本研究以2016年1月8日至2021年12月31日間我國公開發行公司（含上市、上櫃、興櫃）完成之99件有效併購案為樣本，採財務績效研究法，以產業調整後總資產報酬率變動與每股自由現金流量變動作為雙重衡量指標，系統性檢驗公司治理機制、資源整合效率對主併公司併購後長期績效之影響。

就產業調整後總資產報酬率而言，主併公司於併購完成後三年內之產業調整後獲利能力呈統計顯著衰退。多元迴歸分析顯示，獨立董事比例對長期獲利能力具顯著正向影響，三大法人合計持股比例則呈顯著負向效果，兩者影響方向相反。資源整合面向中，無形資產佔比之變動與營運表現之改善，均於迴歸模型中與長期獲利能力呈現顯著且穩健之正向關聯。

就每股自由現金流量而言，主併公司於併購後三年內之每股自由現金流量雖呈上升傾向，但未達統計顯著水準。迴歸模型整體解釋力亦極為有限，本研究所採之自變數均對每股自由現金流量之變動不具有效解釋力。

綜合兩迴歸模型之結果，產業調整後總資產報酬率與每股自由現金流量於併購後呈現分歧走勢；在獲利能力模型中，獨立董事比例與三大法人持股比例之影響方向相反，營運改善為最穩健之長期獲利驅動因子，無形資產變動則於迴歸模型中具顯著正向影響。

This study examines the long-term post-merger performance of Taiwanese publicly held companies using a sample of 99 completed acquisitions over the period January 8, 2016 to December 31, 2021. Employing a financial performance approach with changes in industry-adjusted return on assets and changes in free cash flow per share as dual performance measures, the study systematically examines the effects of corporate governance mechanisms and resource integration efficiency on acquirer long-term performance.

With respect to industry-adjusted return on assets, acquiring firms experience a statistically significant decline in industry-adjusted profitability within three years of deal completion. Multiple regression analysis reveals that board independence exerts a significant positive effect on long-term profitability, while aggregate institutional investor ownership produces a significant negative effect, with the two exerting opposite influences. With regard to resource integration, both changes in intangible asset intensity and improvements in operating performance exhibit significant and robust positive associations with long-term profitability in the regression model.

With respect to free cash flow per share, acquiring firms display an upward tendency following deal completion, but the change does not reach statistical significance. The regression model for this outcome likewise exhibits limited overall explanatory power, and none of the independent variables employed in this study account for meaningful variation in free cash flow per share.

Taken together, the results of the two regression models indicate that industry-adjusted return on assets and free cash flow per share follow divergent post-merger trajectories. Within the profitability model, board independence and institutional investor ownership exert effects in opposite directions, while operating improvement is the most robust driver of long-term profitability, and changes in intangible assets exhibit a significant positive effect in the regression model.

中文部分
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