在全球化的影響下，國與國之間不再有地域上的疆界，也因為投資壁壘和地域疆界的消除，使得許多企業皆利用跨國併購（Transnational M&A）來進行全球市場的擴張。但許多的併購案皆達不到當初所預期的利潤，根據研究併購績效的文獻指出，在全球的企業併購案裡，企業重組的成功率只有43%，其中在失敗的案例中，有80%以上源自文化整合的失利。因此兩組織併購後的文化因素將會成為影響併購績效的重點。


本論文以兩個合併與收購個案 為主，探討在跨國企業併購成敗的文化因素為研究主題，進行文獻的收集與探討。此外就研究主題，選取聯想集團跨國併購IBM 以及明碁 跨國併購西門子以比較個案的方式進行方析，並使用Hofstede（1980）的不同國家文化構面分析主併、被併的國家文化以及受國家文化影響之組織文化，再依據組織文化移轉模型分析併購的公司與被併購公司的組織文化移轉模型一致性與否，以探討跨國企業併購成敗的文化因素。


研究結果發現企業跨國併購是全球化的趨勢，而併購的公司與被併購公司的國家文化及組織文化的差異若不能解決，將會使跨國併購文化整合的過程遭遇困難，因此必須克服因文化差異所遭遇的困難。並且併購的公司與被併購公司的組織文化移轉模型一致性與否，將會影響併購整合的成敗，因此需要根據文化因素來考量如何使跨國併購成功。

Mergers and acquisitions have become the most frequently used methods of growth for companies in the twenty first century. Because of the influence of globalization, the regional boundary among nations is removed. The enterprises, pursuing their expanding in global market for profits, tend to adopt transnational M&A. However, a lot of M&A cases were not able to reach an expected performance. Plus, according to previous studies, they showed that the successful rate of M&A was 43% and the failure rate of M&A was 80%. The cultural factors of transnational M&A might be the key to affect transnational M&A performance. Qualitative research was the principle method in this study.


In this research, using the two cases which include Lenovo and IBM the other one is BenQ and Siemens to analyze the the national culture factors of acquiring company and acquired company were analyzed basing on the Hofstede’s Cultural Dimensions theory, and then basing on Organizational Culture Transfer Model, the organizational culture of acquiring company and acquired company were discussed. The research aimed to explore the successful and failure cultural factors of transnational M&A in globalization.

The results indicated, if the cultural conflicts between the acquiring company and acquired company can’t be solved, the cultural integration might suffer difficulties. By the way the enterprises need to solve the difficulties in cultural conflicts. The consistency in the acquiring company and the acquired company will enhance the successful cultural factors of M&A integration. All of the cultural factors discussed in this research can be provided to the further implications of industries.

論文審定書………………………………………………………………i
Acknowledge……………………………………………………………..ii
中文摘要…………………………………………………………………iii
Abstract……………………………………………………………………iv
Table of Content…………………………………………………………...v





Chapter I Introduction

1.1 Background……………………………………………………………………….…....1
1.2 Motivation…………………………………………………………………………….....2
1.3 Research Procedure……………………………………………………………………3
1.4 Research Framework…………………………………………………………………..4

Chapter II Mergers and Acquisition Overview…………………………………………….5

Chapter III Literature Review

3.1 Organizational Culture Formation……………………………………………………...8
3.2 The Functions of Organizational Culture………………………………………………9
3.3 The Types of Organizational Culture…………………………………………………...9
3.4 Model of Acculturation…………………………………………………………………..10
3.5 Acculturative Model for the Implementation of M&A………………………………….13
3.6 National Culture……………………………………………………………………….....15
3.7 Cross Culture Management…………………………………………………...............16

Chapter IV Methodology

4.1 Methodology……………………………………………………………………………....17
4.2 The Reasons of Cases Study……………………………………………………………19

Chapter V Cases Analyst & Finding

5.1 Introduction of Lenovo & IBM………………………………………………………….....20
5.2 Organization culture of Lenovo & IBM………………………………………………......22
5.3 The Motivation of Lenovo M&A the IBM PC Division……………………………..…....25
5.4 The cultural factors of Lenovo & IBM case……………………………………………...27
5.5 Introduction of BenQ & Siemens………………………………………………………...37
5.6 Organization BenQ & Siemens culture………………………………………………….37
5.7 The Motivation of BenQ Merger the Siemens…………………………………………...38
5.8 The cultural factors of BenQ & Siemens case………………………………………….39
5.9 The international M&A of Lenovo & IBM and BenQ Siemens Successful & Failed…..48

Chapter VI Conclusions and Recommendations

6.1 Conclusion………………………………………………………………………………..50
6.2 Suggestion………………………………………………………………………………..51
6.3 Limitation of the Research………………………………………………………………52

Reference

Chinese Reference…………………...………………………………………………………53
English Reference…………………………………………………………………………….55

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