在台灣，中小型企業其在研發或資源上難以與大企業相互抗衡，雖然政府積極輔導中小企業納入大企業的衛星體系，然而同業間之競爭仍屬激烈，企業除了提升本身競爭力外，近年來併購已成為台灣中小型企業追求企業成長與提升競爭優勢所積極運用之策略之一。
併購前的評估與併購後的整合係影響併購成敗之重要原因，本研究藉由F公司之個案分析，探討其進行併購後所帶來之綜效及併購後如何進行整合，歸納研究獲得以下之結論：
一、F公司併購ABC公司後，其總資產報酬率、股東權益報酬率、每股盈餘及市占率皆呈現成長之趨勢，顯示併購所帶來之效益已顯現。
二、雖F公司併購ABC公司後，在生產面、行銷面、人力資源管理面及研發面皆碰到整合之問題，然在F公司積極整頓及嚴格執行下，在上述各方面確已獲致綜效，F公司營運活動穩定成長。

In Taiwan, small and medium enterprises (SMEs) are difficult to compete with large enterprises. Although government gave SMEs guidance involving in large enterprises aggressively, competitions between SMEs were still fierce. In order to pursuing the growth of enterprises and enhance competitiveness, some of SMEs apply strategies of merger.
Evaluation before merger and integration after merger play an important role in a merger case. This research takes F-company as the case study, discuss synergy and integration of merger. The induction research obtains the following conclusion:
1. After F-company merged ABC-company, synergy of ROE, ROA, EPS and market share are significant.
2. After consolidation and integration were executed by F-company, most problems of merger integration were solved. The operating of F-company growth stably.

論文審定書 i
誌謝 ii
摘要 iii
Abstract iv
目錄 v
圖次 vi
表次 vii
第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 7
第三節 論文架構及研究方法 7
第二章 文獻探討 9
第一節 併購之相關理論 9
第二節 併購動機 11
第三節 併購整合 15
第四節 併購綜效 17
第三章 個案分析與研究 19
第一節 Ｆ公司 19
第二節 ABC公司 23
第三節 併購動機及併購過程 25
3.1 併購動機 25
3.2 併購過程 25
第四節 併購後整合與綜效 29
4.1 併購後整合 29
4.2 併購後綜效 32
第四章 研究結論及建議 35
第一節 研究結論 35
第二節 研究建議 39
參考文獻 40

一、英文部分
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二、中文部分
吳昭欣，1992，"台灣企業合併收購的績效評估"，東海大學企業管理研究所未出版碩士論文
吳美麗，1995，"台灣製造業購併前後購併綜效與經營綪效之實證研究"，私立淡江大學管理科學研究未出版碩士論文
鍾惠珍、李香瑩，2003，"併購，風雲再起!"，會計研究月刊第214期 p36-46
鄭麗麗，1998，"購併型態對購併後績效之影響－以台灣上市公司為例"，東吳大學會計研究所未出版碩士論文。