly ………….65
5.8 KSF#8 Ability to Develop Contingency Plan 67
Chapter 6: Conclusion and Recommendation 74
6.1 Conclusion 74
6.2 Recommendation 88
Footnotes………………………………………………………………………….…..90
References
English………………..….………………………………………………......92
Chinese …..….….….………………………………………………….….....95
zh_TW
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dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0094933020en_US
dc.subject (關鍵詞) 併購後整合策略分析zh_TW
dc.title (題名) 併購後整合策略分析:以成霖企業為例zh_TW
dc.title (題名) A Case Study on the Post Merger and Acquisition Integration Strategy of Globe Union Inc.en_US
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) Englishzh_TW
dc.relation.reference (參考文獻) 1. Albizzatti, Nicolas J., Christofferson, Scott A., and Sias, Diane L. 2005. Smoothing Post Merger Integration, Mckinsey on Finance.zh_TW
dc.relation.reference (參考文獻) 2. Baker, George P., Michael C. Jensen, and Kevin J. Murphy. 1988. Compensation and Incentives: Practice vs. Theory. Journal of Finance 593-616. http://citeseer.ist.psu.edu/george88compensation.htmlzh_TW
dc.relation.reference (參考文獻) 3. Carleton, J. Robert, Lineberry, Claude S. 2004. “Achieving Post-Merger Success: A Stakeholder’s Guide to Cultural Due Deligence, Assessment, and Integration”. John Wiley & Sons. Inc.zh_TW
dc.relation.reference (參考文獻) 4. Cook, Colin, Kelly, and John. 1999. Merger & Acquisition Integration: A Business Guide, KPMG.zh_TW
dc.relation.reference (參考文獻) 5. Habeck, M., Kroger, F., & Tram, M. 2000. After the Merger: Seven Strategies for Successful Post-Merger Integration. Harlow: Pearson Education Ltd.zh_TW
dc.relation.reference (參考文獻) 6. Hilton, “Managerial Accounting: Strategic Cost Management, Incentive Design and Performance Measurement”, 5th Ed.; Irwin McGraw-Hill ISBN: 0-07-250287-8zh_TW
dc.relation.reference (參考文獻) 7. Huang, C., & Kleiner, B. 2004. New Developments Concerning Managing Mergers and Acquisitions. Management Research News. 27(4/5), 54-62.zh_TW
dc.relation.reference (參考文獻) 8. Hubbard, N,. 1999. “Acquisition Strategy and Implementation”. Macmillian Press LTD.zh_TW
dc.relation.reference (參考文獻) 9. Kaplan, Robert S. and Norton, David P.. 2004. “Strategy Maps: Converting Intangible Assets into Tangible Outcomes”. Harvard Business School Press.zh_TW
dc.relation.reference (參考文獻) 10. Kearney, A. T. 1999. “Corporate Marriage: Blight or Bliss? A Monograph on Post-Merger Integration” .zh_TW
dc.relation.reference (參考文獻) 11. King, David R, Daily, Catherine M., and Covin, Jefferey G. 2004. “Meta-Analysis of Post-Acquisitions Performance: Indications of Unidentified Moderators” Strategy Management Journal pp187 – 200.zh_TW
dc.relation.reference (參考文獻) 12. Kluyver, Cornelis A. De and Pearce II, John A.. 2003. “Strategy: A View from the Top” Prentice Hall, pp 45-46, 102-131.zh_TW
dc.relation.reference (參考文獻) 13. Lajoux, Alexandra Reed. 2006. The Art of M&A Integration: A Guide to Merging Resources, Processes, and Responsibilities, 2nd edition, pp.26-27.zh_TW
dc.relation.reference (參考文獻) 14. Nahavandi, A. & Malekzadeh, A.R. 1988. “Acculturation in mergers and acquisitions.” Academy of Management Review, 13(1), 79090.zh_TW
dc.relation.reference (參考文獻) 15. Ou, Audi. 2007. “HR Perspectives for Cross-Border M&As in Taiwan – Case Studies on Three Taiwanese Corporations”. MBA Thesis. National Chengchi Universtiy.zh_TW
dc.relation.reference (參考文獻) 16. Paulson, Ed and Court Huber. 2001. The Technology M&A Guidebook (New York John Wiley & Sons). pp. 405 – 408.zh_TW
dc.relation.reference (參考文獻) 17. Pautler, Paul A. 2003. “The Effects of Mergers and Post-Merger Integration: A Review of Business Consulting Literature”, Bureau of Economics Federal Trade Commission.zh_TW
dc.relation.reference (參考文獻) 18. Pomeroy, Ann. 2005. “A Fitting Role”. HR Magazinezh_TW
dc.relation.reference (參考文獻) 19. Pritchett, Prince, Robinson, Donald, and Clarkson, Rusell, 1997. “After the Merger: The Authoritative Guide for Integration Success”, Revised Edition, pp. 5-7, McGraw-Hill.zh_TW
dc.relation.reference (參考文獻) 20. Roland Berger Strategy Consultants. 2006. “Mastering Post Merger Integration” Hamburg.zh_TW
dc.relation.reference (參考文獻) 21. Shelton, Michael and Sias, Diane. 2002. McKinsey & Co., Presentation to the Federal Trade Commission on Issues in Post-Merger Integration, Washington.zh_TW
dc.relation.reference (參考文獻) 22. Shrisvastava, P. 1986. Postmerger integration. The Journal of Business Strategy, 7(1), 65-76.zh_TW
dc.relation.reference (參考文獻) 23. Thompson, Arthur A., Strickland A. J., Gamble, John E. 2007. “Crafting and Executing Strategy”, 15th Edition McGraw-Hill Irwin, p. 162-181.zh_TW
dc.relation.reference (參考文獻) 24. Tsai, Mark. 2007. “Managing Strategy and Process of Post-Merger Integration of IT and Operations: Case Studies on M&A of Taishin-Dah An and Chinatrust-GCB”. MBA Thesis. National Chengchi University.zh_TW
dc.relation.reference (參考文獻) 25. Viscio, Albert J., Harbison, John R., Asin, Amy, and Vitaro, Richard P. 1999. “Post-Merger Integration: What Makes Mergers Work?” Fourth Quarter.zh_TW
dc.relation.reference (參考文獻) 26. Zollo, Maurizio and Harbir, Singh. 2004. “Deliberate Learning in Corporate Acquisitions: Post-Acquisition Strategies and Integration Capability in U.S Bank Mergers”, Strategy Management Journal pp. 1233 – 1256.zh_TW
dc.relation.reference (參考文獻) Chinesezh_TW
dc.relation.reference (參考文獻) 1. 黃亦筠,「併購高手: 衛浴用品業, 成霖企業: 用流程 DNA 征戰國際」,zh_TW
dc.relation.reference (參考文獻) 天下雜誌,2006年8月2日,第80頁至第82頁。zh_TW
dc.relation.reference (參考文獻) 2. 張孝勍、盧映利,「北美水龍頭大王: 歐陽明海狼人生」,非凡新聞e周刊,2006年11月19日,第51頁至第59頁。zh_TW
dc.relation.reference (參考文獻) 3. 張孝勍、盧映利,「成霖併購不敗手冊: 讓併購對象成為你的競爭優勢」,非凡新聞e周刊,2006年11月19,第60頁至第63頁。zh_TW
dc.relation.reference (參考文獻) 4. Wei, Ten-Jau (1992), “企業購併的十大迷失” 世界經理文摘 ,第42頁至第50頁。zh_TW
dc.relation.reference (參考文獻) 5. 于卓民,「國際企業環境與管理」,2005年4月二版,華泰文化,第212頁至第229頁。zh_TW
dc.relation.reference (參考文獻) 6. 廖宜慶、范凱棠,2006,「成霖企業股份有限公司 (A) & (B) 個案分析」,國立中興大學企業管理研究所碩士論文。zh_TW
dc.relation.reference (參考文獻) 7. 唐國昌,「掌握3C的合作模式」,1992年11月21版,工商時報。zh_TW
dc.relation.reference (參考文獻) 8. 楊淑娟,2005,「台灣衛浴產業核心競爭策略之探討- 以成霖企業為例」,zh_TW
dc.relation.reference (參考文獻) 東海大學企業管理研究所碩士論文。zh_TW