併購是電子遊戲產業常見的企業擴張方式，但學術界甚少探討遊戲公司之併購活動，針對2020年後整體遊戲產業之併購研究更是缺乏。雖然遊戲軟體開發並非我國產業界的強項，但我國企業擅長遊戲硬體之零組件供應及代工製造，希望透過此次研究，能使我國產業界更加掌握國際遊戲產業的動態。
本研究蒐集公開資料，觀察2020至2025年全球遊戲產業的併購情況，並使用事件研究法探討併購交易創造之異常報酬。本研究發現在遊戲產業的併購宣告事件中，主併公司整體而言無法創造顯著的正異常報酬。個別主併公司能否透過併購宣告創造顯著正報酬，與併購交易之整合類型、跨國併購與否、被併公司公開發行與否、支付方式皆無顯著關聯，這些交易特性及併購宣告年度也對主併公司宣告報酬沒有顯著影響。
在Microsoft併購Activision Blizzard案例中，併購宣告、FTC敗訴、交易完成事件皆無法為主併公司創造顯著的正報酬，顯示市場對龐大交易金額的質疑。被併公司方面，併購宣告、FTC敗訴事件皆創造顯著正報酬，反映市場欲套利同時顧忌主管機關介入交易的心理。建議學界待交易完成滿三至五年後，探討此案之合併後經營績效及其如何改變產業競爭格局，方能對此併購案例形成更全面之理解。

M&A are a common strategy for corporate expansion within the video game industry. However, academic research has seldom explored the M&A activities of gaming companies, and there is a particular lack of studies focusing on the industry's overall M&A landscape post-2020. While video game software development is not a primary strength of Taiwan, Taiwanese companies excel in the supply of gaming hardware components and electronic manufacturing. It is hoped that this research will enable Taiwanese industry to better grasp the global developments of the gaming market.
This study collects public data to observe M&A in the global gaming industry from 2020 to 2025 and utilizes the event study method to investigate the abnormal returns generated by these transactions. The findings indicate that in gaming industry M&A announcements, acquiring companies as a whole are unable to generate significant positive abnormal returns. Whether an individual acquiring company can create significant positive returns through an M&A announcement has no significant correlation with the type of integration, whether the transaction is a cross-border M&A, whether the target company is a publicly listed entity, or the method of payment. Furthermore, these transaction characteristics and the year of the M&A announcement have no significant impact on the acquirers' announcement returns.
In the case of Microsoft’s acquisition of Activision Blizzard, the acquisition announcement, the FTC’s legal defeat, and the completion of the deal all failed to generate significant positive returns for the acquirer, reflecting market skepticism regarding the massive transaction value. For the target company, both the acquisition announcement and the FTC’s defeat generated significant positive returns, reflecting a market sentiment characterized by a desire for arbitrage tempered by concerns over antitrust intervention. This study suggests that academia evaluate the post-merger operating performance and the resulting shifts in industrial competition three to five years after the deal's completion to form a more comprehensive understanding of this landmark case.

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