購併的衝突與期待對購併影響之研究;The Impact of Conflicts and Expectations on M & A

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Title:	購併的衝突與期待對購併影響之研究;The Impact of Conflicts and Expectations on M & A
Authors:	張惠純;Chang,Hui-Chun
Contributors:	管理學院高階主管企管碩士班
Keywords:	人力資源管理;期待;組織文化;綜效;衝突;購併;購併型態;conflicts;expectations;human resource;mergers and acquisitions (M&A)
Date:	2007-07-09
Issue Date:	2014-05-08 15:30:13 (UTC+8)
Publisher:	國立中央大學
Abstract:	近年來，越來越多的企業以購併作為企業轉型與外部成長最快速的方法之一，更多的企業將其視為整合上、中、下游的工具，用以幫助企業追求永續經營的目的。企業在購併整合的績效評估上，若忽略組織文化與人力資源管理的差異與應對方案，而又欠缺穩定人員軍心與關鍵人才的留任策略，終將影響購併後新組織內部的磨擦與衝突而降低整體表現。所以，組織文化與人力資源管理是否整合得宜，及對購併目標所預期的綜效期待，已成為順利進行購併活動過程中的重要關鍵因素。本研究係以個案討論的方式來分析及探討購併的衝突與期待對購併影響之研究。研究方法分別以次級資料蒐集分析法及深度訪談法來進行，個案公司的選擇以公開發行公司以上，且合併案發生至本研究報告至少三年以上的公司為研究標的；訪談對象的選擇，以合併案中主併與被併公司中，在合併案發生後一年內仍在職的中高階主管為訪談對象。將所收集的次級資料與訪談的內容資料加以整理、歸納，發展出概念化的通則來解釋所觀察的事項與彼此之間的關係，進行探索性的定性研究，來架構企業購併中組織文化、人力資源管理的衝突與購併的綜效期待對購併成功與失敗的影響情形，最後以此發展出四種購併型態的模型。在現在的衝突探討中，本研究的四個主併公司，就組織文化的觀點而言，在購併案中呈現衝突高的為佳能與元大證券，衝突低的是復盛與國泰金控；就人力資源管理而言，呈現衝突高的仍為佳能與元大證券，衝突低的亦是復盛與國泰金控。在未來的期待探討中，四個主併公司中，呈現期待高的是佳能與國泰金控，而復盛與元大則屬期待較低的狀態。綜結現在的衝突與對未來的期待之探討，本研究發展出的四種購併型態及其特質分別為: 1. 投石問路型: 代表公司為佳能，具衝突高、期待高的特性，績效表現出乎預期的效益。2. 門不當戶不對型: 代表公司為復盛，具衝突低、期待低的特性，無法在短期間內表現出購併綜效。3. 共創未來型: 代表公司為國泰金控，具衝突低、期待高的特性，購併後績效表現高於同業，能夠發揮1+1>2的綜效。4. 同床異夢型: 代表公司為元大證券，具衝突高、期待低的特性，整體購併後績效表現雖有成長，然而仍遠低於1+1>2的預期綜效。 ;Recently, mergers and acquisitions (M&A) are increasing as companies try to expand their operations and increase their competitive advantage on corporate restructuring and external growth. However, M&A frequently fail in expectations and synergy, in part because managers neglect the impact of human resource and organizational culture issues, and lack the incentive ways to the acquired employee and key persons. This qualitative research with case study is based on an interpretive approach, explores the relationship of the important factors among organizational culture, human resource, and expectations on the process of M&A, which are crucial to the success of M&A. Comparing and analyzing the deeply interview data with the management team in middle and higher level from the public-held companies involved in the merger (over three years) and also assisted by secondary data, deduce to a generalized model of enterprise’s M&A with the conflicts of organizational culture, human resource, and expectations on the synergy. The significance of the study lies in its measuring on the conflicts of the organizational culture and human resource in the present conflicts on the M&A shows the Ability Enterpruse and Yuanta are in high conflict, and the Fu Sheng and Cathay Financial Holdings are in low conflict. Measuring the synergy on the M&A indicates the Ability Enterpruse and Cathay Financial Holdings are in high expectative state, the Yuanta and Fu Sheng are in low expectative state. Assaying the success of the acquiring companies based on market reaction (what it achieved several years later) and combining the results of the conflicts and expectations on M&A, four M&A types are conducted as the advice and guideline to help assure that the M&A process will success, and are proposed as: 1.Throwing a stone to clear the road type (Ability Enterpruse) with high conflict and expectancy exhibits exceeding performance. 2. Poor matching type (Fu Sheng) with low conflict and expectancy is unable to demonstrate performance in a short time. 3. Symbiosis type (Cathay Financial Holdings) with low conflict and high expectancy is easy to produce the synergy of 1+1> 2. 4. Dissension bedfellows type (Yuanta) with high conflict and low expectancy behaves well but still below the synergy expectancy of 1+1> 2.
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