企業併購被併購方員工工作態度影響因素之探討：一項質性研究

Abstract

本研究旨在從被併購方員工的微觀視角出發，探討在併購情境中，併購方資訊、整合過程、激勵與晉升制度、主管領導風格及同儕關係等多重因素，如何交織影響員工的心理契約及工作態度，進而解答企業在變革期間如何兼顧員工外在物質滿足與內在價值認同的留才難題。 本研究採質性研究方法，透過半結構式深度訪談蒐集資料。在樣本選擇上採用立意抽樣，選取三家歷經重大跨國併購之企業，共訪談九位歷經併購前後之被併購方主管與基層員工。取得實務語料後，以既有文獻作為敏銳化概念（Sensitizing concepts）之引導，並運用紮根理論之開放編碼、主軸編碼與選擇性編碼等系統化程序，進行資料的歸納分析與理論建構。 本研究透過分析歸納出九項命題，主要研究發現包括：(1)併購方的品牌光環或資源互補性，為安定員工工作滿足感與產生持續性承諾的基石；(2)兼顧硬性結構與軟性氛圍的雙軌整合，並由上到下恪守策略性承諾，能為員工構築消除風險焦慮的心理保護傘；(3)建立透明公平的績效考核與公開的晉升機制，輔以具競爭力的薪酬福利，能兼顧外在留人與內在留心，驅動成就感與價值認同；(4)主管的勝任能力、人際關懷與領導誠信是決定文化融合與防範變革壓力的關鍵；(5)建立透明溝通與衝突管理機制，化解水平與垂直的雙重人際衝突，是維繫心理契約的最後防線。基於研究發現，本研究提出「企業併購被併購方員工心理調適與雙軌留才模型」，以及實務管理建議。

This study aims to explore, from the micro-perspective of acquired employees, how multiple factors—such as the acquirer's information, the integration process, incentive and promotion systems, managerial leadership styles, and peer relationships—intertwine to affect employees' psychological contracts and job attitudes in M&A (mergers and acquisitions) contexts. Furthermore, it seeks to address the talent retention dilemma of balancing employees' extrinsic material satisfaction with intrinsic value identification during periods of change. This study adopted a qualitative research method, collecting data through semi-structured in-depth interviews. Purposive sampling was utilized to select three companies that had undergone major cross-border M&As. A total of 9 managers and first-line employees from the acquired firms, who had experienced the pre- and post-M&A phases, were interviewed. Subsequently, guided by existing literature as sensitizing concepts, the systematic procedures of Grounded Theory—including open coding, axial coding, and selective coding—were applied to conduct inductive analyses and theory construction. Through data analysis, this study formulated nine propositions and discovered the following main findings: (1)The acquirer's brand advantage or resource complementarity between the two companies serves as the cornerstone for stabilizing employee job satisfaction and fostering their continuance commitment; (2)A dual-track integration that balances rigid structures and a soft work climate, along with strict adherence to strategic commitments, could build a psychological protective umbrella to eliminate anxieties about uncertainty; (3)A transparent and fair performance and promotion system, supplemented by competitive compensation, could fulfill both extrinsic and intrinsic motivation, driving a sense of achievement and organizational identification; (4)Managers' competence, interpersonal care, and leadership integrity are pivotal in determining cultural integration and preventing change-induced stress; (5)The establishment of transparent communication and conflict management mechanisms to resolve both horizontal and vertical interpersonal conflicts acts as the final defense line for maintaining the underlying psychological contracts. Based on the research findings, this study proposed the "Psychological Adjustment and Dual-Track Talent Retention Model for Acquired Employees in M&A" and provided practical management suggestions.