本研究以國內公開發行以上公司於2010年至2019年進行之546筆併購案為研究對象，探討企業財務特性、併購型態與支付工具是否影響對其併購後財務績效。本文首先探討主併公司併購前財務績效表現及所選擇之併購型態是否影響其併購後財務績效。接著針對併購前具有高股價淨值比之主併公司，分析其以現金支付併購對價之決定是否影響併購後財務績效。具體而言，本研究以總資產報酬率與現金流量資產報酬率作為衡量主併公司財務績效之衡量變數，實證探討併購前有不同財務績效表現的主併公司採用不同的併購型態，以及併購前股價淨值比高的主併公司配合使用現金作為支付併購對價的工具，是否影響其併購後第一年到第三年之併購績效。
實證結果顯示，併購前績效表現好及進行非多角化併購的主併公司，與其併購後財務績效呈顯著正向關聯性。併購前股價淨值比高及使用現金作為支付方式的主併公司，與其併購後財務績效不存在顯著關聯性。

This study takes 546 mergers and acquisitions cases conducted in Taiwan over the period 2010 to 2019, and explores whether the financial characteristics, merger and acquisition types and method of payment have impacts on the post-merger and acquisition financial performance. This study first discusses whether the bidder company’s performance prior to merger and acquisition, and types of merger and acquisition chosen affect performance after the merger and acquisition. In addition, this study analyze whether the bidder company with a high price-to-book ratio before merger and acquisition and chose to use cash as payment method affect performance after the merger and acquisition. In specific, this research uses return on assets ratio and cash flow return to total assets ratio as measures for financial performance of the bidder company. The study empirically examines the effects of pre-merger performance and types of mergers and acquisitions on post-merger performance. The study also investigates the effect of bidder company with high price-to-book ratio before merger and using cash as payment tool on the post-merger performance.
The empirical results show that the bidder companies with better performance before merger and conducting non-diversified mergers and acquisitions demonstrate a significant higher post-merger performance. With respect to the bidder companies with high price-to-book ratios before merger and using cash as payment tool, the research cannot find significant association with post-merger performance.

第一章 緒論 2
第一節 研究動機及目的 2
第二節 研究議題 6
第三節 研究架構 7
第二章 文獻探討 8
第一節 併購動機理論 8
第二節 企業財務特性對併購績效之影響 13
第三節 併購型態對併購績效的影響 15
第四節 併購支付工具對併購績效之影響 18
第三章 研究方法 23
第一節 研究假說 23
第二節 實證模型：變數定義及衡量 27
第三節 資料來源與樣本選取 38
第四章 實證結果與分析 39
第一節 敘述性統計分析 39
第二節 多元迴歸分析 45
第三節 額外研究 58
第五章 結論與建議 69
第一節 研究結論 69
第二節 研究限制與對未來研究之建議 71
參考文獻 72

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