企業追求成長所採用的方式可分為「內部成長」及「外部成長」兩種，所謂「外部成長」即是企業藉由併購、合資或策略結盟方式來達成外部擴張之目的。隨著經濟全球化步伐的邁進，我國企業所面臨的競爭日趨激烈，因此如何藉由企業間併購來擴大規模，進而提高資產的使用效率，實為我國企業在短期內實現規模經濟、打入全球市場、提高市場佔有率及強化競爭力的一個必要手段。
但企業併購並非都是企業追求成長的良藥，不成功的案例也很多，歷年來研究併購績效之文獻多顯示併購失敗之機率高達50％至75％之間。因此，如何有效分析併購動機，並採用適當的併購策略來促進我國企業成功併購，提高企業競爭力，以達成企業成長之具體成效，便成為企業應重視之主要課題，亦是值得研究探討的議題。
本研究採用個案研究法，並以深度訪談及次級資料分析作為研究工具，以S公司與F公司之合併案為研究標的，深入瞭解該合併策略形成之原因、所採行的合併程序及合併後是否產生合併綜效。其中有關合併綜效之評估，係以綜效理論之營運、財務及市場等三大構面指標進行分析，並輔以同業數據作為比較。最後就整體研究所得結論提出建議，以供日後欲採合併之企業參考。
本研究透過對該合併個案之研究，發現其合併動機在於創造「綜效」，係以追求垂直整合效益為主，連帶產生水平整合效益為輔，且因適用反向併購模式而增添消滅公司之額外動機。另就綜效理論之營運、財務及市場等三大構面指標分析，均對該合併個案產生綜效。

Businesses to pursue growth in a way can be divided into "internal growth" and "external growth" of two so-called "external growth" is the company through mergers and acquisitions, joint ventures or form strategic alliances to achieve the purposes of external expansion. Forward with the pace of economic globalization, Chinese enterprises are facing increasing competition, how to inter-Binggou by enterprises to increase their size, and thus improve asset efficiency, for our country to achieve economies of scale in the short term enterprises into global market, increase market share and strengthen competitiveness as a necessary means.
However, not all companies pursue mergers and acquisitions the growth of medicine, there are many unsuccessful cases, M & A Performance Study of the literature over the years show that mergers and acquisitions over the probability of failure as high as between 50-75%. Therefore, how to analyze M & A motives, and the use of appropriate M & A strategy to promote successful acquisition of Chinese enterprises to improve competitiveness of enterprises, in order to achieve concrete results for the Enterprise, will become the enterprises should pay attention is a major theme, is worthy of exploring issues .
This study uses case study method, and in depth interviews and secondary data analysis as a research tool, to S Company and F Company merger subject to study, understand the reasons for the formation of the combined strategy, the Bank adopted the merger and consolidation procedures is produced after the merger synergy. Which assess the synergy of the cross-synergy theory of operations, financial and market indicators of three dimensions, and supplemented with industry data for comparison. Finally the overall conclusions of studies to make recommendations for future adoption of the merger of the companies want to reference.
This study case of the merger study, found that the merger motive is to create "synergy" line in pursuit of the main benefits of vertical integration, horizontal integration produced in association with secondary benefits, and the result of the application to add the reverse acquisition mode elimination company additional motivation. Another theory on the synergy of operations, financial and market indicators of the three major dimensions of analysis, cases were produced of the merger synergy.

論文摘要----------------------------------------------------------------------------------I
誌 謝------------------------------------------------------------------------------------------II
目 錄------------------------------------------------------------------------------------------III
圖目錄------------------------------------------------------------------------------------------V
表目錄------------------------------------------------------------------------------------------VI
第壹章 緒論
第一節 研究背景與動機---------------------------------------------------------------7
第二節 研究目的------------------------------------------------------------------------9
第三節 研究內容與流程--------------------------------------------------------------10
第四節 研究限制-----------------------------------------------------------------------11
第貳章 文獻探討
第一節 併購類型與發展--------------------------------------------------------------12
第二節 併購之動機與綜效理論----------------------------------------------------18
第三節 併購綜效文獻-----------------------------------------------------------------23
第參章 研究方法
第一節 研究設計-----------------------------------------------------------------------28
第二節 研究架構-----------------------------------------------------------------------30
第肆章 產業分析與個案公司簡介
第一節 產業發展概況-----------------------------------------------------------------31
第二節 個案公司簡介-----------------------------------------------------------------37
第伍章 個案公司合併綜效分析
第一節 個案公司合併之背景與動機-----------------------------------------------47
第二節 個案公司合併之過程--------------------------------------------------------51
IV
第三節 個案公司合併後之經營效益分析----------------------------------------53
第陸章 結論與建議
第一節 研究結論----------------------------------------------------------------------62
第二節 研究建議----------------------------------------------------------------------65
參考文獻
一、中文文獻-------------------------------------------------------------------------------------66
二、英文文獻-------------------------------------------------------------------------------------67
三、網站部分-------------------------------------------------------------------------------------68