本文研究企業偏離目標槓桿對於其被併購的影響。從實證結果發現偏離目標槓桿將會增加企業成為被併購對象的機率，同時，偏離目標槓桿較少的企業較容易以股票作為支付工具被收購。再者，基於被併方財務上的限制以及較高的破產風險，偏離目標槓桿越多的被併方在購併中獲得的購併溢價較少，對於併購宣告效果的影響也較為負面。本研究證實抵換理論中目標槓桿的存在，也推論被併方會以重新調整資本結構以及避免破產作為尋求併購的可能原因。

I examine the impact of leverage deviation on the likelihood of being acquired and the decision of mergers and acquisitions. My empirical results show that the leverage deviation of a firm increases the likelihood to become a target. Target firms with lower leverage deviation tend to receive more stocks in the offer. Moreover, firms with more leverage deviation often obtain lower acquisition premiums and lower announcement returns, possibly due to financial constraints and bankruptcy risk. Overall, my evidence validates the trade-off theory that supports the existence of optimal capital structure. My paper also suggests that target firms seek mergers to rebalance their capital structure and avoid bankruptcy.

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