本研究針對英國脫歐公投對英國企業併購影響進行探討。樣本為主併或被併為英國企業，且宣告日於2012年至2018年期間的併購案，分別有國內併購（英商併英商）、對外跨國併購（英商併外商）、以及對內跨國併購（外商併英商）三種型態。針對這三種型態，進行完成機率、短期宣告效果，及併購後股票長期持有績效實證研究。

結果指出，在上述三類併購型態中，公投後宣告之併購案均有顯著較低的完成機率；其中，公投後宣告之國內併購案如涉及相對規模較大的被併方，完成機率更低。然而，若主併有過去併購經驗，則可提高完成機率。對外跨國併購案中，如被併國家為歐盟成員國或有較高人均GDP，則完成機率較高。就績效而言，結果顯示公投後宣告之對外跨國併購案對短期宣告效果有負面影響，但併購後之股票長期持有績效則有正面影響。然而，在國內併購案及對內跨國併購案中，本文並未發現英國脫歐公投對短期宣告效果或股票長期持有績效產生顯著影響。

In this paper, I analyze domestic (UK firms acquiring other UK firms), outward (UK firms acquiring foreign firms) and inward (UK firms acquired by foreign firms) mergers and acquisitions announced between 2012 and 2018 to investigate the effects of Brexit Referendum on deal completion likelihood, short-term announcement effects and post-acquisition long-term stock performance. The results show that there is a lower probability of completion if the deals are announced after Brexit Referendum across all types. Domestic deals announced after the vote which involve relative large targets are less likely to complete while experienced acquirers increase the probability of deal completion. Outward deals whose targets located in countries with EU membership or higher GDP per capita are more likely to complete. Empirical findings suggest that outward deals announced after the vote are less favorable by acquirers’ shareholders in the short run, but a positive effect is observed in the long-term performance. However, these effects are not observed in domestic and inward deals in terms of short- and long-term performance.

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