企業在進行連續併購的時候，究竟本業與非本業相關併購率對於併購後的表現會造成怎樣的影響。這個研究問題對於企業把併購率視作為併購策略的情況之下特顯重要。本研究分析了2001年至2020年共20家台灣企業共225件併購活動，並且以每5年的移動視窗中對本業相關併購次數與非本業相關併購次數來加總計算，藉此視為本業相關併購率與非本業相關併購率，以及驗證這兩種併購率對於企業併購後的資產報酬率變動程度之影響。在經由量化分析之後，本研究發現台灣企業進行本業相關併購率越高，越有助於提高企業併購後的資產報酬率變動程度。並且，我們難以確切證明台灣企業進行非本業相關併購率對於企業併購後的資產報酬率變動程度之影響情形。本研究將可以補足從組織經驗與學習的觀點來探討企業併購與併購後表現之相關討論。

How do business-related and non-business-related acquisition rates impact the performance of serial acquisitions? This research analyzes 225 M&A activities by 20 Taiwanese firms from 2001 to 2020. It calculates the number of M&A related to a firm’s business and non-business in the five years moving window as the business-related and non-business-related acquisition rates, respectively. We examine the relationships between these two acquisition rates and the return on assets (ROA) changes. We find that the higher the business-related acquisition rate, the greater the ROA firms obtained. However, it is difficult to clarify whether there is a relationship between non-business-related acquisition rate and ROA. This study can complement the discussion on the acquisition experience and the performance after a firm’s acquisition from organizational experience and learning perspectives.

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