近年來，企業間的併購活動十分盛行，主併與被併公司的規模以及併購的金額亦相繼創下新高。但是根據先前的研究指出，併購案的實際成功率其實低於50%，代表每件併購案都存在失敗甚至於談判過程中觸礁、破局的風險。對企業而言，併購後的整合程度往往是影響該併購案影響組織績效變化的主因，成功的整合除了對整體績效有幫助，也可望達到預期的綜效。

本研究以驗證假設的方式，探討併購後的整合程度在整體併購活動中的重要性。根據實證結果，組織文化差異對整合程度的關係及影響並不顯著，管理風格的差異和兩公司間的產業相關性則存在正向顯著關係。同時，較高的併購後整合程度對於提升組織整體績效有顯著正向影響。

本研究之樣本來源為設立於台灣並曾經進行過併購活動的企業，資料收集係以發放問卷的方式進行，填答者多為曾參與該公司最近一次併購的中高階主管。最終共回收56份有效問卷，並以此為基礎進行實證分析。

Mergers and acquisitions (M&A) have been frequently announced in the real business world since 1990s; however, researches had reported a high percentage of the M&A failure. The main reason caused the breakup of the acquirer and target is post-acquisition integration. A successful integration after the M&A can effectively help the acquirer to realize the synergy of the acquisition.

This research provided the importance of integration in M&A activities. We use hypotheses test to identify the determinants in acquisition integration, which included organizational culture, management style, and industry relatedness. We also tested how the degree of integration will affect the M&A performance. The result indicated that organizational culture distance did not have a significant direction or relationship with the degree of integration, while the difference in management style and industry relatedness could positively affect the degree of integration. Finally, our study shows that higher degree of integration will lead to better acquisition performance.

The empirical test results were based on 56 acquisitions launched by companies in Taiwan with M&A experiences, and questionnaires were used to collect primary data from the managers who involved in their companies latest acquisition.

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