購併後整合管理實務之探討

購併一直是商場上從未間斷的重要交易活動，自1990年後，隨著科技產業的興起與金融業的轉型，台灣的購併活動亦隨之熱絡，也因此政府於2002年制定購併專用的「企業購併法」。關於購併標的物的選擇與評估，皆有相關的法令與作業程序可為依循；然而購併後的整合管理，是攸關購併案成功與否的關鍵；卻很難有一個標準。所有的購併主導公司都知道文化融合的問題將會是最主要的難題。文化的差異經常是影響購併案成敗的一個很重要的威脅，處理的不當，常會造成組織內部的衝突、痛苦，增加企業的機會成本或造成財務損失。然而因為購併雙方的產業不同、公司背景不同、思考模式與文化的不同，似乎較難產生一套放諸四海皆準的管理公式。既有文獻雖有諸多討論與建議有關購併後整合管理的方式，但這些建議是否真能應用在實務上？在國內眾多購併個案的整合過程中，有成功也有失敗的經驗，這些成功與失敗的實戰經驗，是否可以被有系統的彙總，並有效的作為日後購併案整合管理的教戰守策？為此，本研究選定國內兩兆雙星產業中的IC半導體的聯華電子併購矽統科技，與TFT-LCD面板的友達光電併購劍度公司二個個案分析為主體，探討產業實務整合過程中，在融合理論以後，是否可以產生一套可依循的整合管理標準，並提出本研究的心得與結論。

關鍵字

購併；整合管理；文化差異

並列摘要

Mergers and acquisitions (M & A) is important trade activity on business market all the time. In Taiwan, mergers and acquisitions activity also become more popular by the rise of technological industry and the changes of banking business since 1990. Than, Taiwan government make a specific law for aquistion and merger in 2002. There are many reference and rules to be followed about how to select and evaluate the target of M & A. The key factor of a successful M & A is business culture integration, but there is no standar fomula for management after M & A. The difference of business culture is often a very important threat for management after M & A, no good management will caused conflict and some costs or loss in organizes. Because the individuals of aquistion and merger are different, including company background, thinking way and business culture, so it is seem difficult to produce management formula. The issue was discussed in some documents, and there were propose for the issue, but can these suggestions be really applied to the practice? For this reason, this research selects two cases of IC semiconductor and TFT-LCD that UMC merges silicon and AUO merger Cando, to probe into it while the practice integration, and want to get some propose and conclusion of this research.