摘要

併購在現今商界中已成為交換資源、增進競爭優勢的主流策略，尤其對於跨國公司更是重要。隨著愈來愈多的公司進行併購，併購公司與被併公司的關係管理也成為近年來熱門的討論議題。過去的研究僅把併購視為單一交易行為，本研究則將併購視為一種合作性的組織結構，而部分股權收購即為股權聯盟，如合資企業。從資源基礎觀點和交易成本理論，本研究詳細闡述併購組織結構的含意。在股權組織結構中，股權改變是很稀鬆平常的事情，因此本研究欲探討內部因素和外部因素對於併購組織結構改變會有什麼影響。本研究根據內部因素提出了三個自變數，分別為文化適合度、資源相似性、股權不平衡。亦根據組織結構外部因素提出了兩個調節變數，分別為環境不確定性、產業成熟度。在本研究中，總共提出了九個假設來作驗證。
在1035則併購交易中，我以羅吉斯迴歸分析及多元迴歸分析來驗證不同因素對於併購組織結構的影響。在羅吉斯迴歸分析的結果中，本研究發現文化適合度及資源相似性對併購組織結構有顯著影響。而在多元迴歸分析的結果中，本研究發現資源相似性及股權不平衡亦對併購組織結構有顯著影響。此外，環境不確定性對文化適合度和併購組織結構間的關係產生調節作用，而產業成熟度也對資源相似性和併購組織結構間的關係產生調節作用。本研究的實證結果對於學術界及經理人，都有豐富的啟示。

關鍵字：併購組織結構、股權改變、併購關係管理

ABSTRACT

Merger and acquisition (M&A) has become the main vehicle for firms to share resources and increase competitive advantages, especially for multinational firms. As more and more firms engage in M&A, the relationship between acquirers and targets has become a popular issue. Interestingly, previous research has viewed M&A as a single transaction. This study instead considers M&A a collaborated organizational structure where a partial acquisition is actually an equity-based alliance, i.e., joint venture. Based on the resource-based view and transaction cost theory, this paper illustrates M&A structure in details. There is a high possibility of ownership change in the equity-based structure. Therefore, this paper investigates how both internal and external factors influence M&A structure change. Specifically, internal factors include culture fit, resource similarity, and ownership imbalance and external factors comprise environmental uncertainty and industry maturity that also serve as moderators. In all, nine hypotheses are developed in this study.
Drawing on a sample of 1035 M&A transactions, I used logistic regression analysis and ordinary least square (OLS) regression analysis to examine a variety of effects on M&A structure. For the results of logistic regression, culture fit and resource similarity have significant effects on M&A structure. As to the results of OLS regression, resource similarity and ownership imbalance have significant effects on M&A structure. Moreover, environmental uncertainty has a moderating effect on the relationship between culture fit and M&A structure change, and industry maturity has a moderating effect on the relationship between resource similarity and M&A structure change. The empirical results provide rich implications for both scholars and managers.
Keywords: M&A structure; Ownership change; M&A relationship management

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