台灣是一個以出口為導向的經濟體，近年來，又以電子業為出口大宗，並藉著為國際大廠及品牌代工，賺取不高的製造利潤，根據宏?硈郈鴗H施振榮先生的微笑曲線理論，製造是落在微笑的谷底，利潤最低，而兩端的高點分別是品牌及通路，而由谷底邁向高端的最快方法就是併購。宏?眯M華碩嘗試建立自我品牌，及國內最大的代工龍頭的鴻海擴大自身的規模，降低成本，多採用併購的方式，來加快達成的腳步，因此將宏?痋B華碩、鴻海列為探討對象。
併購的成敗，最直接的反映就是股價，所以利用股價的短、中、長期變化，來瞭解併購策略中各種併購型態、併購規模及併購方式對併購成敗的影響性。採用複迴歸分析的方式進行檢定，發現選定的這些要素對短期股價超額報酬的變化具有一定的解釋能力，隨著期間的延長，解釋力逐漸變弱。利用行為財務學的理論，可以初步認為在短期的股價變化上，具有過度反應或反應不足的現象，但長期來看，會逐漸消失。
另外配合Porter 的五力分析理論，建議企業分析產業內的競爭態勢，並確認本身欲培養的核心競爭力，採取適當的併購策略，掌握市場時機，如此可以讓股東支持公司長遠的策略規劃，更可以使企業透過併購的過程而快速成長。

Taiwan is an economical body whose major profit is from exporting products. In recent years, electronics industry is becoming the most important role in the exporting trade and makes low profit by manufacturing products for international company and brand. According to the theory of smile curve that invented by Mr. Stan Shih, a founder member of Acer, manufacturing always locates in the bottom of the curve and makes lowest profit. Moreover, in the both high ends are brand (R&D) and marketing
(sale/ after service). If the companies would like to climb from bottom to high ends, taking merger and acquisition strategies is the fastest method. Acer and Asustek try to build up their own brands, and Hon Hai, a leading foundry company in Taiwan, wants to enlarge scale, reduce cost, they all use merger and acquisition strategies to achieve their goal rapidly. Hence, the study is focus on Acer, Asustek, and Hon Hai.
Through short-term, middle-term, and long-term changes of stock price, we can understand how M&A patterns, amounts, and ways in M&A strategies influence result of M&A. Adopt multiple regression methodology to analyze these above-mentioned factors, and find the factors that influence the result of M&A from empirical studies. The effect of M&A patterns, amounts, and ways gradually weaken. Due to the theory of behavior finance, we may get an inference that there is overreactions or underreactions (momentum effect) in short-term changes of stock
prices. But the momentum effect passes off over time.
In addition, with Porter’s five force analysis, advice that the company should analyze the competitive intensity in the industry, and develop its core competence. Then taking adequate M&A strategies, and grasping the timing of market can help firms grow up quickly, and get shareholders’ support wholeheartedly.

目 錄
論文提要..........................................................Ⅰ
中文摘要..........................................................Ⅱ
Abstract..........................................................Ⅲ
致謝詞............................................................Ⅳ
目錄..............................................................Ⅴ
表目錄............................................................Ⅵ
圖目錄............................................................Ⅶ
第一章 緒論........................................................1
第一節 研究動機..................................................1
第二節 研究目的..................................................3
第三節 研究流程..................................................4
第二章 文獻探討....................................................6
第一節 併購策略之探討............................................6
第二節 行為財務學之文獻探討.....................................18
第三節 小結.....................................................23
第三章 實證研究方法...............................................25
第一節 實證研究架構設計.........................................25
第二節 研究假設.................................................26
第三節 資料變數定義與整理.......................................28
第四章 實證分析...................................................34
第一節 敘述性統計...............................................34
第二節 迴歸模式摘要分析.........................................36
第三節 迴歸模式各自變數線性重合檢定.............................38
第四節 各自變數迴歸係數的t值及顯著性考驗.......................40
第五節 小結.....................................................42
第五章 結論與建議.................................................46
第一節 結論.....................................................46
第二節 建議.....................................................48
參考文獻..........................................................50
附錄一 併購事件樣本...............................................57
附錄二 短期平均股價超額報酬率趨勢.................................61
附錄三 中期平均股價超額報酬率趨勢.................................64
附錄四 長期平均股價超額報酬率趨勢.................................67

表目錄
表2-1 核心競爭力要素列表..........................................24
表3-1 併購型態虛擬變項轉換表......................................31
表3-2 併購方式虛擬變項轉換表......................................32
表4-1 短期平均股價超額報酬率敘述性統計表..........................34
表4-2 中期平均股價超額報酬率敘述性統計表..........................35
表4-3 長期平均股價超額報酬率敘述性統計表..........................35
表4-4 迴歸模式摘要表..............................................36
表4-5 短期平均股價超額報酬率線性重合檢定表........................38
表4-6 中期平均股價超額報酬率線性重合檢定表........................39
表4-7 長期平均股價超額報酬率線性重合檢定表........................39
表4-8 短期平均股價超額報酬率t值及顯著性檢定表....................40
表4-9 中期平均股價超額報酬率t值及顯著性檢定表....................41
表4-10 長期平均股價超額報酬率t值及顯著性檢定表...................42
表4-11實證結果彙整表..............................................45
附表1-1 併購事件樣本...............................................57

圖目錄
圖1-1 OEM、EMS、ODM、CMMS比較圖...................................2
圖1-2 研究流程圖...................................................5
圖2-1 併購活動頻繁的產業、動機和方式...............................8
圖2-2 產業競爭的五力分析圖........................................14
圖3-1 研究架構圖..................................................26
附圖2-1 鴻海短期平均股價超額報酬率趨勢圖..........................61
附圖2-2 宏?硉u期平均股價超額報酬率趨勢圖..........................62
附圖2-3 華碩短期平均股價超額報酬率趨勢圖..........................63
附圖3-1 鴻海中期平均股價超額報酬率趨勢圖..........................64
附圖3-2 宏?痐仍薔郁〞捋鬤W額報酬率趨勢圖..........................65
附圖3-3 華碩中期平均股價超額報酬率趨勢圖..........................66
附圖4-1 鴻海長期平均股價超額報酬率趨勢圖..........................67
附圖4-2 宏?眭矕薔郁〞捋鬤W額報酬率趨勢圖..........................68
附圖4-3 華碩長期平均股價超額報酬率趨勢圖..........................69

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三、電子網站及資料庫
1. 台灣經濟新報資料庫
2. 公開資訊觀測站，http://newmops.tse.com.tw/