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系統識別號 U0026-0812200914214057
論文名稱(中文) 併購後整合管理與組織績效關係之探討-以平衡計分卡為例
論文名稱(英文) The Study of Effect of Post-Merger Integration on Organizational Performance – Used Balanced Scorecard
校院名稱 成功大學
系所名稱(中) 企業管理學系專班
系所名稱(英) Department of Business Administration (on the job class)
學年度 96
學期 2
出版年 97
研究生(中文) 蘇美仁
研究生(英文) Mei-jen Su
電子信箱 r4795118@ncku.edu.tw
學號 r4795118
學位類別 碩士
語文別 中文
論文頁數 131頁
口試委員 口試委員-張紹基
召集委員-楊鎮維
指導教授-方世杰
中文關鍵字 整合速度  平衡計分卡  併購  整合管理 
英文關鍵字 the Speed of Integration  PMI  M & A  BSC 
學科別分類
中文摘要 企業面臨激烈的競爭環境,迫使企業選擇以最快速的成長模式—併購,掌握成長機會,以確保企業持續獲利目標達成。
本研究探討併購後整合(Post-Merger Integration, PMI)對企業整體價值實現之影響,認為:併購交易本身不會自動產生併購綜效,企業併購後整體價值之實現倚賴於有效的併購後整合管理,倘若企業未能有效地進行併購後整合管理,造成併購後組織價值損失大於價值創造,致使併購交易失敗收場。
為解決單以財務指標衡量併購價值實現之不完整,本研究採用平衡計分卡(Balanced Scorcard, BSC)四個觀點,發展全面性的績效評量指標,完整地呈現併購後組織人力資本、效率提升、關鍵技術或資源的取得…等非財務面之價值創造與實現。
本研究以任務整合(Task Integration)與人力整合(Human Integration)兩種不同的整合構念,在考量整合速度的干擾下,採取平衡計分卡做為績效評估工具,對併購企業進行整體價值實現之衡量;研究對象為2000年~2007年曾發生併購交易之國內上市、上櫃、興櫃公司,透過問卷訪查方式,驗證台灣企業在併購後整合管理方式與潛在價值實現之關係。
本研究結論如下:
1.以實現企業併購綜效之任務整合:在落實併購整合計劃訂定與進行整合目標監控、增加雙方之互動與協調、及避免大幅度的組織變革,對組織整體價值實現有顯著的影響效果。
2.在創造良好整合氛圍的人力整合:企業之人力資源政策、及其組織變革管理,影響員工知覺感受與滿意度,對組織整體價值實現有顯著的影響效果。
3.整合速度確實影響整合管理作法之選擇,同時也影響不同觀點之潛在價值實現;在併購後整合管理,採取快速地完成人力整合及相對較慢任務整合,對組織整體價值實現有顯著影響。是以,併購企業進行併購後整合規劃時,應就不同整合速度規劃下,回歸併購交易的動機與目的,選擇最適的整合管理措施,以實現併購企業首要重視的價值觀點。
英文摘要 Enterprises are facing extremely competition and rapid changing environment. Therefore, they choose the fastest growth model- Merger and Acquisition (M&A) to seize growth opportunities and ensure enterprises reaching the goal for making profit.
This study investigates the effects of Post-Merger Integration (PMI) on potential value realization, which points out that M&A does not create synergy automatically, but emphasizes that post-merger value realization depends on PMI, that affects organization overall organization value. The present study assumes that effective PMI influences the realization of organizational potential value. If enterprises can not perform effective PMI, it would result in organization value losses higher than organization value creation, and lead to M&A failure.
Besides, this study uses Balanced Scorecard (BSC) to evaluate the overall enterprise’s value realization. Using BSC’s four perspectives, we examine organization overall organization value creation and realization not only focus on financial performance, but also on non-financial performance, such as human capital, efficiency improvement, and acquisition of key technology and resources.
This study is structured on PMI, examines task integration and human integration, hypothesizes its speed as a motivator, by using BSC’s four perspectives to evaluate performance of organization overall potential value realization. The sample of present study includes TSEC, GTSM listed companies and Emerging companies that have been conducted M&A at the period between 2000 and 2007 in Taiwan. A questionnaire was developed to gather information, and examine the relationship between the management of PMI and the potential value realization of the enterprises in Taiwan.
The findings of this study were summarized as follows:
1.Task integration, such as fulfill PMI plan, monitor PMI goal, enhance mutual interaction and coordination, and
avoid a large scale organization revolution, has significant effects on organization overall value
realization.
2.Human integration, such as the policy of HRM and the management of Organization change that affect employees’
perception and satisfaction, has significant effects on organization overall value realization.
3.The speed of integration did affect the choice of management of PMI. Meanwhile, it also affects the degree
of potential value realization. For PMI, we find support that uses fast human integration and relatively slow
task integration, have significant effects on organization overall value realization. Therefore, while
conducting PMI plan, enterprises shall base on M&A motivation and purpose, to adopt different speed of
integration and choose the most suitable management of PMI to realize the organization value.
論文目次 第一章 緒論................1
第一節 研究背景................1
第二節 研究動機................2
第三節 研究目的................3
第四節 研究流程與論文架構................3
第二章 文獻探討................6
第一節 併購(M&A)定義與類型................6
第二節 併購交易理論................11
第三節 併購後整合(PMI)管理................16
第四節 併購績效衡量................33
第五節 平衡計分卡(BSC)................35
第三章 研究方法................46
第一節 研究架構................46
第二節 研究變數................46
第三節 研究假設................54
第四節 研究設計................55
第五節 研究方法................57
第四章 資料分析與結果................58
第一節 敍述性統................58
第二節 因素分析與信度分析................73
第三節 研究變項之相關分析................81
第四節 迴歸分析................83
第五節 整合速度之影響................94
第六節 不同整合速度之多元迴歸關係................103
第五章 結論與建議................114
第一節 結論................114
第二節 實務管理意涵................116
第三節 研究限制................116
第四節 後續研究建議................117
參考文獻................118
附錄................124
附錄1:本研究母體................124
附錄2:本研究問卷................126
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