台灣企業併購後組織整合之個案研究

處在經營環境與科技快速變遷的時代，為追求時效掌握商機，併購巳成為二十一世紀經濟的常態活動，有強烈企圖心的企業主會運用併購來獲取人才、技術、產量和市場，以追求國際化與成長。2002年，政府宣示「兩兆雙星計劃」，預期兩項重點產業DRAM 與TFT-LCD 能共同突破兩兆產值，帶動台灣產業升級。但TFT-LCD 面板業者都瞭解此一產業存在液晶循環，當市場供不應求時，一線面板廠會大賺一筆，但當市場供過於求時，也只有一線面板廠能小賠，其餘廠商則經常要面臨巨額虧損的狀況。在此產業特性下，整併往往是提高規模經濟與議價力，有利於產能協調的有效途徑。但是，併購係屬企業重大投資案，必須符合公司策略並能創造股東價值，稍有不慎即可能變成重大災難，而影響企業併購成敗往往來自於併購後之整合管理。本研究以個案分析方法就台灣光電產業主要的兩件併購案之併購後整合過程，探討影響成敗之因素。本研究發現友達光電在經過2001年和2006 年的合併後，年產值由2000年合併前的新台幣148億成長到2007年新台幣4,797億，短短7年營收成長將近32.41倍。影響友達光電併購成功的最主要因素在於併購後組織的整合迅速，從而提高企業併購成功的機率愈高。同時，當企業進行併購時，若愈能兼顧顧客、股東、員工與商業夥伴的利益，則併購的成效愈高，也愈能持續。友達光電兩次的合併都是在企業主、顧及股東最大的利益下進行，符合企業主及股東最大的預期。其次，併購形同變革，而要做好變革就必須化解變革可能的阻力，尤其以掌握組織的人心為要；同時，新企業要提出新願景，創造近程戰果，鞏固戰果並讓新的做法深植人心成為公司的企業文化，併購成功的機會將加大。

關鍵字

光電產業；併購後整合；人力資源管理

並列摘要

In light of rapid and drastic changes in business environment and technology development，mergers and acquisitions (M&A) have become a dominant strategy companies adopt to timely seize growth opportunities in the 21st century. Through M&A，a company can quickly obtain talent，technology，production capacity or market share to realize its vision and to create shareholder value. Nevertheless，M&A，like other major business investments，can be a catastrophic failure without thorough risk assessment and due diligence. In addition， organizational and cultural integration represents the ultimate challenge in the entire M&A execution. Therefore，a comprehensive and smooth integration would be a cornerstone of a successful M&A to achieve its synergistic benefits. Based on case study approach，the present study looks into post-merger integration processes of two major M&A cases among major players in Taiwan’s thin film transistor liquid crystal display panels (TFT-LCD) industry with a focus on identifying critical factors underlying AUO’s two successful M&A moves. After an M&A in 2001 and 2006 respectively，AUO’s annual revenues surged 32.41 times from NT$ 14.8 billion in 2000 to NT$ 479.7 billion in 2007. These two mergers have also made AUO Taiwan's largest and a worldwide top 3 manufacturer of TFT-LCD and currently houses a staff of more than 43,000 employees throughout its global operations spreading across Taiwan，China，Japan， Singapore，South Korea，U.S. and Europe. This study shows that the key determinant for AUO’s success is a fast and effective organizational and cultural integration after each M&A. In addition，M&A’s synergy can be maximized and sustained if interests among customers，shareholders，employees and business partners are well balanced. This study also indicates that AUO undertook this approach by well balancing the interests of customers and shareholders to secure the expected benefits of these two M&As. Moreover，M&A is tantamount to change. Yet，to lead a successful change， a company must first be able to redcue the resistance to change through people mindset change. This case study also addresses how AUO tackled this challenge and molded a new corporate culture by creating a new vision，delivering and solidifying short-term results，to pave the way for the two successful mergers.

並列關鍵字

Optoelectronics Industry ； Post-merger Integration ； HR Management

參考文獻

吳聞詩，2005，從企業文化觀點探討企業購併、組織學習與學習績效之關係，大同大學事業經營研究所碩士論文。

Ashkenas, R.N., DeMonaco, L.J.& Francis, S.C.1998. Making the Deal Real: How GE Capital Integrates Acquisitions, Harvard Business Review, pp.165-178.

Buono, A.F. and Bowdith, J. L. 1989. The Human Side of Mergers and Acquisitions: Managing Collisions Between People and Organizations, San Francisco, CA: Jossey-Bass.

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Daniel, T.A.1999. Between Trapezes: The Human Side of Making Mergers and Acquisitions Work. Compensation & Benefits Management, Vol.15：pp.19-37.

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台灣企業併購後組織整合之個案研究

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