Loading...
|
Please use this identifier to cite or link to this item:
https://nccur.lib.nccu.edu.tw/handle/140.119/151495
|
| Title: | 企業併購之組織文化及人力資本整合策略
The Integration Strategies of Organizational Culture and Human Capital in Corporate Mergers and Acquisitions |
| Authors: | 張妍榛
Chang, Yan-Zhen |
| Contributors: | 林月雲
吳啟銘
Lin, Yeh-Yun
Wu, Chi-Ming
張妍榛
Chang, Yan-Zhen |
| Keywords: | 併購
併購後整合
人力資本整合
組織文化整合
Mergers and acquisitions
Key success factors
Post-merger integration
Human capital integration
Organizational cultural integration |
| Date: | 2022 |
| Issue Date: | 2024-06-03 11:34:12 (UTC+8) |
| Abstract: | 近幾年來因為金融市場的開放、貿易自由化及開放國外直接投資等因素，使
全球逐漸走入國際化。面對經營環境的快速變遷，併購已成為企業提升競爭力的
途徑，企業藉由併購達到擴大規模、節省成本、產生綜效等效益。
因金融機構在整體經濟發展中居極重要地位，我國政府積極推動金融改革，
以提升金融監督管理效能及金融機構在國內外的競爭，但整合問題一直是企業的
一大挑戰，若缺乏併購事前調查及事後整合策略，將使原預期的綜效大幅降低。
研究顯示有效的併後整合（Post-merger integration, PMI），不僅是決定企業
併購案是否成功的主要因素，也是最複雜且失敗率最高的部分。在實務上，成功
的併後整合必須有嚴謹的計畫與執行，除了投入足夠的管理資源外，也須重視組
織文化的整合，藉由雙方高階管理者的參與，使整合策略能徹底執行，減少失敗
之風險。
本研究以文獻探討和多重個案研究方法，分析臺灣代表性企業－元大金融控
股公司合併大眾商業銀行、凱基證券股份有限公司合併台証綜合證券為併購案例，
著重於企業併購後之組織文化和人力資本整合策略。本研究目的在使企業未來在
實際執行併購策略時，能謹慎思考並實施相對應措施。
In recent years, the global landscape has witnessed a significant embrace of internationalization, spurred by factors like the opening of financial markets, trade liberalization, and increased foreign direct investments. In response to these rapid changes in the business environment, mergers and acquisitions have emerged as strategies tools for enterprises to bolster their competitive edge. By engaging in mergers and acquisitions, enterprises can achieve numerous advantages, including expanding their business scale, reducing costs, and harnessing synergies.
As financial institutions wield considerable influence over a nation’s economic progress, the Taiwan government has proactively championed financial reforms aimed at bolstering the efficacy of financial oversight and fostering competition among domestic and international financial entities. However, the challenge of integration has persistently loomed over enterprises. Inadequate pre-merger due diligence and post-merger integration (“PMI”) efforts have notably constrained synergistic benefits, often falling short of initial expectations.
Studies have demonstrated that successful PMI is not only the primary determinant of corporate merger and acquisition success but also the most intricate factor, with the highest failure rate. Achieving successful PMI necessitates meticulous planning and execution, including substantial investment in management resources and meticulous attention to cultural integration within the organization. Through active engagement from executive managers from both merging entities, the integration strategy can be comprehensively implemented, thereby mitigating the risk of failure.
This thesis conducts literature reviews and multiple case studies to analyze representative mergers and acquisitions cases of companies in Taiwan. It specifically focuses on two mergers: the merging of Yuanta Commercial Bank Co., Ltd. with Ta Chong Commercial Bank Co., Ltd., and the merger between KGI Securities Co. Ltd. and Taiwan Securities Co., Ltd. This study examines post-merger integration (“PMI”) strategies concerning organizational culture and human capital. The objective is to provide insights that enable enterprises to carefully consider and implement appropriate measures when executing mergers and acquisitions strategies in the future. |
| Reference: | Aaker, D. A. 2001. Developing business strategies. J. Wiley.
Aghasi, K., 2015. Predicting who stays or leaves after the acquisition: Target’s top manager turnover. KTH Royal Institute of Technology Unpublished Doctoral Thesis.
Angwin, D. N. 2007. Motive Archetypes in mergers and acquisitions (M&A): The implications of a configurational approach to performance. JAI Press, 6: 77-106.
Bai, J., Jin, W., & Serfling, M., 2018/7/17. How M&A Can Lead to Better Management, The CLS Blue Sky Blog.
Barkema, H. G., Bell, J. H. J., & Pennings, J. M. 1996. Foreign entry, cultural barriers, and learning. Strategic Management Journal (1986-1998), 17(2): 151-166.
Baxter, P. E., & Jack, S. M. 2008. Qualitative case study methodology: Study design and implementation for novice researchers. Qualitative Report, 13(4): 544-556.
Belyh, A., 2019/9/23. A Historical Analysis of M&A Waves. https://cleverism.com/historical-analysis-ma-waves-mergers-acquisition/. Retrieved: 2022/7/2.
Bryson, J. 2003. Managing HRM risk in a merger. Employee Relations, 25(1): 14-30.
Calori, R., Lubatkin, M., & Very, P. 1994. Control mechanisms in cross-border acquisitions: An international comparison. Organization Studies, 15(3): 361-379.
Celikyurt, U., Sevilir, M., & Shivdasani, A. 2010. Going public to acquire? The acquisition motive in IPOs. Journal of Financial Economics, 96(3): 345-363.
UpCounsel, 2020/10/8. Change of control provision: Everything you need to know. https://www.upcounsel.com/change-of-control-provision. Retrieved: 2022/06/20.
Christensen, M. C., Alton, R., Rising, C., & Waldeck, A. 2011. The Big Idea: The New M&A Playbook. Harvard Business Review, 89(3): 48-60.
Chung, H. F. L., & Ho, M. H. W. 2021. International competitive strategies, organizational learning and export performance: A match and mis-match conceptualization. European Journal of Marketing, 55(10): 2794-2822.
Deloitte Development LLC, 2017. Driving M&A value through HR integration. https://www2.deloitte.com/content/dam/Deloitte/us/Documents/mergers-acqisitions/us-ma-driving-m-and-a-value-through-hr-integration-get-it-right-from-the-start.pdf. Retrieved: 2022/06/15.
California Manufacturing Technology Consulting, 2015/4/13. Diversification: The key to improving your organization’s stability. https://www.cmtc.com/blog/diversification-the-key-to-improving-your-organizations-stability. Retrieved: 2022/5/17.
Elgers, P. T., & Clark, J. J. 1980. Mergers types and shareholder returns: Additional evidence. Financial Management, 9(2): 66-72.
Haspeslagh, P. C., & Jemison, D. B. 1993. Managing acquisitions: Creating value through corporate renewal. Academy of Management Review, 18(2): 370-374.
Lyons, E., 2018/12/12. The cultural adjustment curve and the hype cycle curve are similar because people are the same for everything. https://elilyons.medium.com/the-cultural-adjustment-curve-and-the-hype-cycle-curve-are-similar-because-people-are-the-same-for-51eccfed9a6d. Retrieved: 2022/06/19.
Mack, N., Woodsong, C., MacQueen, M. K., Guest, G., & Namey. E. 2005. Qualitative research methods: A data collector’s field guide. Family Health International.
Makhlouk, H., & Shevchuk, O., 2008. The importance and the influence of the corporate culture in a merger and acquisition context. University of Kalmar Unpublished Master Thesis.
Malik, M. F., Anuar, M. A., Khan, S., & Khan, F. 2014. Mergers and acquisitions: A conceptual review. International Journal of Accounting and Financial Reporting, 4(2): 520-533.
Marks, M. L. 1991. Merger management HR’s way. HRMagazine: On human resource management, 36(5): 60-62, 66.
Ouchi, W. 1981. Theory Z: How American business can meet the Japanese Challenge. Business Horizons.
Patel, K., 2021/12/7. Understanding the business acquisition manager role. https://dealroom.net/blog/business-acquisition-manager-role-information. Retrieved: 2022/7/4.
Pikulina, E., 2011. M&A waves and its evolution throughout history. Tilburg University Unpublished Bachelor Thesis.
Polymeridou, N., 2019/9/2. 5 Different Forms of Corporate Restructuring to Consider. https://www.glaisyers.com/5-different-forms-of-corporate-restructuring-to-consider/. Retrieved: 2022/05/18.
PricewaterhouseCoopers, 2019. Creating value beyond the deal: What if you took a different perspective to your M&A?. https://www.pwc.tw/zh/publications/topic-invest/deals-report.html. Retrieved: 2022/5/19.
Rozen-Bakher, Z. 2017. Comparison of merger and acquisition (M&A) success in horizontal, vertical and conglomerate M&As: Industry sector vs. services sector. The Service Industries Journal, 38(7-8): 492-518.
Sanjukta, B., Agyenim, B., & Sardar, A. 2018. Motives of mergers and acquisitions in the European public utilities: An empirical investigation of the wealth-anomaly. International Journal of Public Sector Management, 31(5): 599-616.
Soosay, C., Ferrer, M., Santa, R., & Hyland, P. 2007. Internal and external integration: Strategies for logistics competitiveness, CQ University.
Stake, R. E. 1995. The art of case study research. SAGE Publications, Inc.
Stimpson, P., & Smith, A., 2015. Business management for the IB diploma coursebook (2nd Eds.). Cambridge University Press.
The Asset, 2009. The Asset Country Awards 2009 North Asia. https://www.theasset.com/awards/18.html. Retrieved: 2022/7/9.
The Center for Public Integrity, 2013. Five years later, where are they now?. https://publicintegrity.org/inequality-poverty-opportunity/five-years-later-where-are-they-now/. Retrieved: 2022/7/10.
The Clearing, Inc., 2017/1/10. 4 strategies for overcoming culture clash after a merger. https://theclearing.com/insights/four-strategies-for-overcoming-culture-clash-after-a-merger/. Retrieved: 2022/7/2.
Utah, C., & Capital, A., 2014/11/13. What happens when company cultures clash?. https://www.inc.com/chris-utah/what-happens-when-company-cultures-clash.html. Retrieved: 2022/7/5.
Vaara, E. 2003. Post-acquisition integration as sensemaking: Glimpses of ambiguity, confusion, hypocrisy, and politicization. Journal of Management Studies, 40(4): 859-894.
Vannoni, M. 2014. What are case studies good for? Nesting comparative case study research into the Lakatosian research program. Cross-Cultural Research, 49(4): 331-357.
Yin, R. K. 2009. Case study research: Design and methods (4th Eds.). SAGE Publications, Inc.
Young, P. V. 1966. Scientific social surveys and research (4th Eds.). Prentice-Hall. |
| Description: | 碩士
國立政治大學
企業管理研究所(MBA學位學程)
109363064 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0109363064 |
| Data Type: | thesis |
| Appears in Collections: | [企業管理研究所（MBA學位學程）] 學位論文
|
Files in This Item:
| File |
Size | Format | |
|---|
| 306401.pdf | 2343Kb | Adobe PDF | 0 | View/Open |
|
All items in 政大典藏 are protected by copyright, with all rights reserved.
|
