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.

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.