本研究主要目的在於探討一個企業處理購併流程中，有哪些構面必須加以管理，才得以讓購併案達成既定的目標。這些構面及研究結果如下：

1. 如何發佈訊息以杜絕外界不利的謠傳
(1) 公司總部改造會議Corporate Centurion Meeting
(2) 事業經營策略檢討會(Business Strategy Review Meeting)
(3) 高階經營管理會議Senior Staff Meeting
(4) 事業單位溝通大會Town Meeting
(5) 飛利浦被動元件之文件(Philips Components’ Letters)
2. 重擬事業經營策略，以提升員工士氣
(1) PPCK的遠景「創新求變、追求價值」
(2) PPCK的長期策略及1999年的經營策略優先順序
(3) 建立生命共同體
(4) 員工的心聲
(5) 工會的心聲
3.充分建立溝通管道與機制
(1) 溝通的歷程透明化
(2) 管理團隊隨時提出重要方向
(3) 共創三贏的共識（員工、股東、管理團隊）
4.有計劃的進行決策
(1) 確立決策模式與時程表
(2) 優退措施之談判與突破
(3) 人才流失的危機管理
5.勾畫出企業購併後的綜效(Synergy)
(1) 購併公司的競爭優勢
(2) 目標公司的競爭優勢
(3) 合併後全球的優勢。
關鍵詞：購併(M&A)，被動元件(Passive Components)，結清(Settlement)，溝通，綜效(Synergy)，競爭優勢(Competitive Advantage)

The main purpose for this paper is to study how we should focus on and its management during business merger and acquisition so that we could achieve the goal what we wanted successfully. The study can have several structures as follows:
1. How to announce the message of M&A to outside is pretty important to avoid any rumor happened --- Philips PPCK in this sample did well by:
(1) Corporate Centurion Meeting
(2) Business Strategy Review Meeting
(3) Senior Staff Meeting
(4) Town Meeting
(5) Philips Components’ memo

2. Re-plan the business strategy to bring up the morale of employees
(1) PPCK’s vision --- “Keep creative and innovative to sustain its value”
(2) The evaluation for long-term strategies and priority setting of 1999 strategy.
(3) Build up “One Unit Concept between the company and the employees”
(4) Listen to voice from employees and
(5) The comments from Labor Union

3. Build up the communication channel in full support in different ways
(1) Make the communication process transparently
(2) Management Team offer appropriate directions at any time
(3) Go towards to a common consensus “Three win --- The employees, Shareholders and management team” together

4. Decision Making to be done as planned
(1) Define the decision model and time schedule
(2) The negotiation and breakthrough on the preferential retirement measure
(3) The protection on working conditions
(4) The crisis management on keeping key-persons

5. Thinking about the synergies how will it be after merger and acquisition
(1) The competitive advantages of the company that to be merged
(2) The competitive advantages of the desired goal company
(3) The advantages on global after merger and acquisition

Keywords:
M&A (Merger and Acquisition); Synergy; Competitive Advantage; Passive Components; Settlement; Communication

目錄 2
圖目錄 6
表目錄 7
謝 誌 8
中文摘要 9
The Excerpt in English 10
第一章 緒論 12
1.1研究動機與目的 12
1.2.研究範圍 13
第貳章 文獻探討 14
2.1.購併動機與理論 14
2.1.1.Efficiency Theory： 14
2.1.2.Monopoly theory： 15
2.1.3.Valuation Theory： 15
2.1.4.Empire-Building Theory： 15
2.1.5.Process Theory： 16
2.1.6.Raider Theory 16
2.1.7.Disturbance Theory 17
2.2.企業購併之價值創造來源： 17
2.3.管理目標與不同購併型態之重要性 18
2.4.購併者與購併公司的績效： 20
2.5.公司控制權市場之股東最大利益(Jensen & Ruback, 1983) 21
2.6.企業購併之員工士氣提升與保護 21
第參章 研究方法 22
3.1.質性研究法 22
3.2.研究架構 29
3.3.研究資料來源與個案進行的步驟 29
第四章 個案分析 31
4.1. 台灣飛利浦被動元件高雄廠簡介 (PPCK)簡介 31
4.1.1.公司成立時間：1966年11月 31
4.1.2.總公司：荷蘭飛利浦公司（Philips） 31
4.1.3.公司沿革： 31
4.1.4.最近三年的營業額： 33
4.1.5.組織架構 34
4.1.6.最近三年員工人數： 35
4.2.被動元件產業狀況 35
4.2.1.被動元件產業概況 35
4.2.2.產業景氣熱絡近況 36
4.2.3.電容器產業現況 38
4.2.4.電阻器產業現況 43
4.2.5.被動元件的產業策略與未來的發展趨勢 46
4.2.5.1.廠商間的策略聯盟： 47
4.2.5.2.往上下游進行垂直整合： 47
4.2.5.3.提升技術層次、發展新產品： 48
4.2.5.4.持續降低成本： 49
4.3.企業購併案之源起-訊息如何傳遞 50
4.3.1.Philips被動元件的重大事件 51
4.4.企業經營環境背景 53
4.4.1.外部環境 53
4.4.2.內部經營環境 53
4.4.3.任務團隊的遠景與生命共同體 54
4.4.3.1.PPCK的遠景『創新求變、追求價值』 55
4.4.3.2.PPCK與主要競爭者在產品市場上的成長與競爭態勢： 55
4.4.3.4.1999年BG經營策略評論的優先順序 57
4.4.3.5.處理過程中我們的結論是什麼？ 59
4.4.3.6.PPCK將遭遇到什麼樣的命運呢？ 60
4.4.4.員工的心聲 62
4.4.4.1.Why（為什麼？） 62
4.4.4.2.HOW（總公司會如何做？） 62
4.4.4.3.What for (結果會是什麼？) 64
4.4.5.工會的聲音 65
4.5.溝通與共識 67
4.5.1.溝通歷程 68
4.5.1.1. 1999.12.17 69
4.5.1.2. 1999.12.17 71
4.5.1.3. 1999.12.20 72
4.5.1.4. 1999.12.20 73
4.5.1.5. 1999.12.22 74
4.5.1.6. 1999.12.22 75
4.5.2. 管理團隊的重要方向 75
4.5.2.1. 1999.12.22 75
4.5.2.2. 1999.12.23 81
4.5.2.3. 1999.12.23 82
4.5.2.3. 1999.12.27 82
4.5.2.4. 1999.12.27 82
4.5.2.4. 1999.12.28 85
4.5.2.5. 1999.12.28 85
4.5.2.6. 1999.12.28 86
4.5.2.7. 1999.12.31 86
4.5.2.8. 2000.01.01 87
4.5.2.9. 2000.01.07 88
4.5.3. 建立共識 89
4.6. 決策 (Decision) 與結清 (Settlement) 90
4.6.1. 優退措施的談判與突破 91
4.6.2. 勞動條件的保障 93
4.6.3.「人才流失」的危機管理 95
4.6.4. COBRA Team的決策模式 100
4.7.績效與新里程碑 103
4.7.1.期望綜效(Synergy) 104
4.7.2.來自CEO之驚訝！ 105
第伍章 結論與建議 108
5.1.結論 108
5.1.1.企業購併之訊息傳遞： 110
5.1.2.認識經營環境 111
5.1.3.溝通與共識 112
5.1.4.決策與談判 113
5.1.5.績效與新里程碑 114
5.2.建議 115
5.2.1.建構全球化企業經營管理(Building Transnational Capabilities : The Management Challenge) 115
5.2.2.整合國際職能管理 (World-wide Function Management) 116
5.2.3.激發Phycomp的國際企業的競爭優勢，其要點有： 117
5.2.4.國際化企業的資金來源 118
5.2.5. 溝通歷程 118
5.2.6. 企業購併績效 118
參考文獻 119
附錄一 名詞解釋 122
附錄二 來自CEO的驚訝！ （原文） 125

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