財富、華爾街期刊或哈佛商業評論中的許多報告指出，許多的併購案最後都以失敗收場，而這個議題不得不使得我們去正視它的重要性。事實上，將近70%以上的併購案無法達到當初預期的財務目標，而這個統計數目著實讓許多的高階管理者感到震撼。然而，諷刺的是，許多的數據顯示併購案的失敗常歸咎於“關於人”的議題。此外，併購後的不確定性更導致人力資源管理之議題無法正確的被落實。

人力資源議題在併購案當中，可被劃分為併購前和併購後兩個階段，而許多的文獻都可清楚的指出人力資源部門在這兩階段有著不同的策略，然而，本研究將重點著重在併購後期階段。的確，併購後期，人力資源部門將把評估的目標著重在組織文化、組織結構差異性、領導者的角色與管理風格等面向上。另外，高離職率、士氣與工作動機降低都是導致併購案失敗的主因。再者，人力資源政策之改變、組織精簡、員工壓力與系統結構之差異都是併購後值得被正視的議題。因此，人力資源管理議題在併購的議題當中佔領著相當大的重要性，所以，本研究將把重點聚焦在人力資源規劃、績效評估、員工發展與勞資關係等面向上。

此外，併購案也會導致員工的職涯路徑、發展之改變，部分的員工必須面臨職位重新編制與工作輪調計畫。因此，人力資源部門必須發展出一套完善的教育訓練機制與溝通系統重建員工的自信心，而這些計畫將有助於員工適應併購後的職涯適應，並且有效發揮其員工的潛能。

最後，併購後，雙方的薪資福利面臨了無可避免的差異性，有些組織的薪資結構依照績效作為評估標準，然而，有些組織則規劃較高的底薪系統，因此，人力資源部門必須重新評估薪資福利與獎酬系統，讓員工內心可以感到公平。此外，人力資源部門需和工會定期保持會議，並且維持合諧穩定的關係，因此，本研究將著重人力資源部門如何與工會保持其正向關係以協助員工保證其工作之權益。總而言之，一旦人力資源管理議題能確實落實，其將有助於倂購案之成功。

Whether it is Forbes, The Globe & Mail, The Wall Street Journal or Harvard Business Review, one can’t help but notice that most accounts of business mergers are about what went wrong! In fact, over 70% of all mergers and acquisitions fail to achieve original financial expectations. That is a traumatic statistic. Additionally, although the merging entities give a great deal of importance to financial matters and the outcomes, HR issues are the most ignored ones. To be ironical, many studies have shown that most of the mergers fail to bring out the desired outcomes due to “people-related” issue. The uncertainty brought out by poorly managed HR issues in mergers and acquisitions have been the major reason for these failures.

The human resource issues in the mergers and acquisitions (M&A) can be classified in two phases the pre-merger phase and the post merger phase. Some literature provides ample evidence of difference in between the human resource activities in the two stages: the pre-acquisition and post acquisition period. However, we will focus on post acquisition period. The post acquisition period involves an assessment of the cultural and organizational differences, which will include the organizational cultures, role of leaders in the organization, and the management styles. The usual impacts, such as high turnover rate, decrease in the morale, motivation, and even lead to M&A failures. The other issues in the M&A activity are the changes in the HR policies, downsizing, layoffs, stress on the workers, and information system issues. As a result, human resource system issues in M&A activity are occupying a crucial position, indeed, human resource planning, compensation designs, performance appraisal system, employee development and employee relations should be given in the priority.

Beside, the M&A activity also causes changes in their well defined career paths and future opportunities in the organization. Some employees also have to be relocated or assigned new jobs. Accordingly, HR will place employees in a completely different situation with new job profiles and work teams or design the job rotation programs. This may pose a tremendous impact on the performance of the employees. Therefore, HR may also need to develop a variety of training system and communication system to rebuild self-esteem of each employee. Those programs will enhance employees to obtain ability and create their potentials.

Finally, the compensation structure among the organizations may also have a unavoidable difference, for example, one of firms may have performance based pay while other may have higher component of fixed pay; Hence the differences in compensation structure and performance appraisal systems also need to be re-evaluated so as to bring equity in the human resource systems and to treat employees at the equal level. Simultaneously, the employee relations issues will gain more importance in the acquisitions of Taiwan’s industries. The power equation between management and unions is bound to change with the acquisition. The acquiring management also needs to keep track of number of unions in the workplace and equations between HR department and unions. Hence, developing a harmony relationship should be put in the first place. To sum up, this will require study of management-union equation, employee contracts, political linkages of the unions, compensation related clauses, number of union and dynamics between the unions. To sun up, once company accomplish those conditions, it will elevate the successful rate of M&A.

論文審定書 -------------------------------------------------- i
誌謝 -------------------------------------------------- ii
中文摘要 -------------------------------------------------- iii
英文摘要 -------------------------------------------------- v
目錄 -------------------------------------------------- viii
圖次 -------------------------------------------------- ix
表次 --------------------------------------------------- x
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 --------------------------------- 7
第四節 研究流程 --------------------------------- 10
第二章 文獻探討 ------------------------------------ 12
第一節 併購的理論與意涵 --------------------- 12
第二節 併購學派之理論基礎 ------------------ 19
第三節 併購後的管理整合與人力資源功能 -- 26
第四節 組織文化對併購的影響 -------------- 38
第五節 員工權益保障 -------------------------- 48
第三章 研究方法 ----------------------------------- 58
第一節 個案研究法 ----------------------------- 58
第二節 研究流程與內容 ----------------------- 59
第四章 個案公司訪談與分析 -------------------- 61
第五章 結論與建議 -------------------------------- 133
第一節 研究結論 -------------------------------- 133
第二節 研究建議 -------------------------------- 136
第三節 研究限制與後續研究建議 ----------- 138
參考文獻 -------------------------------------------------- 141
附錄 -------------------------------------------------- 148

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