本研究計畫先以購併宣告、購併溢價與購併績效為研究主體，研究樣本分別選取臺灣金融業，研究期間為1996年至2012年。研究目的為探討購併宣告的效果、購併溢價與購併績效之間的影響，其衡量購併績效之方法，有別於過去研究採取傳統會計與財務指標的方式，則選取近幾年來能夠衡量企業真實盈餘與價值評估的經濟附加價值法(EVA)與市場附加價值法(MVA)。實證結果顯示，在購併宣告日出現顯著正向的異常報酬，購併溢價與購併宣告效果並無顯著的影響，購併溢價與購併績效也並無顯著的影響，最後，在企業購併後的績效，不管是在EVA與MVA都較購併前的績效有顯著的提升，其研究結果期望可作為學界與實務界參考依據。 This study first investigates the issues of M&A announcement, merger premiums, and M&A performance. The samples of the financial industry in Taiwan, dating from 1996 to 2011, are adopted as our research data. This study aims to examine the interrelationship among M&A announcement, merger premiums, and M&A performance. The empirical results indicate that there are significant positive abnormal returns on the day of M&A announcement. Besides, merger premiums have no significant influence on both M&A announcement and M&A performance. Finally, corporations’ M&A performance is much more greatly promoted in post-M&A than in pre-M&A.
