一般對於企業的經營研究，通常比較著重於對過去的成功或失敗案例做深入的評析，透過學理的架構並提出導致結果或是改善結果並可行方案。相對的，對於一個是否該併購及改造中的企業要如何累積核心資源及培養組織能耐的課題，則較少有相關的實例探討。
在2002年，惠普及康柏電腦界的合併大事至今已過了10年之久，加上去年熱門話題，普惠將拆售PC部門等，看戲的人潮反而有增無減。讓我們將新惠普的改變用賽局模型及學理的策略和架構來探討研究，並深入了解及思考這宗「水平式型態的合併案」是否真具有合併綜效。
本研究主要是探討當惠普併購他家公司的時所使用的策略工具，是否會影響在併購當下因缺乏計畫及以長期利潤為主而衝動性收購及收購後的營運虧損而造成企業本身所得到的認知失調?以下針對相關文獻所提供之定義、理論與研究分別探討，以便釐清主題的焦點與方向。
了解合併前後及是否該併購等議題，做出關連性問題及提出建議，並期望本研究對同性質公司想要從事水平型態企業併購時，利用更短的學習曲線並創造合併後的獲利契機及有所助益。

The study of business management is often focused through analysis of historical successful and failure management cases. With the help of theoretical business models, it would help the company to improve the business management towards better results.
However, the case study of remodeling business through accumulating core business essentials and flexibility of organizational structure from merger and acquisition are much less explored. 
From The acquisition of Compaq 10 years ago and recently announced to spin off PC organization. The study of HP (Hewlett-Packard) merger and acquisition can be helped with 2 concepts, that is, game theory and theoretical business structure and strategy, and to see whether this horizontal merger is workable from economical and strategical point of view.
This thesis focuses on the method of acquisition of HP to reconstruct better picture of the details before and after acquisition. This is to see if the acquisition decision was due to mis-judged of business trend and operation, which caused impulsive merging action without proper plans and lack of long term investment insight. 
The following definitions, theories and study cases of the reference documents would help to understand on the main topic and direction of this thesis.
This thesis will provide relative and connective questions and suggestions for the decisions before and after merger or acquisition. The aim is to provide suggestion and information with best benefit during horizontal merger or acquisition in shortest period of time for the companies which have similar aspects (or competition in the same market).

目錄

第一章 緒論	1
第一節　研究背景與動機	1
第二節　研究目的	1
第三節　研究方法與架構	2
第四節　研究流程	2

第二章 文獻探討	5
第一節　併購	5
2.1.1　併購之定義	5
2.1.2　併購之型態	6
2.1.3　併購歷史發展	9
2.1.4　併購之動機	13
2.1.5　併購對員工之影響	17
2.1.6　結論	17
第二節　併購風險	18
2.2.1　企業併購風險的界定	18
2.2.2　海外併購風險	18
2.2.3　企業併購風險的形成機理	21
2.2.4　企業併購風險的控制管理	24
2.2.5　結論	27

第三章 併購後行為理論及訊息不對稱之影響	28
第一節　衝動性併購	28
3.1.1　衝動性併購之定義	28
3.1.2　牛頓三大運動定律管理	31
3.1.3　愛因斯坦相對論管理	34
第二節　併購後認知失調理論(COGNITIVE DISSONANCE THEORY)	35
3.2.1　認知失調定義	35
3.2.2　認知失調對員工行為影響	36
3.2.3 員工認知失調的構面	37
3.2.4 組織承諾影響	39
3.2.5 CEO管理任期、從眾傾向與併購績效	42
第三節　賽局模型分析－訊息不對稱理論 SIGNALING THEORY	45
3.3.1 逆選擇與道德危機模型之定義	45
3.3.2　逆選擇模型應用	47
3.3.3　訊號賽局模型	50
第四節　企業內部之人力資源影響	52
3.4.1　機制設計	53
3.4.2　Spence求職模型	57
3.4.3　Spence分離均衡模型	58

第四章 訊息不對稱之賽局模型應用－案例分析	61
第一節　惠普併購康柏案之衝動性收購相關探討	61
4.1.1　併購策略動機	61
4.1.2 　SWOT分析	69
4.1.3　併購策略規劃	71
4.1.4　併購策略發展	75
4.1.5　併購策略執行	76
第二節　研究案例一：惠普併購康柏案之模型分析	77
第三節　研究案例二：韓國三星是否該收購惠普PC部門？	87

第五章 研究結論與發現	97
第一節　研究結果與討論	97
第二節　研究意涵與貢獻	98
5.2.1　學術界的貢獻	98
5.2.2企業與其他方面應用的貢獻	99
第三節　研究限制	102
第四節　未來研究方向建議	103

參考文獻	104
中文參考文獻	104
其他中文文獻	106
英文考文獻	108

 
圖目錄
圖1-1 本研究之研究流程圖	4
圖2-1　企業整合的動機	13
圖3-1　組織承諾行為意圖模式	42
圖4-1　併購策略規劃的程序	69
圖4-2　惠普併購康柏之賽局模型	79
圖4-3　三星是否該併購惠普NB市場	92

表目錄
表2-1 企業併購類型表	6
表2-2併購項目	30
表4-1 惠普SWOT分析	70
表4-2預期與併購後比較表	72
表4-3　惠普併購後之優勢分析	72
表4-4　惠普併購後之劣勢分析	74

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