過往有關併購案的研究，大多都是在討論某項要素在併購後的表現如何、或是用異常盈餘來檢定公司併購後績效有無增加，但是卻無詳細探究併購後公司價值增加的來源為何。而本篇研究目的在於企圖瞭解企業在實施併購案之後，哪些構面的變動導致公司價值的改變。因此，本研究以台灣地區2001-2003年電子產業發生的併購案為研究對象，並且利用四個與公司價值息息相關的構面（營運績效、財務績效、市場績效與人力績效）來檢定公司績效的改變。經過實證分析之後發現，營運績效、財務績效與人力績效在併購之後都有正面改善，而市場績效則是略微下降的結果，因此樣本公司在併購後公司價值應是增加的。

The waves of mergers and acquisitions during recent years have drawn widespread attention. Previous research on merger and acquisition has focused on performance by and large. This study applies a conceptual framework and an empirical methodology to assess the extent of value creation in mergers and acquisitions. In this article, we examine the effects of post-merger firm’s value on performance by using structural equation modeling. The study focuses on the domestic mergers and acquisitions in electronic industry. And the finding concludes that, from a survey of firms in electronic industry which have done merger and acquisition during 2001-2003 shows that to maximize firm’s value, there are present an increase in operation performance, financial performance, and human resource performance, and decrease in market-related performance.

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