• 沒有找到結果。

購併對企業勞資關係影響之探討

N/A
N/A
Protected

Academic year: 2021

Share "購併對企業勞資關係影響之探討"

Copied!
41
0
0

加載中.... (立即查看全文)

全文

(1)(a:k.f :fJJ~:ftl.) ~ -t.::.JI}j Jl .:;!. au; :k ~ .f .:t..5;ff 1t ,,if. (~IIl:lt. -t -1f--!:: Jl). • 331-371. M{#Jt{f:~~WIM{*~ • .:L~~t*. IN.. :.t !!J. ~'M M{fHfJ. ** '=". E5. .~-frlV&M (Acquisition) W~{# (Merger) ~@J. ' if~$r~~llii:~ , *3&. L~ m1i jJi!&. (Asset Acquisition) Wllii:ffi!&. (Stock Acquisition) ~.15~I·W~M~~m~@J~~.~L(tj0~'~~U~ •• fi~. )11m. 0. !&1Il{~U~~15IoJJl15(tj1E~MAjtil. T'~~~W~n~~~·M~~MAWID~-0~o~M.0~ (tj~~ffm'.~~.An~~~'~.W~M(tj0~~~~~-. Mm-m~. 0. IZSIIIt '. ~{#~~~Ht'P. 0. gt~1$~fiW~. , ~{#®15~1!H~~!&~M;fD~U~. ... .~Mm~~~MW~m~OO~OO'm~~M~~m~~~. .~ ~~~.~m~.~ '~~'*~M~*ti.m~ ~~ ••• ~W~'ffi.*tiMm~~.~~~Ho ~~~~~'1E~.M.~1E~. ••. •••. *. Iil~~~~~(tj~.o~1E. *~ ~ff*Ulil# • • ~~~I~t ••• *~~ ~~~~I~A-t* +AJl.f.A-t-e+-e Jl (NSC 87-2414-H-004-013) • ** aii;:k ~*.L~ ~PJf<tt.:it I ~aJPt, ~A-t ,. rlt• • ~i!-#aoOC;lHl:tJ ,.jt~~Jl f'1 ' ~ 59 J\}j , Jf 90­ 91. 2. 0. ,tA~~, ~A-t,. .. m~.*tkA.'. (*;!:.:..li.~III't'~Il,liJ~.a}). 'Jf42o.

(2) 332. ilt:k*~"=­. .M~.~MM@~~~~~'.I.~~m. •• m.~~~~~.. ~~~~~@~~I~~~~~I~~OO~~~~w~~m~o. MR' ~. II~.~~~.~. •• ~~~.offiti~,~.~~.OO. •• m~ •• ,•• ~~ •• ~~~o~~'~W~~.MM~@. ~.*-~.~·R~~.R~~~.~A~W.·.M~~.~. •. • ~,~~~nR~~II~.~.~~.'~.~.~~W~~~ ft3!tf7JA.rr1iH~o. i'?PR~~~{*1iH~~.[,fQf§~~~' @*~~U~tJttiJi§f( Thomas A. A~*um~~ (Strategic Choice) fIl~ft~:1~~~{&.. Kochan). ftA~~'. 0. ­. A~ti~·.·ali~~~.lli*um~~~.~o. m.*um~~~fIl~'~$~~~~m~~~~~~,~·.·a­. ~~~. .m.~&~~~*um*~~~.,@m®*um.~ZOO~. .ffili~.o.~~'~~R~~¥ttm.$~~~~~~'I.m. •• *~&.~*~@~~~~~.R.~.,@m.~*um •• ffiJ~. ftl ~.R~ft1 / ~I {'FWi.~ ~.li~~~3 ~~~ a=~~~~ •• m~Wli~~'li~z.~~n.~&~®~~~ .~n. 0. *um'~~Ji~-~~fjJj· £~Mi§f~Ati~.~~li~~. ~~m. •••. •• ,~~~@~~,~~.m. ••• ft1.m*~~~.ffiJ.rr~.Mmm~~,~.~~.. ~&~®~*um~ti**~~~~~? ~~. '~~.Mmm~~*~~.r,~.m~.~~~~,. .@.~.~~.~li.~~R~~ti~m.~.um~~~'ffiJ~.. R*~~.li~~~&*um~~~~~mm~1iH~~. ~o~~,*. ~~§~~~:. ) Kochan, Thomas et. al. 1984. "Strartegic Choice & Industrial Relatio!!s Theory". Industrial Relations 23(1): 22-24. c.

(3) .;. ·1if-1f~t:~1fIlfHUJ ,:.t.Aflt. 1.fi~ • • M~~.~fi.M,~m~ 2.M~. 333. •• Mti~.I.~~~. •• M~fi~m •••&.I•• ~. ·~mM.g. n~$~ffi~~~~~M.~~n~*~~~.~~~;W 1.MM.liD~~&~~.~ti~a8a ~-. m: m Ji ik. ~.lIfRtjfil§~1ll. 1: I. ~. tt. ~ilE!Xif:~ttJiik A1Jj!i!!~mlli1fil ~mfiliS. is ' Itt~m . t5i jl , JViiiL if ' ~ ~1*j • rmii IM-{IIrmf*fO~jl rm A$~m. 1*iI~. ••~$~.~·. ' ~lIJfO. §.• '. • Itt*ll. Jff. ~flU~~fOJtttt ~. .mlli1·:l}:J;t.~m m'~~~m *~~~m§. 1IIi11Urm~m,~ ~HitJ fO 1M- {II £ ~. ~'liEl3.mf!J~m. lIJmlli1. m~. ~. E!X ~~Mm:mfaf.i. irA If'F~.m. : IHlfO. ~iI. ~¥3ftE!X'Bflft. 1*EH~. ~tll¥JS;W. IDi~I¥J~m. - ­ '-­. jf;fSB~.!!. !t~IS;W'~~ ~IffnljfO~IS;. ' @l7.lU~~=i / If'F. , If'F*ll.. wl¥Jm~. --_._.­. : Kochan, Thomas A. et.a!. 1984. "Strategic Choice and Industrial Relations." Industrial Relations. 23(1): 23.. •• ~~~§~'*~~7ti~~H. ~~.~fi. •• W~m. ~·~~~E*.~~~.M~~.&~I~~fiw~·~w~~m ~~~M:. 1.• M.~~~ •• ~.W? 2MD.~.OO§~.~~.?tiI.m.~W~.?. l~ • • M~fi~'M.~~~&~~~m.?~*~. •• ·~.

(4) Jtk*~*:fl. 334. D~ ••• ~'.~~~~.W~.Zffig.~a$?~~~. *~. ••~W?. M'~~~~~~~~~®~~:~~~~ tt~*~*~.~~,~~~~~~~~*~~;~~,~~. ~~~'m~.~~~'~~~~~~~~~~~~~o~~ff~~. ... ~~ -·-.~~~.~*~~~'~~~ eff~.~~~tt VJ.J4 ; =~tl.~~Mf# ' ~. (joint venture) ~9i-.~*~~~5 0. m~MM'. •• ~~~7~M(k~~oo)&~M(M~~) tWJJi ~lit~~~~.~~~~MA.~ , ~~gj3r~~~~ , *!9:~ 0. ~t)ii7T.tWfI:~~6. :. 1.J1i~~!11'4 (Asset Acquisition) : ~M1}I§]J;)M~.~1}I§]~ii. ~.§~'W~~ffi~~~~~;~.~1}. W~*m~~ii. ~ •• ~~m~.'$AJ1iM~~~~~.o. ~.~1}I§]~. ~ •• ~.,~~ •••• ftm.fi~'~$AiiM~.~m ~o. 2. ~f5}~M (Stock Acquisition) : ~M1}1§] ~.~1}I§]~~*!11'4 ~~ffi,.m!ll'4.~1}I§]~ii.fi~~~o. ~M~-~~~~~.~m~~~~.ii~&~ffi'~~~~$ ii~~-.f5J: 1?tl~1J ' ;S:figtt.~~~m~~~~1W.~gj3r~Z~l& 0. 4. 1t;t.~Hf' ~-l:;;-1L' David A. Aaker ~;f- , 1t-:f:~~ofJ.'l .ft-,.l '*' .-.: ~ J!&. ' J{ 395 •. ,. ~;)I:. :. ,*,1t-1t-:f:ofJ.'l. s ~4a'~A;-~,1t-:f:~ ••• ~ofJ.'l~~~'4~k.1t-of~~~4±.~' J{ 3-4 • 6. J¥II)JJt,. iIt~~. ,. J{ 90-91 •.

(5) •• ~*t*WM •• '~.~ ~~M$M'~ •• $~~ •• ~.7o~ •• ~ffi. 3~. ~.~~.ffi~. , f!rJ1iJmz.m:Ji~ (takeover) ; f9tl~D ' A 0qj~. B 1R:ft Wm-~*lfX1~~$U:ft~~., f!lJPJmz.m r~jlJ 8.. ~*~iN?!$U;fl. 1}qj 51%. 0. -~ffi~'~.~£m-~~~.~~m~ffi~~~o~ffi'~~ -~~~lli~'ffi~-~W~~~lfX'~~~~~~~~~o~~~ -~1iJ~~lfX~.*0qjlR.'~~~~*m~.~~.·m~~ •. •. lfX~-~~~ffim9·ffi~~~.~-~~.~~ •• m·*~~~. *~it~ijiU;fIl(). 0. m~~~~wL~m~·~Mm~MUL~~'~~M~~.~ ~~·~~~~~·nft.~M~~M~ffi~~-*~~o~Mm~ ~oo~.~ftm'.~~.Anft.~·ffiffili~M~0~·~~~ fij-MJ!m-m~ll ffi~~~~~ , ~f~0~~JfU~~ftttR:ii~ , *~ 0. mt*~~53lj~.. ' ~~1=ijft.An~~~12. 0. 0~~~i::+li~. ,~. -B-+=~'~-B-+li~'W~~B-+n~m~~~Mffim ~~0~'~;fI~.5.~~M~~~~~ft~01=ij*~o fN~~w~m~. , ~ftt1iJ ~mPJ ~~Ii~. 1. ~~€:iM (Merger) : 3Z.m~.~ftt f.Hiffiftt!~m~~~A. 13 :. · f*:f§li~ftt~0qj-~. .. 2.~Um~ftt (Consolidation) ; 3Z.m~~~ftt. ' 7Jffili~ftt~0. ~~Wm~ffi~~~m-0~~~Ao. 1. a~~.M_t~M.,~~~~.*al •••• '*~:a~~ •• a~~.,. J!i 23-240 • .!.!-ft.. ~A~ , 9. itk#lf.. *aJA1if-tm · *;11:. : it)I.i.~.*&] , Ji 28 t.f#j" . J!i 413 0. w a~~.M.t~M_.t.f#j"'J!i~. tP, ~ i~ • t.f#j" . J!i 42 •. II. u.~.·~*~~·*&]~~.·*~:~A"~·J!i~o 13. tP,at.)';f'. 1t#j" •. 0.

(6) 336. It:k~~*~. ~~~~®~~~~~'~~~~~~%*~~'~~~m~~ ~mj;) l'®~~. -. :. " 7]<. f- ~~ AA:1:#- (Horizontal integration) ~~~m~~L~w~~®~~,a~~~~~~-~~~,~. ••. ffi~®m •• '~ffi~®~~M,.~affi.LA~ •• U%~oM. ~'.=·~*'~."·.~~.E~li~~.m. • m•• ~ •• w~~mr.~•• ~~J A~~·m.~. ,mm• •. ·~m.®.~0~A~. •• ~· •• ~~·~~.BEA~*~.~'A~. ~.~~.~~~~m·*~.~~*. •• 0~'~."~~.~* 1S. :ttf®.~l' ' ilJ~f~~~px* ' 59ift• •Jl:tJ ~~1J~~tJ~~d1~. 0. ~~:ttB ' *ZP:~~. , ~WJ~59iftm.:ttBUr:®59ift16. 0. .::.. " -it it~~J1~1:#- (Vertical integration) %m~~.w~~~~ • • ~~®M~'Rm~~~A~mj]. Jljt~JlU%®L1ffff:Jt.iifWl'1fff~d1~~R~ra~®~fW7 • -fitffij ~. , ~ftt®*6* OJ j;)itpx-$~i£$-.{t{'F~® § ®18 f9!J~o r B ~~*.R0~J.1'1fff~*.~ • • • ~0~r~~ • • • ~~~J ~A'~ • • ~~WJ~B~*~~d1.~.~~~~~.~.~~.. 14 . 0. Kitching, John. 1967. "Why do Merger Miscarry?" Harvard Business Review, 45(6): p.85... 15. 3:.il*~' ~A+;"Jf-+=-JJ·;"+El '~13Jli.. 16. ..I."ft., ~#1'" ' if 211 •. 17 . Levy, Haim & Sarnat, Marshall. 1988. Principles of Financial Management. (New Prentice Hall). p.525.. ~ **£,~~+~,~t~* ••••• ~~ftl,~~~,t~:k.~9.~M .bJi ±ltt:!t ' if 20· 19 ..I... ft., ~*' if 206 •. ... '.

(7) "1jf-1t:t-J:~f"!;HUJ'.t~it. ;. " ~ti'~ tf I~. 337. .1\*1* (Marketing concentric). •• MM~~.'.~~~~Dffi~' 20 m:lit~6hfDttVJjWl';f§~ , ffij.~t). -lItt,L'$.i1!fi*E-a- • {9IJ~O ' m•• ~~.M.M~.W~~m~ •• D~·~6h ••6h'.Mm ffi.fi.~~~MM,~m. ~~~i1!DM~.*~M~~OO·@.'m.§.~~~~.m.6h ~l'~,~.~mD~.MA'~~.*M~M.6h~~.~'~m t)'flJA**.tt*a~nfj~21. e9 ". at-fAtr tf I~. .. .1\*1* (Technology concentric). •• MM~~.~.tt.ffi~'ffij~~mW~ffi~· ~m~.i1!fitt.~~~~MMn·~~'~ •••• 0~fD~~. ~-a-M~'. &.0~'-~.~~S~~ffl.'-~~S~~ffl.·fi7.6h~ ~~~&m.~.*,~~~~mflJ~0~~~-a-Mu. .. . 1i- " raJ ~.1\*1* (Congeneric) ~~.~ffi~. •• ~~.'.~.~m •• ~.R~l'*-.fi. &§.Rtt*,*.m~i1!fim.~MM·~~,.~.a.fi. (American Express) .mJi~~3!F0~ (Shearson Hammill) ~-a-f# HDJI~7JJ~Mf#~1J~24. 20. Kitching, ibid.. 2l. .l..*ft.'. 22. Kitching, ibid.. 23. *:t'i4' l\.-l::-t--l::'. 24. 'lit~ ••. ·. Jf 201 • ..LJ}Plt:fll '. l\.-l::-t-A~-t- JJ. - El ' f, 23 ~ •. r7j(.tft~.g..1jf-I!h'J 'Jli1::i!ftJ' f, 43 J!}J , Jf 43-44·. ltJ'l-*til:lil, ' l\. 77 ' Eugene F.Brigham J.f. ~ , ;,tfl;.Jtt;J!f' J.!. ' 12;1:. : .. J,.-I' PI • Jf. 1079·.

(8) J1.tk*iIJ~~. 338. '* ". ~ ftl1tj(.~1jf (Conglomerate). ~m. ••• R·B~·~~~.&~g~~~.. OO~Mft~·. cp B ~*f1}PJtt{J,tiitE.~~iW:a, 1rH~:~Il!l:g,flHt*~.mPlft ; ~ )tJ!~f#,II ~ mt im.~ r EJfi {f flJ PJ3hS J '1~Fif ¥PiiJ] rPJ ~ 6fJ. ~ ~ 26 • f91J~[J'. *eL,~.ft~*~.~~~'~Il!lM~mPlft~~~~~.~. tJ. TI!1:~ : (-)mflU~1Jl. ~itE6fJOO*~'Mm~~m~mm~~,~~mm~~'~~~ fi~m~*~,.~~itE.~ •• ~fi~~. ~~itEm ••1Jln·ft. MROO'~M.~~ •• ~*'~&.*~ •• ~~~'~~.~#. , ~tJ.~f~~.~~*Jlft~MRlt~29. f§g~. 0. (=)x~~**~iJ!f .~~. •• ~ftmm%~~m.m.,~~-~m~~$.*m. .'~W~~$~~*m.~~·~~~~~~~.**~ft~ •• ~~.. · ~m~ •• ~~f,¥lj~~!J1F~II~HR*Jl.m,ll:g.$r~1}PJmiiHf. g~7U~, ' §~tc~$.*m.J!w~ft:g.$r~ra'f'F;HE~~.B<:m *i!$n:g.~r~1}. ~.*f'F~~~m~~*tlWfl1M. 0. ' !1. jifl~m.?l!. ., •• ~.m§.~~*·A.~~m· •• i!.L'.~~~~ fU~~*30. 0. ibi,~.. 25. Kitching,. 26. j;!~El~'. !i',.A-t-E-.f-t-.::..J] .::..-t-Jt.El '. ~. 14.11&.. 0. D.$.,~~-t-Jt.,~t*M.~t.a_r.~~.,*~* • • • ~~.4 28. 29 30. a::t ' Jf 160 .l'lIJt..1f. ' fpf~* ' J{ 1076 ji*#.. -Jt.ft,':=". l.fI$.ft~. *;11:.:. .$.,. 0. f,f~*. 0. Rt~::t1t.li:.II&./~&l. '. J{. 82·.

(9) AA{*j.t~t.f1UH1U}II:Z4ljt. (=.);mlb**~. 339. (starting synergy). g.q~~ •• 'M~~ •• ~.$aM~.~~~M~0~'. , m3!•• -m~~\W31. mJ;J~~~~roc:;$:. .7.... 0. (1!JI)~It[~~~*~~. M*.~.~W.'.Ib~n~~·~.~~no~. It[~~m~~~~*~It[~~~~~'M~.M~*.·~~·~m·. •• 5~g.~ •• £W~®'.~ •• ~~:;$:n:.~. t~Hi. zij\'aj ~ ffffl JE.~ (1i)~{~?¥JT~!J Ijfj ~ roc:;$: ~~M~. 0. -ftAO~~.M'E~0~m~ •• ~.a~E~0~OO#~. fi•• ~#~~~*~fff.~~~~ffi'M~ ••• 0~~m.~E ~0~~o&.?¥JT~~~&mR~~.~~~mMW~.*~%'OO. ' lij(7t&.q~mMfU~& mfIg~§:.~{t. ~-m~.~hDjtl. 0. (t\)~fr$~fftD. ••• ~*om • • m*~~~~*~~(~fiOO)~Mmfi.~·M~, •• m.~ .m*.*-m~~fi.·~~fi ••• '.~fiMroc:;$:~.n~.~ m.~.~w~~OO~~.~~~fff'.§:,U. ~.. (t;)fil ffl:~ J:I ~~0~~ffi~. -~~RmM~. 31. {!i.,t-~,. ••• ft~m~-;m,~~~~mffl:~.·M~'. .~.~ffl:m~~0~m~~m~-~B.M7*. i\,A+'. ~~M1*'. (:;;(.:. ;iJ.I{t,*</"J'~~.fItl*</".:..;'. Jf 28·. 32 {!i.,t-I' ' iW~:t Jf 28. » • • • ,i\,A+,~t~ • • ~.M~~.M:Z~~'A~~.~*~~ffl4±.. j:,}f18· I. 14. ~I'i •.~lf. 35. k},j.#,-,. '. 1Vr~:t. 11*'":f. 0. ' }f 1077'".

(10) Jt:k.f-1h"':fa. 340. •••• ~~~~,~.~~ ••• ~~~.AA~m*g.~ •• ~ l)t~36. 0. (J\)Jc.\~(;§*. ~~~~~*~~~~,~m@a~.~~~,~~~*~~~. lIl£m ' ffiHi!fjm;ftHfJ-tJ(~~ffi:37. 0. ~~ffi~,~~m;m~~~~~*~ffi:W.~~,~~~fj~~. $~~~~·~~~WMM~~~~m;m'~~±~~~fl~~.m &~ • • &~~~.~~~~.~~~oA.~~~§~'~.~~. -~~M~~~~MmN~'~~NfftiMmm~~~*~fl~~tt ~~.n,~~~~m;m~~~m~(;§~·. ~~~*~~W •• '~.(;§.m •• R~n.~o~~~~~ ~. •• ~ ••• g~M.~~.,&~ •• ~.~~.g~o~.~,. ~.~~~~~~.~~~~m.~~,~~.~~~tt~§AA~.. ~~M.~~~HoMm~~~.~~~-M'~Mm~.tiRI&. ~.~~~~~.om~~~~*B~'.Mm~~~~~m~ffi:~ ~~~~{im~ffi:. 15.3% ' ~jJf.ft.m;f#~AAt't~ 4%39. ~~~Mm~. 0. ~~J.:!JZ. •• ti~I&~.g~~~-~~~.o~~M~~.. ~~~.~~~~~'~~MMti~RIW~.~~~~.~~~­ *tJDP)'B~. 0. ' jf 1076-10770. 36. ~fijJt~jf, ~~*. 37. "'-f".IIUtm, ~*-t1L' €;,~~~"l:~~if~";t;}f:A::' €;'j!:.: "'-f".~tP.lf~~ ll:Jli'. jf 450. 36. Kochan, et. aL ibid. p.24. 39 . Lichtenberg, Frank R. 1992. Corporate Takeovers and Productivity. (Massachusetts: Massachusetts Institute of Technology Press). p. 47.. 0.

(11) ~. ~. ~. ~. )OJ. .= .. H. 10. ffl. ~. $. .­IIh->. I. II. ~. nIit Pet IlBl. =Tit. ~. *. :lll:.

(12) 342. J.t.kf-:fh~.. ffiMM.~M'~. *~~ ~ 1fi. ~M~~~~~'~~.~flM.~. • 1ft ~ 1fi 1*- i!Uf ~ liJJ Jt~HM! f§f , ~ ~ tEIlm A~ 8{] {j'II &]it1 '. *H~~m)£~~liJJ~{tf::~~~ t£~I~~fl*~. ·. , Mftt.~r~~~~&mrl·. ~0fi]iID~~Drlt. .~'~I~.~n~~~~'~~iIDti~~~~~.**~~q·. .. ~I~&.~m.~.~~~-~~ft~~'~~~~~~~liJJ~~. .M••• '~~~m.0fi].~·WR.I~m~~~I'~~h fr~.{j'II&~~ ~ .~~.41. ~~~mffitt~~~MA.iID'm~$8{]~~~.ti~~~.~ fi~~mm·. §.·W~.mA.M.~~~. •• M'~. ~OO~~M'~OO~ti~N~~~m~~x~&~~m~~~mm~. 'filiM 42 • frm.~.)£~iID'.~mffi'MM0fi]. •• MM0fi]~M8{].. II•• ·~.Mfl·~~*.·m~M.·m~x~.~~~ffiW· ~~~Mm0. .*.~~.Mm0fi]~*B.~8{]~%.mD~. g'm®~~.~.ti.Mm0fi]~~OO§O·~~.~~'MmM' m.$-®~~~.ff.~~I~.~5.~iID~Mg~.~·~7. .~·m~*~.m~m~&~~~'~.~~II~~~~'~~. ~'I.~.8{]ffim.fffr'~~~~liJJ~~~. ~~~. *~liJJ.~8{]~~.·~1ft,.~mffi'~~~~0fi](~M. 40. 41. 42. 43. Galosy, Julia R. 1990. "The Human Factor in Mergers and Acquisitions." Training & Development Journal. 44(4): 90. Galosy, ibid. Ansoff. Igor and MCDonnell, Edward. 1990. Implanting Strategy Management. (New Jersey: Prentice Hall). pp. 403-429. Haspeslagh, Philippe C. and Jemsion, David B. 1991. Managing Acquisition: Creating Value Through Corporate Renewal. (New York: Free Press). p. 293..

(13) ~1Jf1f~I:.f1tM1f,i}"~~jf. ~~~~~m~~). 343. ffi~~~~~~~~MI~m~~~.,~~. .ffi.£~~~.~.~~.~I.~~~~.~mfi~~I.~m. •• ¥,~ ••m .·.M.~·am~m~tt'~~.~ •• ~~.R~~.~& • .~.Mo~~. •. 'I~.OOti~~.g.~&m. ~~m~~~~.*.~~. ·ft~'I.m.ffia~~~M*'. ~*~*ft.~~~~m~.~~~~~~~.,~ft~.m~~~. ~~~*~~~~~~~~'~m~~. •• ~~~m~~ •• m~~. ~*'~*Ift~~~$.*$Rz~~~,~~-~~~W~~· ~.ftOO~~¥q,.~~.ti.~~~~~~~~~.~'M. * •• ~ ••••• ~.~~~E~~WMA~~.~.~~m ~,~~~~ •• ~mIDo •• ~'ffW-~~¥ft*MH •• z~' ".m~m~.~.m~.A.~.m'OO~~¥~.~*.lli~m ~B:~ '.~iI~iI. 0. ~llt. '. ~.~W5[~~¥&~1~m1§OJE?. ~,ftfi~~,tirmIDJ~~.~K~~~.·. rmmJ~~¥~. ~-~M*'~~~~¥*.~ft~ft~~~~~~~,~~ ~o~. 1:1. I~W~.~¥~.~.n~.~mID~a.. •• ~. o~.. Iff ~W~1f!.mllitm~~~¥~§tJfD~~' lliml-~ftJL\g~.m .a&miJE · ~* ' ft~1fimft~~~rp, I11~'IHi~PJ~m~'L\*R: gllt~flc~1fi~.iE. 0. ~~zl'&. '. m:1-tg§~~.g~:tf~lmaff~AtflU1. ~,~.a.~~m~.ffi~~~W~~.~~~~*~~W*~~ 1ID~~~. , PJ.m~tJstJlM~J;b~4S. 0. •• ~.'M~~.llim ~~~m0fl].g~~~~~~5rML~I~&J¥o ~ft, ftM1tt~~rp , m.~-*~~ •• 8w~.'~m.I~W~.~ •• '*.~. ~~~~~m~,~~.a*~M.~. 44. Kochan. Ibid. pp. 26-27.. 45. ~}'Hf'~*+.i..,:r..I: ..:.;l!.f'. (~:l!:.:k'f~."t"/~.q). 'Jf310-312. o.

(14) 344. J1tk.ffh".. g.I~b·. •• &~mff.~§~%o.~fu ••. m~~~,~m. '~. I •• ~. I*~~~mMm~~~~m~'~~~~Mm~. ~~no.®iZ'~.*~.B·.ft~.~ff&W§.·~.M. ••••• W.~ mH•• ~~ '.~~ •• M~~&~M.* I~ •• ~~qo I'ilJIf-f ' ~.f#~fjcp , m.~&JlWlIlm~I~$ , ~JI$r~fuJli5 ~ft.~~'~tiffi~~I ••• ~W.~.~,~.~mm~g~ ~ft~mftH.~~Mff.I~.~M~·n~~. iI~49. 0. W*~.~~'ffWMM.~~.~~~~~~.~~~o~®, .~mm'm#~.·m.ffi~m~.~.,®~.gm.~~~. $~~.A. ••• § •••••• o~~'~w.m •• ~g&~fi. ~~~~~~If'FA~~~H • • ~5(). 0. .®iZ ' 1£~.f#ffiil~~~WJfiID ' 'E!m{J\JI&~' m.~ ~~·~~g~~~~~~'~~~W~1£~MM.~ W~g~o®.M$~~~If-f'~I. g~iI~~. •• ~~1£~~~~b~~~m. ~~'m~~~~~~*.JI~.W~~~~E~o. 46 . 47 . Astrachan, Joseph H. 1995. "Organizational Departures: The Impact of Separation Anxiety as Studied in a Mergers and Acquisitions Simulation," Journal of Applied Behavioral Science. 31(1): 33. Begley, Thomas M. and Yount, Bradley A. 1994. "Enlisting Personnel of the Target To. 49. Combat Resentment". Mergers & Acquisitions. Vo1.29. p. 27. Begley and Yount, ibid. pp. 30-31. Galosy, ibid. p. 91.. 50. Buono, Anthony F. and Bowdit, James L. 1989. The Human Side of Mergers and. 48. Acquisitions. (San Francisco: Jossey-Bass Publishers). pp. 224-228..

(15) ••• ~t.~M •• '~.#. 3~. $ 'ilS1~m~ *~. •• ~~ ••• ~z.m*~' •••AfiI.m.z*.. m0~~fl~~'U.~~M~~.m~~~~~'~Im~ffiI.. m•••• ~~.o*~~~~.~filia,~.*.M.~~~=: ~= ~ma~ •• ~.~ jl I II itt II 1.1 {fHfUlUi IDJ· fi~J.m lRittJtm! A 1£ ~ rm ~ *3 ft !it Ai}i'i.J E{t~ ~1:lRflt 1400 A ~85~ ~ A•. ~. ti. til. .1:1f'It'~~~. .~~$ .Jb~ ~~{tlRflt. B1}1S]. 201. A ~83~. 11f. A$.1:1f'Ift~.. ~'M.. ci}1S] c1}1S]. ~Mt~. *ZfSlRflt j&fIj,j~ *ZfSlRflt. 120 A ~84~. ~. A$.1:1f. 460 A .~84~. ~. fii&.1:1f'Ift~:tJ ~,. Di}i'i.J .*'f.*~. -. tl~~ ~~Mflt. :. f'F:lf~~. 210 A ~85~. 11f. fii&.1:1f·It'J:!I!:tJ. 0. .. A ~aJ A0~~*~ffi~~~.~~~~~~m·ffi~lli~*E~~. ••. ·A0~~*~Mti. B~g~. •• g~ •• ~·.~mM~~.~aT·. •• ~.fiiligA0. ~.ff.o~~A+li~W·~~. {t~ T 0~~~Wg~ • •IIHiffb. '. WHj~.{# A 0~. m.IJ/\~!ii.lf~~ • • • ~· ~JH~~~*m.f~' tl~7t.{# A. ffi. , t)gft~t:l' T0~t) 2.7.

(16)

(17) M*~*t*.~. ~mA+~. 'Y0~m.*~*~~$m.~. *7C0~o~~C. Bmmy. ••. ,~.#. 3~. fi*'~5.~.. ~¥-~.'rn~.~~~. ffm.~ •• ~'~~~~~*.~m.m*~~w,§nm~~~ ~~O. 'D~~. 'l!1. D 0~m~~~01f!0~ , JJ¥-*fj,~~~lI$~~SR£.i ' ~t~ , ±#-~o*D0~~s0~'JJ¥-*ff~~~1I$~~~~-~o~. ~*s0~fi~~.-0~fj~~~~~~'fi~~MrnM~~~0 ~*~.~~fj~~~,~&.* .D0~.m. •• m.o~~'~~mA+~~. •• '~5.~.~D. ~.~~,~=~*,s0. ~.~M~7~~=R~~~01f!. 0aJ ' ~a!f.Im~.&~~*El~tf4£l!I ' jtIttlAf!{*f:Jfi A. 2,000. O. Ji 'E ~~ E0aJ~~~~~~~. .~~~'~.m. ... ~L~~~o~. m~~~~~*.~.R~~'~&~~.~~~~~m.'£.i0aJ .fi.M.~~W ,m7.M~~. ~~~m.~ §,~.. °ffiP0aJ~~. ~D.E~&. •• ~~~~. .&•• m.~.Bf4£m'~~~48.1ff.. E0aJ~~~op0aJ~~*m~.~&~~~~~. ~.~~~.~~.MWm~I&JJ¥-Mm.~,. .~ • • ~~L'~'. m~. .*~~*~~ •• bo. P0aJZm~m48.1ff.~~~~.m~~~'~~=M$. 7t*mfff. P 0aJ.fU E 0~~~~1i ' :v:RPM 4.1 f4£"l~H~ P 0aJ$III~-Rgf*:lt~ , ±tfB~~ 46.2 .~ 0. .±qS~±. ;t;'. 0. 0aJ.PJ 1.9 .~~~m.1~ E 0~.~.~ 6 .1Ifj~~~. ~~ 'P 0. B?£i '.

(18)

(19) ,llUtIU:-tA}j1fMJ1~fj'~#lt. ~~.~~~~·~ti~'fl~*m.Mm~. 349. '~.~M£~m. +A~m~~~ffl~~K~~'~~~~~.· ~~~~~*~~,~~ft@~.m~~ffl~~~M~,ti~A. .Mff~ •• ~~~-·A0~ •• ~$*A ••• 'fi~~m.~ ~m.'~~~M£$~~~.e~~~~m.~' ~04~~ 10 4tj...t~. ' *ii 10. , ~4~~ 1.3 ~f3. 4~~~M£$m~~~~41.f3. m15. I~~~.. ti ~Ifffij§ , :5~M£$~m~ , ~fj~f*W~~fJl\l~fflll ~~m~ft~~*·~~'0~B ••$*A•• M'~~~~~£ ~m~~~ji.*@Jti!t~1* · B0~m~ • • M.~~.W~.~W•• '~ft~.I~~. ~ ,. ~o.ji.~~~M£$m~'*~~f*~~~'~~~~2.f3~ ~I~~~~.;B~~f*~ MH~~ 1.5 ~~~ ,. ~2.£~,mI6~. 'W15. ..tllRtfS 50 .£~. 0. , fffiJjUlt~ffti~~I~$ Mff'ffiill~$*.I~.A~~.fffi~ •• ~'~~fu*~7~~ ~~e~?p 10%~~~. · D 0~JI~*~MMIi~ , ±~Ylm*.ftt0~~pgitJ$r~:n: ~*?pfffi~~ •• ' $.~~~oD0~~*.H¥~ f*~.~A.1' '~~&~~~~ffl.~ •• g~f*fffi* •• ~M c. ,. 0~~U~mffJi~~YlmA.f.B*~1'~. D. ,. ~fffi~*51~ttL~. 0. E0~~¥-~ •• *.M'~7$*A.~m*ff.±.m ~.0~~'. M.~~~ff.. .ff'~.±~*. ~ •••Ho. o. ~~~'.I.A~~~.~~.*. ~.±.mo~~OE0~~¥±.m,~~. ••••. •• *.M'fffi$*.I~.*ff~ ±=~,~mm®.I¥~0~~. 1'.*~Ji±.m~~~'~Mti**~.

(20) 350. It:k.. *'ttJ".. ~R~.·~D.~~~ •• D~oC0~~fi~ •• ~&~.m '~ ••• m~~~~~~~ff~B~~W·~Afi~~I~~. ~~~ •• ~~$~-*~~W~~offi~~~'M~~~&~~ •. •. ffftW~'~n~A~m~~-m~~~o ~~~~~~~ff~'M.~~~~~~n~-~.m~~o. ~~~mlli'~#~~·M.mBmW·~.'OO~~~~.M.~. nJt ; ~OO*$:B-p.p&JRftHt~A ' .l:jtlM.~.I!ITJ4~~51 ~0~ •• ~~~.~' •• ~~M.~.~~~~Att~.m *~~'~~~~*IW~~.EoOO.~A •• ~~nJt'~~~ .ffA~~~~fin~~.o-~~ •• ~~ ~~~ m &~ 0. m'fi.~.~¥0~.JR~OO.Mo~OO,.m.w~·~.&. ~~0~fi~m~~IW~.~ •• M~om.A~¥~.A. *M­. ~~*~~,~~~.~~o~~~~.*&.m.w~. .mM'@M~.B~&n&~R~tt~.~~~.~~*~~o R~M~~fiM.~.,&~~w •• ~~m.~~~.?~ ~~.fij;_rF~lllli~ff~ny!S3. :. ~-:~.~n~m~lli-B~. *M~.ff~. :B-tto. •• *Mto. ~=:.~. ft0~~M.n~o. ~~:~~IM.~~.~mB~~~R. •. ~'RM'~~.*'. ~~:~.~~lli~M. 51. 51 53. •• ~'. ~.~ '~~M.~9. •. .~o ~.~,~~. Buono, & Bowditch. Ibid. p. 224.. Buono & Bowditch. Ibid. pp. 226-227.. Reed, Stanley Foster. 1989. The Art of M & A: A Merger/Acquisition/Buyout Guide,. (Illinois: Richard D. Irwin Inc.) pp. 522-523..

(21) J!Ai*1b~"~jfMlfUj':.t~lt. 351. ,ft11'~~'71I&r11fo. ti.Mm•• ®~~~~ft~~I~~Rm~~'~U%.~m .*~U.~·.~%.~ •••$&•• ~~M.'~U.~~~ o •••. •••mAI"•• ~'m.&.ttffi~I~~~m.. ~~., ~S4. 0. M•• m.fi~'0~~ • • ~ • • • ~~. ffij.~~{'F$. ,. '§ts. SS. :. ( Severance Packages) ~7$~m~~. ••• ~,.~~~ti ••• AlmI~~~~. 'li*~~t ••• *€l'{'.tMra'~~W~m*/J\ m.ffiM~'~~.~ rM~ilt~6J. B••• M.m~~"~. I~*.HM.~m~I~o~~,. (termination bonus) '.r'i§IJ~~:ilz:~tQ~~lt~IEUii'!. /.I~~.{ttfm@. •. (::)~~"~m.. (career transition counseling) :. 1. .{~~~ {'F~. •••. 0. , '§ts1lt~. , ftJifi '. 1tn~. , ~~/J\/J\~I. 0. a.ttI~&ft~. wiRl~~. ~£E·*~&ft'§ts:.. , ~~~1ii~W.lli&J0~II[~ , )dJjH~~ , ~{lLm:fr. ~&m0~. .~.~. W/J\*-Et~ffifU~~m~. ~'§mm.~$'.~m·.~. ·. 1.Am.,U.~.... ~-W~.'*~. ~~mfim. '/J\~.~AI{t.. ~~~.:fr.M~ti~. •••• ~=f1~~~·. •• ~~~,m~~~~*'A0~~m. MAA~~t)I{'F.~f.£~.. '. WAI.m1ii~o~f.£n~.. M!EEA$~r'W:g..{lL.±~-g.. 'M ,mu*~~m •• $o.. 54. Buono & Bowditch. Ibid. pp. 226-227.. 55. ..:r..~Bf.' ~A+' rMi*+-JBt-ih+:t~:i!#"? J •. +}J.::.+ Ji. EI. ' 1f; 23 Xi. 0.

(22)

(23) Mijf-1t~I:~1fllMf.UjW.:t.~lt. (equity theory) '*~15f-1i. I~~~¥U/f0zp:S6. 353. Q~.0SJra'jfJi. .~~~.~~'~~.1i0SJ~~~·.~·*JiW1i~.~.~· m~~~~~*~·jfJi~mftM~M~.~~~~~~fI'mjfJi ~~~m~E~ft. •• ~.~ •• ·~~~~AnQ. ft~.M~.0SJ.I."~~~'15f=M.~~~~:. 1.• m~-.~~."~.(~.§)~, f!1t~*.~. •.. ••. ~~*.~ft~. l-M~~~.I."~.~~/fmft~,~ft.~E~~*Ji M~ro'm. .. ~~'.1i~m •• M~.0~~.I."~lli'U •• ~~'. ~U.~&.~1i~.GAI~~. ·~~AI.~ •••• "~.. ~ •• ~."~.,~~m~.1i~~~~AI~ •• ~~'.~. ~~E."~.~.~Q~~AI."~ ••• mA.R.~-~$. 7t'~~~~~ • • ~~."~.' • • X~A.m.(~ • .. jf. Ji~) -f#~.·. ~. •• ~~~~,m~~.~~'A0~&B0~.n~~15fjf. Ji~~'*~~~D·C0~.M~.~a.1i0SJ~- •••. •. '•. 1iOO~~.1i0SJ~~~·D0SJM.1i~ •• ~~~U.~'~. ~.1i~jfJi~~·~~'.1i0 ~ •• *.~~.1i0SJ'M~ 1i0SJ~~&~~AA~jf.W.~~~°ft~~.AI&I~ .f;:;!::; =J]. e;:,. S ii-C,Jo!!. + :tJ. £:!.. L::,..:o:B • p J::'E. E0SJ.M~.~a.1i0SJ~-. •••. '~.~~~~.fiti. •• ~~m~lli-.~ft~.1ia0SJ~fi~~·~~.1i0SJ~.. 51. Ferracone, Robin. 1987. "Blending Compensation Plans of Combine Finns." Mergers & Acquisitions, SeplOct , p. 59. Ferracone, ibid. p. 60.. S8. .z..1iat_,. 56. ~A+*'. r ~I:Mfjf-~ ...z..;fi:;J1.JJ.t6Htlt J. '3:jJ 1!!1. a'. ~. 35 ~. 0.

(24)

(25)

(26) 356. Jtk~tIJ"$.. lm'Jf- 1t ti~.RMm~ G·~~*·. '~. ••••*.· ••• ~·M~~. ••• ~.I~.~~@M~~o0~ti.m.I~ti. ••• ~~~~uMm,m.~~ti~ •••I xae~~~3~~~ •• ~~o~~~~.Mm0~(.~) •• ~~.m~.u.~. • ~'~~~~ •••~~* ••• '~~~W~~~Mmm.~~. ~~o~~~~.~~m=+~ti~~~M.~.m.I~~.'m ~~J!~ffJit±~. ~~. PJ*_. 0. ••• ~@M~~.~.'H.E~~MM ••~. ~~.. ~m.~-m~.mo~.I~.~OO.fi~~mA+~.m~:r*. .oomli+A.m-~m=.ffiM~~-m~.m.~M.,m~fl. m*;L- : ······.M.A:{£~~45-m~.g-f#~a*JiiWi&;LJiL± . tlff4 ~1It11Jn~····~·. J . x.~fri&:~.I~. .t;+1:1~+- F.I. +tm B. r~~$~.f:v:am~M~ , ffti.~.~.m.I;L.M~.m ••• M~oomli+A.m-~ t;+t;.~=:J:m=li -Oft.!Jtfti?iiJWf$:. m=.~-~~.m;L~~~.J~·~~'.MM0~~~M·$ A~m~**~~'~mR~~~~a.;~a~~A~m'oo~.. Mm0. ~M~.,a~Mm0~~~M'R~~B~$45-m~g.. ~ffi~~w.~~. •• m~·~ilia.Mm~~~.@.~~,~.. ~~.m~~_~.~-m~.m~~.,m~~~~N.ff~~·. ~~:{£~~~.~~~'A0~·B0~&D0. *_.ff~I. •. c 0~1*Mm~.~~ , Utt;.~~ • • • 1J~j. 10% I¥J ••• ~ ••• ~~ 'N.ff.m'~ •• ffHe·~.g-~~~~ ti~~. ~A~.~~~~m~7u~~~~,@a~~$~~~~.~0~. 00. tM~~*L.~~M.'~A+~'*L.~~.*M'K~..

(27)

(28)

(29)

(30) Ji.Lk~"'*:.fi. 360. e=~$m=+~.~m~*~,~mI*BW. ~~e~.~~e=~~ffi~~.M.5.~m. ~e=~J. ••Mo. ~~~.~@~Mm~'M~I*m~~ff.R~e=~~n~ m,m.~A0~.M.~I*m~'I*.W.~R.M.5~* .~~oM~'I*.$&*.0·~.·~ ~Mmoo'~~.n. •••• ~W*~~o. I~~~~~R~~.~B~~~£. $m~'ffi~~~.WI*n~~e=~·ill~J~Mm.'I*~. ••n••••~~.~~fi=ao B0~W.~.~I.~mJI*.M.5RI •• $~*~~. .w~.~.n~em~'B. ~.·I.w~~~m~u~~e=~~*m~'ill.~-~~B.' ~~~.*.~n~· C0~~~~. •• Mm.I*.$M~,~~~~~~tim~I. *-.~~~~~'~~'I*m~B.~R.Wo D0~.M.~I*m~'.W.~R.M.5~*~~·Mm. OO~*nft~e=~'~Mm.I.B.nlli. mo. •• ~~~~~~.=. E0~~~-@~~.M~'~.~~~~~-M~~o. ~~.M~. •• ~~~~.~I.'~~mI.m~mft'$~I •. • $Mff0~.-I.~I.~. '~R¥~mI*.$~.M~.. ~~~*5~'Wm~. ~e~~ili~.Mm.~~m. ~o. ;:::,,'lIlUtJbyjj Mm.m~.~'~*~~~~.~n~M~~~.~'~ ~~=a.~*m~~~Rti.I~~.o~m§M~~$~ti~~. • • ~m~~e~.,~* (Wagner Act, 1935) mJu~m~ ,. $~~m.o~m.MM$ ~t'1§~W.I~lli~~~.

(31) JUt IU:· 1:f-1f lW!fUj .~A,~m~.~*.~. mliB. ffll1tf:~~\~W~~.jlijf§ruJ~N1I. ~~H,. ".:t.# it. •• ~m. ••. 361. ~~~. 0. ruJ~ftffi~ft.~*~~~~m~'~.~A0~~~w~~~. .~.ff-*~A~m~~~oI~~±~~*.~~Mm~~~~ ~~.~,w~~m~~ •• ~BjlijmruJ~a&.~~li~.A'~ Ji±fuj](~~~~ret1i~~1tJ.1lf. 0. B0~ZI~W.~~li~.Aj](.Utt'I~~~*.~m~ ~I~I~mo~~~~A~~ffi~~&$~A~mM~'*$~A. ..... ~{Jj~~1iI~mo. ... C0~ZI~~*.~~U~~.~.~A*~m~I~.~' ~~.~.~.m~~l~~. *~~,~.~~~m. ~~I~I~.oOO.~~~~m~.*'~7$~~a~.Mff~ A~~'~~~IZI~m{Jj~~U~1io. .~m.mM~~~~~~I~'@I~~~*M±ItJ.. D. *w.~Bjlijmg~N1I'~~~I~~h •• B~Ho. E0~~*.~~~'OOI~~W.~~~~ ••• ~m~.m OO~N1I'W.~.jlij~~~.~.~~. ••Z••. o~~~~±~~. ~.Mm*~~'~~~W~Ji±.jlij~.~~I •• *.'~ff. ~1tJ~IzI~~~'U&+~~~~m~~~(~§~~~~~~. ±Bffi.±~$~.~OO~*~.) oE0~.Mm~~.~~±~ -OO~.'. ~I~m.Em'.~W~I~0OO~Am~~lli~m. I~.*~·. ~~ •••• I~~ •• ~~~~~.'~~~. ~f§lf[!~~ '~I*~['ilJ ~B. 62 . ~mA. o·OO~.~0~Z¥-I~' ~I~~$. ,~~~ti.. ~~mruJm. ••. (~~~H~~~. Sauer, Robert & Voelker, Keith. 1993. Labor Relations -Structure And Process. (New York: Macmillan Publishing Company). p. 137..

(32) ~. 362. Jltk*~~.. ~). '~1'~WI~~@A~~o. ~~'~M~~~~gm.®~fi'*~~W.~mft&.~. I~~®.~~~'~.~~. ®~~&E~offiI~~~®*~'. ~~®~.W~&I~~$~. .ffi'~~~¥~~.~~®li~.. ~wm.~*o. ~'L~~w~a. •••. ~~'~~~~'~~fi~~~M~'~~TI~~~®&~~ ®.~,~. o~W'.~~'I~. ~&ftA~~~~'. •• G~~.. ~~~mli~.~&I~~~*. ~o. W~~.~~®~~·. A0~®.~a.'~M5&.~~. m'm~~*.*.mI~ffi~.mo~ti.~.~~m.~~ti~ W~~~WI~~~'I~ti~~M~~~~~W~~o B0~.~~*. I&I~'ffi~~~~~~m~~'~~. AI*~~.~ffig.~o.~ti.I~Gffi~m~(m~.A)~. 1'~WI~~.'@.~I~~.AIftAffi~.~o. C0. •• ~.~~'W~.I&I~~$~.'~ ®~~oI~~~*.~.~ ••• ~.~~~TA. .*~W~. .~~.0 ~~®ffl~o. D. ~~mZ~**~AI&I~,m~.~I~~~m~~ I~&ffi~m.~~WI~~.o. E ~~~. OJ . ~-H~W~.®.~.~'~.M~M~~. •• ~W~M~~o.~.mI~ffi~®.~~. Younson, Fraser R. 1989. Employment Law and Business Transfers: A Practical Guide. (London: Sweet & Maxwell Limited). p. 118..

(33) M# 1t if- t: .f jf JbHUJ ':~:A~ "it .I.~~.·.I&I*a~.~~7.W. 363. -.~.M. ~.. ~'~~~.~~Wtt.IA~~~~W*n~W~~~*·®~W. ~A~.m'~7m.tt~*.*~~'~~~m.tt~.M*~· ~~®*~~'~W~~I*~$~&~. Im~~~~;~~~$. ~~.I.~~·~~&~~~~·~~~~~nOO'I*~*~~ ~.~+~~. ••• ~m~*.'~.~~w~~~.~.oo.~·. I*mm~~~*~§~'~~~k~~~~7mg±~$~4ft®. ~*~~o. ~'~'~ff. .. ~~.Mm.~~.~w~W,ti~.ft*.~§nOO~~. ••. ~~~:. 3!{1rn. II m IUW.. I!U'H~.R~213.. IiUIi_ IIfttBU IIfttf&JJR 1i~1II IIIItbb¥J II fj.. 3't II~¥J. ~Iillm *IE~ti1i. ~. ~. 1J -. II. tbb. !J9r:mt«; Illfj:~ 1m Illji~ fftili:± '&m~ IIt4 itt ~ 1IJ 1f\t. ~. I. 1i. 1i. !. 1i. ~. I. IlI*:±IfJ~*;f§ 1Blfi:~. mt. ~. i. *I IlI:±IfJ~*~1tJ. ~. ~. IlI.±ItJ~*~1tJ f~f4*IE~. (A0~). 1i. ~Iillm Ill1W~. ~~mJt ~lljjit~~IfJ~ f4tbb~. (E0~). IImooIll~lljj. 71<ZP:lIm IlIlW~ 1At. it~~j!Wtbb~. (C0~). 71< zP: II 1tt *IE~Jj1i. -. ~. (D0~). 1i. ~~ftllm *l~B1i (B0~) -­. llf+*l1 : {~;g~J!ll. •. fj.. f~f4*l~.

(34) S.I !Vi , ~. ~. >11 ~ ~. ~. ~. fEI t1lP. i£. $; t~. !l1J. {!rij. ~. 40. ~ i@!. \1m ~ ~ ~ ~. *'. W f'-. fj!l!.

(35) *._~t.~~. ... '~.#. 3~. m~~~o.~~~~'~~~ffl~~~~~~~-~~o~ffi'. ~~. ~~~~.~~~.gft~.~~~~,~~~~~.~~.. ~.~~~o.~oo~~~m~m~. A~ •• ~.~~mw.~~. .'ffi~~OO~~~~I~m~§.~m~D.#~~R~tto ~~z~,m~~~~fi*~~~.~.P~~.~~$~m,. m~~.~ffi~~o~~.~-.~~D.Mfi'.~~ •• ffi~A. , *fi~~fj~m*ftlHl~~~{t gt~.lHl~~it{tffi ~ , ~~~1IJjU.~ft*.lHl{;~Hf!).£\~~. ~IL\JJI[~~. 0. ~~~mffi~~E.·~~M~~~OO~~.~~~~.'*m~~ ~. ••&••• JJI['M.~~~D·I~~5.I~~~~D'~.. ~.~~~~OOOO(oj·. - , ff¥.1t bt ff¥.{~LJt JE *~M~~.m,~~~~~~~.*gt.~~-.~'.~ffi. ~~~~·m~~&.~,m~~%~~~~m~~~tt~~'m~. AA•• m.~~~tt~~'~~AII~m~B.fu~*oaOO~ m~m.WAII~m~~W§~E~~,.~.JJI[~. ~~~~~. BW~ •• A~~gt~W~.~~'&~ •• ~.~. AI~I~. 1WMfW±~o. ~~~~~.m.m'~~M~~~~5~M'~~&~ •• ~ ~ffilHl,.m~m~M.~.~~~'AII~.~~~.m~~ffi ~{~. .. ~~.~M~.m~.~~~~~~~~~fi'~T$~~~~ mjt11~Eoj(:zp:~Mm. ' m.AA~.~fu~ffit5t/J\. 0. *&lHl~~~~~7~.~.m~'*~&~~~~~.ff~~ M~~m.~~~I~~m~. 'ffi~m.~&±m~.mo~~,. ~~~*&~~ •• ~aW§'*~OOA~~mfu~m~~*o.

(36)

(37) M1*jt~J:if)f1lfl1UJ':t#it. .I~~. 367. ••• ?@.~~A.ffi.~.fiN?®.~~n~ •• ~. ff~?Wm.~~ffi~?@~~~~~.?OO~~~E~m~~., ttm~a·~.~a~w.~?~.~~~. ~~"~~.~~~~m~'~~~. •• ,~~~ •• ~ ••. I~.~ffi~~~~~.~. ~o. ~,~. ~. •• m~·M ~~.·~~~· ••• ·~§~.~M&~~~M •• ·~ftmm .I~.~~.'0~~n~.~ ••• ~~~~~Mm·m.~~ Wft.R.IX~~~g~~~~~~~ •• ~~, •••••• ~ ~~ffi~~~ffi~m~o~£~.=+.m~mff.I~ •• ~~ .'~OO.~.~ •• ~~"~~~~.* •• 'N~~~fi~~~ ~~.R~m~'ffi~.~~ •• ~~~~ffi~~o~ft~§~., R.lliA.m=~.~.~~§~'~~§~ ••• ~.~-m§. ~~~~.m.~~.Ioo~'~.~.~fl~·. ~~~.,oo.~~m~o. ~~R~.~~~oo,~~.m~~.~mI.~~&~R=~. ~~~·~R=~~~·I. •• m~&~~~.o. •• ~0~I.~m.&~~~Z~~m~,. m.I.m.n~~ ••• ~.~~I.m.~DNOO~o ~~~~~.m. ~ft.~.~.~~m~~m=.'~~#~.~~~~m~o. ~R=.~~fi.~*~.I.~~~~~.~'~&.~~~~~ *~~. ••g.o. •• m~&m~~~OO'~ft~I.W.~~~.H'~~ ~.~m •• m.~~ft~~~m~.~~~ •• ~~~'ffi~.~ ~I. ~.~~.mm.I~I.ffi~~.mo~~I.b.~*&~.~ .~~AW'~~'I.~A.m~m~~oo.~om~'I.~~.

(38) ~ ;& ~ ~. ~. -+< \0. 00 M. H. D~. Ia'. ~ ~ ~. ~. H ~ ~. J\iltJ. ~. +r::: I~. iffl(. ~. ~ ~. • ~. lJ.lJ. ffiI. -t1lI!. ~. 0. .~. :tt. :tt;:g' • ~qj ~!!!.

(39) M.~ka*YM •• '~.#. 3~. $=g3Z11X -'¢l>Z:SB7.} Iiml1im' ~ 80 if: 10 F.] 25 B ' r Mf#~fHt - ~NKr~~~~ffl~ II? J ,m 23 Jf& • 2. IimOOm' ~ 86 if: 1 F.] 12 B ' r Mf#MiM::f JM~~C9:~. ftJ ,mI6Jf&' 3. IimOOm' ~ 86 if: 1 F.] 27 B r 1E~W~~~2J~fUf~r ~J ,m17Jf&' 4. IimOOm ~ 86 if: 3 fo.l 3 B ' r ::fmt1iD.f-.1flf# J '~35 Jf& 5. Iim!Jf¥& ~ 86 if: 3 F.] 4 B ' r 1E~Mf#1&~IjfifBf!J1MItI¥J rutm- J ,m 35 Jf& 6. IimOOm' ~ 86 if: 3 F.] 5 B ,r 2}~Mf#1&I¥J~IjfifBfUitUIt J ' m 35 Jf& • 7. t:p~f!m-FfT' ~ 69 ' #i!W!1E~tiitIJRMif2l: ' #~t : t:p~ f!m-FfT' 1. . I. I. 0. I. 0. 8. nm~'~791~~ti~mM~~~~M~~.z~,t:p LiJ*~~~if~pJTm±~~. • 79 ' lt~~Jji'€dtHi& ' #~t : B. 9. B*~mH;;~t:p{J\Ii~ , ~ *~tMm~ffr±lliJf& • 10. :E*ft' ~ 80 · 1E~MfttXm '. #~t. : 3!mtlliJf&2}~. 0. 11. #M~W!~Ii*[Qr.uIiEP' ~ 84, ~I{¥[Q~'U~wm·. 12. . ffi~,R' ~. IL'. 80,. m~Jlit!. 83 '. 1E~lfWH!!!ti~3!zilf2l:. '. #~t. : ~ilrr.t:p/J\~~m?Jt:p. 0. 13. fnJ~a;, ~. if~FfTiji±~~o. '. ~m*~1E~.

(40) '",. "l. ~l J!.t:k~!IJ".. 370. I4.**fl ' ~ 77, r 7jd!U~®iJf#~mi J 'mi~J!fU' ~ 43. WI· 15. . *ifft' ~. 65 ' I~{"J!~. , a~t : *~lJfil.0i§'j •. 16. Wf~ijlf~, ~ 79 ' David A. Aaker JI.j{=I ' 1t~$ma~J! ~t. :. ~~:lE:~~J!~Ji~{,\. · alll*. 0. 18. mt~mtm~, ~ 77, Eugene F.BrighamJl.j{=I' mf)J!;j~'iJ1l a~t. a. •. 17. mt;6,~' ~ 79 ' :lE:~fHMfjl!:P~~~.~~tbf? ~rm~fiff~plT~±~x. '. '. : ~~IfJEij •. 19. ~B3t, ~ 78 ' ~II1'E1Ii~H';;tfiff~. , xft*~*Ififf~. fff~±~xo. 20. ~~~, ~ 69 if: 21. if~M' ~ 80,. ' 0?J1!~IDHi ' a~t : :='~IfJEij Xmmi¥1!mfi ' a~t : li1¥ifillfH:H\&0i§'j . 0. 22. B¥~~' ~ 79, r~MfH~1!f1!!EHJt~m.ilJJ. fU. ' ~ 59 W:l. ' iUtliJf~J:j. 0. 23. M~~' ~ 80 ' :lE:~~iH~M~*ft~lMiffiraj;;tti}f3t ' JJX.J;tC*: ~:lE:~fiff~plT~±~x. • 24. ft§#' 1993 ' $RMfffiM '. a~t. : !F.f~xftiliJ\&0i§'j •. =. '9tS{Bn~ 1. Ansoff, I. and McDonnell, E.. 1990. Implanting Strategy. Management. New Jersey: Prentice Hall.. 2. Astrachan, 1. H. 1995. "Organizational Departures: The Impact of Separation Anxiety as studied in a Mergers and Acquisitions Simulation." Journal ofApplied Behavioral Science. Vol.3!. No.1. 3. Begley, T. M. and Yount, B. A. 1994. "Enlisting Personel of the Target to Combat Resentment". Mergers & Acquisitions. Vo1.29..

(41) J!41*'lb~. 1:. *1". 1WI1~ -Jj '-i!:.A~ lt. 371. 4. Buono, A. F. and Bowditch, J. L. 1989. The Human Side of Mergers and Acquisitions. San Francisco:Jossey-Bass Publishers.. 5. Cutcliffe, J. G. and Marks, M. L. 1990. "Facilitating Post-Merger Integration: The Role of the Organizational Consultant". Organization Development Journal. VoL8. No.3.. 6. Ferracone, R. 1987. "Blending Compensation Plans of Combine Firms." Mergers -& Acquisitions. Sep/Oct. 7. Galosy, J. R. 1990. "The Human Factor in Mergers and· Acquisitions". Training & Development Journal. Vo1.44. No.4. 8. Haspeslagh, P. C. and Jemsion, D. B. 1991. Managing Acquisition: Creating Value Through Corporate Renewal. New York: Free. Press. 9. Kitching, J. 1967. "Why do Merger Miscarry?" Harvard Business Review. Vo1.45. No.6.. 10. Kochan, Thomas A.; Mckersie, Robert B. & Cappelli, Peter. 1984. "Strategic Choice and Industrual Relations Theory." Industrial Relations. 23(1):17-39. 11. Levy, H. and Sarnat, M. 1988. Principles ofFinancial Management. New Jersey: Prentice Hall. 12. Lichtenberg, F. R. 1992. Corporate Takeovers and Productivity. Massachusetts: Massachusetts Institute of Technology Press. 13. Reed, S. F. 1989. The Art of M&A: A Merger/Acquisition/ Buyout Guide. Illinois: Richard D. Irwin Inc.. 14. Sauer, R. and Voelker, K. 1987. Labor Relations: Structure And Process, New York: The Macmillan Press.. 15. Younson, France R. 1989. Employment Law & Business Transfer: A Practical Guide. (London: Sweet & Maxwell)..

(42)

參考文獻

相關文件

Wang, Solving pseudomonotone variational inequalities and pseudocon- vex optimization problems using the projection neural network, IEEE Transactions on Neural Networks 17

Define instead the imaginary.. potential, magnetic field, lattice…) Dirac-BdG Hamiltonian:. with small, and matrix

Ma, T.C., “The Effect of Competition Law Enforcement on Economic Growth”, Journal of Competition Law and Economics 2010, 10. Manne, H., “Mergers and the Market for

The study explore the relation between ownership structure, board characteristics and financial distress by Logistic regression analysis.. Overall, this paper

The difference resulted from the co- existence of two kinds of words in Buddhist scriptures a foreign words in which di- syllabic words are dominant, and most of them are the

Microphone and 600 ohm line conduits shall be mechanically and electrically connected to receptacle boxes and electrically grounded to the audio system ground point.. Lines in

Experiment a little with the Hello program. It will say that it has no clue what you mean by ouch. The exact wording of the error message is dependent on the compiler, but it might

Y., (1997), “Resource recovery of sludge as building and construction materials — a future trend in sludge management,” Journal of Water Science and Technology, Vol. (2000)