本論文以 1995~2010 共78 件美國公開發行之公司之敵意併購與合意併購案
為樣本，採用事件研究法以累積異常報酬率(CAR)對併購案的若干因子與併購
完成後各年度經營指標進行t 檢定及複迴歸分析，探討併購完成後，主併公司
後續之累積股價異常報酬率是否與併購案態度有關，再將樣本細分為敵意併購
與合意併購分別對本研究所採用的解釋變數進行複迴歸分析，希望能找出影響
敵意併購與合意併購後續股價異常報酬率的變數。
t 檢定結果發現，總樣本的併購完成後平均累積異常報酬率為負，且具統計
上的顯著性，若把樣本拆分為敵意併購與合意併購分別檢定，合意併購樣本的
平均累積異常報酬在併購完成當期、併購完成後一年、併購完成後兩年都顯著
為負，敵意併購在同段時期的平均累積異常報酬率亦為負，但不具統計上的顯
著性。本研究對併購案各解釋變數的進行複迴歸分析發現：併購案態度與主併
公司併購完成後之累積股價異常報酬率有正向顯著關係，跨產業併購則對累積
股價異常報酬率有負向顯著關係。至於經營指標的各類會計指標：併購完成當
季之銷管費用率具有負向顯著關係，敵意併購樣本併購一年後之資產周轉率與
累積異常報酬率有正向顯著關係，敵意併購樣本併購兩年後之負債比率與資產
報酬率成正向顯著，每股盈餘為負向顯著，但綜觀各年之結果無發現有變數具
有持續性的統計顯著關係。

This paper uses 78 US public company M&A cases from 1995 to 2010 as sample
and using event study to examine whether there are any abnormal returns related to deal attitude. Furthermore, multiple regression model is used to find out which indicator may influence the cumulative abnormal return (CAR).
After t-test, it is found that the average CAR of all 78 samples have negative significance. We separate these 78 samples into hostile takeover and friendly takeover and do t-test again. We find that friendly takeover cases have negative significance abnormal return in all period of our sample. Hostile takeover cases also have negative return but did not reach the significance level. This paper uses multiple regression model and it is found that (1) deal attitude has positive significant influence to CAR
(2) cross industry M&A has negative significant influence to CAR
(3) business operating ratios don’t have continuous significant impact to CAR.

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