這幾年來，併購案件迅速累積增加，越來越多的企業期望能藉以併購方式提升競爭力，縮短企業成長時間。併購相關研究已成為實務界與學術界最感興趣的議題之一。然而，本研究發現過往併購研究較少及探討與高階管理團隊之關聯研究，也從未用以雙方公司之高階管理團隊角度探討。因此，本研究將以上觀點納入考量，探討主併公司高階管理團隊與被併公司高階管理團隊之人力資本差異性與併購期間關聯與其不對稱差異性關係對於併購期間之影響。
本研究蒐集2002年至2011年台灣高科技產業併購案例之併購期間與高階管理團隊資料。並使用存活分析(Survival Analysis)方法深入研究其各人力資本指標對於併購期間之關聯性與影響。
研究結果顯示高階管理團隊間人力資本差異性越大會越容易拖延併購期間，尤其當雙方公司在團隊間性別差異、團隊間任期差異、團隊間學經歷差異此三項人力資本指標越具差異性時候，其併購期間越長。並且，當主併公司高階管理團隊之團隊規模、團隊性別、團隊任期、及團隊持股比例之人力資本指標，越是小於被併公司高階管理團隊時，被併公司高階管理團隊會越有其能力爭取自身利益並傾向堅持自我觀點，而對主併公司高階管理團隊抱持反對立場、不易協商合作，進而影響併購期間與結果。

Merger has been an important issue at all levels of the company from boardroom to the back office. It’s increasingly apparent that Merger is vital to business profit and productive. With academic research, there are many merger topics of various aspects.
The vast majority of M&A studies focused on “cumulative abnormal returns after M&A announcement” “M&A key success factors” and “the long-term performance of M&A” but few studies focus on the timeline of merger event. Also, no studies consider the relationship between the target firm and bidder firm.
In this study we apply “survival” concept on M&A event by linking the different human capital between the target’s Top Management Team and bidder’s firm’s Top Management Team; and the period of merger events to become the indicator of M&A evaluation. In this article, we apply survival model to test the issues for the Mergers in Taiwan Hi-Tech industry during the period of 2002 to 2011. Our empirical results revealed that the more different in sex ratio、tenure、Professional background that will lead to the longer period of merge. Besides, when the bidder‘s top management team’s human capital are smaller than target ones, that will also induce the longer period of merge. Especially in the team size、sex ratio、tenure、Holdings stock ratio factors, there’s the tendency that target firm’s Top Management Team will have more power and influence to affect the merger decision and the period of merge.

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