全球化時代下，「購併 (Mergers and Acquisitions；M&A）」成為九十年代後企業尋求成長的手段之一。購併後的整合關鍵成為購併案成功與否的重要關鍵之一，當組織購併後，高階主管團隊必須於環境變化下、組織變動後制定新的策略以及調整組織結構、進行人力調整，期望能因應變化而永續經營；而這些須需依靠高階主管團隊推動及監督執行之（Finkelstein & Hambrick, 1990）。因此高階主管團隊（Top Management Team；簡稱TMT），在於購併執行的過程中所佔的角色及功用是相當重要的。
購併後，目標公司高階主管團隊是否遭撤換，是否留任於原工作崗位，除了其本身工作能力及經營成果將影響之外，其他的組織內外部原因是否將影響其職位的更迭，此為購併案的前後組織中的高階主管團隊需思考的問題。
故本研究欲探討高階主管團隊留任與否的主要影響因素。本研究選取1997年至2006年間主併公司及目標公司皆為上市、上櫃、興櫃或公開發行之國內購併案為主要研究對象，整合成資料庫進行迴歸模型分析，分析目標公司高階主管留任率主要影響因素。實證結果發現：「購併型態、主併公司的購併經驗、及產業不同對於目標公司高階主管留任率有顯著的影響。」

Globalization in business has become increasingly common, so stronger company that is seeking for growth tends to merge and acquire other companies since it is more beneficial to take over an existing firm's operations and niche compared to expanding on its own. Integration shortly after merger and acquisition is key to a company’s long-term success, because top-management team must alter an organization’s structure and establish new strategies to adjust to the rapid changing environment. Therefore, we can conclude that the role of top-management teams during the process of mergers and acquisitions is critical.
After merger and acquisition, whether or not the top-management team of the target firm should be replaced remains a good question. Not only should the working ability and the accomplishment of the top-management teams be considered, but other internal and external reasons that might affect this alteration should also be considered.
This research looks to discuss why the top-management team for the target firm should or should not remain in the office. We’ve selected acquisition firm and target firm from the listed companies at the stock exchange market, over-the-counter market, and emerging stock market in 1997 to 2006 to be our study sample. We will try to figure out the retained ratio for the top management teams by using regression model analysis.
The result of this study shows that the type of M & A, the experience of the acquisition firm, and the type of industry they are in have great impact on the retained ratio of the top-management teams.

謝辭 I
中文摘要 II
Abstract III
第壹章 緒論 1
第一節 研究背景 1
第二節 研究動機與目的 3
第三節 研究步驟與流程 4
第貳章 文獻回顧及研究假說建立 5
第一節 購併的定義 5
第二節 高階主管留任理論 10
第參章 研究方法 23
第一節 研究架構 23
第二節 研究樣本與資料來源 25
第二節 研究變數定義與衡量 31
第三節 統計分析方法 37
第肆章 實證結果與資料分析 38
第一節 敘述性統計分析 38
第二節 成對樣本T檢定 44
第二節 迴歸模型之統計分析 46
第伍章 結論與建議 48
第一節 研究結果與結論 48
第二節 研究貢獻 53
第三節 研究限制 54
第四節 研究建議 55
Reference 56

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