本篇論文研究發生在美國149件購併案，研究期間從2003年至2005年，並藉由Brown and Caylor(2006) 所提供的Gov-score來衡量主併公司及目標公司的公司治理，透過Gov-score探討公司治理層面更廣、所列入評比的公司愈多以及更能反映近代公司治理環境的改變等優勢，藉此研究公司治理與購併綜效、購併溢價及短期宣告效果之間的關係。
本篇論文根據Wang and Xie(2009) 的最小平方法(OLS)迴歸模型進行分析，研究結果顯示，主併公司與目標公司的公司治理差距對於購併綜效及主併公司的宣告效果皆沒有顯著的解釋能力，而主併公司與目標公司的公司治理差距與購併溢價及目標公司的宣告效果呈現顯著的負相關，與Wang and Xie (2009)利用Governance Index進行購併案的研究結果不相符。
本研究將Wang and Xie(2009)的迴歸模型多考慮主併公司及目標公司的公司治理作為解釋變數，研究結果發現，公司治理愈好的主併公司，購併時的宣告效果愈好，與Masulis et al. (2007) 利用Governance Index進行購併案研究的結果一致。因此無論採用Gomper, Ishii, and Metrick (2003)的Governance Index或是採用Brown & Caylor(2006)的Gov-score來衡量主併公司的公司治理，研究結果皆顯示，投資人對於公司治理較好的主併公司所執行購併計劃持較為正面的看法，使得公司治理愈好的主併公司在購併的宣告效果上表現愈好。
本研究藉由更完備的公司治理指數Gov-score來衡量目標公司的公司治理與購併綜效之間的關係。研究結果發現，購併公司治理愈好的目標公司，購併綜價愈佳，此研究結果與游莉芬(2012)發現購併公司治理較好的目標公司，主併公司的長期營運績效資產報酬率上表現較佳(隱含購併之後創造較大的綜效)的研究結論一致。

研究生, 游莉芬(2012), 公司治理、購併溢價與綜效之關聯性研究, 國立政治大學
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