本研究旨在獲得自民國89年至94年間國內上市、上櫃及興櫃公司併購活動之綜觀。實證顯示：企業併購的主要動機在獲得市場、營運及管理綜效。研究結果也指出，淨資產法及換股支付是國內最普遍採行的評價與支付方法。同時發現大多數的主併公司在使用現金流量折現法評價目標公司的現金流量時，採用自己公司而非目標公司的加權平均資金成本作為折現率，此折現率的誤用將可能造成對目標公司的超額支付。另外在併購的各項關鍵整合機制上，亦能獲得受訪者顯著之認同與採行。在本項實證的最後，受訪者大多認為該公司之併購決策具有了正面的綜效利益，並表示總體經濟環境是影響併購績效最顯著的因素。
本研究進一步利用財務指標與影響變數，評估併購後主併公司綜效達成狀況與影響綜效達成之主要因素。發現除了管理綜效外，國內企業併購並無法獲得顯著正向的財務綜效、市場綜效與營運綜效。而不同變數對併購綜效之影響彙總如下：
1.併購時的總體經濟環境狀況對營運綜效與市場綜效具有正面的影響。
2.非電子業者較能獲得營運綜效與市場綜效；電子業則較能達成管理綜效。
3.主併公司資本額大者能獲得較佳的營運綜效與財務綜效；小者則能獲得管理綜效。
4.目標公司為非公開發行、相對規模較小者，則能獲得較顯著的併購綜效。
5.相關產業併購者營運綜效較佳，而非相關併購者則是有較好的市場綜效。
6.不同集團關係併購者有較佳的營運綜效與市場綜效。
7.以現金及混合支付者營運綜效表現較佳；採全部換股者則在管理綜效上表現較好。

This study provides overall insights for M&As of TSEC-listed , OTC-listed and ROTC-listed companies in Taiwan during 2000-2005. The survey shows that the primary motivation for M&As is to increase market power , achieve operating synergies and differential managerial efficiency. The results also show that net asset approach and stock-exchange transaction is the most popular method for valuing target company and payment in Taiwan. And meantime, the important finding is that the discount rate of discounted cash flow method used by majority of acquiring firms is their own WACC rather than the targets’ cost of equity. The use of an incorrect discount rate might lead to overpayment to targets. The companies are paying as much formal attention to each key M&As integration areas and processes, they realize the integration has been a strategic priority for M&As. In the last, the findings show the majority of respondents agree they have obtained the synergistic gains , and macro economy has the great effect upon M&As performance.
This research furthermore measures the achievement of variance synergy motive with financial ratios, and tries to find out what the important factors are and how the factors affect synergy. Besides of differential efficiency, the result shows there is not other significant net synergistic gains in M&As. The main following factors influence M&As synergies are summarized .
1.Macro economy has positive effect on the operating synergies and market power.
2.The traditional industry has operating synergies and increase market power, and electronic industry increase managerial efficiency.
3.The larger capital size of acquired firms have operating and financial synergies, and the smaller firms have differential efficiency.
4.The closely-held and small size relatively targets have net synergistic gains.
5.An acquisition in a related industry has obtained more operating synergies , and an non-related industry gains profit from increase market power.
6.The result shows significant net operating synergistic gains and increase market power in non-conglomerate mergers.
7.Cash (or cash combined with stock exchange) payment make a profit of operating synergies, and stock-exchange transaction increase differential efficiency.

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