本研究以開發中國家之收購公司為研究主體，收購目標範圍為全球市場，從國 家間文化差異，對開發中國家進行跨國收購的影響，從而探討開發中國家於全球收 購成果。採用事件研究法，全球收購期間自 2010 年 1 月 1 日起至 2018 年 12 月 31 日底。本研究總結出兩個結論，第一，文化距離與跨國收購績效的關係，存在非線 性的倒 U 曲線;第二，文化距離越遠，收購方傾向以獨資進入異地市場。

This research examines the international acquisition performance of the developing country. The target acquired regions include the global market. The cultural difference be- tween countries has distinct effects on the mergers and acquisitions outcomes. The empir- ical findings based on cross-border acquisition show that the culture distance has an inverse U-shape relationship with the international acquisition performance, and that acquirers tend to enter culturally distant markets with wholly-owned subsidiaries.

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