企業間的競爭漸漸趨近白熱化，許多公司為了獲得更多競爭優勢，採取企業併購以便立足於商業戰場上。但企業併購伴隨的是相當高的風險，可能導致企業蒙受不僅僅是財務上，更可能是名聲上的損失；特別是跨國、跨領域併購中，企業需要面對的是相對充滿不確定性的環境，所面臨的風險更加提升。究竟是什麼樣的因素會令企業願意採取跨國、跨領域併購？本研究爬梳過去文獻，聚焦於企業的過去併購經驗：國內併購、跨國併購、同產業併購、跨產業併購經驗分別對於企業採取跨國、跨領域併購的可能性的影響。
本研究針對105間S&P 500企業進行實證分析；由SDC資料庫中蒐集資料，統計這些企業於1995年至2010年間的所有併購紀錄，並且進一步細分成四種併購經驗：國內併購、跨國併購、同產業併購、跨產業併購經驗，紀錄各種併購的次數作為研究的自變項。本研究同時觀察這105間企業於2011年的併購行為作為應變項，最後利用羅吉斯回歸來分析兩者間的關係。
本研究的實證結果發現，企業的跨國併購經驗對於企業選擇進行跨國併購行動有顯著正面影響；同樣的，企業的跨產業併購行為對於企業選擇進行跨產業併購行動也有顯著正面影響。另一方面，企業的國內併購經驗對於企業選擇進行跨國併購行動雖然有負面影響，但其顯著程度並沒有跨國併購經驗來的明顯。最後，企業的同產業併購經驗整體來說對於企業選擇進行跨產業併購行動也有著顯著負面影響。

The thesis is to study how acquisition experience of firms (domestic, cross-country, same-industry, cross-industry acquisition experience) influence the likelihood that firms conduct cross-country or cross-industry acquisitions.

The thesis tests on a sample of 105 S&P500 firms; we use SDC database to collect the data of acquisition experience of these firms between 1995 and 2010. By summing the total number of company’s specific type of acquisitions, we got the firms’ acquisition experience as the independent variable; we measured the acquisition decision of firms by observing firms’ acquisitions on the year 2011 as the dependent variable. In the end, the thesis relied on logistic regression to analyze the relation between two parties.

The empirical result shows that more cross-country acquisition experience will significantly increase the likelihood that firms conduct cross-country acquisitions. The similar result can also be found between cross-industry acquisition experience and the likelihood that firms conduct cross-industry acquisitions. On the contrary, although not significantly, we found more domestic acquisition experience will decrease the likelihood that firms conduct cross-country acquisitions; in the end, we found more same-industry acquisition experience decreases the likelihood that firms conduct cross-industry acquisitions.

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