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The management of Human Resources is concerning on the issue of employee retention following a merge and acquisition. This study focused on the effects of employee retention and how the Human Resources Department adjusts their salary following a merge and acquisition. Individual case study is used as the methodology of this study and the research subject is Winteck Corporation, which merges and acquires with HannStar LTD. (Yang-Mei 1st and 2nd Factory). Subsequently, the study will use both organizations¡¦ staff financial data such as their annual income, salary structure and benefits, enterprise system, and the corporate culture to do the analysis and comparison. In addition, the discussions had been made about how the salary system adjustment of Winteck Corporation affected the employee retention and the methods found are as following, using the team performance as the standard assessment for the adjustment of original factory employees¡¦ salary, and authorized supervisors to adjust the salary according to employees¡¦ performance. Overall, there is a standard method for the company to select, train and utilize the talented employees as well as to retain employees after a merge and acquisition. Select the employees based on their capability; train the employees after a merge and acquisition as well as clam down their unstable emotion; utilize their professional skills and experiences into the new organization after a merge and acquisition; retaining the employees by paying the original salary while their job structure, position, benefits, and so on are based on the Winteck Corporation. The advantages following a merge and acquisition: 2. upgrade the quality of employees; 3. higher rate for employee retention; 1. increase the production of new products.Discussions: 1. how to develop a standard structure of the salary system following a merge and acquisition; 2. the proposal of salary system for employee retention in the original factory following a merge and acquisition.

近幾年來，國內外又掀起了另一股購併潮流。但在這樣的潮流底下，購併真的能為企業帶來價值嗎？又為什麼有這麼多的人想要投入這塊領域？ 從許多合併後的實證結論發現，購併的進行並不如業者本身所預期的那樣樂觀，但這股風潮，似乎未曾間斷。究其原因，我們從購併的基本動機理論著手，再加上實質選擇權的特性－「管理彈性」予以考量，發現若將選擇權的觀念應用到購併投資決策上，的確會造成投資計畫價值增加的效果。顯然彈性價值的存在，的確是推動企業購併的主要因素之一。 本文所採行的研究個案係國內的大型銀行，是故購併案的採行，勢必會有一筆龐大的期初投資。若未來的預期收益無法與期初成本相當，或在短期內，無法將成本回收的話，從購併案的動機來看，這樣的案子將不予採行。本文即因為期初投入成本太大，導致這宗合併案將不與採行。但在情境分析的考量下，若於市場處於樂觀情境，則雙方會接受這宗合併案。這樣的決策結果係針對量化指標來考量，若加入了政府當局或環境因素的考慮，也許雙方當事者仍會採納此購併建議。 本文研究之主要目的在為企業機構的合併案，提供一套利用多期實質選擇權概念進行評估的架構。同時，透過簡單的模型應用，加深企業對選擇權評價模式的瞭解，有助理論在實務上的應用。不過本文有資料蒐集上的困難，很多模型上的參數估計會產生些許誤差，但希望在合理的基礎下，能為購併計畫的評價帶來些許貢獻。

Lewellen ¡]1971¡^ proposed merge and acquisition ¡]M&A¡^ activity will change the tax incentives when one enterprise reorganizes its capital structure. In 1986, the empirical evidences provided by Gilson ¡]1992¡^ proved that the Tax Reform Act in U.S. was not only a critical tax incentive in M&A activities but also a superior synergy to the firms. Besides, in Lewellen¡¦s assumption, the alterations of enterprise¡¦s capital structures are the crucial elements of its tax burden, not the tax law itself. That¡¦s why accounting principle cannot be omitted in the research of capital structure. The Financial Supervisory Commission announced Taiwan will apply International Financial Report Standard ¡]IFRS¡^ in 2013. Thus, the tax issues in M&A activities will be vital for the firms due to the upcoming revolution of accounting principle in Taiwan. This document will list the tax incentives and risks after the implementation of IFRS in M&A activities. The tax incentives will not be the major motives in M&A transactions after the implementation of IFRS. If one enterprise actively manipulates the M&A activity for the tax benefits after the implementation of IFRS, the radical transaction will draw the National Tax Administration¡¦s attention and lose the goal of achieving better synergy after the M&A. Generally speaking, tax risks should be the dominant issues in M&A activities rather than the tax incentives. Due to the complicity of the tax law, identification of tax risks will be the most difficult part in the risk management process. This research will propose the concept of the Tax Risk Matrix as an instrument to identify the tax risk. The matrix is composed with the nationality of enterprise, types of transactions and taxation. For example, once the nationality of enterprise and types of transactions are determined, using this matrix can assist the management concerned to identify what kinds of tax risks they might confront. When the risks are anticipated, this research also comes up with a standard operation process for those enterprises involved in M&A as a tool to control the tax risks. For those complex and extensively different tax issues in the M&A transaction, the systematic methods proposed can decrease the tax risks for the firms. Moreover, the firms and the experts interested in M&A can also develop the best practical solutions with this process and bring up more propositions to the unreasonable and ambiguous articles in the tax law nowadays. In conclusion, the tax law should play a neutral role in the M&A activities not the favorable motives.

This paper analyzes the opportunities and challenges Chinese state-owned enterprises (SOEs) confronted during the economic transition from planned economy to market economy in China. In a string of SOEs reform events, Chinese government is in strong hopes of improving Chinese economic system and SOEs management efficiency by attracting foreign capital inflow. Merger and acquisition are the present global phenomenon. With current successful foreign direct investment (FDI) trends and strategies in China, more and more FDI entered the Chinese market by merging Chinese enterprises and achieved corporate goals. However, it is apparent that the motives of FDI differ from those of Chinese enterprise being merged, therefore the following potential consequences arise with China¡¦s open policy for FDI: what impacts do FDI bring to China? Does FDI in fact reform SOEs? Are SOEs¡¦ efficiency improved, in terms of financial and management, after merged by FDI? Is FDI¡¦s entry to Chinese market without difficulties? The paper intends to answer the above questions.

企業社會責任對於企業經營之重要性日益提高，本文研究標的為公司企業社會責任之提昇，將藉由併購事件，關注被併公司董事會成員的加入與主併公司併購前後企業社會責任績效差異之關聯。本文使用單變量分析法及最小平方法。實證結果主要有兩個發現，首先，不論併購前被併公司之企業社會責任績效較主併公司好或壞，被併公司董事會成員加入主併公司對於主併公司之企業社會責任績效有負向的影響。顯示被併公司董事會成員之加入整體而言降低了併購後公司的企業社會責任能力及資源運用。第二，當被併公司之企業社會責任績效好時，前述的負向效果顯著較被併公司之企業社會責任績效壞時小，顯示來自企業社會責任績效較好的董事會成員可以減低此負向效果。 本文貢獻主要有三，第一，過去少有同時結合併購、董事會成員變化、企業社會責任績效三項議題之文獻，透過這三項議題，能幫助我們從不同的角度來探討董事會成員與企業社會責任績效的關聯。第二，併購後被併公司董事會成員加入主併公司與企業社會責任之關聯過去少有文獻提及，本研究有利於後續關於董事會新成員之決策效率等方面之研究。第三，本文發現不同來源之被併公司董事會成員可以為帶來不同程度的效果，後續可研究董事會成員是否能帶給主併公司學習效果。 / This thesis examines the relevance of post-merger target board directorship on the acquirer’s corporate social responsibility (CSR). Our empirical results suggest that appointing board directors from target would impair the CSR performance of the acquirer, and that, acquiring a more socially responsible target would in fact alleviated such negative impact. Our findings add to the surprisingly scarce literature on the relationship between board directorship and CSR performance under the context of merge and acquisitions. Most important, we provide new insights on post-merger acquirer CSR performance in consequence of director appointments from social responsible/irresponsible targets.

在知識經濟時代，電子工業環境趨於成熟的環境下，無形資產是企業成長的重要關鍵。台灣電子工業發展至今近四十年，建構完善電子產業生態鏈，在全球站穩關鍵性地位，佔國內GDP產值之比例也非常高。 而併購是企業獲取商譽和無形資產的重要手段，對於電子工業來說，尤為重要。而Tobins’Q利用公司市值為產出指標來衡量廠商之技術創新或品牌形象等無形資產的價值，能反映無形資產在公司未來的成長機會。因此本研究欲探討電子工業和非電子工業併購取得之商譽和無形資產佔贈購價格之比例，了解其差異，並以Tobins’Q值作為公司價值之衡量，探討電子工業和非電子工業於併購當年和併購後所取得之商譽和無形資產是否能增加公司價值。 本文實證結果顯示，電子工業相對於非電子工業因併購所取得商譽和無形資產佔併購價格比例愈高，公司價值在併購後逐年提升度愈大，而電子工業相較於非電子工業更為顯著，顯示出無形資產及商譽在知識經濟時代之重要性。 / In a knowledge-based economy, the electronics industry is driven to maturity stage . Therfore , the intangible assets are the keys to enhance the coporations’ performance. The electronics industry has developed nearly 40 years ,building the perfect economic chain .Now it’s the key position in the world . The electronics industry also has higher propotion of GDP than before . Merge and acquisition is an important method to aquire Goodwill & Intangible assets , except for the electronics industry . Tobins’Q can reflect the opportunity the future of the coporation .Therefore , this research aims to the propotion of acquisition price which is different between electronics industry and non- electronics industry . The research also adopts Tobins’Q as measuring the value of coporation , which aims to define the relationship between Goodwill & Intangible Assets . The empirical results are as follows. The total acquired intangible assets of the propotion of acquisition price are positively associated with the coporation value , and electronic industry is more positive than non-electronic industry .The electronic industry’s Tobins’Q , which means the value of coporation , will be increase year by year .

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。

台資物流企業面臨客戶大量西進中國，市場大幅萎縮的窘境，而彼岸市場卻是商機無限。自從中國加入世貿後，不斷深化體制改革，改善投資環境，推動經濟快速增長，不僅累積大量外匯存底。其次，中國大陸在成為世界工廠後，為降低對外貿易的依存度，積極擴大內需市場，鼓勵消費，間接帶動龐大的物流市場。根據美國國際數據資訊(IDC)的預測，未來十年中國委外物流將以每年40 %的速度激增。此外，從2006年起，中國物流業已經全面開放，取消對外資的限制。在外資不斷湧入之下，大型物流業者挾帶資金、技術和全球網路優勢，逐漸擴展中國大陸的物流市場；而本地物流業者，也在政策的扶植下和地緣的優勢，快速轉型升級，搶佔市場。台資物流企業面對這全球物流業的最主要的競技場，如何憑藉自身的優勢，配合主客觀環境的演變，掌握中國物流產業未來可能的趨勢與變化，作為佈局中國，開拓新市場，變成是一個必須面對的課題。 / 本研究的課題是以產業、區域經濟、消費、基礎建設、環境保護等經濟層面為主，圍繞在中國境內物流的發展。以台資物流企業經營路線貨運的零擔（LTL，Less Than Truck）物流業者的角度為出發點，依據其產業特性，剖析中國物流業的基礎環境、產業結構、產業發展策略、政策法規、交通建設等主題，再佐以中國物流業的市場特色、外資與本地物流業者的合縱連橫等要素分析，進而了解中國現代物流的範疇與多樣性。 本論文研究核心在於探討中國的物流環境與未來趨勢，以作為台灣物流業，特別是零擔物流業者，在進軍中國大陸策略佈局時的參考。本研究試圖以較宏觀的角度，勾勒出中國物流產業的發展概況；外資進入中國的戰略，再對照歐美物流業的發展歷程，來推估未來中國現代物流的走向。再以微觀的角度切入市場需求與發展趨勢，形成一套台資物流企業部署中國的可行方案。 / It is suffered by Taiwan based logistics enterprises that their major customers move forward to China for the business reasons. This not only causes the Taiwan market to shrink but also makes the market in China grow very soon. Since China entered WTO, it strengthened the architecture of the governance system, improved the investment environment, which stimulated the economic growth and accumulated huge money from foreign trading. After China becomes the world manufacture factory, it reduced the dependency from foreign trading, aggressively expanded its domestic market and encourage people to spend money in consumer markets, which indirectly created a huge logistics market. According to the evaluation of IDC, the outsourcing logistics market will grow 40% per year in the coming 10 years. In addition, Chinese government started to open the market since 2006, it modified the law and allow foreign enterprises to manage domestic markets. Therefore, most foreign logistics enterprises entered China market and made the market expand gradually through capital, technology and network advantages. Moreover, local logistics enterprises adapted their business models to grab the market share through the government support and leverage the benefits of local people. How Taiwan based enterprises facing the global major market of the logistics to compete with others on the basis of their own advantages, fulfill the requirement of the changing business environments , learn to ride the trend of the industry from the planning of the deployment in China and open new markets become a serious subject. / The scope of this research focuses on the economic level issue, including industries, area economics, consumers, infrastructure and environment protection around Chinese domestic markets. It is from the point of the view of LTL(Less Than Truck) supplier, which runs the regular truck transportation featuring the characteristics of this domain to analyze the infrastructure, industry architecture, development strategies, policies, regulations and so on. The discussion of the Chinese market characteristics along with industry corporation, competition between foreign and local logistics service providers can further define the Chinese modern logistics category and diversity. The core of this research is to probe into the industry environment and the future trend of China logistics to build the guideline for Taiwan based enterprise to enter the China market. It attempts to make a profile of the China logistics industry through broad viewpoints and predict the China logistics trend from the reference of the strategy of foreign competitors and the history of Europe and US development and furthermore, through the understanding of the market requirements to work out the deployment plan in China.