企業併購對企業文化與組織績效的影響-以元大證券為例

The Effect of M&A on Corporate Culture and Organizational Performance of Yuanta Securities

許文玲(Wen-Ling Hsu)

指導教授 ： 黃國隆

淡江大學/管理學院/管理科學研究所企業經營碩士在職專班/碩士(2008年)

https://doi.org/10.6846/TKU.2008.00134

摘要

企業併購（merges and acquisitions,M&As）是企業外部成長策略之一(Glueck,1979)，也是獲得並保持持續競爭優勢的方法之一，摩根大通證券董事長林照寰指出，企業併購不能達到預先的策略目標，均因多敗在「文化整合」及人的關鍵問題上，如奇美電在買了日本的面板廠後，到現在還很排斥併購，就是最顯著的例子。而在台灣之企業併購法實施後及全球併購風潮影響下，帶動了企業變革與重建企業競爭的遊戲規則，也使得各種因企業併購後而引發的組織文化整合的議題益受重視。
本研究目的是探討企業併購對企業文化及組織績效的影響。本研究透過文獻探討以確認重要構面及建立本研究架構，並以元京證券之併購動機、觀點、方式來加強分析。本研究目的：(1).首先了解主併與被併公司企業文化及組織績效差異性；(2).了解該差異性是否影響企業併購後的整合；(3).了解企業文化與組織績效的相關性，最後經由討論、分析、歸納後，做出相關具體建議，以期成為後續研究之引導。
本研究主要發現：(1).元京證券在併購復華證券之初，即以不同以往併購區域券商的心態，以穩定復華證券的業務資源，且企業文化融合是影響元大證券本次順利併購的要素；(2).元京證券以因地制宜變革方式，循序漸進整合，帶來強大執行力，達到組織要求的精準度；(3).未來元大證券將掌握資源的獨佔性及異質性，充份配置集團內資源，以提高競爭能力。

關鍵字

企業併購 ； 企業文化 ； 組織績效

並列摘要

M&As（merges and acquisitions）, one of the enterprise's strategies to get speedy growth (Glueck,1979), is also one of the methods for acquiring and maintaining competitive advantages . Lin Chaohuan , chairman of JP Morgan Securities, points out that cultural integration and human are the critical problems which may lead M&As not achieving their expectecd target. The most obvious example is that now Chi Mei Optoelectronics still excludes M&As although it amalgamated with its panel factory in Japan. After Taiwan’s Business Mergers and Acquisitions Law being implemented and effected by worldwide M&As, the game rules for organizational changes and enterprises’ competitions are rebuilted. Cultural integration issues caused by M&As are also paid more attention on.
The aim of this research is to study the effects of M&As on corporate culture and organizational performance. With reviewing relevant literatures, major factors of this research are identified and the overall frame is established, and then analyzing the motives, viewpoints, and strategies in Yuanta Securities' M&As. The goals of this research are：1. To realize the differences of corporate cultures and organizational performance between acquiring company and acquired company；2. To realize whether such differences effect the integration comes after M&As；3. To realize the relevance between corporate culture and organizational performance. After discussing, analyzing and inducing , some concrete suggestions are made, and are expected to become the guidance of the following researches.
The major discoveries of this research are：1. At the beginning of M&As, the attitude of Yuanta Securities which was trying to stabilize the market share of Fuhwa Securities was totally different than used to be. The cultural integration was the key which helped this M&As easily. 2. Yuanta Securities took different actions being suitable for local circumstances and integrated step by step. Then they showed the powerful execution to achieve the accuracy that the organization wanted. 3. In the future, Yuanta securities will upgrade the competitive ability by holding monopolistic, heterogeneous resources and by sufficiently disposing group resources.

並列關鍵字

M&A ； Organizational Performance ； Corporate Culture

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