過去國內學者研究購併後公司績效的變化，皆發現整體的績效降低，與國外學者的研究發現相異。由於國內學者使用的衡量變數並未調整產業結構因素，以及不同會計方法可能對衡量變數產生的影響，所以我們採用Healy et.al.（1992）的衡量變數，發現如下的結果：
一、購併後公司的實質經營績效有顯著的改善
二、分析綜效產生的來源，結果顯示購併之後，資產效率性雖然降低，但是現金利潤率提高。而且由於現金利潤率對於實質經營績效的貢獻較大，故購併後期的實質經營績效，較購併前期提高。
三、產業購併有群聚的現象。在產業收縮下進行的購併的公司，實質經營績效改善程度較高。績效改善的來源，為現金利潤率的顯著提升，資產周轉率不顯著異於擴張產業的購併公司
四、在產業擴張下進行購併的公司，購併前後實質經營績效無顯著差異
是故，當公司處於收縮的產業中，可藉由購併去整合資源，節省營業成本，達成績效上的提升。在擴張的產業中，公司也可藉由購併去快速獲取市場機會，但是購併後公司的經營績效並未顯著提升，抑或下降，所以在購併價格的支付上，必須注意避免過度支付。

一、 中文部分
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5.許淑瑋，「台灣企業購併後績效衡量之實證研究」，臺灣大學財務金融研究所未出版碩士論文，民國90年
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7.楊勝淵、張紹基，「台灣企業購併實質效益之研究」，管理學報，第18卷第一期，民國90年
8.楊文禎，「台灣企業購併環境、企業特性與購併綜效關聯性之研究」，淡江大學會計研究所未出版碩士論文，民國92年
9.蕭惠元，「購併活動對股價行為與會計資訊之影響--以上市公司為例」，東吳大學會計研究所未出版碩士論文，民國85年
10.顏秀玲，「企業合併與財務績效關係之研究」，成功大學企業管理研究所未出版碩士論文，民國79年

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