本研究是蒐集台灣從民國79年1月至93年12月間十五年來曾經執行併購活動的上市櫃公司253家企業，搭配對照組未執行併購活動的公司總共506家企業的資料，以及國內總體經濟景氣相關資料來進行研究，而主要的資料來源為經濟日報、工商時報、台灣經濟新報社以及公平交易委員會等資料庫。
本研究主要的研究方法包括敘述統計、因素分析與一致性檢定變異數分析等統計方法，同時也採用結構方程模型理論來評估各潛在變項之間的因果關係。
本研究之目的與結論分為以下幾點：
一、本研究希望修正過去從單一立場研究併購動機並且重新探討併購決策與綜效之間是否有相關性存在。
本研究結果顯示併購的決策對併購後的綜效會產生顯著性影響。即併購會產生綜效。
二、本研究透過五個潛在變項來探討併購影響因素的不同是否造成決策結果的差異。
本研究結果顯示不同的併購影響因素對於併購的決策會產生顯著性影響，其中以內在因素及股權結構所產生的影響較大。
三、本研究利用結構方程測量模型來探討影響國內併購影響因素對併購決策影響程度的差異。
本研究結果顯示不同的併購影響因素對於各內衍潛在變項及併購決策會產生顯著性影響，其中以企業規模及董事長兼任總經理兩因素所產生的影響較大。
四、本研究利用企業已公開資料分析結果，深入探討不同的併購影響因素透過決策與否對於併購綜效是否產生影響。
本研究結果顯示併購影響因素透過決策的選擇對於併購綜效都會產生顯著性影響。

This research collected two groups’ data to proceed with the study. One was that firms had acted M&A in the past fifteen years. A total of 253 firms which have listed in Taiwan had reported on EDN, Commercial Times, TEJ and FTC database. Meanwhile, the other one called “mapping group” was not.
This research method includes described statistics, factor analysis, multivariate analysis of variance and canonical correlation et al., in the same time, this research use SEM theory to investigate whether there is a significant effect between latent variables.
The research purposes and research conclusions are stated in detail as follows:
1. This research revised the past perspective, investigating whether there is a significant effect between decision and synergy after proceeding M&A. The results indicated that process of M&A was resulted synergy.
2. The SEM as having five latent variables were used, trying to investigate whether choose of affect factor of M&A differs. The result showed that different affect factor of M&A will produce significant reflection for make decision.
3. This research makes use of the SEM to explore if the decision of M&A could be cause from the different importance degree of each factor. The research result showed that the different decision making (Yes/No) toward each factor would produce obvious effect, especially in firm size and chairman serve president concurrently.
4. The results of the data analysis indicated that different factor of M&A and decision would result synergy after proceeding M&A.

中文文獻
1. 王泰允著，(2000)第8 刷，”企業併購實用”，遠流出版公司。
2. 方螢基，(1990)，”企業合併策略對營運及績效影響之研究”，中山大學企業管理研究所未出版碩士論文。
3. 伍忠賢，(2000)，”企業併購─理論與實務”，新陸書局股份有限公司
4. 吳安妮（1991），”企業合併及併購之特質、特性、策略及合併購後績效之研究”，行政院國家科學委員會專題研究計劃成果報告。
5. 洪麗惠，(1995)，”併購宣告對股東財富的影響-Jensen 閒餘現金流量與Tobin’s Q 兩假說之驗證”，東吳大學企業管理學研究所碩士論文。
6. 陳錦堂、沈仰斌（1998），”併購動機之理論與實證：以美國與亞洲之併購歷史為例”，經濟部經濟暨情勢評論季刊。
7. 俞海琴，(1994)”內部人士持股比率與融資策略關係之實證研究”，管理評論，第十三卷，第二期。
8. 徐中琦撰，(1999)，”併購策略及風險研討”，證券併購策略與實務研習班。
9. 孫梅瑞，(2000)，”國內上市公司從事公司併購活動對經營績效影響之研究”，政治大學企業管理研究所博士論文
10. 黃俊英，(2002)，”多變量分析”，中國經濟企業研究所。
11. 黃敦群，(1998)，”台灣大型企業併購與型態之研究”， 台灣科技大學管理研究所企業管理學程碩士論文。
12. 許士軍，(1998)，”軍管理學”，東華書局。
13. 謝劍平撰，(1995)，”企業併購決策與Tobin’Q 之相關性研究”，行政院國家科學委員會研究報告。
14. 邱皓政，(2003)，”結構方程式”，雙葉出版社。
15. 鄭旭凱（1992），”企業併購與總體經濟之研究：非恆定性時間數列計量方法之研究”，政治大學國際貿易研究所碩士論文。
16. 劉紹樑，(2003)，”公司治理的理念、現況和改革”，證券期貨暨管理月刊，第二十一巷第四期，1-19。
英文文獻
1. Agrawal, A., Jaffe, J.F. and Mandelker, G.N. （1992）,"The post-merger performance of acquiring firms：a re-examination of an anomaly" The Journal of Finance, Sep, pp.1605-1621.
2. Banker, R.D., H. Chang & M.J. Pizzini, (2004) ”The balanced scorecard judgmental effects of performance measures linked to strategy”, The Accounting Reviews，vol.79，pp.1-23.
3. Berggren, C., (2003)” Mergers, MNES and innovation-the need for new research approaches”, C. Berggren/Scand. J. Mgmt., vol.19, pp.173- 191.
4. Beckenstein, A.R.（1979）, "Merger activity and merger theories：an empirical investigation", Antitrust Bulletin, Spring, pp.105-128.
5. Becketti, S.（1986）,"Corporate mergers and the business cycle" Economic Review, May, pp.13-26.
6. Belsley, D. A., Kuh, E., & Welsch, R. E., (1980), ”Regressiondiagnostics:Identifying influential data and sources of collinearity.”, N.Y.:John wiley.
7. Black, E. L, (1998), “Life-cycle impacts on the increment value relevance of earnings and cash flow measure”, Journal of Financial Statement Analysts 1998 Fall, pp. 40-56.
8. Bild, M., (1998), ”The valuation of take-overs”，Stockholm: Stockholm School of Economics.
9. Brickley, J.A., R.C. Lease and C.W. Smith, Jr., (1988), “Ownership Structure and Finance Economics,” Journal of Finance Economics, pp. 267-291.
10. Brickley, J., L. Coles and R. Terry. (1994.) “Outside directors and the adoption of poison pills.”, Journal of Financial Economics 34 pp. 371-390.
11. Broutners, K.D., P.V. Hastenbury & J.V.D. Ven,(1998),”IF most mergers fail why are they so popular？” Long Range Planning, vol.31, pp.347-353.
12. Brickley, J., L. Coles and R. Terry. (1994). “Outside directors and the adoption of poison pills.” Journal of Financial Economics 34., pp.371-390.
13. Gammelgaard, J.(2004) “Access of competence: an emerging acquisition motive”, European Business Forum, vol.17, pp.44-47.
14. Gerhard Mels, (2004),”LISREL 8.7 for Windows: Getting Started Guide”, SSI, pp.1~50.
15. Hair, J.F., Anderson, R.E., Tatham, R.L. & Black, W.C., (1998), “Multivariate Data Analysis”, Prentice Hall.
16. Harrison, J. R., D. L. Torres, and S. Kukalis. (1988.) "The Changing of the Guard: Turnover and Structural Change in the Top-Management Positions." Administrative Science Quarterly 33: pp.211-232.
17. Jensen, M. C. and J. B. Warner, 1988, “The Distribution of Power Among Corporate Managers, Shareholders, and Directs,” Journal of Financial and Economics 20, pp.3-24.
18. Jensen, M. C. and W. H. Meckling. (1976.),” Theory of the firm: Managerial behavior, agency cost and ownership structure.” Journal of Finance Economics 3, pp. 305-360.
19. L. H. P. Lang , Claessens, S. , S. Djankov, J. P. H. Fan and ,(1999) “ Expropriation of Minority Shareholders : Evidence from East Asia ” ,World Bank, Working Paper 2088.
20. Loderer, C. and Martin, K.（1992）," Postacquisition performance of acquiring firms" Financial Management, 21, pp.69-79
21. Melicher, R., Ledolter, J. and D’Antonio, L.（1983）,"A time series analysis of aggregate merger activity" The Review of Economics and Statistics, Aug, pp.423-430
22. Mardia, K. V.(1985.), “Mardia’s test of multinormality. IN S. Kotz & N. L. Johnson (Eds. Inchief)”, Encyclopedia of statistical sciences, 5, pp.217-221.
23. McConnell and Servaes, (1990), “Additioal Evidence on Equity Ownership and Corporate Value”, Journal of Financial Economics, Vol 27, pp.595-612.
24. Michael J. Etzel, Bruce J. Walker, William J. Stanton, (2004),"Marketing", pp.66
25. Morck, R., A. Shleifer and R.W. Vishny. (1988). “Management ownership and market valuation: An empirical analysis”, Journal of Financial Economics 20 pp.293-315.
26. Mueller, D.C.（1972）,"A life cycle theory of the firm" Journal of Industrial Economics, July, pp.199-219
27. Muthen, L. K., & Muthen, B. O. (1998), “Mplus: The comprehensive modeling program for applied researchers.” L.A.:Muthen & Muthen.
28. Myers, R.(1990), “Classical and modern regression with applications(2nd ed.).” Boston: Durbury Press.
29. Park, C.,( 2002) ”The effects of prior performance on the choice between related unrelated acquisitions: implications for the performance consequences of diversification strategy”,The Journal of Management Studies ，vol.39, pp.1003-1011.
30. Patton, A. and J. C. Baker, (1987), “Why Won’t Directors Rock the Boat?” Harvard Business Review, 10-18.
31. Ruth Bender & Keith Ward, (2002),"Corporate Financial Strategy", pp.50-65
32. Salancik, GR, & Pfeffer, J. (1984), “On the Premature Death of Need-Satisfaction Models: An Investigation of Salancik and Pfeffer's Views on Priming and Consistency “,Stone and Gueutal Journal of Management. ;10 pp. 237-249.
33. Satorra, A. (1990), “Robustness issues in structural equation modeling: A review of recent development.”, Quality and Quantity,24, pp.367-386.
34. Schmidt, D.R. & K. L. Fowler(1990) “Post-acquisition financial performance and executive compensation” Strategic Management Journal , vol.11 , pp.559-569.
35. Schoenberg, R. and Reeves R. (1999), "What determines acquisition activity within an industry? " European Management Journal, 17, 1, pp.93-98.
36. Seth, A., K. Song & R.R. Pettit, (2002) “Value creation and destruction in cross-border acquisitions: an empirical analysis of foreign acquisitions of U.S. firms” Strategic Management Journal, vol.23, pp.921-940.
37. Sorensen, D.E.(2000)”Characteristics of merging firms”,Journal of Economics and Business,vol.52, pp.423-433.
38. Smith、Mitchell& Summer, (1985), “Top level management priorities in different stages of the organizational life cycle.”, Academy of Management Journal 28(4), pp.799-820.
39. Sorensen, D.E., (2000),”Characteristics of merging firms”, Journal of Economics and Business, vol.52, pp.423-433.
40. Stickney, C. P. (1999).”Financial Reporting and Statement Analysis: A strategic Perspective, 4th ed. Orlando”, FL: Dryden Press.
41. Switzer, J.A., (1996), “Evidence on Real Gains in Corporate Acquisitions”, Journal of Economics and Business 48, pp.443-460.
42. Trahan, E.A. and Shawky, H.A.（1992）," Financial characteristics of acquiring firms: An industry specific approach" Review of Financial Economics, Spring, pp.81-94
43. Trautwein, F. (1990),” Merger motives and merger prescriptions” Strategic Management Journal,vol.11, pp.283-295.
44. Yagil, J.(1996),” Mergers and macro-economic factors “ Review of Financial Economics,vol.5, pp.181-190.
45. Yin, R.K., (1994), “Case Study Research-design and Methods Applied Social Research Methods Series, 5”, London: Sage Pub.