本文研究之樣本期間為2008年至2015年，以有進行企業併購之台灣122家上市上櫃公司為樣本。利用平均值差異檢定探討併購策略對企業財務比率之影響，期望主併公司之企業經理人在欲執行企業併購時能有所依據，使企業在併後能達到預期之綜效。
實證結果發現如下：
一、上櫃公司在獲利能力、經營能力、現金流量上表現較上市公司為佳，尤其在ROE的表現上有顯著差異。
二、收購策略在獲利能力、經營能力、現金流量上表現較合併策略為佳，尤其在ROA及固定資產周轉次數的表現上達顯著差異。
三、現金支付方式在ROE及ROA兩項指標表現上與股權支付及混合式支付顯著差異，ROA指標經事後比較，現金支付表現顯著優於股權支付。

This study used Independent samples t test and ANOVA to explore the impact of the M&A strategy on the financial ratio of the acquiring company. The sample of this study was conduct among 122 Taiwan-listed companies that have M&A strategy from 2008 to 2015. This study aimed to build up a standard for the acquiring company when they are planning to implement the M&A strategy, which could help the acquiring company to achieve the expected synergy.
The results findings refer to the follow information:
1.The listed company at over-the-counter market performed better on the profitability, operating capacity and cash flow than the listed company at stock exchange market, especially in ROE.
2.The acquisition strategy performed better than the merger strategy in terms of profitability, operating capacity and cash flow, especially in ROA and fixed asset turnover times.
3.The result showed a significantly difference among the payments in the performance of ROE and ROA. Cash payment is significantly better than the equity payment at the ROA indicator.

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