嘗試放棄傳統事件研究法 (event study)的固定系統 ，先針對股價的結構變化點作檢定，找出子區間的分到傳統的方法，根據系統風險改變的時點找出估計期窗口(-5, 5)中 AR、CAR 的變化情形，以測試資本市告之反應，並試圖找出其可能的影響因素。實證結果告對主併公司的股東財富雖然有正面影響(僅1.82﹪) ，但整個宣告窗口的累積效果似乎不大；而跨國購併之間的差異(國際效果)，除了購併宣告當日外顯然另外，水平型態的購併事件與產業的技術密集程度之宣告日後才顯現出來，至於支付方式對宣告效果所產國外的實證結果不符，而購併成功與否對主併公司之顯。

一、中文部份
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