本研究目的在於找一家曾歷經購併失敗,但目前仍持續經營的企業,就其購併動機開始，乃至購併前後之組織內部活動進行探討。由探討購併過程中,分析歸納影響購併成效失敗之各種因素，咸信所得的研究成果，將可對企業經營實務工作者提供更寬廣與深入的參考價值。
本研究結果提出影響購併成效失敗因素的5大命題如下:
命題1:企業購併策略的趨力，經常受制於產業變遷的力量。
命題2:產業成熟期的購併活動結果，若未達產業競爭之較高地位與規模(例如:產業內所謂一線大廠之規模)，購併無法產生真正的競爭力，成果無法顯現。
命題3:以購併策略追求成長或轉型，若欠缺妥善之購併策略規劃與整合管理，忽略購併過程中，組織調整或修正組織設計之必要，將使購併效果難以彰顯。
命題4:執行購併活動時，組織成員(尤其是中高階層主管)間，對於購併目的存在高度認知差異，極易造成購併活動失敗。
命題5:企業欲進行組織改造，僅更換領導人來改變組織並不可行;改造計劃結果與組織內部中高階經營班底所具有之權力與執行力量，密不可分。

The purpose of this study is to look for a continuing operating company which experienced unsuccessful Mergers & Acquisitions and tried to discussing & analyzing its M&A motives, operation process as and management activities as well.The study tried to generalize a conclusion from collecting & analyzing the instances. It is believed the conclusion would benefit or help some managers or administrator by providing a comprehensive but in-depth reference value.
Discovered & findings of this research:
Proposition 1: The driving force of enterprise’s M&A strategy is restrained to the industrial vicissitude strength.
Proposition 2: The acquisition can not build up a real competitive edge in industry (e.g. the so-called large plant among fist tier competitor) if the M&A activity cannot reach in higher status or gain the dominate position in scale competition.
Proposition 3: When implementation of M&A activity， highly cognition difference to the M&A purpose among middle to high managers would result to a failure of M&A activity.
Proposition 4: To pursue the organization growth or transforming by M&A strategy， but never link the M&A strategy to the integration management and post merger audit plan， must cause the ignorance of the necessity of doing organizational adjustment or amendment， then it is difficult to have better acquisition performance.
Propositon 5: The enterprise carries on the organization to transform; it’s not feasible to replace the top leader only. It’s inseparable to the transformation plan， that higher managers and secondary roles have the authority with to carry out the leader’s plan.

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