摘 要
本研究主要針對台灣MLCC產業，在民國92-94年期間發生三個水平購併案，主要目的是探討各個案購併動機、購併執行及購併成果來萃取影響購併成功之關鍵要素，且藉由各個案購併成果變化來檢視購併假說，進而提供台灣MLCC產業購併後之管理意涵。
三個個案之購併誘因為市場失靈-技術變化及產品市場再定義。以購併成果變化來檢視各個案之購併假說，發現台灣MLCC產業購併後之執行活動，主要是採用製造效率假說，至於未採因應市場失靈之策略重組假說，是因為目標廠商能力較弱或資源較少緣故。三個個案間在購併執行、購併成果及購併成功評價差異比對，發現個案B不是成功購併案，購併前後整體能力和購併廠商能力沒有變化，在購併執行中高階主管離開以及從目標廠商移轉給購併廠商之資源較少，為個案B購併後績效不彰之主要原因。此外藉由深度訪談本研究歸納出22項購併成功之關鍵要素。其中人的因素(48.9%)最為重要。
在探討台灣MLCC產業三個個案執行成果差異及未採取因應市場失靈之策略重組假說原因後，本研究建議該產業購併後可藉由管理來增強整合機制以提高組織或流程重組結合程度，但應仍著重於如何留住人才。至於在資源互相移轉方面，高階經理人應慎選具互補性之目標廠商，才有機會進行策略重組達成提高購併綜效及競爭力之目標。

Abstract
This study aims at three horizontal business acquisition cases in Taiwan’s MLCC industry during the period of 2003~2005, the objective is to find key successful factors by research into acquisition motives, implementation and outcomes, also to examine their acquisition hypothesis by way of acquisition outcomes, then provide post-acquisition management implications to Taiwan’s MLCC industry.
The incentive of three acquisition cases is market failure that caused by technology change and redefinition of product/market. After examining the acquisition hypothesis by way of its outcomes, the main post-acquisition activity in Taiwan’s industry is to adopt the productive hypothesis. Owing to less resources redeployment from target to the acquirer, the strategic reconfiguration hypothesis due to market failure was not found in this study. Compare the difference in three cases by evaluating their acquisition implementation, acquisition outcome, acquisition success, case B was found being an unsuccessful one, no obvious changes in whole capability and acquirer’s capability and departure of top-management from the target and less resources redeployment from target to the acquirer during the implementation process provide the explanation of being lack of post-acquisition performance in case B. On the other hand, from the in-depth interview, there are 22 key successful factors can be induced; the most important one among them is people (48.9%).
After probing into implementation differences in three acquisition cases and reasons of not adopting the strategic hypothesis, this study suggests strengthening the integration mechanism and combination of business restructuring through management after acquisition, meanwhile retention of people should be stressed. In the resource redeployment respect, top management must select complementary targets to seize the opportunity of proceeding strategic restructuring for achieving the goal of increasing acquisition synergy and competitiveness.

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