企業購併一直是企業發展的重要議題，實證研究顯示企業購併的失敗率超過60％。特殊情境如台灣本地的購併，實證研究更是少見，本研究從台灣的觀點分析，說明購併的績效定義不同，實證研究的表現也因此不同。
本研究針對台灣上市櫃公司於1997-2006 十年間共297筆的購併資料，整理後共174筆資料的實證研究，利用事件研究法及多元回歸模型及SPSS統計軟體的分析，共整理出三個子研究：
子研究一，從資源觀點理論，討論規模大小的影響，對績效的差異，本研究結果顯示規模大小與員工多寡對併後銷售成長分別是正向顯著與不明顯的差異。併前主併公司的員工生產力對併後的銷售成長有反向顯著的關係。
子研究二，以往績效的研究通常以股價不正常報酬（CAR），或資產報酬率（ROA）的財務觀點來看併後績效，本研究從台灣作為新興工業化國家的立場，認為台灣產業長期需要市場的開拓及銷售的成長，以銷售成長作為績效表現的模型相較於以財務績效的模型更適合本地購併績效的衡量。
子研究三、從購併後的價值創造假說為基礎，本研究討論相關購併與「關係購併」在規模經濟、範疇經濟、及市場力分別表現的差異。研究指出關係購併的績效表現會因為併前雙方間的關係而提前反應，非關係的購併對併後銷售成長的績效表現有正向顯著的關係。

Mergers and acquisitions have provided important inspiration for enterprise development. Previous studies have addressed how acquisition integrations are often unsuccessful, but, empirical studies within the special context of Taiwan are rare. This study analyzed panel data from Taiwan and found different definitions of acquisition performance; thus, the results of empirical research differ.
The study initially collected 297 bidding events over 10 years, from 1997 to 2006, that were listed or OTC firms in the TSEC(Taiwan stock exchange) and eventually obtained data on 174 events from the M.O.P.S. (Market observation post system). Employing multivariate regression analysis, event study methodology and the SPSS statistics program, this paper presents three studies as follows:
Study One, from the resource-based perspective, discussed the size problem impact to the post-performance, and the results presented the physical size and the organizational size, the numbers of acquiring employees, reveal positive related and a null relationship respectively. Furthermore, the pre-acquisition productivity of acquiring employees is negative related to post- acquisition sales growth.
Study Two, prior studies used accounting-based post- acquisition performance measures, such as CAR for the short-term and ROA for the long-term, but this study used the marketing perspective and sales growth as the performance index. From the standpoint of new industries and sustainable operations in the context of Taiwan, business development and sales growth should give more consideration to firms’ long-term survival. The results of the study presented a sales-growth-based model that better fits to post-event performance than does the financial-based model in the case of Taiwan.
Study Three, based on the value creation hypothesis in the post-acquisitions, distinguished between related and "relationship" in mergers and acquisitions using value sources, economies of scale, economies of scope and market power. With early responses based more on the performance of ‘relationship’ acquisitions than on related ones, relationship acquisitions were negatively related to post- acquisition performance sales growth.

論文審定書 i
誌 謝 ii
中文摘要 iii
ABSTRACT v
TABLE OF CONTENTS vii
LIST OF FIGURES x
LIST OF TABLES i
CHAPTER 1. INTRODUCTION 1
1.1 Research Questions 2
1.2 The Context of Taiwan 3
1.3 The Development of Newly Industrialized Countries 6
1.4 Theoretical Framework 7
CHAPTER 2. LIERATURE REVIEW 9
2.1 Mergers and Acquisitions 9
2.2 Motives for Acquisitions 10
CHAPTER 3. STUDY 1: PHYSICAL SIZE AND ORGANIZATION SIZE TO POST-PERFORMANCE 14
3.1 Resource-based Perspectives on Acquisitions 14
3.2 The Size Problem 15
3.3 The Effect of Physical Size - Total Assets 19
3.4 The Effect of Organization Size - Numbers of Employees 20
3.5 Productivity Challenges among the Bidder’s Employees 24
3.6 Sample and Data 25
3.6.1 Model 29
3.6.2 Measures 29
3.7 Results 36
3.8 Discussion 43
CHAPTER 4. STUDY 2: THE MEASUREMENT OF POST- PERFORMANCE: ROA OR SALES GROWTH? 46
4.1 Overview 46
4.2 The Marketing Perspective 46
4.3 Long-term Performance: ROA versus Sales Growth 47
4.4 Sample and Data 50
4.5 Results 53
4.6 Discussion 54
CHAPTER 5. STUDY 3: RELATEDNESS AND RELATIONSHIP TO POST-PERFORMANCE 57
5.1 Overview 57
5.2 The Bilateral Relationship before Acquisition 58
5.3 Sample and Data 64
5.4 Results 65
5.5 Discussion 67
CHAPTER 6. CONCLUSION AND DISCUSSION 69
6.1 Conclusion 69
6.2 Limitations and Future Research 73
REFERENCES 75

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