Responsive image
博碩士論文 etd-0703114-233217 詳細資訊
Title page for etd-0703114-233217
論文名稱
Title
成功併購專案執行之人才發展
Talent Developing on Executing Successful Mergers and Acquisitions Projects
系所名稱
Department
畢業學年期
Year, semester
語文別
Language
學位類別
Degree
頁數
Number of pages
73
研究生
Author
指導教授
Advisor
召集委員
Convenor
口試委員
Advisory Committee
口試日期
Date of Exam
2014-06-19
繳交日期
Date of Submission
2014-08-04
關鍵字
Keywords
盡職調查、人資能力、併購、人才發展
human resource competencies, due diligence, mergers and acquisitions, talent developing
統計
Statistics
本論文已被瀏覽 5852 次,被下載 38
The thesis/dissertation has been browsed 5852 times, has been downloaded 38 times.
中文摘要
併購已然成為現代商業經營中受到高度重視的一項策略性工具,連繫著企業未來的戰略性發展方向。縱使併購已歷經相當時間的發展進化,理應有著相當成熟的思維及運作方法;然而,不論在學術或實務上的調研卻顯示出非常高比例的併購失敗結果,與初始目標大相逕庭。

本論文研究探索之目的在於發掘在執行併購專案中各角色所需具備的技能,從人力資源管理的角度來規劃人才發展,以達到成功併購的目標。

本研究論文在研究方法以及程序上,始從探討文獻中及實務上對於併購失敗原因的分析;以及歸納併購執行應該具備的管理思維和能力;並且與在併購執行過程中具有積極參與角色的各個專業領域進行訪談:包含會計、管理諮詢、稅務以及親身歷經併購的人士或公司,歸納整理出在實踐上所遇到的挑戰或困難以及可行的因應方法。

本研究發現在執行併購過程中,領導者與參與的各業務中階管理層成員所需具備的能力不相同。就領導者角色而言,除了須具備執行力之外,也須具備在交易階段的談判能力;以及在整合階段裡重新擬定戰略、重新型塑組織文化、與關鍵人才溝通以及重整業務結構等的能力,目的是在於提升被併購公司的經營效率,達成預期的併購績效。就業務中階管理層角色而言,尤其在交易階段,具備與中介公司協同合作、執行各業務盡職調查並發掘關鍵人才以及擬定整合計畫等的能力,目的是在於辨識被併購公司能不能被整合以及該如何整合。

人才管理是人資能力的一環,對於執行併購專案,人力資源管理須能辨識出在併購中不同任務角色所需具備的能力,才能針對不同的需求來規劃合宜的發展或培訓計畫,並能成功執行併購專案。
Abstract
Mergers and acquisitions has become a strategic means in business operating nowadays, connecting the future strategic developing for organizations. It is supposed that mergers and acquisition is mature in thoughts and operating with the evolving of time. However, either academic researches or studies indicated the quite high failure rate in mergers and acquisitions in reality, could not reach the initial purposes.

The intention of this research is to identify the competencies required by different roles respectively in executing mergers and acquisitions, in order to organize developing program for executing successful mergers and acquisitions from the viewing point of human resource management.

Researching methods and process used in this research are reviewing and analyzing the failure reasons in mergers and acquisitions from literatures, researches and studies; further organizing the skills and capacities required for executing mergers and acquisitions; as well as interviewing people and organizations who actively involve in mergers and acquisitions, including the fields in accounting, taxation, consulting, investing, project finance and executing, to identify the difficulties, challenges and workable solutions in a mergers and acquisitions.

The conclusion to this research is to identify different competencies required by the leader and functional-line management. As to the role of the leader, besides executing capability, it is required to possess negotiating capability at transaction stage as well as the capabilities of re-organizing strategy; re-shaping organizational culture; communicating with key talents and reforming business structure in order to increase operating efficiency in the target company. For the role as each functional-line management, especially at transaction stage, it is required to possess the capabilities of cooperating with independent service firms; conducting business due diligence; locating key talent at the target company and providing business integration plan, this is to identify the feasibility of integrating the target company and how to proceed integrating.

Talent managing is one of human resource competencies. It is required to identify the varied capabilities possessed by different roles respectively in executing mergers and acquisition by human resource management, in order to organize developing or training program for varied requirements properly for executing mergers and acquisitions successfully.
目次 Table of Contents
論文審定書+i
誌謝辭+ii
中文摘要+iii
ABSTRACT+iv
TABLE OF CONTENTS+vi
LIST OF FIGURES+ix
LIST OF TABLES+x
CHAPTER 1 INTRODUCTION+1
1.1 Research Background+1
1.2 Research Objectives+2
1.3 Research Procedures+2
CHAPTER 2 LITERATURE REVIEW+5
2.1 Mergers and Acquisitions+5
2.1.1 Theories of Motives for Mergers and Acquisitions+5
2.1.2 Strategic, Financial and Managerial Motives+7
2.1.2.1 Strategic Motives+7
2.1.2.2 Financial Motives+8
2.1.2.3 Managerial Motives+9
2.1.3 Mergers and Acquisitions Process+9
2.1.4 Failure Reasons for Mergers and Acquisitions+10
2.1.5 Strategic Fit vs. Organizational fit+11
2.1.6 Factors Affecting Mergers and Acquisitions Performance+12
2.1.7 Due Diligence+14
2.1.8 Valuation to Target Company+14
2.1.9 Value Chain Combining+15
2.1.10 A Diverse and Complex Topic+16
2.2 Human Resource Issues+17
2.2.1 The Human Resource Cycle+17
2.2.2 Human Resource in Mergers and Acquisitions+18
2.2.3 Human Resource Challenges throughout Mergers and Acquisitions+19
2.2.4 Human Resource Roles and Competencies+20
2.2.4.1 Human Resource as Accountable and Operational Executing+20
2.2.4.2 Human Resource as Talent Managing and Structure Designing+20
2.2.4.3 Human Resource as Capability Building and Technology Adopting+21
2.2.4.4 Human Resource as Culture and Change Pioneering+21
2.2.4.5 Human Resource as Innovating and Integrating+22
2.2.4.6 Human Resource as Organization Positioning and Strategy Supporting+22
2.2.5 Human Resource Competencies Categories+23
2.2.6 Organizational Culture+23
CHAPTER 3 RESEARCH METHOD+25
3.1 Qualitative Research Approach+25
3.2 Research Strategy+25
3.3 Data Collecting Method+26
3.3.1 Independent Service Firms+26
3.3.2 The Acquiring Organizations+26
3.4 Case Study+27
CHAPTER 4 ANALYSIS AND DISCUSSION+29
4.1 Outlining of Case Studies+29
4.1.1 Case Study 1+29
4.1.2 Case Study 2+30
4.1.3 Case Study 3+31
4.1.4 Case Study 4+31
4.2 Analysis+32
4.2.1 Project Team Forming in Mergers and Acquisitions+32
4.2.2 Motive for Target Selecting in Mergers and Acquisitions+36
4.2.3 Due Diligence in Mergers and Acquisitions+36
4.2.4 Valuation and Negotiating in Mergers and Acquisitions+38
4.2.5 Strategy Re-organizing in Integration Stage+39
4.2.6 Implementing New Organizational Culture onto the Target Company+40
CHAPTER 5 CONCLUSION+42
5.1 Summary of Analysis+42
5.2 Major Findings+43
5.3 Suggestions for Talent Developing in Mergers and Acquisitions+46
5.4 Research Limitations and Suggestions for Further Research+48
REFERENCES+50
APPENDIX+52
參考文獻 References
ENGLISH PART
Atkinson, R. (1999). Project management: cost, time and quality, two best guesses and a phenomenon, its time to accept other success criteria. International Journal of Project Management. 17(6), 337-342.

Bellenger, D. N.; Bernhardt, K. L.; Goldstucker, J. L. (1967). Qualitative research in marketing. Chicago: American Marketing Association.

Brealey, R. A., Myers, S. C. & Allen, F. (2011), Principles of corporate finance (10th ed.), pp. 13. New York, NY: McGraw-Hill/Irwin.

Bryson, J (2003), Managing HRM risk in a merger. Employee Relations, 25(1), 14-30.

Daniel, T. A. (1999), Between trapezes: The human side of making mergers and acquisitions work. Compensation and Benefits Management. 15, 19-37.

DePamphilis. D. (2011). Mergers and acquisitions basics: All you need to know. Burlington, MA: Elsevier Inc..

Deshpande, R. and Webster, F. E. Jr. (1989). Organizational culture and marketing: Defining the research agenda. Journal of Marketing. 53(1), 3-15.

DiGeorgio, R. M. (2002), Making mergers and acquisitions work: What we know and don’t know - Part 1. Journal of Change Management, 3(2), 134-148.

Fombrun, C.J., Tichy, N.M. and Devanna, M.A. (1984) Strategic Human Resource Management. John Wiley& Sons.

Lee, K. and Pennings, J. M. (1996). Mergers and acquisitions: strategic – organizational fit and outcomes. Department of Management, the Wharton School, University of Pennsylvania.

Johnson. G, Scholes K. & Whittington R. (2005), Exploring strategy: text & cases (7/e.), p 350-1. Essex, England: Pearson Education Limited.

Marks M. L. (1997). Let’s make a deal. HR Magazine. Vo. 42.

Michael E. Porter (1985), Competitive advantage: creating and sustaining superior performance. New York: The Free Press.

Minichiello, V., Aroni, R., Timwell, E. and Alexander, L. (1995). In-depth interviewing (2nd ed.). South Melbourne: Longman.

O’Reilly, C. A. and Chatman, J. A. (1996). Culture as social control: Corporation, cults, and commitment. Research in Organizational Behavior, 18, 157-200.

Papadakis, V. (2007), Growth through mergers and acquisitions: How it won’t be a loser’s game. Business Strategy Series, 8(1), 43-50.
Pennings, J. M. & Wezel, F. C. (2007), Human capital, inter-firm mobility and organizational evolution, pp. 204. Cheltenham: Edward Elgar Publishing.

Project Management Institute (2013), A guide to the project management body of knowledge (5th ed.). Newtown Square, PA: Project Management Institute Inc.

Robbins, S. P. and Judge, T. A. (2012). Organizational Behavior. Chapter 16. Boston: Pearson Education Inc.

Schmidt A. J. (2003).Making mergers work, the strategic importance of people. Towers Perrin and Society for Human Resource Management Publication.

Schuler, R. and Jackson, S. (2001), HR issues and activities in mergers and acquisitions. European Management Journal, 19(3), 239-53.

Selden L., Colvin G. (2003). M&A needn’t be a loser’s game. Harvard Business Review. 81(6), 70-79.

Sinkovics, R., & Alfoldi, E. (2012). Progressive focusing and trustworthiness in qualitative Research. Management International Review (MIR), 52(6), 17-845.

Sirower, M. (1997), The Synergy Trap: How Companies Lose the Acquisition Game. The Free Press, New York, NY.

Straub, T. (2007), Reasons for frequent failure in mergers and acquisitions: a comprehensive analysis. Wiesbaden: Deutscher Universitäts-Verlag (DUV), Gabler Edition Wissenschaft.

Swerdlow, D., Laseter, T., Cade, S., Engel, H. & Weissbarth, R. (2001), Managing procurement through a merger: capturing the value of the deal. Booz Allen Hamilton White article, August.

Ulrich, D. and Brockbank, W. (2007, 2012). Human Resource Competency Study (HRCS), Round 5 and Round 6.

Volberda, H. W. (1997), Building flexible organizations for fast-moving markets, Long Range Planning. 30(2), 169-183.

Yin, R. K. (2003). Case study research: Design and methods. (3rd ed.). Thousand Oaks: Sage Publications.

CHINESE PART
方少华 (2012)。并购成功的关键之‧人力资源尽职调查。南京市﹕南京大学出版社。

INTERNET PART
Maverick LLC, http://www.maverickllc.com/the-four-phases-of-m-a
電子全文 Fulltext
本電子全文僅授權使用者為學術研究之目的,進行個人非營利性質之檢索、閱讀、列印。請遵守中華民國著作權法之相關規定,切勿任意重製、散佈、改作、轉貼、播送,以免觸法。
論文使用權限 Thesis access permission:自定論文開放時間 user define
開放時間 Available:
校內 Campus: 已公開 available
校外 Off-campus: 已公開 available


紙本論文 Printed copies
紙本論文的公開資訊在102學年度以後相對較為完整。如果需要查詢101學年度以前的紙本論文公開資訊,請聯繫圖資處紙本論文服務櫃台。如有不便之處敬請見諒。
開放時間 available 已公開 available

QR Code