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題名 企業併購後整合過程之研究
A Study on Post-M&A Integration作者 魏仰賢
Wei, Yang Hsien貢獻者 譚丹琪
Tan, Dan Chi
魏仰賢
Wei, Yang Hsien關鍵詞 企業併購
收購
購併
整合
M&A
Merger
Acquisition
integration日期 2013 上傳時間 1-May-2015 11:30:49 (UTC+8) 摘要 企業併購策略往往是公司重要之成長策略。然而，文獻及實證研究發現企業進行併購之成效多未如預期，並認為併購後整合過程對於併購成敗有重大影響。本文以個案研究的方法，依跨國性質、自主性，以及整合程度之不同，挑選三間台灣企業之併購個案，探討影響企業併購後整合過程之因素。由研究中發現，在收購與被收購公司間文化差異較大時，宜放慢整合過程，較長時間之整合比較能夠確保併購案策略目的之達成。另外，被收購公司於併購案完成後，被授與之自主性較低時，文化差異之影響會較為明顯。於收購及被收購公司對併購案參與程度對整合之影響，本研究發現，收購公司與被收購公司過往之併購經驗將有助於整合順利進行。而，併購後整合團隊，若能由雙方之管理高層共同組成，將能減少整合過程所遭遇之障礙，使整合過程進行較為順利，並有助於未預期價值之創造。最後，對於自主性與整合程度部分，本研究不同於過往之研究，發現整合程度高與自主性高在某些條件下可能同時存在。 參考文獻 Aguilera, Ruth V. and John C. Dencker (2004), The Role of Human Resource Management In Cross-Border Mergers and Acquisitions, The International Journal of Human Resource Management, Vol. 15, Issue 8, Pp.1355-1370.Bauer, Florian and Kurt Matzler(2014), Antecedents of M&A Success: The Role of Strategic Complementarity, Cultural Fit, and Degree and Speed of Integration, Strategic Management Journal, Vol. 35, Issue 2, Pp. 269–291.Birkinshaw, Julian, Henrik Bresman and Lars Håkanson(2000), Managing The Post-Acquisition Integration Process: How The Human Iintegration and Task Integration Processes Interact To Foster Value Creation, Journal of Management Studies, Vol.37, Issue 3, Pp.395-425.Bohl, D. H.(1989), Tying The Corporate Knot, N.Y.:American Management Association. Buono, Anthony F. and James L. Bowditch(1989), The Human Side of Mergers and Acquisitions. San Francisco, Ca: Jossey-Bass.Buono, Anthony F. and James L. Bowditch(2003),The Human Side of Mergers and Acquisitions, Washington D.C.: Beardbooks.Carleton, J. Robert and Claude Lineberry(2004), Achieveing Post-Merger Success: A Stakeholder’S Guide To Cultural Due Diligence, Assessment, and Integration, C.A.: Pfeiffer.Chatterjee, Sayan, Michael H. Lubatkin, David M. Schweiger and Yaakov Weber(1992), Strategic Management Journal, Vol. 13, Issue 5, Pp. 319–334.Colman, Helene Loe and Randi Lunnan(2011), Organizational Identification and Serendipitous Value Creation In Post-Acquisition Integration, Journal of Management, Vol. 37, No. 3, Pp.839-860.Coopers and Lybrand(1996),Most Acquisitions Fail, C&L Study Says, Mergers & Acquisitions Report7, Vol. 47, Pp. 2.Cording, M., P. Christman and D. R. King(2008), Reducing Causal Ambiguity In Acquisition Integration: Intermediate Goals As Mediators of Integration Decisions and Acquisition Performance, Academy of Management Journal, Vol.51, Pp.744–767.Dalton, D.R., Boards of Directors, and Acquisition Performance, Journal of Business Research, Vol.60, Pp.331–338. Datta, Deepak K. 1. (1991), Organizational Fit and Acquisition Performance: Effects of Post-Acquisition Integration, Strategic Management, Vol.12, Issue 4, Pp.281-297.Datta, Deepak K. and George Puia(1995), Cross-Border Acquisitions: An Examination of The Influence of Relatedness and Cultural Fit On Shareholder Value Creation In U.S. Acquiring Firms, Management International Review, Vol. 35, No. 4, Pp. 337-359Datta, Deepak K. and John H. Grant(1990), Relationships Between Type of Acquisition, The Autonomy Given To The Acquired Firm, and Acquisition Success: An Empirical Analysis, Journal of Management, Vol.16, No.1, Pp.29-44.Datta, Deepak K.(1991), Organizational Fit and Acquisition Performance: Effects of Post-Acquisition Integration, Strategic Management Journal, Vol.12, Issue 4, Pp.281-297.Depamphills, Donald(2011), Mergers and Acquisitions Basics: All You Need To Know, Elsevier.Ellis, K.M., T.H. Reus, B.T. Lamont(2009), The Effects of Procedural and Informational Justice In The Integration of Related Acquisitions, Strategic Management Journal, Vol.30, Issue 2, Pp.137–161.Folta, Timothy B. and Jonathan P. O`brien(2008), Determinants of Firm-Specific Thresholds In Acquisition Decisions, Managerial and Decision Economics Special Issue: Frontiers of Strategic Management Research, Vol. 29, Issue 2-3, Pages 209–225.Graebner, Melissa E.(2004), Momentum and Serendipity: How Acquired Leaders Create Value In The Integration of Technology Firms, Strategic Management Journal Special Issue: The Global Acquisition, Leverage, and Protection of Technological Competencies, Vol.25, Issue 8-9, Pages 751–777.Greenwood, Royston, C.R. Hinings, John Brown(1994), Merging Professional Service Firms, Organization Science, Vol.5, Issue 2, Pp.239-257.Haleblian, Jerayr, Cynthia E. Devers, Gerry Mcnamara, Mason A. Carpenter and Robert B. Davison(2009), Taking Stock of What We Know About Mergers and Acquisitions: A Review and Research Agenda, Journal of Management, Vol.35, No.3, Pp.469-502.Hambrick, Donald C. and Albert A. Cannella Jr(1993)., Relative Standing: A Framework For Understanding Departures of Acquired Executives, Acad Manage Journal, Vol. 36, No.4, Pp.733-762. Harrison, Jeffrey S., Michael A. Hitt, Robert E. Hoskisson and R. Duane Ireland(2001), Resource Complementarity In Business Combinations: Extending The Logic To Organizational Alliances, Journal of Management, Vol. 27, No. 6, Pp. 679-690.Harrison, Jeffrey S., Michael A. Hitt, Robert E. Hoskisson and R. Duane Ireland(1991), Synergies and Post-Acquisition Performance: Differences Versus Similarities In Resource Allocations, Journal of Management, Vol. 17, No. 1, Pp.173-190.Harrison, Jeffrey S., Michael A. Hitt, Robert E. Hoskisson and R. 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Strategic Management Journal, Vol. 18, Pp.593-614.Weber, Yaakov and Nava Pliskin(1996), The Effects of Information Systems Integration and Organizational Culture On A Firm`s Effectiveness, Information and Management, Vol.30, Issue 2, Pp.81-90.Weber, Yaakov(1996), Corporate Culture Fit and Performance In Mergers and Acquisitions, Human Relations, Vol.49, Issue 9, Pp.1181-1202.Weitzel, U. andk. J. Mccarthy (2011) Theory and Evidence On Mergers and Acquisitions By Small and Medium Enterprises, International Journal of Entrepreneurship and Innovation Management, Vol. 14, Issue 2, Pp.248–275.Zaheer, A., X. Castaner and D.Souder (2013), Synergy Sources, Target Autonomy, and Integration In Acquisitions, Journal of Management, Vol.39, No.3, Pp.604-632.Zollo, M. and H. Singh(2004), Deliberate Learning In Corporate Acquisitions: Post-Acquisition Strategies and Integration Capability In U.S. Bank Mergers, Strategic Management Journal, Vol.25, Issue 13, Pp.1233-1256. 描述 碩士
國立政治大學
國際經營與貿易研究所
101351023
102資料來源 http://thesis.lib.nccu.edu.tw/record/#G1013510231 資料類型 thesis dc.contributor.advisor 譚丹琪 zh_TW dc.contributor.advisor Tan, Dan Chi en_US dc.contributor.author (Authors) 魏仰賢 zh_TW dc.contributor.author (Authors) Wei, Yang Hsien en_US dc.creator (作者) 魏仰賢 zh_TW dc.creator (作者) Wei, Yang Hsien en_US dc.date (日期) 2013 en_US dc.date.accessioned 1-May-2015 11:30:49 (UTC+8) - dc.date.available 1-May-2015 11:30:49 (UTC+8) - dc.date.issued (上傳時間) 1-May-2015 11:30:49 (UTC+8) - dc.identifier (Other Identifiers) G1013510231 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/74911 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 國際經營與貿易研究所 zh_TW dc.description (描述) 101351023 zh_TW dc.description (描述) 102 zh_TW dc.description.abstract (摘要) 企業併購策略往往是公司重要之成長策略。然而，文獻及實證研究發現企業進行併購之成效多未如預期，並認為併購後整合過程對於併購成敗有重大影響。本文以個案研究的方法，依跨國性質、自主性，以及整合程度之不同，挑選三間台灣企業之併購個案，探討影響企業併購後整合過程之因素。由研究中發現，在收購與被收購公司間文化差異較大時，宜放慢整合過程，較長時間之整合比較能夠確保併購案策略目的之達成。另外，被收購公司於併購案完成後，被授與之自主性較低時，文化差異之影響會較為明顯。於收購及被收購公司對併購案參與程度對整合之影響，本研究發現，收購公司與被收購公司過往之併購經驗將有助於整合順利進行。而，併購後整合團隊，若能由雙方之管理高層共同組成，將能減少整合過程所遭遇之障礙，使整合過程進行較為順利，並有助於未預期價值之創造。最後，對於自主性與整合程度部分，本研究不同於過往之研究，發現整合程度高與自主性高在某些條件下可能同時存在。 zh_TW dc.description.tableofcontents 摘要 1第一章 緒論 3第一節 研究背景及動機 3第二節 研究目的 4第二章 文獻探討 5第一節 收購 5第二節 收購後整合 12第三章 研究方法 23第一節 研究方法 23第二節 研究對象選取 24第三節 資料蒐集來源 25第四章 個案訪談結果 26第一節 歐艾斯收購案 26第二節 緯創收購光寶顯示器部門 37第三節 台灣 A 公司收購美國 B 公司 44第五章 個案比較與分析結果 52第一節 個案比較 52第二節 分析結果 58第五章 結論與建議 64第一節 結論 64第二節 研究限制 66第三節 後續研究建議 67第四節 管理者之建議 68參考文獻 70附錄一 訪談逐字內容 77個案一 77個案二 86 zh_TW dc.format.extent 2334157 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G1013510231 en_US dc.subject (關鍵詞) 企業併購 zh_TW dc.subject (關鍵詞) 收購 zh_TW dc.subject (關鍵詞) 購併 zh_TW dc.subject (關鍵詞) 整合 zh_TW dc.subject (關鍵詞) M&A en_US dc.subject (關鍵詞) Merger en_US dc.subject (關鍵詞) Acquisition en_US dc.subject (關鍵詞) integration en_US dc.title (題名) 企業併購後整合過程之研究 zh_TW dc.title (題名) A Study on Post-M&A Integration en_US dc.type (資料類型) thesis en dc.relation.reference (參考文獻) Aguilera, Ruth V. and John C. Dencker (2004), The Role of Human Resource Management In Cross-Border Mergers and Acquisitions, The International Journal of Human Resource Management, Vol. 15, Issue 8, Pp.1355-1370.Bauer, Florian and Kurt Matzler(2014), Antecedents of M&A Success: The Role of Strategic Complementarity, Cultural Fit, and Degree and Speed of Integration, Strategic Management Journal, Vol. 35, Issue 2, Pp. 269–291.Birkinshaw, Julian, Henrik Bresman and Lars Håkanson(2000), Managing The Post-Acquisition Integration Process: How The Human Iintegration and Task Integration Processes Interact To Foster Value Creation, Journal of Management Studies, Vol.37, Issue 3, Pp.395-425.Bohl, D. H.(1989), Tying The Corporate Knot, N.Y.:American Management Association. Buono, Anthony F. and James L. Bowditch(1989), The Human Side of Mergers and Acquisitions. San Francisco, Ca: Jossey-Bass.Buono, Anthony F. and James L. Bowditch(2003),The Human Side of Mergers and Acquisitions, Washington D.C.: Beardbooks.Carleton, J. Robert and Claude Lineberry(2004), Achieveing Post-Merger Success: A Stakeholder’S Guide To Cultural Due Diligence, Assessment, and Integration, C.A.: Pfeiffer.Chatterjee, Sayan, Michael H. Lubatkin, David M. Schweiger and Yaakov Weber(1992), Strategic Management Journal, Vol. 13, Issue 5, Pp. 319–334.Colman, Helene Loe and Randi Lunnan(2011), Organizational Identification and Serendipitous Value Creation In Post-Acquisition Integration, Journal of Management, Vol. 37, No. 3, Pp.839-860.Coopers and Lybrand(1996),Most Acquisitions Fail, C&L Study Says, Mergers & Acquisitions Report7, Vol. 47, Pp. 2.Cording, M., P. Christman and D. R. King(2008), Reducing Causal Ambiguity In Acquisition Integration: Intermediate Goals As Mediators of Integration Decisions and Acquisition Performance, Academy of Management Journal, Vol.51, Pp.744–767.Dalton, D.R., Boards of Directors, and Acquisition Performance, Journal of Business Research, Vol.60, Pp.331–338. Datta, Deepak K. 1. (1991), Organizational Fit and Acquisition Performance: Effects of Post-Acquisition Integration, Strategic Management, Vol.12, Issue 4, Pp.281-297.Datta, Deepak K. and George Puia(1995), Cross-Border Acquisitions: An Examination of The Influence of Relatedness and Cultural Fit On Shareholder Value Creation In U.S. Acquiring Firms, Management International Review, Vol. 35, No. 4, Pp. 337-359Datta, Deepak K. and John H. Grant(1990), Relationships Between Type of Acquisition, The Autonomy Given To The Acquired Firm, and Acquisition Success: An Empirical Analysis, Journal of Management, Vol.16, No.1, Pp.29-44.Datta, Deepak K.(1991), Organizational Fit and Acquisition Performance: Effects of Post-Acquisition Integration, Strategic Management Journal, Vol.12, Issue 4, Pp.281-297.Depamphills, Donald(2011), Mergers and Acquisitions Basics: All You Need To Know, Elsevier.Ellis, K.M., T.H. Reus, B.T. 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