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題名 購併後整合與管理-以高科技公司為例
作者 徐碩甫
貢獻者 于卓民
徐碩甫
關鍵詞 購併
購後整合
併後整合
整合團隊
日期 2010
上傳時間 29-Sep-2011 16:31:40 (UTC+8)
摘要 近年來全球的購併案有增無減,購併對企業的生存地位與競爭優勢越顯重要,且隨著關鍵資源越趨珍貴,以及市場競爭態勢越趨劇烈,許多企業僅藉由內部成長已難以因應環境的變遷或是股東對公司成長的期待,故越來越多公司轉向採取外部成長—購併的方式。近年新興市場的崛起,更讓許多跨國企業於全球市場積極尋找購併目標,加緊攻城掠地。然而,當眾多企業汲汲營營搜尋良好的購併標的,試著獲取競爭資源與擴張營運版圖的同時,往往忽略購併最根本的管理問題,亦即被併公司進入主併公司後之整合。企業欲從購併中獲得經營績效的改善、營收利潤的提升或其他營運綜效的產生,購併合約的完成僅是開端,真正能為主併公司帶來實際價值的是合約完成後之各項整合工作。
本研究透過產學合作的方式,進行論文之撰寫,同時,在公司經營企畫室實習期間,一方面瞭解個案公司提供購併案例的營運模式、組織規劃、購併策略與整合流程,另一方面舉辦個案研討會,協助個案公司改善策略方向與行動方案。
本研究根據文獻探討發展一購併後整合與管理之初步架構,藉由該架構逐步分析個案公司購併的三個案例,以瞭解個案公司過去購併後整合與管理的過程與內容,並提出適當的策略建議;接著,個案公司在改善己身購併整合流程後,將新的策略與制度實際執行於另一收購案例公司。本研究在瞭解個案公司實務操作過程後,結合文獻探討的諸項管理重點,重新修正與完成購併後整合與管理之架構,做為個案公司日後進行購併後整合與管理的基礎。
本研究結果有二。其一,瞭解企業如何進行與優化購併後整合之管理;其二,透過分析個案公司之購併整合流程,瞭解「較無購併整合經驗之主併公司採取的購併後管理內容」,並完成購併後整合與管理之架構。本研究有兩項重要的實務意涵。首先,提供購併經驗較為缺乏的工業電腦產業或相似企業,欲執行購併後整合之策略制定與方案規劃的思考架構;其次,公司應檢視己身資源與條件,對購併後整合的管理項目予以適當地修正。
Mergers and acquisitions (M&A) are becoming more and more important for enterprises to survive, gain advantages, and extend territories in competitive environment. While resources are getting more precious and competition within markets is fiercer, it’s more difficult for a company to deal with variant challenges or high expectations from shareholders through internal growth. As a result, companies turn to external growth engine—mergers and acquisitions. However, most companies might ignore or underestimate the importance of integration after mergers and acquisitions while they focus on target searching, territory expanding, and resources acquiring. Companies want to secure much more profits and enhance their competitive advantages through merging or acquiring another company should understand that accomplishment of contract is just the beginning. The following integration is the ultimately fundamental.
The case company is an industrial computer company. Three M&A cases the case company executed are described and analyzed by the initial research structure developed after studying documents and references. The research held two case workshops. Executives and managers from case company participated in the first workshop to discuss and improve the current process of integration management. After the first workshop, the case company ameliorated its post M&A integration strategies and procedures, and applied it in another M&A case. The case is presented in detail. The second workshop focused on reviewing the change of management and enhancing the integration procedures and organizations. The structure of post-merger or post-acquisition management is modified combining former academic researches and practical implementation of the case company.
The research leads to two main results. First, the research examines how an enterprise implements and optimizes the process and management of post-mergers and post-acquisitions. Second, the research constructs a structure of post merger and acquisition management through analyzing and studying a case company not taking M&A as principal growth engine. The structure provides an initial framework of post merger and post acquisition for companies to establish systematical procedures and integration organizations.
參考文獻 1. 司徒達賢(2005)。管理學的新世界,台北:天下遠見出版股份有限公司。
2. 吳芳銘(2006)。購併成長-面對中國高速經濟成長的策略,台北:時英出版社。
3. 林武田(2005),「企業購併評價模式之研究—以台灣元大京華證券承作案為例」,澳門科技大學管理博士學位論文。
4. 林瑞晶(1994),「從選擇與集中之思維探討寬頻網路IA時代台灣個案IT企業集團之投資購併策略」,國立政治大學商學院經營管理碩士學程企管組商學碩士。
5. 陳小洪、李兆熙(2010)。中國企業併購重組,北京:中國發展出版社。
6. 黃嵩、李昕暘(2008)。兼併與收購,北京:中國發展出版社。
7. 葉揚(2008),「新興市場中的進入與擴張模式:以土耳其市場中的台灣工業電腦公司為例」,國立政治大學企業管理學系碩士論文。
8. 謝劍平(2010)。現代投資銀行,第三版,台北:智勝文化事業有限公司。
英文文獻
1. Ashkenas, R. N., DeMonaco L. J., & Francis, S. C. (1997). Making the Deal Real: How GE Capital Integrates Acquisitions, Harvard Business Review, pp.5-15.
2. Bannert-Thurner, V. (2005). Mastering the Acquirer’s Innovation Dilemma. New York: Palgrave MacMillan.
3. Berry, J. W. (1983). “Acculturation: A Comparative Analysis of Alternative Forms,” In Perspectives in Immigrant and Minority Education, edited by Samuda, R.J., & Woods, S.L., Lanham, MD: University Press of America, pp.66-77.
4. Burgelman, R. A., & Mckinney, W. (2006). Managing the Strategic Dynamics of Acquisition Integration: Lessons from HP and Compaq, California Management Review, Vol. 48, Issue 3, pp.6-27.
5. Birkinshaw, J., Bresman, H., & Hakanson, L. (2000). Managing the Post-Acquisition Integration Process: How The Human Integration and Task Integration Processes Interact to Foster Value Creation, Journal of Management Studies, Vol. 37, Issue 3, pp.395-425.
6. Brock, D. (2005). Multinational Acquisition Integration: The Role of National Culture in Creating Synergies, International Business Review, Vol. 14, Issue 3, pp.269-288.
7. Cannella, A. & Hambrick, D. (1993). Effects of Executive Departures on the Performance of Acquired Firms, Strategic Management Journal, Vol. 14, Special Issue, pp.137-152.
8. Datta, D. K. (1991) Organizational Fit and Acquisition Performance: Effects of Post-Acquisition Integration, Strategic Management Journal, Vol. 12, Issue 4, pp.281-297.
9. Epstein, M. J. (2004). The Drivers of Success in Post-Merger Integration. Organizational Dynamics, Vol. 33, Issue. 2, pp.174-189.
10. He, Yi. (2009). Post-acquisition Management in China. Oxford: Chandos Publishing.
11. Kasper, C.G., Tempest, N., Holloway, C.A., & Wheelwright, S.C. (1999). “Cisco Systems, Inc.: Acquisition Integration for Manufacturing,” Case: OIT-26, Harvard Business Publishing.
12. Krug, A.J. (2003), Executive Turnover in Acquired Firms: An Analysis of Resource-Based Theory and the Upper Echelons Perspective, Journal of Management and Governance, Vol. 7, Issue 2, pp.117-143.
13. Paine, F. T., & Power, D. J. (1984). Merger Strategy: An Examination of Drucker’s Five Rules for Successful Acquisitions, Strategic Management Journal, Vol. 5, Issue 2, pp.99-110.
14. Harwood, I. A., & Chapman, C. B. (2009). Risk Bartering: What Post–M&A Integration Teams Really Do, Strategic Change, Vol. 18, Issue 5/6, pp.157-178.
15. Haspeslagh, P.C., & Jemison, D. B. (1991). Managing Acquisitions: Creating Value through Corporate Renewal. New York: Free Press.
16. Homburg, C., & Bucerius, M. (2006). Is Speed of Integration Really a Success Factor of Mergers and Acquisitions? An Analysis of the Role of Internal and External Relatedness, Strategic Management Journal, Vol. 27, Issue 4, pp.347-367.
17. Krug, J. A. (2008). Mergers and Acquisitions. Volume 2. Singapore: SAGE.
18. Krug, J. A. (2008). Mergers and Acquisitions. Volume 3. Singapore: SAGE.
19. Nahavandi, A., & Malekzadeh, A. R. (1998). Acculturation in Mergers and Acquisitions, Academy of Management, Vol. 13, Issue 1, pp.79-90.
20. Napier, K.N. (1989). Mergers and Acquisitions, Human Resource Issues and Outcomes: A Review and Suggested Typology, Journal of Management Studies, Vol. 26, Issue 3, pp.271-289.
21. Newman, M.J., & Krzystofiak, J.F. (1993). Changes in Employee Attitudes after an Acquisition: A Longitudinal Analysis, Group & Organization Studies, Vol. 18, Issue 4, pp.390-409.
22. Olie, R. (1994). Shades of Culture and Institutions in International Mergers, Organization Studies, Vol. 15, Issue 3, pp.381-405.
23. Palmatier, W.R., Miao, F.C., & Fang, E. (2007). Sales Channel Integration after Mergers and Acquisitions: A Methodological Approach for Avoiding Common Pitfalls, Industrial Marketing Management, Vol. 36, Issue 5, pp.589-603.
24. Quah, P., & Young, S. (2005). Post-acquisition Management: A Phases Approach for Cross-border M&As, European Management Journal, Vol. 23, Issue 1, pp. 65-75.
25. Schoenberg, R. (2006). Measuring the Performance of Corporate Acquisitions: An Empirical Comparison of Alternative Metrics, British Journal of Management, Vol. 17, Issue 4, pp.361-370.
26. Schuler, R., & Jackson. S. (2001). HR Issues and Activities in Mergers and Acquisitions, European Management Journal, Vol. 19, No. 3, pp.239-253.
27. Shelton, J.M., Fontilla, D., Huyett, B., & Sias, D. (2003). Managing Your Integration Manager, McKinsey Quarterly, Special Edition, Issue 4, pp.80-88.
28. TATA Consultancy Services, Manufacturing and Extended Manufacturing – Post Acquisition Integration (M&A) in the Semiconductor Industry.
29. Tetenbaum, T. J. (1999). Beating the Odds of Merger & Acquisition Failure: Seven Key Practices That Improve The Chance for Expected Integration and Synergies, Organizational Dynamics, Vol. 28, Issue 2, pp.22-36.
30. THOMSON REUTERS, Mergers & Acquisitions Review, First Nine Months 2010.
31. THOMSON REUTERS, Mergers & Acquisitions Review, Full Year 2010.
32. Walsh, P.J. (1988). Top Management Turnover Following Mergers and Acquisitions, Strategic Management Journal, Vol. 9, Issue 2, pp.173-183.
33. Weber, R.A., & Camerer, C.F. (2003). Cultural Conflict and Merger Failure: An Experimental Approach, Management Science, Vol. 49, Issue 4, pp.400-415.
34. Weber, Y., Shenkar, O., & Raveh, A. (1996). National and Corporate Cultural Fit in Mergers/Acquisitions: An Exploratory Study. Management Science, Vol. 42, Issue 8, pp.1215-1227.
35. Yao, Betty. (2009). A Case Study on the Post Merger and Acquisition Integration Strategy of Globe Union Inc., Master’s Thesis, International MBA Program College of Commerce, National Chengchi University
參考網站
1. Bloomberg,http://www.bloomberg.com/
2. THOMSON REUTERS,http://thomsonreuters.com/
3. http://www.valuebasedmanagement.net/
描述 碩士
國立政治大學
企業管理研究所
98355023
99
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0098355023
資料類型 thesis
dc.contributor.advisor 于卓民zh_TW
dc.contributor.author (Authors) 徐碩甫zh_TW
dc.creator (作者) 徐碩甫zh_TW
dc.date (日期) 2010en_US
dc.date.accessioned 29-Sep-2011 16:31:40 (UTC+8)-
dc.date.available 29-Sep-2011 16:31:40 (UTC+8)-
dc.date.issued (上傳時間) 29-Sep-2011 16:31:40 (UTC+8)-
dc.identifier (Other Identifiers) G0098355023en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/50739-
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zh_TW
dc.description (描述) 98355023zh_TW
dc.description (描述) 99zh_TW
dc.description.abstract (摘要) 近年來全球的購併案有增無減,購併對企業的生存地位與競爭優勢越顯重要,且隨著關鍵資源越趨珍貴,以及市場競爭態勢越趨劇烈,許多企業僅藉由內部成長已難以因應環境的變遷或是股東對公司成長的期待,故越來越多公司轉向採取外部成長—購併的方式。近年新興市場的崛起,更讓許多跨國企業於全球市場積極尋找購併目標,加緊攻城掠地。然而,當眾多企業汲汲營營搜尋良好的購併標的,試著獲取競爭資源與擴張營運版圖的同時,往往忽略購併最根本的管理問題,亦即被併公司進入主併公司後之整合。企業欲從購併中獲得經營績效的改善、營收利潤的提升或其他營運綜效的產生,購併合約的完成僅是開端,真正能為主併公司帶來實際價值的是合約完成後之各項整合工作。
本研究透過產學合作的方式,進行論文之撰寫,同時,在公司經營企畫室實習期間,一方面瞭解個案公司提供購併案例的營運模式、組織規劃、購併策略與整合流程,另一方面舉辦個案研討會,協助個案公司改善策略方向與行動方案。
本研究根據文獻探討發展一購併後整合與管理之初步架構,藉由該架構逐步分析個案公司購併的三個案例,以瞭解個案公司過去購併後整合與管理的過程與內容,並提出適當的策略建議;接著,個案公司在改善己身購併整合流程後,將新的策略與制度實際執行於另一收購案例公司。本研究在瞭解個案公司實務操作過程後,結合文獻探討的諸項管理重點,重新修正與完成購併後整合與管理之架構,做為個案公司日後進行購併後整合與管理的基礎。
本研究結果有二。其一,瞭解企業如何進行與優化購併後整合之管理;其二,透過分析個案公司之購併整合流程,瞭解「較無購併整合經驗之主併公司採取的購併後管理內容」,並完成購併後整合與管理之架構。本研究有兩項重要的實務意涵。首先,提供購併經驗較為缺乏的工業電腦產業或相似企業,欲執行購併後整合之策略制定與方案規劃的思考架構;其次,公司應檢視己身資源與條件,對購併後整合的管理項目予以適當地修正。
zh_TW
dc.description.abstract (摘要) Mergers and acquisitions (M&A) are becoming more and more important for enterprises to survive, gain advantages, and extend territories in competitive environment. While resources are getting more precious and competition within markets is fiercer, it’s more difficult for a company to deal with variant challenges or high expectations from shareholders through internal growth. As a result, companies turn to external growth engine—mergers and acquisitions. However, most companies might ignore or underestimate the importance of integration after mergers and acquisitions while they focus on target searching, territory expanding, and resources acquiring. Companies want to secure much more profits and enhance their competitive advantages through merging or acquiring another company should understand that accomplishment of contract is just the beginning. The following integration is the ultimately fundamental.
The case company is an industrial computer company. Three M&A cases the case company executed are described and analyzed by the initial research structure developed after studying documents and references. The research held two case workshops. Executives and managers from case company participated in the first workshop to discuss and improve the current process of integration management. After the first workshop, the case company ameliorated its post M&A integration strategies and procedures, and applied it in another M&A case. The case is presented in detail. The second workshop focused on reviewing the change of management and enhancing the integration procedures and organizations. The structure of post-merger or post-acquisition management is modified combining former academic researches and practical implementation of the case company.
The research leads to two main results. First, the research examines how an enterprise implements and optimizes the process and management of post-mergers and post-acquisitions. Second, the research constructs a structure of post merger and acquisition management through analyzing and studying a case company not taking M&A as principal growth engine. The structure provides an initial framework of post merger and post acquisition for companies to establish systematical procedures and integration organizations.
en_US
dc.description.tableofcontents 謝辭 I
摘要 III
Abstract IV
目 錄 V
圖目錄 VII
表目錄 VIII
第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究問題與目的 3
第三節 研究程序 4
第四節 論文結構 6
第二章 文獻探討 7
第一節 購併的定義與型態 7
第二節 購併後整合 9
第三節 購併後產品研發與業務之整合與管理 12
第四節 購併後人力資源之整合與管理 15
第五節 購併後企業文化之整合與管理 19
第六節 過去重要的購併整合實務案例 22
第七節 購併後整合之關鍵要素與流程 32
第八節 購併後整合與管理之一般性架構 37
第三章 研究架構與方法 44
第一節 研究架構 44
第二節 研究方法 45
第三節 訪談大綱 50
第四章 A科技股份有限公司之購併後整合與管理 54
第一節 A公司 54
第二節 A公司購併後整合運作方式(2010年9月以前) 58
第三節 A公司收購案例公司之介紹 59
第四節 A公司購併後整合—管理收購個案公司之分析 67
第五章 A公司購併後整合與管理之轉變 82
第一節 A公司購併後整合與管理之調整 82
第二節 X科技股份有限公司 84
第三節 修正式購併後整合與管理之架構 95
第六章 結論與建議 100
第一節 研究結論 100
第二節 實務意涵 103
第三節 研究限制與後續研究之建議 105
參考文獻 107
zh_TW
dc.language.iso en_US-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0098355023en_US
dc.subject (關鍵詞) 購併zh_TW
dc.subject (關鍵詞) 購後整合zh_TW
dc.subject (關鍵詞) 併後整合zh_TW
dc.subject (關鍵詞) 整合團隊zh_TW
dc.title (題名) 購併後整合與管理-以高科技公司為例zh_TW
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) 1. 司徒達賢(2005)。管理學的新世界,台北:天下遠見出版股份有限公司。zh_TW
dc.relation.reference (參考文獻) 2. 吳芳銘(2006)。購併成長-面對中國高速經濟成長的策略,台北:時英出版社。zh_TW
dc.relation.reference (參考文獻) 3. 林武田(2005),「企業購併評價模式之研究—以台灣元大京華證券承作案為例」,澳門科技大學管理博士學位論文。zh_TW
dc.relation.reference (參考文獻) 4. 林瑞晶(1994),「從選擇與集中之思維探討寬頻網路IA時代台灣個案IT企業集團之投資購併策略」,國立政治大學商學院經營管理碩士學程企管組商學碩士。zh_TW
dc.relation.reference (參考文獻) 5. 陳小洪、李兆熙(2010)。中國企業併購重組,北京:中國發展出版社。zh_TW
dc.relation.reference (參考文獻) 6. 黃嵩、李昕暘(2008)。兼併與收購,北京:中國發展出版社。zh_TW
dc.relation.reference (參考文獻) 7. 葉揚(2008),「新興市場中的進入與擴張模式:以土耳其市場中的台灣工業電腦公司為例」,國立政治大學企業管理學系碩士論文。zh_TW
dc.relation.reference (參考文獻) 8. 謝劍平(2010)。現代投資銀行,第三版,台北:智勝文化事業有限公司。zh_TW
dc.relation.reference (參考文獻) 英文文獻zh_TW
dc.relation.reference (參考文獻) 1. Ashkenas, R. N., DeMonaco L. J., & Francis, S. C. (1997). Making the Deal Real: How GE Capital Integrates Acquisitions, Harvard Business Review, pp.5-15.zh_TW
dc.relation.reference (參考文獻) 2. Bannert-Thurner, V. (2005). Mastering the Acquirer’s Innovation Dilemma. New York: Palgrave MacMillan.zh_TW
dc.relation.reference (參考文獻) 3. Berry, J. W. (1983). “Acculturation: A Comparative Analysis of Alternative Forms,” In Perspectives in Immigrant and Minority Education, edited by Samuda, R.J., & Woods, S.L., Lanham, MD: University Press of America, pp.66-77.zh_TW
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