本篇論文主要欲探討的是企業在併購後調整負債比率與否，對於企業長期股價是否有影響。我們觀察到主併公司在併購完成當年的負債比率有顯著上升的現象，另外也發現到部分公司會在負債比率上升後朝向目標資本結構調整，而部分公司則會維持上升後的負債水準。結果顯示朝向目標資本結構調整的公司在併購後長期股價的表現大多較維持上升後負債水準的公司來的更好，除了在併購後第三年才朝目標資本結構進行調整的公司。

This study investigates whether leverage adjustment after mergers and acquisitions (M&A) activities would influence long-term stock performance. We find that acquirers significantly increase their leverage ratio in the acquisition year. Evidence shows that some firms adjust toward their target capital structure after M&A activities while some firms maintain their increased leverage ratios. Most results display that positive leverage adjustment rate lead to higher cumulative abnormal return (CAR) in the long run except 3 post-merger years.

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