國內自2001年11月修改了公司法、2002年1月公佈了企業併購法後，提供國內企業進行併購有更充份的法源依據及2005年、2006年陸續適用的35號、37號對於併購的會計處理有了新的規定，此皆為影響企業在進行併購時選擇何種支付的考量因素，亦為國內較早期研究該主題的學者所無法考量到的因素；另外，在公司治理議題方面也為近年來國內相當關注的議題，本文則加強該部份的探討。
本研究以2002年至2006年底之台灣上市櫃公司共計165件併購有效樣本為研究範圍，並採用變異數分析、T檢定、卡方檢定、Binary Logit等統計方法，探討企業併購支付方式的影響因素。
研究結果顯示標的盈虧、抵押擔保、相對規模、國內機構法人持股、集團型、跨國型等共計六項對於支付方式有顯著影響性。其中標的盈虧、抵押擔保及跨國型與支付方式成正向關係（傾向採用現金支付）；併購規模、國內機構法人持股越高則傾向換股支付。本文也探討併購時影響支付的因素是否也將影響日後併購後績效。經採Least Squares迴歸分析後發現到，以支付方式、標的盈虧、內部人持股、相對規模及跨國型併購為影響併購後績效的主要原因。

Company Law was amended in 2001 and in the Jan. of 2002, Corporate M&A Law was launched. These amendments provide new solution of M&A activity. Furthermore, GAAP released new regulation in No.35 and No.37 in 2005 and 2006 and make substantial influence on payment choice in M&A. Different to former studies, our study are base on the updated regulatory environment and introduce the issue of corporate governance for the determinants of payment choice of M&A.
We include 165 sample from listed companies during 2002 and 2006 by applying the following methodologies: variance analysis, t-test,χ2, and Logit regression to study the payment choice in M&A. Empirical evidences show that target loss or gain, level of leverage and pledge, group-background, and cross-merger have significant positive relationship with payment choice. However, related scale and institution owner have significant negative relationship with payment choice. As to the performance after M&A by different payment choice, we evidence that method of payment, target loss or gain, related size, and board-merger are significant determinants.

目 錄
第一章 緒論.................................................................................................1
1.1 研究動機與目的............................................................................1
1.2 研究流程........................................................................................4
1.3 研究架構........................................................................................5
1.4 研究限制..........................................................................................5
第二章 文獻回顧.......................................................................................6
2.1 併購支付相關的國外實證文獻回顧............................................6
2.2 國內併購支付相關的實證文獻探討..........................................23
2.3 企業併購相關租稅措施及會計處理..........................................34
2.4 併購支付方式及決定因素..........................................................39
2.5 本章小結......................................................................................44
第三章 研究設計.....................................................................................47
3.1 資料來源及樣本說明.................................................................47
3.2 衡量變數......................................................................................48
3.3 研究假說......................................................................................50
3.4 研究方法......................................................................................55
第四章 實證結果分析..............................................................................57
4.1 樣本敍述性統計..........................................................................57
4.2 衡量變數統計分析......................................................................78
4.3 影響併購支付選擇的因素..........................................................90
4.4 併購後績效影響的因素..............................................................94
第五章 結論與建議..................................................................................99
5.1 研究結論......................................................................................99
5.2 建議............................................................................................ 100
參考文獻................................................................................................... 101
V
表 目 錄
表一 國外實證文獻整理............................................................................... 19
表二 國內實證文獻整理............................................................................... 30
表三 公司法、促產條例與企併法比較....................................................... 35
表四 併購支付方式....................................................................................... 39
表五 國外學者衡量變數............................................................................... 45
表六 國內學者衡量變數............................................................................... 46
表七 研究期間樣本分配及支付方式分配表............................................... 48
表八 虛擬變數表........................................................................................... 50
表九 各衡量變數代表之意義....................................................................... 56
表十 樣本公司產業分佈............................................................................... 57
表十一 樣本公司特質敍述統計................................................................... 60
表十二 樣本公司特質分群檢定................................................................... 62
表十三 併購型態分析................................................................................... 63
表十四 樣本公司按支付分群敍述統計....................................................... 65
表十五 樣本公司按支付分群檢定............................................................... 67
表十六 併購後績效分群敍述性統計........................................................... 70
表十七 樣本績效高低群檢定....................................................................... 72
表十八 衡量變數相關係數........................................................................... 74
表十九 樣本公司特質按資訊揭露檢定....................................................... 75
表二十 樣本公司特質按標的盈虧檢定....................................................... 76
表二十一 樣本公司特質按關係性否檢定................................................... 77
表二十二 整體樣本基本資料統計表........................................................... 80
表二十三 電子業樣本基本資料統計表....................................................... 81
表二十四 非電子業樣本基本資料統計表................................................... 82
表二十五 樣本公司衡量變數按產業分群檢定........................................... 83
表二十六 樣本公司衡量變數按支付分群檢定....................................... 84
表二十七 樣本公司衡量變數按併購類型分群檢定................................... 85
表二十八 樣本公司衡量變數按資訊揭露分群檢定................................... 86
表二十九 樣本公司衡量變數按資訊揭露分群檢定................................... 87
表 三十 樣本公司衡量變數按相關性分群檢定......................................... 88
表三十一 產業別與自變數之變異數分析................................................... 89
表三十二 併購支付方式影響因素迴歸分析............................................... 92
表三十三 不同併購型態的績效T 檢定...................................................... 94
表三十四 產業與支付方式績效T 檢定...................................................... 95
表三十五 併購後績效影響迴歸................................................................... 97
圖 目 錄
圖一 2002~2006 年國內併購案件數及金額................................................. 1
圖二 研究流程................................................................................................. 4
圖三 總上市與電子業上市家數、電子業產值比....................................... 58

《中文部份》

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