本論文研究欲探討國家間的經濟發展程度差異是否會影響企業跨國購併後的績效，經濟發展程度差異定義為經濟距離(Economic Distance)，並以開發中國家為主併國樣本，引用迴歸模型進行分析，採用購併宣告日前後七天之股價累積異常報酬率作為績效的衡量變數。實證結果顯示，在自變數經濟距離的數據資料方面，無論高或低經濟距離，經濟距離與企業購併後績效雖呈現顯著正相關，但在圖形方面呈現倒U曲線，意即在逐漸增加經濟距離時，購併後績效會上升，並在到達最適經濟距離點時，會達到最佳的績效，然而此時若繼續增加經濟距離，購併後績效則會下降。根據企業發展的不同階段，主併公司會依據主併國與被併國的經濟發展差異而衍生出不同的公司策略。由於開發中國家的國內資源稀少、品牌知名度不佳、技術相對落後以及面臨全球競爭者的威脅，因此在面對高經濟發展的國家進行購併時，主併公司會傾向獲取更多企業的資源以及技術，並且以產品或服務上的價格優勢來進行套利以獲取更高額的利潤，為此解決上述的問題。而在面對低經濟發展國家進行購併時，主併公司可以利用引進國內較佳的制度環境和治理公司的哲學與策略來提高收購目標的價值，並且因為被併國較不完整的企業保護環境，主併企業可以更輕易取得技術上的專利，進行資源上的整合與運用。總結以上，管理經理人須謹慎評估企業的階段性目標以及購併動機，選擇往高或低經濟發展的國家進行購併，並且判斷最適當的經濟距離，以達到企業購併後的最佳的績效。

The purpose of this thesis is to explore whether corss-country economic distance, which is the differences in the degree of economic development between countries, will affect cross-border acquisition performance of developing market multinationals. Event study analysis based on 1,614 cross-border acquisitions of developing country firms shows that economic distance has an inverse U shaped relationship with cross-border acquisition performance, meaning that developing country firms generate greater returns when acquiring targets with greater economic distances; however, when the distance reaches a certain threshold, the returns will decline. In summary, managers must carefully potential acquisition targets.

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