全球金融業於80年代起，受到經濟自由化及國際化的影響，開始進行一連串銀行的合併行為，日本於二次大戰後至泡沫經濟的經濟起伏，使當時金融產業在政府的支持下紛紛進行合併，演變至今日三大巨型銀行稱霸國內的局面。 台灣及日本同屬海島型國家，近年來房地產價格居高不下，國內也以中小型企業居多，和日本泡沫經濟前期背景類似。再加上國內金融數位化的崛起，使金融產業大環境改變，產業內大型金融機構投資大筆金額於IT基礎建設，而小型金融機構則面臨失去利基的危機，而金管會也鼓勵我國金融機構因應環境改變進行整併，加速台灣金融產業的整併。 本論文針對日本銀行整併背景、目前日本三大巨型銀行（瑞穗銀行、三井住友銀行、三菱東京日聯銀行）的整併過程及其併後整合的行動及策略進行研究，並以其各自合併後三年績效作為指標，探討兩個研究問題：（1）影響日本銀行合併之因素為何？（2）主併銀行在併後採取哪些整合策略與行動以達預期之目標？ 透過綜合分析了解合併之決策行動及其績效的影響，給予台灣未來金融業計劃合併之銀行參考，有效處理併後整合的問題並穩健達成併後目標。 研究結果發現，合併主要動機為環境因素（經營危機）下，影響其餘合併動機（包括人事考量、拓展業務、拓展收益、與歐美大型金融機構競爭、子公司受威脅等），分別於2002年、2001年、2006年進行合併，希望達到預期目標（包括解決不良債權、增加營業淨利等）。而其併後整合與行動（包括組織結構調整、人事結構調整、資訊系統整合、業務整合、減少分行數、進行裁員、建立新組織文化、制定透明化人事評價考核等）影響其相關績效（包括ROA、ROE、國內分行數、國外分行數、行員人數等）。

近年來全球的購併案有增無減，購併對企業的生存地位與競爭優勢越顯重要，且隨著關鍵資源越趨珍貴，以及市場競爭態勢越趨劇烈，許多企業僅藉由內部成長已難以因應環境的變遷或是股東對公司成長的期待，故越來越多公司轉向採取外部成長—購併的方式。近年新興市場的崛起，更讓許多跨國企業於全球市場積極尋找購併目標，加緊攻城掠地。然而，當眾多企業汲汲營營搜尋良好的購併標的，試著獲取競爭資源與擴張營運版圖的同時，往往忽略購併最根本的管理問題，亦即被併公司進入主併公司後之整合。企業欲從購併中獲得經營績效的改善、營收利潤的提升或其他營運綜效的產生，購併合約的完成僅是開端，真正能為主併公司帶來實際價值的是合約完成後之各項整合工作。 本研究透過產學合作的方式，進行論文之撰寫，同時，在公司經營企畫室實習期間，一方面瞭解個案公司提供購併案例的營運模式、組織規劃、購併策略與整合流程，另一方面舉辦個案研討會，協助個案公司改善策略方向與行動方案。 本研究根據文獻探討發展一購併後整合與管理之初步架構，藉由該架構逐步分析個案公司購併的三個案例，以瞭解個案公司過去購併後整合與管理的過程與內容，並提出適當的策略建議；接著，個案公司在改善己身購併整合流程後，將新的策略與制度實際執行於另一收購案例公司。本研究在瞭解個案公司實務操作過程後，結合文獻探討的諸項管理重點，重新修正與完成購併後整合與管理之架構，做為個案公司日後進行購併後整合與管理的基礎。 本研究結果有二。其一，瞭解企業如何進行與優化購併後整合之管理；其二，透過分析個案公司之購併整合流程，瞭解「較無購併整合經驗之主併公司採取的購併後管理內容」，並完成購併後整合與管理之架構。本研究有兩項重要的實務意涵。首先，提供購併經驗較為缺乏的工業電腦產業或相似企業，欲執行購併後整合之策略制定與方案規劃的思考架構；其次，公司應檢視己身資源與條件，對購併後整合的管理項目予以適當地修正。 / Mergers and acquisitions (M&A) are becoming more and more important for enterprises to survive, gain advantages, and extend territories in competitive environment. While resources are getting more precious and competition within markets is fiercer, it’s more difficult for a company to deal with variant challenges or high expectations from shareholders through internal growth. As a result, companies turn to external growth engine—mergers and acquisitions. However, most companies might ignore or underestimate the importance of integration after mergers and acquisitions while they focus on target searching, territory expanding, and resources acquiring. Companies want to secure much more profits and enhance their competitive advantages through merging or acquiring another company should understand that accomplishment of contract is just the beginning. The following integration is the ultimately fundamental. The case company is an industrial computer company. Three M&A cases the case company executed are described and analyzed by the initial research structure developed after studying documents and references. The research held two case workshops. Executives and managers from case company participated in the first workshop to discuss and improve the current process of integration management. After the first workshop, the case company ameliorated its post M&A integration strategies and procedures, and applied it in another M&A case. The case is presented in detail. The second workshop focused on reviewing the change of management and enhancing the integration procedures and organizations. The structure of post-merger or post-acquisition management is modified combining former academic researches and practical implementation of the case company. The research leads to two main results. First, the research examines how an enterprise implements and optimizes the process and management of post-mergers and post-acquisitions. Second, the research constructs a structure of post merger and acquisition management through analyzing and studying a case company not taking M&A as principal growth engine. The structure provides an initial framework of post merger and post acquisition for companies to establish systematical procedures and integration organizations.

企業追求成長的需求變的刻不容緩，進而採用各種方式追求企業的發展，而購併因為其快速的特性而成為許多企業主選擇的策略之一。國內購併環境逐漸改善，然而購併成功率卻不見明顯提升，因此引發此次研究的動機，希望藉由此研究探討兩個重要議題：「購併動機與購併評估因素之關聯性為何？如何進行購併後之整合？」。 本論文採用個案研究法，分別針對晟鈦股份有限公司在1999年和2006年的購併案進行研究和比較。為求比較的內容與後續所提出的建議能夠更有價值，本論文以一研究架構貫串全文，希望在這樣的架構下，藉由相同公司、不同的購併方法以及績效的比較，對於上述的研究問題能夠有深入的了解。 本研究最後將購併動機與購併評估因素以其關聯性的高低分為兩類：特殊因素與一般因素。同時，本研究發現購併整合階段應有兩種特性：整體性與動態性。企業在購併的初期即應該對於購併的全貌有一個完整的架構，在一個策略面的制高點去進行規劃；當評估條件不如預期時，企業應該立刻對於整合的方式進行修正，而非僵固的採行原本的整合規劃。

在現今競爭激烈且日益趨向全球化的市場上，企業追求成長的壓力不斷的增加，企業若是無法持續成長，就可能隨時被市場淘汰，而併購是企業追求成長的重要方式之一，企業併購通常被認為可以帶給企業獲利、加速發展、提升市場占有率、實現規模經濟、掌握上下游資源、取得專利技術等諸多好處，但看似美好的背後往往潛藏著許多看不見的危機，嚴重的話更可能帶來併購失敗的災難性後果。而企業合併後馬上面臨許多整合問題，包含人事安排、組織改造、市場整合以及品牌定位等重要項目。跨國的企業併購更需要考量不同的國情文化、法律以及政治問題，併購成功與否的關鍵也更加複雜。 本研究欲探討的是國際併購的動機、併購整合的關鍵成功因素，有鑑於全球半導體產業已趨成熟，競爭也越來越白熱化，特別以半導體產業的國際併購為研究的主題，採用深入訪問，重視研究中的第一手資料，解析個案公司如何從併購初期評估到併購後管理的決策與執行過程，如何以尊重和執行力來重新組織被併公司的制度並保存優良的原有企業文化、增加生產力，讓併購後組織能快速提升運作效率與維持彈性，併購後資源的共享、技術及智財的交流，持續提升研發創新能力、增加員工歸屬感及信賴感都是重要的因素，巧妙融合人性化管理，才是真正戰力升級的關鍵，此個案值得作為國際企業併購決策者對於併購評估與提升經營效率之學習標竿。 / Nowadays, due to the highly competitive and gradually-globalized market, the pressure on enterprises to pursue growth increases continually. If enterprises failed to continue to grow in the market, they would be eliminated through competition. M&A (merger and acquisition), as one of the most important ways to pursue business growth, is generally thought to bring corporate profits, accelerated development, increased market share and achieve economies of scale, master upstream and downstream resources, patented technology and many other benefits. However, there are also many invisible crises that can bring enterprises catastrophic consequences. Once the M&A is decided, the enterprise will immediately face lots of issues, including personnel arrangements, reconstruction of organization, market integration and brand positioning. When it comes to cross-border M&A, the key to the success is much more complex, as the different national cultures, legal and political issues need to be considered by the enterprise at the same time. In this study, the motivation of international M&A, and the critical factors of successful merger integration were explored. In view of the global semiconductor industry has matured and the competition has become increasingly intense, the research topic was focused on the international M&A in the semiconductor industry. By using in-depth interviews as the first-hand research data, the case company’s early acquisition evaluations and post-merger management decisions were resolved in detail. In conclusion, the keys to upgrading a company’s competitiveness are how to reorganize and keep the acquired company's system and original excellent culture through a respectful way, how to quickly improve operational efficiency and increase productivity of the merged corporation without sacrificing organization flexibility, continuing to enhance research and innovation capacity by sharing and exchanging technologies and intellectual property resources, and increasing employees’ sense of belonging and trust via integrating humane management. This case is worth as an important reference to international M&A decision makers for evaluation and enhancing the operational efficiency in the future.