本研究是針對一家殯葬服務業因應全球化營銷佈局的需要，如何突破法令的限制，藉著反向併購成功借殼上櫃，並如何透過股權交換及企業價值評價模式的執行，讓股東價值在市場上達到最大化。
本研究採用個案研究法，並以深度訪談及次級資料分析為研究工具，以此次個案為研究標的，深入瞭解其購併策略之動機、購併之過程及購併後是否產生綜效，其中購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，並輔以購併前後整體財務報作為比較。最後對整體研究所得結論提出建議，以供日後欲採購併之企業參考。
本研究透過對該購併個案之研究，發現個案公司購併動機在於策略及財務綜效之考量，係以追求企業經營策略全球化整合效益為主，因透過借殼上市，連帶產生股東個人財富效益為輔。反向併購執行策略是先買上市櫃公司殼交易及將本身產轉入殼內的交易組成，本研究認為兩次股權較換所採行之評價方式並無不同，但財務報表認列時間點、股東權益調整及考量合併後影響淨資產不確定因素的調整，造成本個案換股比率有所差異的因素。另購併案完成後，透過財務分析觀察到個案公司在此購併一年後之效益評估，該合併案已初步達成綜效理論下之營運綜效、財務綜效及市場綜效。

Our research is directed at a funeral service industry based on global marketing layout needs, how to break through the limitations Act, through a reverse merger backdoor success on the Cabinet, and performed through the evaluation mode of enterprise value and equity swaps, to maximize shareholder value in the market.
This research used case research law, and to depth interviews and the secondary data analysis for research tool, to this case for research marked of, in-depth understanding its purchased and policy of motives, and purchased and of process and the purchased and Hou whether produces fully effect, which purchased and fully effect of assessment Department to fully effect theory of operating, and financial and the market, three big frame surface pointer for analysis, and auxiliary to purchased and before and after overall financial reported as comparison. Finally to suggest overall study conclusions, for reference by future procurement and corporate.
This study through the merger and case study finds case company acquisition and merger incentive in strategy and finance fully mechanized efficiency considerations, in pursuit of the globalization of business strategy consolidation benefits, through a backdoor listing, associated benefits, supplemented by individual shareholder wealth. Reverse merger enforcement strategy is to buy listed companies in transactions and to transfer itself into transactions consisting of, this study considers two stakes-for the application of the evaluation approach is no different, but financial statement recognition points, considering effect of combined net assets and shareholders ' equity adjusted to adjust to the uncertainty, factors contributing to the share swap ratios vary. Upon completion of purchase and join another, through financial analysis of the observed cases and a year later the company purchased benefit evaluation, the merger has taken effect under the theory of fully mechanized operations mechanized efficiency, financial efficiency and market comprehensive fully mechanized efficiency.

一、 中文部分
1.白可明(2010)。現代化殯葬之發展趨勢－以龍巖人本經營模式為例，佛光大學生命與宗教學系碩士班碩士論文。
2.王士峰(2003)。全球化與知識經濟對殯葬業經營管理之挑戰。兩岸「生命教育與管理」學術研討會論文集，7，106。臺北：致理技術學院
3.余尚武、江玉柏(1998)，影響企業併購成敗之因素與策略探討，經濟情勢評論，第四卷，第二期，頁125-144。
4.余尚武、楊政麟(1997)，台灣企業借殼上是之經濟行為與股價報酬之關係，經濟情勢評論，第四卷，第三期，頁206-221。
5.吳克昌(1999)，集中交易市場借殼上市之探討，台灣證券交易所研究報告，第452期，頁9-17。
6.孫梅瑞、陳隆麒 (2002) ，臺灣地區上市公司從事併購活動對經營績效影響之研究，中山管理評論 ，第十卷，第一期， 頁155-184。
7.張紹基.楊勝淵 (2001)，臺灣企業併購實質效益之研究，管理學報，第十八卷，笫一期，頁1-21。
8.楊國柱(2006)，《海峽兩岸殯葬制度變遷之比較研究-以葬俗改革為例》，國科會計畫案。
9.薛明玲(1980)，成功購併的要件：標的與軍師並重，會計研究月刊，第六十期，頁104 — 107。
10.謝劍平（2005），財務管理及投資策略個案集，初版，台北：智勝文化事業有限公司。
11.謝劍平（2002），新觀念與本土化，三版二刷，台北：智勝文化事業有限公司。
二、外文部分
1.Adjei, F., K. B. Cyree, and M. M. Walker., (2008),“The Determinants and Survival of Reverse Mergers vs IPOs,”Journal of Economics and Finance,32(2),76-194.
2.Brau, J. C., B. Francis, and N. Kohers., (2003),“The Choice of IPO Versus Takeover: Empirical Evidence,”Journal of Business, 76(4), 583-612.
3.Carpentier, C., Cumming, D., and Suret, J.-M., (2012),“The Value of Capital Market Regulation: IPOs Versus Reverse Mergers,”Journal of Empirical Legal Studies, 9(1), pp56-91.
4.Floros, I. V. and T. Sapp., (2011) ,“Shell Games: On the Value of Shell Companies,”Journal of Corporate Finance, 17, 850-867.
5.Makamson, E. L., (2010), “The Reverse Takeover: Implications For Strategy, ”Academy of Strategic Management Journal, 9(1),111-126.
三、網站部分
1.龍巖人本相關資訊：http://www.lungyengroup.com.tw/
2.公開資訊觀測站：http://www.tybio.com.tw/mops/taiyen_mop.htm
3.國家政策研究基金會：http://old.npf.org.tw/