購併的確為企業追求快速成長的方法之一，然而並不是每一個企業在進行購併之後都能獲得之前所期望的成效。購併背後通常隱含著巨大的組織變革，留存的被併公司員工在面對購併後的新公司時，儼然就像是新進員工面臨剛就職的組織，充滿著陌生和不確定感。美商惠悅公司1998年的調查發現，大部分的購併案沒有達到之前預期的策略目標，企業購併最終會導致失敗或是效能不彰，除文化上的差異外，制度上的不能整合「人」的議題，亦是一大關鍵因素。例如：優秀人才的離去，留任員工的工作效率低落等問題，於是引發出對於企業購併後的人力資源整合相關議題的探討。
本研究旨在透過質的訪談研究方法，探討人力資源整合在企業購併過程中的成功關鍵因素，為考量恐因時間的選擇和回溯資訊的困難造成效度不佳之虞，特以2006年台灣大型零售量販業購併案為例，法商Carrefour公司購併英商Tesco公司為研究對象。
另考量到被併公司員工所受到的衝擊較大，所以主要針對留任的被併公司員工進行調查，並以購併過程中較少機會參與協商與決策的中階管理階層以下之員工為主。研究過程中另外發現購併後被併公司員工對新公司的工作規定和相關福利措施，乃至於個人與整體組織的配適可能會產生期望落差，而此種期望落差會對員工之於組織承諾產生影響。期望落差除了對員工的組織承諾和壓力反應有直接的影響效果外，還會透過員工對組織支持的知覺，反應在員工的工作表現的積極度。
研究結果得到以下之結論：
一、 企業購併時經由公司內人力資源管理部門，配合外部專家組成專屬任務小組執行購併任務之人力資源整合，可使購併時之阻力降到最低。
二、 企業購併時需要有明確的人力資源整合架構。
三、 企業購併時需有計劃的進行全面的員工宣導與溝通，以消除不必要的誤會與流言。
四、 企業購併時對於人員規劃與安排應考慮原公司所有重要的同仁皆留任，也藉此機會淘汰原本表現不佳的同仁，並留任被購併公司有傑出績效與行為表現的個人。
五、 企業購併時為確保新公司每一位同仁朝同一方向前進，應重新審視目標績效評估與管理。

M & A indeed is one of speedy growing methods for enterprise. But not every one enterprise can get its effectiveness as expectation after conducting merger. There is usually a huge organizational change is hidden behind M & A. The retained employees after the merger face the new company, seems like new employees that just inaugurated, filled with strange and a sense of uncertainty. In 1998, Watson Wyatt Company made a survey and found most of the merger failed to achieve the strategic target as expectation, M & A will ultimately lead to failure or poor performance, in addition to cultural differences, "people" issues can not be integrated effectively by the system is a major key factors, such as the leave of excellent talents, staff remaining in the low efficiency, So triggered the human resources issues discussed after M & A.
The purpose of this study was to research successful key factor of human resources integration in the process of M & A which through an interview with qualitative, considering the time appropriateness and the difficulties of backtracking information validity to avoid making poor effectiveness. Especially to choose a case of retailer Taiwan in 2006 as example, French Carrefour merged with British Tesco to study.
Also considering the impact of mergers and acquisitions on the acquired employees are greater than the acquiring ones, especially the employees under the middle management level, we selected the remained employees under the middle management level in the acquired corporation as the sample.
This empirical study found that the unmet expectation of acquired employees not only from job regulations and benefit, but also from the person-organization fit of the acquiring corporation. The unmet expectation may both affect the psychological and behavioral stress of acquired employees. It also affects the organizational commitment of acquired employees to the acquiring corporation. The unmet expectation has a direct effect on the job stress and organization commitment. It also has an indirect effect on the performance positively through the perceived organizational support.
The purpose of this study is to explore the human resources integration challenges under merger and acquisition of the pharmaceutical company A. The findings are from focused interview with employees of different backgrounds including acquired company employees, acquiring (A) company employees and top management team of the A company. The research results indicate that：
1.Under M&A, the internal integration team with outsider consulting firm’s professional assistance will minimize the resistances.
2.Under M&A, the specific HR integration structure is needed.
3.Under M&A, the comprehensive communication plan is needed to erase the rumors and gossips.
4.Under M&A, the talent deployment must retain all the talents from both-side companies and eliminate the poor performers in the acquiring company.
5.Under M&A, for ensuring every colleague in the new company move forward to the same goals, the enterprise has to review the performance appraisal and management system.

目錄
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.....................................................................................................2
第四節 研究流程.....................................................................................................3
第二章 文獻探討..........................................................................................................4
第一節 購併中的企業文化整合.............................................................................4
第二節 企業購併的定義與類型.............................................................................8
第三節 企業購併的動機與成敗因素...................................................................11
第四節 人力資源整合關鍵因素探討...................................................................21
第三章 研究方法........................................................................................................24
第一節 研究架構...................................................................................................24
第二節 研究策略...................................................................................................25
第三節 資料蒐集...................................................................................................27
第四節 資料歸納與統計.......................................................................................28
第四章 實證研究........................................................................................................39
第一節 台灣零售量販業產業概況.......................................................................39
第二節 個案公司簡介...........................................................................................45
第三節 購併中人力資源整合模式.......................................................................52
第四節 購併後人力資源發展策略.......................................................................54
第五章 結論與建議....................................................................................................89
第一節 結論...........................................................................................................89
第二節 研究範圍及限制.......................................................................................89
第三節 後續建議...................................................................................................90
參考文獻
中文部分......................................................................................................................91
英文部分......................................................................................................................93

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