策略購併後整合模式之研究－以資訊業為例

• Main Author: 徐恆功
• Language: 中文
• Published: 國立政治大學
• Online Access: http://thesis.lib.nccu.edu.tw/cgi-bin/cdrfb3/gsweb.cgi?o=dstdcdr&i=sid=%22A2002000811%22.

面對全球購併風潮之興起，本研究試圖從併後整合的角度切入，探討何種併後整合的模式能產生較高的績效，以及併後整合模式與績效間的關係，受到何種因素影響。換言之，本研究的主要目的在於瞭解企業在購併之後，應該採取何種整合模式－包括整合的幅度與速度，才能達成較高的購併成效；以及企業是否會因為不同的購併動機，或是其他因素－如主併公司與被併公司的差異、知識的特性等，而影響了併後整合的效果。 本研究選擇資訊產業中的迪吉多、康柏、雅虎、第三波與威盛五家公司的購併案為研究對象，並以價值單元/部門別為分析單位，針對26個樣本點，採用質化研究中的個案研究法，與量化研究中的統計方法，來探索研究變數的內涵與推導變數間的關係，最後形成研究命題。 綜合命題的推導結果，本研究獲致以下結論： 一、公司層次的策略動機與價值單元的整合目標是兩個不同的構念，且策略動機指導了整合目標。 1.策略動機包括追求經濟規模、進行截長補短、擴張經營領域與改變競爭形勢四種，整合目標則僅有建立規模與發揮綜效兩類。 2.無論公司進行購併的動機為何，當要進行整合時，必須要落實到價值單元層次，也就是要以部門為主體來進行整合，此時對於部門主管而言，最重要的目標就是要建立規模或是發揮綜效。 二、併後整合模式與購併成效之間的關係，會受到整合目標與情境因素的影響 1.整體而言，整合幅度並不會直接影響購併成效，但整合速度越快，人員滿意度將越高。 2.以建立規模為目標的併後整合，應該採取大幅度的整合，以及專案管理，以達到較高的績效滿意度。 3.以發揮綜效為目標的併後整合，應該加快整合的速度，以達到較高的績效滿意度。 4.當購併雙方業務差異性大時，整合速度越快，則績效滿意度越高，但此時會降低人員滿意度。 5.當賣方的知識屬性屬於比較內隱與集體時，應該加快整合的速度，以產生較高的任務滿意度。 三、整合目標會直接影響併後整合模式 1.以建立規模為目標的併後整合，相較於發揮綜效者，傾向較大幅度與較快速度的整合，以及多採用正式的專案管理。 2.一般而言，規模型的整合，傾向由買方主導人事，但是當賣方價值單元的相對規模與競爭優勢遠大於買方時，則傾向由賣方主導人事。 四、情境因素會直接影響併後整合模式 1.當購併雙方的業務差異性大，或是賣方的競爭優勢高時，買方應該採取小幅度的整合，尤其在綜效型的整合更是如此。 2.當賣方的相對規模遠大於買方時，則必須採取較小幅度的整合，規模型的整合尤需如此。 === Based on the rise of the global M&A trend, this research is conducted from the aspect of post-merger integration. It attempts to discuss what post-merger modes can produce higher performance, and what factors affect the relationships between post-merger integration and performance. In other words, the major object of this research is to understand the integration modes, including the range and the speed of the integration, to be adopted to achieve better integration results. It also discusses whether different M&A motivations or other contextual/situational factors, such as the differences in size, industry, and operation between the two parties, and the content of knowledge, will affect the result of the post-merger integration. The five merging cases in information technology business – DEC, Compaq, Yahoo, Acer's TWP and VIA – are chosen to be the research targets. The analytical unit is the value unit (department) instead of the company which is widely used in traditional studies in this stream of research. Based on 26 samples, the research methods are two-folded: the qualitative case study method and the quantitative statistic method The research propositions are formed to explore and examine the connections between the meaning of variables and the inference of variables. The main propositions of this research are as follow: 1. Strategic motivations of company level and integration goals of value unit (department) level are two different constructs. And the former directs the latter. • Strategic motivations include ‘pursuing economic scale’, ‘proceeding complementary process’, ‘expanding business scope’, and ‘changing competitive position’. Integration goals are only to build business scale and develop Synergy. • No matter what motivates a company to merger the other　one, it has to be based on a value unit level when processing integration. It means to consider departments as major integration bodies. The most important objective of departments’ heads at this point of time is to build business scale and develop synergy. 2. Relationships between post-merger integration modes and M&A performances can be influenced by integration goals and situational factors. • In whole, scope of integration does not necessarily affect merging performances. However, the shorter time integration takes, the higher employee satisfaction it can reach. • The post-merger integration aiming to build business scale is suggested to use integration of great range and project management to achieve higher financial satisfaction. • Higher financial satisfaction can be reached by accelerating integration speed when the post-merger integration aiming to develop synergy. • If there is a huge operation gap between merging parties, higher financial satisfaction can be achieved by faster integration, but employee satisfaction may be decreased. • When company’s knowledge content tends to be tacit and collective, to accelerate integration is also suggested to produce higher task satisfaction. 3. An integration goal directly affects post-acquisition integration. • The integration aiming to build economics scale, in comparison with that to develop synergy, tends to integrate faster and in greater range, and it usually adopts a formal project management. • Generally speaking, if integration takes place under the “scale mode”, buyer will be the one directing human resources management. However, when the scale in contrast and competitiveness of the seller’s value unit are far bigger and stronger than the buyer, the seller may direct the human resources management. 4. Situational factors directly affect the modes of post-acquisition integration • Once there is a huge difference between both merging parties’ operations, or selling party is more competitive, buyer is suggested to conduct integration under small range, especially in the “synergy mode”. • When business scale of the seller is much more developed than that of the buyer, under the “scale mode”, integration of small range is also suggested.