併購後整合策略分析：以成霖企業為例 / The rise of globalization has exponentially increased the market for cross border Merger and Acquisitions (M&As). There are many purposes and motives that organizations choose to engage merger and acquisitions activities. Yet, the dominant rationale behind M&As is to seek improved financial performance. Post merger integration has been considered as the most important phase as it will formulate the merger and acquisition’s effectiveness and efficiency. This study will focus on the key success factors and the managerial procedures of post-merger integration, covering from Finance, Human Resources and Strategic management aspects. The author chooses Globe Union Inc, Taiwan-based Corporation, as it has engaged several cross border merger and acquisitions in recent years. Globe Union concentrates and values corporate managerial procedures significantly as they served as the discipline and communication means to guide Globe Union and the acquired companies to a better and improved future with a clear strategy and goals. The three acquired companies, Gerber, Home Boutique International, and PJH will be analyzed with its post integration results linking with the execution of the managerial procedures. Key Words: Cross-border mergers and acquisitions; Post Merger and Acquisition Integration, Globe Union Inc. cases; Taiwan cases

併購是企業成長最快捷的手段，題企業經營的大戰略，然而併購決策可能隱含著經理人或制股東的自利動機，而不是為長遠的股東權益著想，可能作出錯誤的併購決策而讓股東血本無歸。本研究探究主併企業之公司治理機制可否有效監督管理階層作出審慎的併購決策，從股權結構觀點出發，以發生於1996年至2003年間，主併公司為公開發行公司之併購案件共112件為研究樣本，探討主併公司各種股權結構與併購後長期財務績效的關聯性。 實證結果顯示，未擔任董監事的經理人持股比例與併購後績效呈現顯著的正相關，與利益一致假說相符，機構持股比例與併購後績效亦呈顯著的正相關，符合效率監督假說，衡量控制股東負面侵佔誘因的席次盈餘偏離倍數則與併購後績效呈現顯著的負相關。此實證結果隱喻，控制股東是否具有強烈的侵佔誘因係影響併購決策優劣最重要的因素。 / Mergers and acquisitions are one of the most efficient ways to meet the need of corporation expansion, and therefore are the most important business strategies. Nevertheless, the past studies indicate managerial incentives as well as self-interests of controlling stockholders may drive some mergers that ultimately reduce the long-run value of the firm. This study examines whether corporate governance mechanism helps management make acquisition decisions based on stockholders’ interests. Using a sample of 112 acquisition cases during the period of 1996 to 2003 which the acquiring firms are public traded firms, the study empirically investigates the effect of ownership structure of acquiring firms’ on post-acquisiton long-run financial performance. The primary empirical results show that the shareholdings of managers who don’t serve as directors or supervisors of the board have a positive impact on post-acquisiton performance, institution ownership also has a positive impact on post-acquisiton performance, while the deviation between the seat-control rights ratio and cash-flow rights of controlling stockholder has a negative impact on post-acquisiton performance. The results thus imply that whether the controlling stockholder has strong incentive of expropriation is the key to the quality of acquisition.

本文之研究目的旨在探究危機事件發生時，主併公司是否能夠藉由併購獲得撿便宜的機會，並且在過程中是否因為撿便宜而破壞公司價值，或是企業撿便宜的同時亦會兼顧長期發展利益；以及是否屬於持有現金較多的主併公司能夠在危機時期進行價值創造之併購活動。本文利用2000年到2010年美國三大證券交易所公開上市公司之主併公司及被併公司資料進行分析，研究結果顯示危機時期的併購溢酬並無顯著低於非危機時期的併購溢酬，主併公司在危機時期之併購沒有撿便宜之現象。而危機時期的主併公司宣告期間報酬較差，但股票長期超額報酬卻優於非危機時期進行併購的主併公司，顯示雖然市場對於危機時期宣告併購消息給予更負面的評價，但長期股東卻享有較高且正的超額報酬；最後，實證結果指出危機時期現金持有比率高的公司付出的併購溢酬較少、宣告效果較差，但長期股票超額報酬優於現金比例低的公司。

就一個併購案而言，資訊科技的整合是最重要且複雜的任務之一。過去許多併購的研究著重於技術和組織的議題而忽略了如何去衡量資訊系統整合成功與否，然而現今的研究依舊鮮少著墨於併購後資訊系統整合的績效評估。不同的利害關係人對於併購後資訊系統的成功有所不同，衡量的標準從流程的強化到顧客的滿意度也有所差異。因此，本論文將利害關係人區分為執行長、資訊長、業務經理和顧客四種角色來探討。本研究的目標是欲從策略面和經營面檢驗資訊系統整合的成敗並以一個較廣的衡量方式追蹤資訊系統整合的成效。本研究使用兩階段的實證研究，第一階段以目前相關的文獻和研究發展出初步的衡量指標和研究發現;第二階段藉著訪談多名業界人士進行多個案分析，檢驗第一階段所提出的指標，接著發展出一完整且具備多利害關係人衡量指標的表格，此表格可清楚表現此四利害關係人衡量指標的優先順序。本研究發現，對執行長來說，達到企業綜效和提升市佔率是他的前二衡量指標;對資訊長來說，維持營運的持續性和統整所有資訊科技是他的前二衡量指標;對業務經理來說，維持營運的持續性和整合後資訊系統的彈性是他的前二衡量指標;對於顧客而言，則是營運的持續性和顧客自身資料的正確性。本研究亦發現於設計和規劃資訊系統的整合時，必須特別考量資訊系統的彈性和使用者介面，以提高整體資訊系統整合所帶來的效益。同時，對於企業來說，此時亦是個好契機做企業流程的再造和強化企業自身的競爭力，可以更積極的方式來實現資訊系統整合帶來的價值。希望本研究所提出的衡量指標能提供企業有效且一致的基準去評估併購後資訊系統整合成功與否。 / IT integration is one of the most critical and complex tasks in a merger-and-acquisition (M&A) project. Many studies on M&A have focused on the technological and organizational issues of information technologies (IT) integration but have left out the important base of what to measure for in the success of the integration. Existing research remains sparse in explaining the performance assessment of a post-merger IT integration. The success of post-merger IT integration can be viewed differently by different stakeholders—the CEOs, the CIOs, the business managers, and the customers of the merged companies—and thus standards used vary from process enhancement to customer satisfaction. The objective of this research is to examine the success of post-merger IT integration from both strategic and operational viewpoints and track the integration performance using a wide range of business measures. This study uses a two-phase empirical study. The first phase involves building preliminary indicators and findings by the related literatures and research. In the second phase, we use a multi-case method by interviewing the practitioners to develop a detailed table of stakeholders’ measurements. Finally, the table reveals that the top two measurements for CEOs are achieving synergies and increasing market share; for the CIOs, the top measurements are operational continuity and technology consolidation, for business managers the measurements are operational continuity and the flexibility of an integrated system, while for the customer the measurements are operational continuity and the accuracy of customer information. Moreover, this study also finds the importance of taking flexibility and user interface into consideration while planning and designing IT integration. For an enterprise, IT integration is also a good opportunity to reengineer business processes to enhance competitiveness. It is hoped that the resultant measurements can provide a consistent and useful benchmark for evaluating IT integration success after a business investment in an M&A project.

受到全球化的影響，人類的生活環境和模式與過往出現了很大的不同，國與國之間無論是文化、經濟、資源的交流方便且頻繁。在商場上，企業要面對的不再只是國內的競爭對手，而是來自全球各地的挑戰。彼此的競爭和合作不再受時空條件限制，規模也不可同日而語。對此，企業要擁有能夠幫助自己建立優勢地位的關鍵性資源，打造出自己的核心競爭能力和差異性，才能脫穎而出，而「品牌」是當前產、官、學界公認有力的武器之一，是企業重要的無形資產。 　　代工製造利潤式微，兩岸目前在整體產業環境和政府政策上，都出現產業轉型、建立自有品牌、打造國際品牌的產業升級意識，但品牌自創難度和成本極高，是一段漫長且有風險的道路。加上亞洲國家在品牌行銷能力上相對較弱，以及國際對亞洲國家的刻板印象等劣勢因素，亦不利兩岸自創之本土品牌的建立與國際推廣。故近幾年，向外併購歐美知名品牌逐漸形成趨勢。 　　本研究試圖觀察以併購作為經營發展策略的兩岸企業，在併購活動中所帶有的品牌佈局策略性思維，探討以品牌資產之取得作為併購動機與標的。並以個案研究方式，選擇「安邦保險收購紐約華爾道夫酒店」與「晶華酒店併購麗晶品牌」進行個案分析，從中瞭解併購後如何整合運用該品牌資產，讓品牌權益得以發揮並提升主併企業之核心競爭力，幫助主併企業立足全球市場、永續經營。最後根據分析結果，給予企業關於品牌併購及品牌經營的相關建議。 　　研究顯示，被併購標的的品牌權益確實會成為主併企業的優勢競爭資源，甚至帶動主併企業本身價值和企業品牌之權益增值。而要收併購綜效，最重要的是必須擁有與經營核心目標相符的品牌策略，並以此帶領整個品牌併購活動的規畫到執行，才能借力使力獲得市場力量。同時，也建議有意發展品牌之企業，除了有品牌專責經營團隊，也要將品牌策略傳遞組織各部門，落實到產品或服務提供的每個環節，以打造成功而強勢的品牌。

企業進行併購的目的是要將企業之間各自擁有的資源和優勢結合、互補產生綜效，最終達到增強企業競爭力、擴大企業規模之目標。全球化的趨勢之下，企業搶占市場最快的方法之一就是靠國際併購。然而，併購併並不是簡單的買賣而已，研究顯示其失敗率約為70-90%。有效的併後整合（Post Merger Integration, PMI）不但是決定企業併購案是否成功的主要因素，也更是最複雜且失敗率最高的部分。成功的併後整合在實務上，必須要有嚴謹的計劃與執行，投入足夠的財務及管理資源，重視文化上的整合，更重要的是高階管理的參與，讓整合的指令與工作能貫徹執行，減少失敗風險。 本研究個案為一臺灣企業併購德商的併後整合之研究，主併公司期望除了透過併購買回品牌在當地的商標權之外，更重要的是擴大市場佔有率及銷售的實質成長。過程中，經由併購協商，訂定出併後整合之目標，形成雙方共識。而由於兩國經濟發展、民族及文化上的差異，雙方文化的融合與兼容並蓄是一個重要的課題。因此主併公司透過建立正式與非正式的溝通管道，由專人負責併後整合與管理，將併購的目標透過日常的溝通與合作中貫徹執行。個案主併公司在這項國際併購案中，設法留住人才，並投入相當資源以穩定軍心，也鼓勵員工發揮讓併購的成果極大化，更在併後的人力資源與管理上達到100%留住人才，且得到員工對併後整合感到滿意的成果。 研究發現，若能事前縝密的規劃併後整合計畫，交由適當的專人領導管控團隊監督整個整合過程，相互尊重雙方組織與當事者母國文化，遇到困難或問題能適時溝通、調整流程、平息雙方可能的歧見，將能更順利地完成併後整合，並且達到新組織設定的預期目標。 / The purpose of mergers and acquisitions (M&A) is to combine and complement two companies' own resources and advantages to create a synergy, and ultimately achieve the goal via enhancing the competitiveness and expanding the business scale. Under the trend of globalization, one of the fastest ways for companies to seize the market is to rely on international M&A. However, M&A is not simply buy and sell only. Research shows that the failure rate of international M&A is about 70-90%. Effective Post Merger Integration (PMI) is not only the main factor determining the success of a M&A. Successful PMI practices must be rigorously planned and implemented, be invested sufficient resources, pay attention on cultural integration, and involve high-level management, so that the integrated instructions and work can be implemented. The case is a study of a Taiwanese business merging a German firm. The Taiwanese company wanted to buy back the trademark rights in European market and also to expand the market share with sales growth. In the process, through the negotiation process of acquisition to set goals for PMI, then mutual consensus was reached. Due to the economic conditions and cultural differences between two countries, the integration and compatibility of both cultures is an important issue. Therefore, via building formal and informal communication channels and the PMI management team to implement the goal of M&A through daily communication and operations. Company tried to retain talents and invested considerable resources to stabilize the morale of employees. They also encouraged employees to contribute their talents for maximizing the results of M&A. After those efforts which company has made, employees are all satisfied with the results of current stage of PMI. The study found that if PMI projects can be properly planned in advance, appropriate management teams could be assigned to supervise the entire integration process, mutual respect for both parties’ cultures involved can lead to timely adjustment of the process in case of difficulties or problems. Suppressing the possible disagreements between the two sides will enable them to complete the PMI process more smoothly and achieve the expected goals set for the new organization.