第五章 結論與建議
第四節 管理者之建議
國
立 政 治 大 學
‧
N a tio na
l C h engchi U ni ve rs it y
68
第四節 管理者之建議
企業併購作為企業策略有相當多之優點，然而亦潛藏許多風險。本研究 依文獻與個案訪談之結果，給予管理者以下可能之建議：
一、無論併購案是否涉及跨國性質，文化因素皆是選擇併購標的時，重要的考 量點，因文化因素將提高整合過程之複雜性，進而造成併購策略目的無法實 現。且，文獻中發現儘管併購案未涉及跨國性質，亦常有組織文化整合困難之 狀況發生，是故無論是否有跨國性質，皆應考量收購與被收購雙方之組織或文 化契合度以及如何調和。
二、若併購案涉及高度之文化差異，建議應放慢整合速度，如個案三中台灣收 購公司希望取得人才，又面臨高度文化差異。整合團隊將整合速度放慢，先了 解被收購公司之文化及了解各個重點網羅員工。因此最終能在如此複雜文化差 異因素下，完成併購策略目的。
三、併購後整合團隊，應包含收購公司與被收購公司雙方高階管理人。由個案 中，收購公司高層出面進行整合，可以建立被收購公司員工之信心，讓其感受 到收購公司之重視，且整合過程中亦面臨相當多重大組織變革及決策，若整合 者須事事請命，將使被收購公司無所適從並感覺不被重視。另外，被收購公司 部分，由三個訪談個案中，皆可發現收購公司會利用誘因機制之設立，將被收 購公司之高層納入整合團隊，即便是該管理階層於整合結束後將會離職亦同。
將被收購公司管理階層納入整合團隊，可以在收購公司與被收購公司員工間創 造一個緩衝區，且原管理階層對於併購案及被收購公司最為了解，自然為整合 團隊之最佳人選。
四、多數公司皆有最佳業務實踐方法可供學習，故整合過程中建議收購公司可 多指派高階管理人進入了解被收購公司，除可使併購後整合順利進行外，在收
‧ 國
立 政 治 大 學
‧
N a tio na
l C h engchi U ni ve rs it y
69
購公司與被收購公司雙方知識及組織業務實踐交流過程中，可增加併購前所未 預期到之價值被創造的機會。
‧
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 Sta eholder’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. 337-359
Datta, 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. Duane Ireland(2011), Strategic Entrepreneurship: Creating Value For Individuals, Organizations, and Society, Acad Manage Perspect, Vol. 25, No. 2, Pp.57-75.
Haspeslagh, P. and D. B. Jemison(1991), Managing Acquisitions, N.Y.:The Free Press.
Haspeslagh, P. C. and A. B.Farquhar(1987), The Acquisition Integration Process: A Contingent Framework. Paper Presented At The Meeting of The Strategic
Management Society, Boston.
Hayward, Mathew L. A. and Donald C. Hambrick(1997), Explaining The Premiums Paid For Large Acquisitions: Evidence of Ceo Hubris, Administrative Science Quarterly, Vol. 42, No.1, Pp. 103-127.
Higgins, Robert C. and Lawrence D. Schall(1975), Corporate Bankruptcy and Conglomerate Merger, The Journal of Finance, Vol. 30, Issue 1, Pp. 93–113.
Hofstede, G. (1980). Culture’S Consequences. Beverly Hills.
Homburg, Christian and Matthias Bucerius(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.
Hunt, J. W.(1990), Changing Pattern of Acquisition Behaviour In Takeovers and The Consequences For Acquisition Processes‟. Strategic Management Journal, Vol.11, Pp.69–77.
Karim, S.(2006), Modularity In Organizational Structure: The Reconfiguration of Internally Developed and Acquired Business Units, Strategic Management Journal, Vol.27, Pp. 799–823.
Kelly, J., C. Cook and D. Spitzer(1999), Mergers & Acquisitions: Global Research Report, Kpmg, Pp.1-21.
King, D. R., D. R. Dalton, C. M. Daily and J.G. Covin(2004)Meta-Analyses of Post-Acquisition Performance: Indications of Unidentified Moderators. Strategic
Management Journal, Vol.25, Pp.187-200.
‧
Larsson, R. and S. Finkelstein(1999), Integrating Strategic, Organizational, and Human Resource Perspectives On Mergers and Acquisitions: A Case Survey of Synergy Realization, Organization Science, Vol.10, Pp.1-26.
Larsson, Rikard and Sydney Finkelstein (1999), Integrating Strategic, Organizational, and Human Resource Perspectives On Mergers and Acquisitions: A Case Survey of Synergy Realization, Organization Science, Vol. 10, Issue 1, Pp. 1-26.
Lewellen, Wilbur G.(1971), A Pure Financial Rationale For The Conglomerate Merger, The Journal of Finance, Vol.26, Issue 2. Pp.521-537.
Lodorfos, George and Agyenim Boateng(2006), The Role of Culture In The Merger and Acquisition Process: Evidence From The European Chemical Industry,
Management Decision, Vol. 44, Issue 10, Pp.1405 – 1421.
Lubatkin, Michael(1983), Mergers and The Performance of The Acquiring Firm, Academy Manage Review, Vol. 8, No. 2, Pp. 218-225.
Lubatkin, Michael, David Schweiger and Yaakov Weber(1999), Top Management Turnover M Related M&A’S: An Additional Test of The Theory of Relative Standing, Journal of Management, Vol.25, No.1, Pp.55-73.
Lubatkin, Michael, Ronald Calori, Philippe Very(1994)Paradoxes In Acquisition and Merger Consulting: Thoughts and Recommendations, Consultation: An International Journal, Vol8(3), Pp.145-159.
Lubatkin, Michael, Ronald Calori, Philippe Very, and John F. Veiga(1998), Managing Mergers Across Borders: A Two-Nation Exploration of A Nationally Bound
Administrative Heritage, Organization Science, Vol.9, Issue 6, Pp.670-684.
Maja, Remskar, Mrzel Ales, Skraba Zora, Jesih Adolf, Ceh Miran, Demšar Jure, Stadelmann Pierre, Lévy Francis, and Mihailovic Dragan(2001), Self-Assembly of Subnanometer-Diameter Single-Wall Mos2 Nanotubes, Science Vol.292, No.5516, Pp.479-481.
Marks, Mitchell Lee and Philip H. Mirvis(2001), Making Mergers and Acquisitions Work: Strategic and Psychological Preparation, Academy of Manage Perspectives, Vol. 15, No.2, Pp.80-92.
Meyer, Klaus E. and Enese Lieb- Dóczy (2003), Post-Acquisition Restructuring As Evolutionary Process, Journal of Management Studies, Vol. 40, Issue 2, Pp. 459–482.
Morosini, Piero and Harbir Singh(1994), Post-Cross-Border Acquisitions:
Implementing ‘National Culture-Compatible’ Strategies To Improve Performance, European Management Journal, Vol.12, Issue 4, Pp.390-400.
‧
Morosini, Piero, Scott Shane and Harbir Singh(1998), National Cultural Distance and Cross-Border Acquisition Performance, Journal of International Business Studies, Vol.29, No.1, Pp.137-158.
Olie, René(1994), Shades of Culture and Institutions-In International Mergers, Vol.15, No.3, Pp.381-405.
Pablo , Amy L.(1994), Determinants of Acquisition Integration Level: A Decision-Making Perspective, Academy of Management Journal, Vol.37, No.4, Pp.803-836.
Pablo, L., S. B. Sitkin and D. B. Jemison(1996), Acquisition Decision-Making Processes: The Central Role of Risk, Journal of Management, Vol.22, Issue 5, Pp.723-746.
Porter, M. E.(1980), Competitive Strategy: Techniques Foranalyzing Industries and Competitors, N.Y.: Freepress.
Puranam, Phanish, Harbir Singh and Maurizio Zollo(2006), Organizing For Innovation: Managing The Coordination-Autonomy Dilemma In Technology Acquisitions, Academy of Management Journal, Vol.49, No.2, Pp.263-280.
Puranom, Phanish(2001), Grafting Innovation: The Acquisition of Entrepreneurial Firms By Established Firms.
Puranom, Phanish, Harbir Singh and Saikat Chaudhuri(2009), Integrating Acquired Capabilities: When Structural Integration Is (Un)Necessary, Organization Science, Vol.20, Issue 2, Pp.313-328.
Ranft , Annette L. and Michael Lord(2002), Acquiring New Technologies and Capabilities: A Grounded Model of Acquisition Implementation, Organization Science, Vol.13, Issue 4, Pp.420-441.
Ranft, Annette L. F., C. Butler and J.C. Sexton(2010), A Review of Research
Progress In Understanding The Acquisition Integration Process: Building Directions For Future Research. Handbook of Research On Strategy Process, Pp.412-431.
Rosen, R. J.(2006), Merger Momentum and Investor Sentiment: The Stock Market Reaction To Merger Announcements, Journal of Business, Vol.79, Pp.987–1017.
Schmidt, J. A.(1999), Realizing The Full Value of A Merger Or Acquisition: A Risk Management Perspective, Tower Perrin.
Schmidt, J. A.(2002), Business Perspective On Mergers and Acquisitions, In Schmidt, J. A., Making Mergers Work, Alexandria, Va: Society For Human Resource
Management, Pp.23–46.
‧
Schweiger, David M. and Philip K. Goulet(2000), Facilitating Acquisition Integration Through Deep-Level Cultural Learning Interventions: A Longitudinal Field
Experiment, Organization Studies, Vol.26, No.10, Pp.1477-1499.
Schweiger, David M. and Philippe Very(2003), Creating Value Through Merger and Acquisition Integration, Advances In Mergers and Acquisitions, Vol. 2, Pp. 1–26.
Schweiger, David, John M. Ivanevich and Frank R. Power(1987), Executive Actions For Managing Human Resources Before and After Acquisition, Academy of
Management Executives, Vol.1, No.2, Pp. 127-138.
Seth(1990), Value Creation In Acqusition: A Re-Examination of Performance Issues, Strategic Management Journal, Vol.11, Issue 2, Pp.99-115.
Shepherd, W. G.(1979), The Economics of Industrial Organization, Prentice Hall, Englewood Cliff, N.J.
Shirley, R. C. and M. H. Peters(1976), University Merger: A Case of Organizational Change, College and University, Pp.142-151.
Shrivastava, Paul (1986), Is Strategic Management Ideological?, Journal of Management, Vol. 12, No.3, Pp.363-377.
Singh, Harbir and Cynthia A. Montgomery(1987), Corporate Acquisition Strategies and Economic Performance, Strategic Management Journal, Vol. 8, Issue 4, Pp. 377–
386.
Sirower, Mark L.(1997), The Synergy Trap: How Companinies Lose The Acqusition Game, N.Y.:The Free Press.
Stahl, Günter K. and andreas Voigt(2008), Do Cultural Differences Matter In Mergers and Acquisitions? A Tentative Model and Examination, Organization Science, Vol.19, Issue 1, Pp.160-176.
Van Dick1, Rolf, Johannes Ullrich2 and Patrick A. Tissington(2006), Working Under A Black Cloud: How To Sustain Organizational Identification After A Merger, British Journal of Management, Vol.17, Issue S1, Pp.S69-S79.
Van Oudenhoven, J. P. and T. De Boerovin(1995), Complementarity and Similarity of Partners In International Mergers, Basic and Applied Social Psychology, Vol.17, Issue 3, Pp.343-356.
Vancil, R.F.(1979), Decentralization: Managerial Ambiguity By Design. Homewood, Il: Dow Jones Irwin.
Very, P., M. Lubatkin, and R. Calori,(1996), A Cross-National Assessment of Acculturative Stress In Recent European Mergers, International Studies of Management & Organization, Pp.59-86.
‧ 國
立 政 治 大 學
‧
N a tio na
l C h engchi U ni ve rs it y
76
Very, P., R. Calori, M. Lubatkin and J. Veiga (1997), Relative Standing and The Performance of Recently Acquired European Firms. 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.
‧
‧
司不太使用 email，但國內公司不習慣使用 email，當時整合上是否有一些習慣 問題？受訪者答：提早六個月會做 DD（Due Diligence）然後檢視完所有流程後，11 月份會試著 Run，這些都是屬於資料交換，完全不涉及管理人員，到 12 月中下 旬，公司有派總部主管來宣達、見新員工，1 月 1 號就完全移交過去。
‧
‧
pure profit center，如果我們今天要接受公司所提供的新方法，我們需要支付母 公司費用的，這費用有出差費、顧問管理費、材料費及授權費用等等。‧
受訪者答：有很大的衝突，而衝突來源都來自每一季的獲利結構的 review，母 公司會說你看起來沒有增加 profit rate，沒有改變契約的形態，沒有增加我們要 你去增加案子的特質，那當然台灣子公司就會有自己的原因跟說法，但說了半 天母公司也不接受，他就派總部的人來稽核，稽核來半天也沒看不出能怎麼 改，但回去就跟母公司說台灣沒有照著做，這其實是政策指示跟實際執行以及 客人接收方面的不對稱，一直充滿高度的摩擦與爭執。
‧
也沒有增加新契約的能力，所以公司做整頓 restructure，要把這些人排除掉，這 樣引起一些提早退休的員工的反彈，甚至有些提起訴訟，因為要把人開除。‧
‧
（Due Diligence） 時應該要發現這些問題，但居然沒發現，原因是原來被收購 公司經營者在財報中有報這些人的退休金是多少錢，但母公司沒有去真的查
‧ 國
立 政 治 大 學
‧
N a tio na
l C h engchi U ni ve rs it y
85
只要告訴我多少層樓要清，我只要把房子清理乾淨就好，你不要管我怎麼做，
因為他有設備、技術。但，台灣公司認為掃十層樓就是要有十個人，就是要一 定的人數，都把人頭跟工作連結在一起，這部份到目前為止我沒有看到台灣公 司有真的改變。另外，舉個例子，台灣的醫院，行政工作都是護士在做，可是 在新加坡或是新進歐洲國家，這些行政工作都是外包，護士就做護士該做的事 情，所有醫藥、病例記載、甚至報告櫃檯等都是外包行政人員，本來總部以為 這些工作都有機會可以做，但他們不知道台灣有義工，我們的義工很多，這些 事情都被義工包走做了，不收錢的，指揮交通也有義交，這對母公司會是一種 culture shock，他覺得怎麼會有人不計代價做義工，做這些他們可以賺錢的事，
因為他有設備、技術。但，台灣公司認為掃十層樓就是要有十個人，就是要一 定的人數，都把人頭跟工作連結在一起，這部份到目前為止我沒有看到台灣公 司有真的改變。另外，舉個例子，台灣的醫院，行政工作都是護士在做，可是 在新加坡或是新進歐洲國家，這些行政工作都是外包，護士就做護士該做的事 情，所有醫藥、病例記載、甚至報告櫃檯等都是外包行政人員，本來總部以為 這些工作都有機會可以做，但他們不知道台灣有義工，我們的義工很多，這些 事情都被義工包走做了，不收錢的，指揮交通也有義交，這對母公司會是一種 culture shock，他覺得怎麼會有人不計代價做義工，做這些他們可以賺錢的事，