目前併購後企業綜效的研究多半集中於降低成本與財會構面的討論，對於諸多好處的併購策略終導致極高的失敗率，一直欠缺具一致性的研究發現，逐漸有學者朝收益與市值或消費者對併購的認知等構面來尋求可能存在的影響因素，試圖揭開導致企業併購後表現不如預期而宣告失敗背後可能的解釋。一些近期研究指出：主併企業無法藉由併購活動順利轉移所有被併企業原有的顧客。研究根據此觀點，以消費品分類為基礎（特殊品、選購品和便利品），透過實證資料的蒐集分析，由消費者對主併與被併企業的企業聯想及其對併購後企業之新產品的購買意圖，比較消費者對不同消費品品項企業併購的認知，間接透過消費者的購買意圖了推論企業併購後的績效表現。研究使用2（併購角色：主併與被併）x2（企業聯想：一致與溫和不一致）實驗設計，分別對筆記型電腦、休閒鞋、鮮奶三種消費品品項做測試發現，消費者對不同的消費品品項的企業購併持有不同的認知與態度。針對便利品，併購後的企業幾乎無法取得或轉移被併企業原有的顧客，反之，特殊品與選購品，企業透過併購活動取得或轉移被併企業原有的顧客則較有利可圖。簡言之，不同消費品品項的企業採取併購策略時與併購後皆須仔細審視其併購的目的與重心。

Nowadays, empirical researches on corporate post-performance of mergers and acquisitions (M&A) focusing on cost-down synergy and financial accounting phase have not been consistently identified. The lack knowledge of revenue-based marketing value and consumer insights of M&A indicates that other impacts may exist to influence corporate post-acquisition performance. Recent studies have pointed that acquiring company fails to take over all the customers of acquired company after the merge. The results probably provide an important issue about why most M&A activities failed. The study assesses that consumer perceptions of corporate association of acquiring/acquired company have diverse impacts on consumer attitudes and purchase intentions based on consumer-goods classification. Therefore, a 2x2 experimental design manipulated corporation associations and congruity was used for three types of products (i.e. laptops, casual shoes, and raw milk). In the study, one important finding is that diverse intensity of effects, in the relationship of consumer’s attitude and consumer’s repurchase intention after the merge, has showed up with empirical validation among three products. Based on the consumer-goods classification (i.e. specialty goods, shopping goods, and convenient goods), the results indicate that acquiring company fails to take over all the customers of acquired company after the merge, especially in convenient goods. In short, corporate selling different products in different industries should seriously consider about their objectives and focus, during and after the merge.

1. INTRODUCTION…..…..……………………………………………1
1.1 Background…………………………………………………………..1
1.2 Problem Statement and Research Questions………………………2
1.3 Objectives and Research Procedure……………………………….4
2. LITERATURE REVIEW......………………………………………..6
2.1 Mergers and Acquisitions…………………………………………..6
2.1.1 Types of M&A and What M&A Aims for...……………………...6
2.1.2 Post-acquisition Performance Evaluation and Synergy Creation..8
2.2 Corporate Association……………………………………………...9
2.2.1 Corporate Association in the View of Strategy...………………...9
2.2.2 Corporate Association with Consumer Attitude.……………….10
2.3 Congruity Theory………………………………………………….12
2.3.1 Congruity Theory with Consumer Attitude…….………………12
2.3.2 Congruity Theory with M&A……...…………………………...13
2.4 The Impact of M&A on Consumer Retention and Attitude towards
Product…………………….……………………………………….14
2.4.1 Consumer Behavior with Consumer-goods Classification..……14
2.4.2 Consumer Purchase Intention with M&A……………………...17
3. RESEARCH DESIGN……..……………………………………….19
3.1 Research Framework and Hypotheses Development……………….19
3.1.1 Research Framework …………………………………………..19
3.1.2 Hypotheses Development………………………………………21
3.1.3 Pre-test………………………………….…………………….23
3.2 Experiment Design………………………………………………….26
V
3.2.1 Independent Variables………….……………………………….27
3.2.2 Dependent Variables……………………………………………28
3.2.3 Moderating Effect………………………………………………31
3.3 Participants………………………………………………………….31
4. RESULTS..…………………………………………………………..34
4.1 Reliability and Validity……………………………………………...34
4.1.1 Reliability Analysis…………………………….……………….34
4.1.2 Manipulation Checks…………………………………………...35
4.2 Hypotheses Tests……...…………………………………………….36
4.2.1 ANOVA Results…………….…………………………………..36
4.2.2 Regression and Correlation Results……..……………………...41
4.3 Summary……………….……………………………………………43
5. CONCLUSION……………………………………………………...46
5.1 Managerial Implications…………………………………………….46
5.2 Discussions………………………………………………………….47
5.2.1 How to Choose a Favorable Target in M&A Strategy…….……47
5.2.2 How to Find a Guideline to Deal with the Integration after
M&A…………………………………………….……………..48
5.2.3 Summary……….………………………………………………….49
5.3 Limitation and Further Research…………………………………....49
REFERENCES...........................………………………………………52
APPENDIX....…………………………………………………………..59
1-1 Questionnaire (cover letter)................................................................59
1-2 Questionnaire type 1 (full text for raw milk)……………………….60
1-3 Questionnaire type 2 (basic story for casual shoes only)………...68
1-4 Questionnaire type 3 (basic story for laptop only)……………….70

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