本研究之目的在於了解台灣企業海外購併動機和相關作法的現況，並和以往相似研究比較，描述其變動狀況並從文獻中，歸納出跨國購併程序中主要議題，作為企業參考。

在問卷部份，以前500大企業為取樣母體，主要研究發現為:1.台灣企業從事海外購併之意願有下降的趨勢。2.沒有海外據點的企業，較無海外購併之計劃與構想。設有海外據點之企業，據點數目對有無海外購併計劃無顯著影響。3.尚未有海外購併計劃之主要原因乃為:『目前尚非時機』和『以目前營運狀況來看，無此需要』。『購併非理想之海外投資方式』從1990年排名第六，躍升為第三。『缺乏了解國外購併之相關資訊管道』的影響力，從排名第三降到第六。4.海外購併主要動機仍為『掌握國外通路』和『進軍國際市場』。變化最大的是「利用國外低成本之生產資源」，從第二降為第七。5.優先考慮購併之產業仍以電子電器最多。6.所欲前往購併之地區和原料所在地，競爭者所在地存在相關性，但統計上不顯著。7.尋找目標公司的方式主要依賴公司內部自行尋找，包括『透過管理階層私人關係』、『派人直接出國考察尋找』和『經由業務關係』；其次為利用購併仲介機構。8.目前有海外購併計劃之公司，其進行的程度絕大多數僅為『完成海外購併策略規劃』，甚少公司開始訓練購併後整合人才。

個案研究部份主要發現為：(一)統一收購Wyndham案：2.設立專職購併小組，作風積極；搜尋目標公司的作法仍以仲介機構牽線為主，機會式的被動作法。3.和投資銀行密切配合。4.購併完成後方培養整合人才，稍嫌太慢。5.留任原有管理階層，未派人經營。若Wyndham經營策略變更，可能引起利益上的衝突。 6.融資規劃較台灣以往之購併案靈活。7.充份利用海外控股公司，執行跨國購併。(二)宏碁收購Altos案：1.海外購併策略、購併準則與宏碁國際化策略相一致。2.進入模式的選擇大致和學者研究結論一致。3.尋找目標公司的方式仍屬機會式。 4.借重專精高科技購併的小型投資銀行，協助公開要約、收購股權。5.購併前便評估組織整合層次，預先安排整合人才。整合層次為國內迄今海外購併案例中層次最深的例子。6.充份利用海外控股公司，執行海外擴張。

中文部份
1. 陳隆麒譯，現代財務管理，第四版，華泰書局， 1988 。
2 . 丁予嘉，"現階段我國企業進行海外購併之環境評佑" ，中華經濟研究院未發表研究， 1990 。
3 . 王泰允，企業購併實用，遠流出版公司， 1991 。
4 ? 林宗成，國際聯合貸款與併購融資，第六八期， pp9 -18 ，第六九期， pp.13-26 。
5 . 吳青松，台灣購併總體檢，戰略生產力雜誌， 1990年12 月， PP.30-49 。
6 . 吳穎飛，"談企業國際化的規劃方式" ，台灣經濟研究月刊， 1991，4 月， P. 79 。
7 . 陳志榮，企業購併程序中理論與實際之比較， 1990，台大商學研究所碩士論文。
8 . 陳坤銘，"展望台灣企業合併" ，經濟前瞻第21 號，1991， pp.113-117 。
9 . 許是祥譯，企業策略管理， David A. Aaker原著，中華企業管理發展中心。
10. 張人方，我國企業進行海外購併之意顧態度與決策程序，1990，台大商學研究所碩士論文。
11. 蘇拾忠，"台灣企業玩不動美國公司" ，商業週刊175 期，1991，3 月， pp. 1 7 - 32 。
12 . 蔡正雄譯，競爭策略， Michael Porter原著，華泰書局， 1988，PP(11)-(13) 。
13. 劉泰英，吳榮義，"我國民營企業科技技術引進與技術普及管道之探討" , 1990 年6 月，台灣經濟研究所， PP45-49 。

英文部份
1. Alan S. Glazer , "Acquisition Bridge Financing by Investment Banks", Business Horizons,Sep./Dec. 1989, PP.49-53.
2. Albert T. Olenzak, Malcolm I. Ruddock, "The Internal Acquisition Team, in The Mergers and Acquisition Handbook, Edited by Milton L. Rock, 1987, McGraw-Hill, P.108.
3. Alfred Rappaport, "Discounted Cash Flow Valuation",in The Mergers and Acquisitions Handbook, edited 'by Milton L. Rock, McGraw-Hill,1987, PP.163-181.
4. Andrew Solocha Mark D. Soskin and Mark J. Kasoff, "Determinant of Foreign Direct Investment in the United States", Management International Review, Vol. 30, 1990, PP.371-386 .
5. Anju Seth, "Valuing Creation in Acquisitions:A Reexamination of Performance Issues",strategic Managemetn Review, Vol.11, 1990,PP.99-115.
6. Anthony F. Buono, James L. Bowditch, The Human Side of Mergers and Acguisitions, Jossey-Bass,1989.
7. Arnold S. Hoffman, "Divestitures I : Motivation And Mechanisms", in Mergers, Acguisitions,and Leveraged Buyouts, edited by Robert Lawrence Kuhn, 1990, Dow Jones-Irwin,PP.142-143.
8. Bruce Kogut and Harbin Singh, "The Effect of National Culture on The Choice of Entry Mode " Journal of International Business Study,Fall, 1988, PP.411-432.
9. Camille H. Chwalek, "Greative Detective Work In Acquiring Overseas Firm", Mergers & Acquisitions,Jan/Feb., 1990, PP.65-69.
10. Center of Management Development of American Management Association, Mergers & Acquisitions Seminar, Fall, 1990.
11. Ching-Sung Wu, "Merger/Acquisition VS. De Novo Construction: Direct Foreign Investments In U.S. Manufacturing Industries", NTC Management Review, Vol.1, No.1, May,1990, PP.313-339.
12. H. Donald Hopkins, "Acquisition Strategy and The Market position of Acquiring Firms",strategic Management Journal, Vol.8, PP.535-547.
13. David B. Jemison, Sim B. Sitkin, "Corporate Acquisitions: A Process Perspective",Academy of Management Review, 1986, Vol.11,No.1, PP.145-163.
14. David J. Ben Daniel and Arthur H. Rosenbloom,The Handbook of International Mergers and Acquisition, Prentice-Hall, 1990, PP.3-7.
15. David M. Schweiger and Angelo S. Denisi,"Communication with Employees Following A Merger: A Longitudinal Field Experiment",Academy of Management Journal, Vol.34, No.1 1991, PP.110-135.
16. Erin Anderson and Hubert Gatignon "Modes of Foreign Entry : A Transaction cost Analysis and Proposition", Journal of International Business Studies, Fall 1988, PP.1-26.
17. Gordon A. Walter 'and Jay B. Barney, "Research Notes and Communications Management objectives in Mergers and Acquisitions", Strategic Management Journal Vol.11, 1990, PP.79-86.
18. Gordon W. "The Acquisition Decision",National Association of Accounts, New York,and The Society of Management Accountants of Canada, Hamilton, Ontario, Canada, 1985.
19. Helen M. Bowers and Robert E. l1iller, "Choice of Investment Banker and Shareholders Wealth of Firms Involvement in Acquisitions",Financial Management, Winter, 1990, PP.34-44.
20. Invancevich, J.M., Schweiger, D.M., and Power, F.R., "Strategies for Managing Human Resources During Mergers and Acquisitions",Human Resources Planning, 1987, 10(1), PP.19-35.
21. Jenster, P.V., "Integration Problems and Consultants : A Theoretical Perspective", Paper Presented at the 47th annual meeting of the Academy of Management, New Orleans, La., Aug. 1987.
22. Jerold L. Freier, "Acquisition Search Programs", Mergers & Acquisitions, Summer, 1981, PP. 35-39.
23. J. Fred Weston, Kwang S. Chung and Susan E. Hoang, Mergers, Restructuring, and Corporate Control, 1990, Prentice-Hall, PP.425-437.
24. John B. Kusewitt, JR, "An Exploratory Study of Strategic Acquisition Factors Relating to Performance", Strategic Management Journal,Vol.6, 1985, PP.151-169.
25. John Osborne, "How the Common Market will Control Large Mergers", Mergers & Acquisitions, Mar/Apr, 1990, PP.65-72.
26. John W. Herz, "Broker and Finder Agreement",in The Mergers and Acquisition Handbook,edited by Milton L. Rock, 1987, McGraW-Hill, P.136.
27. Joseph E. McCann, Roderick Gilkey, Joining Forces, 1988, Prentice-Hall, New Jersey,PP. 5 -17 .
28. Joseph E. & Mitchell Lee Marks, "Facilitating Post-Merger -Integration: The Role of the organizational Constructant, "Organization Development Journal, Vol.8, No.3, Fall 1990,PP.67-73.
29. Lynn E. Browne and Eric S. Rosengren, Editors The Merger Boom, Proceedings of a Conference Held at Melvin village, New Hampshire, Oct. 1987.
30. Malcolm S. Salter & Wolf A. Weinhold, "Choosing Compatible Acquisitions", HBR, Jan-Feb,1981, PP.117-127.
31. Marsha Sinetar, '''Mergers, Mora Ie and Productivity",Personal Journal, Nov. 1981, PP.863-867.
32. Michael J. Martin "Valuing the Glamour In Brand Name Acquisition", Mergers & Acquisition",Mergers & Acquisitions, Jan/Feb,1991, PP.31-37.
33. Mike Allen, Robert Hodgkinson, Buying a Business, Graham & Trotman, 2nd Edition,1989.
34. M. Krishna Erramilli and C.P. Roco, "Choice of Foreign Market Entry Modes by Service Firms: Role of Market Knowledge,"Management International Review, Vol. 30,1990, PP.135-150.
35. Milford B. Green, Mergers and Acquisitions,1990, Routledge.
36. Mitchell Lee Marks, "Combatting Merger Shock Before the Deal Is Closed", Mergers & Acquisitions,Jan/Feb, 1991, PP.42-48.
37. Nahavandi, A., and Malekzadeh, A.R. "Acculturation in Mergers and Acquisitions. "Academy of Management Review, 1988, 13(1), PP.79-90.
38. Peter Earl, Frederick G. Fisher, Ⅲ , International Mergers and Acquisitions, Euromoney publications, 1986, P.96.
39. Peter Lorange, Eugene Kotlar Chuk, Harbir Singh, "Corporate Acquisitions : A Strategic Perspective", in The Mergers and Acquisitions Handbook, edited by Milton L. Rock, 1987,McGraw-Hill, PP.3-13.,
40. Pritchett~ P. After the Merger: Managing the Shockwaves. Homewood, Dow Jones-Irwin,1985,PP.20-31.
41. Richard A. Brealey and stewart C. Myers,Principle of Corporate Finance, 3rd Edition, McGraw-Hil, 1988.
42. Robert F. Reilly, Robert P. Schweihs, "How the Buy/Sell Agreement Smooths a Shift in Control", Mergers & Acquisition, 1991, Jan/Feb, PP.52-55.
43. Robert G. Eccles and Dwight B. Crane, Doing Deals, Harvard Business School Press, 1988.
44. Milton L. Rock, Editon in Chief, The, Mergers and Acguisition Handbook, McGraw-Hill, 1987.
45. Robert Lawrence Kuhn, Mergers, Acguisitions,and Leveraged Buyouts, 1990, Dow Jones-Irwin
46. Robert Lawrence Kuhn, Valuing and pricing Mergers and Acquisitions II : Practice and Techniques, 1990, Dow Jones-Irwin, P.58.
47. Sanuel L. Hayes Ⅲ, A. Michael Spence and David Van Praag Marks, Competition in the Investment Banking Industry, Harvard University Press, 1983.
48. Sathe, V. "Implications of Corporate Culture : A Manager's Guide to Action." Organizational Dynamics, Autumn, 1983, PP.5-23.
49. Srinivasan Balakrishhan, "The Proghostics of Diverifying Acquisition", Strategic Management Journal, Vol.9, 1988, PP.185-196.
49. Stefan H. Robock, Knaeth Simmonds, International Business and Multinational Enterprises,IRWIN, 1989.
50. Steven K. Hazen, Auction M&A Transactions,International M&A Seminar, Aug. 1989, Taipei.
51. Stybel, L. "After the Merger the Human Element",New England Business, Nov.2, 1986, PP.67-68.
52. Terence E. Cooke, International Mergers and Acquisition, 1988, Basil Blackwell.
53. Walter I. Jacobs, Kenneth P. Shapiro,"Merging Benefit and compensation Plans",in The Mergers and Acquisitions Handbook,edited by Milton L. Rock, McGraw-Hill, 1987,PP.302-303.
54. Warren D. Kissin, Julio Herrera, "International Mergers and Acquisitions", the Journal of Business Strategy, July/August,1990, PP.51-54.
55. William D. Rifkin, "Finding and Facilitating Mergers and Acquisitions" in Mergers, Acquisitions,and Leverage Buyouts, edited by Robert Lawrence Kuhn, 1990, Dow Jones-Irwin,P.21.
56. Wishard B. "Merger--The Human Dimension",Magazine of Bank Administration, 1985, 61(6),PP.74-79.