本研究是研究探討我國上市(櫃)公司，宣告實施併購活動後，不同投資期間股東權益報酬，另也針對不同的投資期間進行基準模型之檢定力與配適度。本研究採用Fama and French(1993)提出的市場因素、公司規模、淨值市價比等三因子模型為主要研究架構，加入動能以及交易量因素形成一個五因子模型，探討這五個變數對主併公司併購活動宣告後，對股東權益報酬之解釋力，以驗證各效應的存在與否，並檢視何者才是解釋股東權益報酬的基礎
。經由本研究探討，歸納結論如下：

一、市場因素並非解釋股東權益報酬唯一因素，然市場因素對主併公司股東權益報酬率具有明顯的影響力，即股東的平均報酬的確包含系統風險的補償，但股票交易的週轉率對於股東權益報酬亦存在顯著的影響力。

二、非傳統產業大多從事相關產業的併購活動，有助於強化主併公司之研發技術與擴大營運規模，同時藉整合業務暨市場資源，快速達到經濟規模，相較於傳統產業較容易達到營運綜效。再者，非傳統產業以併購活動進行資源、技術或市場整合，較能被投資大眾場青睞。

三、企業進行相關產業購併活動時，相關購併較能發揮綜效。至於企業進行非相關產業購併活動，則能有效將資金分配至不同產業，增加現金流量及穩定性，分散財務風險，獲得所謂「財務綜效」。

四、價值型主併公司的超額報酬率，其檢定結果為顯著；成長型主併公司的超額報酬率，其檢定結果並不顯著。價值型主併公司股票在實施併購宣告之前，股價有被低估之虞，且主併公司實施併購活動之後，其超額報酬表現又優於成長型主併公司股票的表現。

The thesis analysis about the listed companies in Taiwan which being announced as Merger and Acquirement (M&A), the effect of stockholder’s
equity return among different investment horizons. Three-Factor model (Fama and French,1993) was utilized as the fundemental structure for this study. We also utilize the three-factor model and then develop five-factor model for capital assets pricing(three-factor added with momentum and trading volume factors), to examine which one would be the significant effect on stockholder’s equity return of the acquiring firms. The result was as the following statements: 

1.Market factor is not the noly factor with significant influence on the stockholder’s equity return of acquiring firms, even stockholder’s average return is inclusive of system risk. Trading volume is also the other factor to be with significant influence on the stockholder’s equity return of acquiring firms.

2.While execute the M&A,un-tranditional industries would achieve the economies of scale rapidly, it achieve the operation synergy easier by business resource integrated, and with better performance than tranditional industries execute the M&A. 

3.M&A activities among related industries would be with significant  operating synergy than un-related industries, M&A activities among un-related industries would achieve financial synergy, caused by cash flow usefully allocated and then financial risk eliminated.

4.The statistics test for the value acquiring firms about abnormal return is significant, but it led to non-significant statistics test for growth acquiring firms. In respect of stock price after M&A announced, value acquiring firms would be better performance than growth acquiring firms.

目錄Ⅰ
表目錄Ⅱ
圖目錄Ⅲ
第一章 緒論1                                               
第一節 研究背景與動機1
第二節 研究目的4
第三節 研究架構與流程6
第二章 文獻探討9
第一節 併購動機理論文獻探討9
第二節 國內外併購實證文獻探討18 
第三章 研究方法與設計29
第一節 研究設計29
第二節 研究方法30
第三節 變數定義39
第四節 樣本與資料來源44
第四章 實證結果分析48
第一節 樣本敘述性描述48
第二節 單變量及多變量迴歸分析56
第三節 併購活動於不同的投資期間之實證結果60
第五章 結論與建議78
第一節 結論78
第二節 建議81
參考文獻83
表 目 錄
表2-1. 併購動機理論文獻彙總17
表2-2. 併購宣告效果文獻彙總27
表4-1. 併購事件與產業相關性及樣本公司類型之年度分配表52
表4-2. 樣本公司併購事件之產業類別統計表53
表4-3. Pearson相關係數分析表55
表4-4. 各自變數迴歸模式係數表59
表4-5. 全體樣本之迴歸模式實證結果63
表4-6. 非傳統產業之主併公司迴歸模式實證結果67
表4-7. 傳統產業之主併公司迴歸模式實證結果68
表4-8. 相關產業之主併公司迴歸模式實證結果72
表4-9. 非相關產業之主併公司迴歸模式實證結果73 
表4-10.價值型之主併公司迴歸模式實證結果76
表4-11.成長型之主併公司迴歸模式實證結果77
圖 目 錄
圖1-1. 研究流程圖8
圖3-1. 資料期間與事件月份期間之關係圖45
圖4-1. 2000年至2007年各年年底之加權股價指數趨勢資料49
圖4-2. 2000年至2007年各年上市家數及交易成交金額50
圖4-3. 2000年至2007年各年上市公司股價獲利趨勢資料51

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