本文首先以併購溢價、支付方式與併購績效為研究主體，研究其間為1998年至2011年，研究樣本分別選取台灣上市、上櫃與興櫃企業做為實證資料。其目的欲探求以新的績效指標經濟附加價值法及市場附加價值法，比較企業併購前、後績效之變化。其次，以量化研究方法探討企業併購溢價與支付方式的選擇與策略之考量因素，再以質性方法驗證，並探討溢價、支付方式、智慧資本與績效之關聯性。實證結果顯示，企業併購後績效確實優於併購前，而併購溢價、電子業併購後第一年EVA對支付方式皆有顯著影響，且併購公司透過併購取得目標公司智慧資本，確實對併購公司併購後績效有正向影響。然而實證結果亦指出，併購溢價與併購績效無顯著影響，本研究經質性研究方法歸納出其不顯著的原因，當企業決定併購溢價時，著重於與目標公司的協商，與併購後績效較無直接關連性。 This study is basd on the research subjects of merger and acquisitions，M&A premium and methods of payment. This study adopts the M&A events of Taiwan-listed, OTC and Emerging Stock Market from 1998 to 2011 as our sample. The purpose of this study is to investigate whether the Economic Value Added and Market Value Added performance of firm are changed after M&A. Besides, with quantitative research method, this study analyze the relation between M&A premium and methods of payment. Finally, this study adopts qualitative research method to examine the relation among M&A premium, methods of payment intellectual capital and performance. The empirical results show that after M&A performance of the industry better than before , the premium and the M&A of electronics industry after the first year EVA and method of payment have a significant effect. And Acquirer through mergers and acquisitions to obtain intellectual capital of the Target firm does have a positive impact on Acquirer’s performance.However, the premium and M&A’s premium without a significant effect. In this study, summarized by the qualitative research method, when corporate decision M&A premium, focused on consultation with the target company, and the post M&A of performance less directly related.
