近年來，隨著全球經濟的迅速擴展，跨國併購活動的數量也逐年增加。本研究以美國公司為併購方為例，主要探討國家主權信用評比在跨國併購活動中所扮演的角色，尤其是其對併購溢價的關係。研究結果發現，當國家主權信用評比越高，併購案所產生的溢價也會相對提升。另外我們又進一步探討造成在併購案正式對外宣告前，不同時期目標公司股價異常變動的影響因素，發現在國家主權評比越低的國家，股價產生這樣子異常波動的現象會越明顯。最後，我們將市場對於併購案的反應也納入研究對象裡，研究結果顯示，當目標公司的國家主權評比越高，市場上投資人對併購案的反應相對樂觀。

In recent years, with the rapid expansion of the global economy, the number of cross-border mergers and acquisitions has also increased. This thesis uses U.S. companies as acquirers to discuss the roles of sovereign credit rating (SCR) on cross-border merger and acquisition (M&A) activities, and examine how SCR affects merge premiums. The results of this study indicate that the higher the SCR is, the higher the acquisition premiums. In addition, we further explore the factors that caused abnormal changes in the target's stock price before the official announcement of the M&A. We find that the lower the SCR, the more pronounced the abnormal change of stock price before the announcement date. Finally, we include the market’s response to M&A deals in the research object. The result of the thesis shows that when the target’s SCR is higher, investors in the market would have a higher expectation on the future of the M&A's deal.

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