臺灣博碩士論文加值系統

摘要
在當今的經濟活動中，併購是增長及獲得更多市場佔有率不可或缺的寶貴手段。儘管這種做法很受歡迎，但在併購中有很高的機率沒有達到預期程度。雖然許多因素決定成功或失敗，但沒有一個因素比在整合和自主間做出選擇更重要。然而，許多文獻與管理者心態卻呈現對這種兩難困境的誤解。
整合和自主間兩難困境，遠不止是整合和自主之間的選擇。這項選擇會影響到管理過程、溝通、整合時間表和其他重要因素。本研究目的是提供深入瞭解在整合和自主間做出決定時的影響因素，並就如何將這些因素納入決策過程中提供建議。
本研究主要的研究問題為，在併購後整合中，關於結構性整合決策是如何制定、溝通、執行和辯論以及所涉及的員工是如何影響這些決定。在茵斯布魯克專業高等學院和一家在併購過程中投入大量資金的奧地利汽車銷售商，希望能夠透過併購提高該銷售商的市場佔有率的研究計畫中，文獻及案例研究的結果清楚地表明，公司太少強調「適當溝通」，而這取決於採用自主與整合之間的何種決策。通過對專家訪談、公司內部檔案和現有文獻分析，產出理論面和管理面啟示的結論。
整合-自主的困境不是一個可以透過簡單的範本或步驟指南來解決的問題。決策者必須意識到管理因素，管理各個方面都必須受到「整合與自主」的決定，因而確認是否影響和調整併購。只有在溝通、受影響員工參與、可利用時間、整合時間長短和積極給予一定程度自主權等方面相互作用下，才能成功併購。
關鍵詞: 併購、 整合-自主困境、 併購後整合、併購管理、 改革管理、 溝通

Abstract
In today's economy, mergers and acquisitions are an indispensable and valuable means for growth and for gaining a higher market share. Despite this popularity, a high percentage of these mergers and acquisitions are not to the extent desired. While many factors determine success or failure, none is more important than the choice between integration and autonomy. However, a misconception about this dilemma is based in the literature and in the mindset of managers.
The dilemma between integration and autonomy is much more than a choice between integration and autonomy. It is a decision that affects the management process, the communication, the timeframe of integration, and significant other factors. This mas-ter thesis aims to provide an insight into the factors influenced by the decision be-tween integration and autonomy and to provide a guideline on how these can be in-corporated into the decisions making process.
The research question “How are decisions on structural integration made, communi-cated, executed and debated in post-merger integration (PMI)? How are the employees involved attempting to influence such decisions?” shall be answered during the follow-ing master thesis. For this purpose, expert interviews with employees of an acquired company were conducted within the framework of a project of the Management Cen-ter Innsbruck and an Austrian automotive seller, who invests significantly in mergers and acquisitions to gain growth and market share.
The results of the literature research and the case study clearly show that companies place too little emphasis on appropriate communication, which depends on the deci-sion between autonomy and integration. Through the analysis of the expert interviews, the internal company documents and the existing literature, a conclusion and theoreti-cal and managerial implications will be presented in the last chapter.
The problem of the integration autonomy dilemma is not one that can be solved with a simple template or step-by-step guide. The decision-makers of the management fac-tors must be aware that various aspects of management must be influenced and ad-justed by this decision between integration and autonomy. Only an interplay of com-munication, the involvement of the affected employees, the time available, the dura-tion of the integration and the active granting of a certain degree of autonomy can lead to a successful merger or acquisition.

Keywords: Mergers & Acquisitions, Integration-Autonomy Dilemma, Post Merger Inte-gration, M&A Management, Change Management, Communication

Table of contents
摘要 I
ABSTRACT III
ACKNOWLEDGEMENTS V
LIST OF FIGURES VIII
LIST OF TABLES IX
LIST OF ABBREVIATIONS X
1 INTRODUCTION 1
1.1 PROBLEM STATEMENT 1
1.2 RESEARCH BACKGROUND 2
1.2.1 Automotive industry Czech Republic 2
1.2.2 Automotive industry Austria 4
1.2.3 M&A Background Austria 7
1.2.4 M&A background Czech Republic 10
1.3 RESEARCH MOTIVATION AND GOAL 12
1.4 RESEARCH QUESTION 13
1.5 OUTLINES OF THE THESIS 13
2 LITERATURE REVIEW 15
2.1 MERGER AND ACQUISITION 15
2.1.1 Execution of mergers 17
2.1.2 Knowledge integration 18
2.1.3 Decisions on structural integration 18
2.2 THE REASONS FOR THE FAILURE OF MERGERS 20
2.3 UNCERTAINTY IN M&A 21
2.4 COMMUNICATION DURING THE INTEGRATION PROCESS 22
2.5 INTEGRATION-AUTONOMY DILEMMA 24
2.5.1 Post-merger integration 25
2.5.2 Integration process 27
2.5.3 Integration speed 28
2.5.4 Keeping autonomy 29
2.6 RESEARCH GAP 30
3 RESEARCH DESIGN 31
3.1 METHODOLOGY 31
3.2 SOURCE OF DATA 31
3.2.1 Case study 33
3.2.2 Expert interviews 34
3.3 ANALYSIS OF DATA 36
4 FINDINGS 39
4.1 COMMUNICATION IN M&A INTEGRATION 39
4.1.1 Cultural influences 41
4.1.2 Uncertainty among employees 42
4.2 DEBATING BETWEEN ACQUIRER AND ACQUIREE 44
4.3 EXECUTION OF THE INTEGRATION PLAN 45
4.3.1 Resistance towards integration 46
4.3.2 Speed of implementation 49
5 CONCLUSION AND DISCUSSION 51
5.1 THEORETICAL IMPLICATIONS 51
5.2 PRACTICAL IMPLICATIONS 52
5.3 LIMITATION AND FURTHER RESEARCH 53
5.4 INTEGRATION-AUTONOMY DILEMMA MANAGEMENT MODEL 54
5.5 CONCLUSION 56
REFERENCES 58

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