企業經營追求成長是必然的，然而成長的方式有很多，近年來興起透過購併的方式而達到快速成長的效果，然而並不是每一次的購併行為都可以為企業帶來正面的績效。因此，本研究整理過去國內外相關文獻，針對台灣金融產業，以2000年至2010年為研究範圍，探討主併者特性、企業文化差異以及產業因素對購併績效的影響，期望能找出不同因素與購併績效之間的關聯。本研究使用複迴歸模型，有5個自變數，分別為主併公司規模、主併公司經營能力、主併公司成長機會、組織文化差異以及產業因素；而在績效變數方面，採用3個應變數來探討不同的績效指標，分別為累積異常報酬率、員工單位產值以及稅後每股盈餘。 研究結果顯示，在主併者特性方面，公司規模的確對購併績效具有正向關係，但公司成長機會卻與購併績效呈現負相關與假設不合，另外，本研究假設組織文化差異與產業因素對購併績效有顯著影響，結果為部分成立，代表不同因素的確會對購併績效產生不同之影響。

The pursuit of business growth is unquestionable. However, there are many ways to achieve the growth. In recent years, the number of mergers and acquisitions has risen, in order to achieve the effect of rapid growth, but M & A behavior cannot always guarantee positive business performance. Therefore, this study refers to the literature presented, with year 2000 to 2010 as the scope of study, to look deeply into the influences caused by main characters, differences in corporate culture and industry factors on M & A performance. We expect to construct the relationship between different factors and performance of acquisition. This research uses multiple-regression model which has five independent variables-company scale, management ability, Growth opportunities, cultural differences and industry factors. This research also applies 3 dependent variables to compare different aspects of performance, which are CAR, EPS after taxes and unit employee output value.
The result shows that the Company scale indeed has a positive effect on the performance of acquisition. On the other hand, the company's growth opportunities are negatively correlated with the performance of M, thus our assumption is false. In addition, the study has assumed, beforehand, that all differences in organizational culture and industry factors have significant influence on acquisition performance, but the result shows that it is not necessarily true in all cases, which reflects that different factors introduce different effects to the performance of mergers and acquisitions.

論文審定書.......................................................... i
致謝詞..................................................................ii
圖目錄..................................................................iv
表目錄..................................................................v
摘要..................................................................... vi
ABSTRACT.........................................................vii
第一章緒論..........................................................1
第一節研究背景..................................................1
第二節研究動機..................................................3
第三節研究問題與研究目的..............................4
第四節研究流程..................................................5
第二章文獻探討..................................................6
第一節購併的定義與動機..................................6
第二節主併者特性對購併績效的影響............16
第三節組織文化差異對購併績效的影響........17
第四節產業因素對購併績效的影響................18
第三章研究方法................................................21
第一節研究對象................................................21
第二節研究架構與假說....................................22
第三節變數定義................................................23
第四節統計分析方法........................................26
第四章研究結果................................................27
第一節敘述性統計分析....................................27
第二節複迴歸模型統計分析............................29
第三節小結........................................................34
第五章結論與建議............................................35
第一節研究結論................................................35
第二節研究貢獻................................................38
第三節研究限制................................................39
第四節對未來研究之建議................................39
參考文獻............................................................40
附錄....................................................................44

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