本研究之研究目的是採取個案研究方式，以化妝品包裝產業背景，探討美商私募基金公司併購台商公司跨國收購後整合與文化衝突。

研究結果發現如下：
1、美商私募基金公司收購主要動機是將個案公司整頓包裝後售出，以獲得報酬。
2、美商私募基金公司在整頓個案公司時，採取路徑依賴模式，把以前收購經驗複製，轉移套用在個案公司的整合，誤判公司所面對的企業環境。
3、衝突來源是來自路徑依賴，將成功的整頓經驗套用在個案公司時，未能依據雙方的文化差異進行協調，造成嚴重的溝通衝突，員工士氣大受影響。
4、被收購公司出售公司的主要動機是因為第二代繼承者經營業務的意願不高。

This study uses a case study approach to explore the cultural conflicts between a US private equity fund acquiring company and an acquired Taiwanese company in the cosmetic packaging industry after the merger was completed.
The results of the case study are as follows:
1. The main motivation for the acquisition of the American private equity Fund Company is to rectify the acquired company and sell it to obtain remuneration.
2. When American private equity funds rectified acquired company, they copied the previous acquisition experience, transferred and applied it to the internal integration of the case company, and adopted a path-dependent model. However, they misjudged the internal environment of the acquired company.
3. When the acquired company has been applied successfully by the experience of rectification, the source of conflict comes from path dependence. Due to the cultural differences between the two parties, they were unable to coordinate and communicate with each other, resulting in a severe decline in employee morale.
4. The main motivation for the acquired company to sell the company is because the second-generation successor's desire to run the business is not high.

目 次
誌 謝.............................................................................I
中文摘要.......................................................................II
Abstract........................................................................III
目次..............................................................................IV
表 次.............................................................................V
圖 次..............................................................................I
第一章 緒論...................................................................1
第一節 研究背景動機.....................................................1
第二節 研究目的 ...........................................................4
第三節 論文章節安排.....................................................5
第四節 論文流程 ...........................................................6
第二章 文獻探討............................................................7
第一節 合併與收購.........................................................7
第二節 收購後的整合.....................................................8
第三節 文化距離與併購經驗.........................................11
第三章 產業概況分析及個案公司介紹...........................15
第一節 化妝品包裝容器產業趨勢分析...........................15
第二節 被併個案公司簡介.............................................18
第三節 主併個案B私募基金公司簡介.............................23
第四章 個案發現............................................................27
第一節 個案公司雙方的購併動機...................................27
第二節 個案公司購併後衝突..........................................31
第五章 研究討論與管理涵義..........................................38
第一節 個案研究討論.....................................................38
第二節 管理意涵............................................................45
第三節 研究限制與未來研究方向...................................48
參考文獻
一、中文文獻.................................................................49
二、英文文獻.................................................................49
三、網站文獻.................................................................53

一、中文文獻
1.吳慧玲 (2007)，全球化下影響企業跨國併購成敗的文化因素─以Yahoo!併購Kimo與BenQ併購Siemens之個案比較研究為例，銘傳大學國際事務研究所碩士論文。
2. 杜英宗(2015)，用併購讓經營更卓越：就算爬窗也要聽的熱門課。
3. 黃日燦(2015)，黃日燦看併購-台灣企業脫胎換骨的賽局，經濟日報。
4. 黃家齊、李雅婷、趙慕芬譯(2018)，Hofstede架構。組織行為學17版。(譯自Stephen P. Robbins. (2018)原著，”Organizational Behavior”)。台北，華泰文化事業公司。頁123-124。

二、英文文獻
1.Angwin, D. N., Mellahi, K., Gomes, E., & Peter, E. (2016). How communication ap- proaches impact mergers and acquisitions outcomes. International Journal of Human Resource Management, 27(20), 2370–2397.
2.Barkema, H. G., & Schijven, M. (2008). How do firms learn to make acquisitions? A review of past research and an agenda for the future. Journal of Management, 34(3):594–634.
3.Bauer, F., Rothermel, M., Tarba, S. Y., Arslan, A., & Uzelac, B. (2019). Marketing Integration Decisions, Intermediate Goals and Market Expansion in Horizontal Acquisitions: How Marketing Fit Moderates the Relationships on Intermediate Goals. British Journal of Management.
https://doi.org/10.1111/1467-8551.12364.
4.Bhaumik, S., Driffield, N., Gaur, A., Mickiewicz, T., & Vaaler, P. (2019). Corporate gov- ernance and MNE strategies in emerging economies. Journal of World Business, 54(4),234–243
5.Bjo¨ rkman, I., Stahl, G., & Vaara, E. (2007). Cultural differences and capability transfer in cross-border acquisitions: The mediating roles of capability complementarity, absorptive capacity, and social integration. Journal of International Business Studies,38(4): 658–672.
6.Buono, A. F., & Bowditch, J. L. (1989). The human side of mergers and acquisitions. San Fransisco, CA: Jossey-Bass.Buono, A. F., Bowditch, J. L., & Lewis, J. W. (1985). When cultures collide: The anatomy of a merger. Human Relations, 38(5): 477–500.
7.Cartwright, S., & Cooper, C. L. (1993). The psychological impact of merger and acquisition on the individual: A study of building society managers. Human relations, 46(3), 327-347.
8.Child, J., Faulkner, D., & Pitkethly, R. (2001). The management of international acquisi-tions. Oxford, UK: Oxford University Press.
9.Coff, R. W. (1999). How buyers cope with uncertainty when acquiring firms in knowl- edge-intensive industries: Caveat emptor. Organization Science, 10: 144–161.
10.Cooke, F. L., Wood, G., Wang, M., & Li, A. S. (2020). Riding the tides of mergers and acquisitions by building a resilient workforce: A framework for studying the role of human resource management. Human Resource Management Review, 100747.
11.Cushman, D. P., & King, S. S. (1985). National and organizational cultures in conflict resolution: Japan, the United States, and Yugoslavia. Communication, culture, and organizational processes, 9, 114-133.
12.Dackert, I., Jackson, P. R., Brenner, S. O., & Johansson, C. R. (2003). Eliciting and analysing employees' expectations of a merger. Human Relations, 56(6), 705-725.
13.Dikova, D., & Sahib, P. R. (2013). Is cultural distance a bane or a boon for cross-border acquisition performance?. Journal of World Business, 48(1), 77-86.
14.Edwards, D., & Kenrick, P. (2015). The early evolution of land plants, from fossils to genomics: a commentary on Lang (1937)‘On the plant-remains from the Downtonian of England and Wales'. Philosophical Transactions of the Royal Society B: Biological Sciences, 370(1666), 20140343.
15.Edwards, M. R., Lipponen, J., Edwards, T., & Hakonen, M. (2017). Trajectories and antecedents of integration in mergers and acquisitions: A comparison of two long- itudinal studies. Human Relations, 70(10), 1258–1290.
16.Finkelstein, S., & Haleblian, J. (2002). Understanding acquisition performance: The role of transfer effects. Organization Science, 13(1), 36-47.
17.Gomes, E., Cohen, M., & Mellahi, K. (2011). When two African cultures collide: A study of interactions between managers in a strategic alliance between two African organi- zations. Journal of World Business, 46(1), 5–12.
18.Gomes, J., Damasceno, A., Carrilho, C., Lobo, V., Lopes, H., Madede, T., ... & Lunet, N. (2013). Determinants of early case‐fatality among stroke patients in M aputo, M ozambique and impact of in‐hospital complications. International Journal of Stroke, 8, 69-75.
19.Hassett, B., Pirutka, A., & Tschinkel, Y. (2018). Stable rationality of quadric surface bundles over surfaces. Acta Mathematica, 220(2), 341-365.
20.He´ bert, L., Very, P., & Beamish, P. (2005). Expatriation as a bridge over troubled water: A knowledge-based perspective applied to cross-border acquisitions. Organization Studies, 26: 1455–1476.
21.Hildisch, A. K., Froese, F. J., & Pak, Y. S. (2015). Employee responses to a cross-border acquisition in South Korea: The role of social support from different hierarchical levels. Asian Business & Management, 14(4), 327–347.
22.Hitt, M., Harrison, J., Ireland, R., & Best, A. (1998). Attributes of successful and unsuccessful acquisitions of US firms. British Journal of Management, 9: 91–114.
23.Hofstede, G. (2001). Culture's consequences: Comparing values, behaviors, institutions and organizations across nations. Sage publications.
24.Khan, Z., Rao-Nicholson, R., Akhtar, P., & He, S. (2017). Cross-border mergers and acquisitions of emerging economies' multinational enterprises—The mediating role of socialization integration mechanisms for successful integration. Human Resource Management Review, 100578. https://doi.org/10.1016/j.hrmr.2016.12.003.
25.King, D. R., Bauer, F., Weng, Q., Schriber, S., & Tarba, S. (2020). What, when, and who: Manager involvement in predicting employee resistance to acquisition integration. Human Resource Management, 59(1), 63-81.
https://doi.org/10.1002/hrm.21973.
26.Lebedev, S., Peng, A., Xie, E., & Stevens, C. (2015). Mergers and acquisitions in and out of emerging economies. Journal of World Business, 50(4), 651–662.
27.Lee, J. H., & Gaur, A. S. (2013). Managing multi-business firms: A comparison between Korean chaebols and diversified US firms. Journal of World Business, 48(4), 443–454.
28.Lim, J., Makhija, A. K., & Shenkar, O. (2016). The asymmetric relationship between national cultural distance and target premiums in cross-border M&A. Journal of Corporate Finance, 41, 542–571.
29.Lubatkin, M. (1983). Mergers and the performance of the acquiring firm. Academy of Management Review, 2: 218–225.
30.Markides, C. C., & Ittner, C. D. (1994). Shareholder benefits from corporate international diversification: Evidence from US international acquisitions. Journal of Internation- al Business Studies, 25(2): 343–367.
31.Meyer, C. B., & Altenborg, E. (2008). Incompatible strategies in international mergers: The failed merger between Telia and Telenor. Journal of International Business Studies, 39: 508–525.
32.Morosini, P., Shane, S., & Singh, H. (1998). National cultural distance and cross-border acquisition performance. Journal of International Business Studies, 29: 137–156.
33.Parmar, B.L., Freeman, R. E., Harrison, J. S., Wicks, A.C., Purnell, L., & De Colle, S. (2010).Stakeholder theory: The state of the art. The Academy of Management Annals, 4(1),403–445.
34.Pennings, J. M., Barkema, H. G., & Douma, S. (1994). Organizational learning and diversification. Academy of Management Journal, 37: 608–640.
35.Pikula, J. R. (1999). The effect of spinal manipulative therapy (SMT) on pain reduction and range of motion in patients with acute unilateral neck pain: a pilot study. The Journal of the Canadian Chiropractic Association, 43(2), 111.
36.Popli, M., Akbar, M., Kumar, V., & Gaur, A. (2016). Reconceptualizing cultural distance:The role of cultural experience reserve in cross-border acquisitions. Journal of World Business, 51(3), 404–412.
37.Ralston, D. A., Gufstafson, D. J., Mainiero, L., & Umstot, D. (1993). Strategies of upward influence: A cross-national comparison of Hong Kong and American managers. Asia Pacific Journal of Management, 10(2): 157–175.
38.Rao-Nicholson, R., Khan, Z., Akhtar, P., & Merchant, H. (2016). The impact of leadership on organizational ambidexterity and employee psychological safety in the global acquisitions of emerging market multinationals. International Journal of Human Resource Management, 27(20), 2461–2487
39.Rouzies, A., Colman, H. L., & Angwin, D. (2019). Recasting the dynamics of post-acquisition integration: An embeddedness perspective. Long Range Planning, 52(2), 271-282.
40.Schuler, R. S. (1998). Understanding compensation practice variations across firms: The impact of national culture. Strategic Management Journal, 12: 307–320.
41.Schweizer, L., & Patzelt, H. (2012). Employee commitment in the post-acquisition in- tegration process: The effect of integration speed and leadership. Scandinavian Journal of Management, 28(4), 298–310.
42.Slangen, A. H. L. (2006). National cultural distance and initial foreign acquisition performance: The moderating effect of integration. Journal of World Business, 41: 161–170.
43.Slangen, A. H. L., & Hennart, J.-F. (2008). Do multinationals really prefer to enter culturally distant countries through greenfields rather than acquisitions? The role of parent experience and subsidiary autonomy. Journal of International Business Studies, 39: 472–490.
44.Valentini, G. (2016). The Impact of M&A on Rivals' Innovation Strategy. Long Range Planning, 49(2), 241-249.
45.Vermeulen, F., & Barkema, H. (2001). Learning through acquisitions. Academy of Management Journal, 44: 457–476.
46.Very, P., Lubatkin, M., & Calori, R. (1996). A cross-national assessment of acculturative stress in recent European mergers. International Studies of Management and Orga- nization, 26: 59–86.
47.Very, P., Lubatkin, M., Calori, R., & Veiga, J. (1997). Relative standing and performance of recently acquired European firms. Strategic Management Journal, 18: 593–614.
48.Weber, R. A., & Camerer, C. F. (2003). Cultural conflict and merger failure: An experimental approach. Management science, 49(4), 400-415.
49.Weber, Y., Tarba, S. Y., & Oberg, C. (2014). A comprehensive guide to mergers & acquisitions: Managing the critical success factors across every stage of the M&A process. Financial Times Press.
50.Weber, Y., Tarba, S. Y., & Reichel, A. (2009). International mergers and acquisitions performance revisited - The role of cultural distance and post-acquisition integration approach. In C. Cooper, & S. Finkelstein (Vol. Eds.), Advances in mergers and acqui- sitions: Vol. 8. UK: Emerald Publishing.
51.Wei, L. Q., Liu, J., & Herndon, N. C. (2011). SHRM and product innovation: Testing the moderating effects of organizational culture and structure in Chinese firms. The International Journal of Human Resource Management, 22, 19–33
52.Yahiaoui, D., Chebbi, H., & Weber, Y. (2016). HR practices, context and knowledge transfer in M&A. The International Journal of Human Resource Management, 27(20), 2415-2435.
53.Zacher, H., & Jimmieson, N. (2014). Time pressure and coworker support mediate the curvilinear relationship between age and occupational well-being. Journal of Occupational Health Psychology, 19, 462–475.
54.Zhu, H., Ma, X., Sauerwald, S., & Peng, M. W. (2019). Home country institutions behind cross-border acquisition performance. Journal of Management, 45(4), 1315–1342.
55.Zollo, M., & Singh, H. (2004). Deliberate Learning in Corporate Acquisitions: Post-Acquisition Strategies and Integration Capability in U.S. Bank Mergers. Strategic Management Journal, 25: 1233–1256.

三、網站文獻
1.張維夫(2019)。 HBR 導師講座台灣企業如何善用併購成長。哈佛商業評論。https://www.hbrtaiwan.com/article_content_AR0009325.html
(檢索時間:2020/03/08)
2.簡文琳(2011)。徐福記收購案預警台商新挑戰。今周刊。
https://www.businesstoday.com.tw/article/category/80396/post/201107140028/%E5%BE%90%E7%A6%8F%E8%A8%98%E6%94%B6%E8%B3%BC%E6%A1%88%E9%A0%90%E8%AD%A6%E5%8F%B0%E5%95%86%E6%96%B0%E6%8C%91%E6%88%B0
(檢索時間:2020/04/11)
3.董菁、朱傳戈(2017)。剛剛，吉利干了一件大事！汽車行業要顛覆了。中國人民網。
http://industry.people.com.cn/BIG5/n1/2017/1228/c413883-29733327.html
(檢索時間:2020/4/15)
4.MBA 智庫百科(2020)。企業文化。
https://wiki.mbalib.com/wiki/%E4%BC%81%E4%B8%9A%E6%96%87%E5%8C%96
(檢索時間:2020/03/15)
5.MBA 智庫百科(2020)。狼性文化。
https://wiki.mbalib.com/zh-tw/%E4%BC%81%E4%B8%9A%E6%96%87%E5%8C%9
(檢索時間:2020/03/15)
6.Caiazza, R., & Nueno, P. New challenges and integration models in cross-border M&A.
https://www.acumenresearchandconsulting.com/cosmetic-tubes-market
(檢索時間:2020/03/30)
7.中研網(2019)。全球化妝品包裝業市場需求以及中外包裝對比分析。每日頭條。
https://kknews.cc/zh-tw/finance/3vjgae8.html
(檢索時間:2020/03/30)
8.Grand View Research( 2019), Cosmetic Packaging Market Size, Share & Trends Report Cosmetic Packaging Market Size, Share & Trends Analysis Report By Material Type (Plastic, Paper), By Cosmetic Type (Skin Care, Make-up), By Region, And Segment Forecasts, 2019 - 2025
https://www.grandviewresearch.com/industry-analysis/cosmetic-packaging-market
(檢索時間:2020/03/30)
9.財經中心(2018)。連吞百威漢堡王亨氏 全球3000億美元食品帝國全由他掌控。ETtoday新聞雲 。
https://www.ettoday.net/news/20181220/1334708.htm
(檢索時間:2020/04/15)
10.吳竺君(2018)。展望穆斯林消費力 高雄國際清真產品展促商機。放言科技傳媒。
https://www.fountmedia.io/article/790
(檢索時間:2020/03/25)
11.克勞帝歐．佛南迪茲–亞勞茲(2020)。傑克．威爾許的領導之道。哈佛商業評論。
https://www.hbrtaiwan.com/article_content_AR0009513.html
(檢索時間:2020/04/17)
12.德勤(2013)。研究報告：消弭鴻溝：財務長與董事對併購意見是否一致?
Bridging the Gap:M&A-Are CFOs and Boards Aligned?
https://www2.deloitte.com/content/dam/Deloitte/global/Documents/Mergers-and-Acquisitions/gx_ma_bridging_the_gap_080213.pdf
(檢索時間:2020/05/08)
13.劉全(2018)。黑石集團清倉希爾頓，史上最賺的私募股權 PE 投資。StockFeel財經平台。
https://www.stockfeel.com.tw/%E9%BB%91%E7%9F%B3%E9%9B%86%E5%9C%98%E6%B8%85%E5%80%89%E5%B8%8C%E7%88%BE%E9%A0%93%EF%BC%8C%E5%8F%B2%E4%B8%8A%E6%9C%80%E8%B3%BA%E7%9A%84%E7%A7%81%E5%8B%9F%E8%82%A1%E6%AC%8Ape%E6%8A%95%E8%B3%87/
(檢索時間:2020/05/10)
14.高琦(2016)。路透基點：霸菱亞洲從四家銀行獲4.3億美元預融資，以收購HCP Global, reuters.
https://www.reuters.com/article/idCNL3S15H21W
(檢索時間:2020/05/10)
15.吳怡靜(2011)。私募當道，併購全球企業。天下雜誌。
https://www.cw.com.tw/article/article.action?id=5009970
(檢索時間:2020/05/10)
16.Dylan Yeh(2020)。大虧130億美元！軟銀發布史上最慘「損壞評估」，將靠資產拋售套現。數位時代。
https://www.bnext.com.tw/article/57307/softbank-expects-13-billion-full-year-losses-due-to-vision-fund-investments
(檢索時間:2020/05/10)
17.高清范(2017)。聯想收購摩托羅拉後，未能複製收購IBM的成功。每日頭條。
https://kknews.cc/tech/48a22xg.html
(檢索時間:2020/05/11)
18.壹讀(2016)。明基西門子 管理案例剖析——明基併購西門子為什麼以失敗收尾？
https://read01.com/nz4627.html
(檢索時間:2020/05/11)
19.卓怡君(2018)。宏碁併購最豐富 高昂學費血淚斑斑。自由財經。
https://ec.ltn.com.tw/article/paper/1198324
(檢索時間:2020/05/13)
20.蔡如涵(2019)。情緒勒索 台灣企業交不了棒真相。商業周刊。
https://www.businessweekly.com.tw/focus/indep/6000781?utm_source=facebook.com&utm_medium=social&utm_content=bw&utm_campaign=content&fbclid=IwAR2ke7hHhVcNf0SmU2NicKi7rvjgnqq-r9n3tyA-UorJhLgDm0LPRMe8qHA
(檢索時間:2020/05/13)
21.徐珍翔(2018)。只剩五年喘息時間 榮化答應KKR收購案的背後……。信傳媒。
https://www.cmmedia.com.tw/home/articles/11739
(檢索時間:2020/05/13)
22.林珮萱(2019)。「高雄氣爆」改變李謀偉的人生順序：快樂至上。遠見。
https://www.gvm.com.tw/article/55861
(檢索時間:2020/05/13)