本研究主要探討併購對於金控公司績效之影響，資料來源採用台灣經濟新報資料庫，以X金控公司為研究對象，運用其損益表及資產負債表之資料，並針對效率性、獲利性、風險及市場評價，分析其財務風險比率，進行金控之績效評估。
研究結果顯示，可能由於X金控公司併購後產生規模經濟，進而降低平均成本，造成X金控公司獲利性增加，並伴隨更高的企業風險程度，儘管併購後X金控公司之股票價格下跌，反應市場預期X金控公司未來的投資機會可能會減少，但X金控公司於併購後增加其效率性，減少其營運資金，顯示X金控公司可運用多餘的資金進行投資，因此，透過財務比率分析，併購後X金控公司提升其公司績效，顯示併購後之綜效創造股東價值，並維持公司的持續競爭優勢，進而提高X金控公司之企業價值。

This study mainly examines the effect of mergers and acquisitions (M&A) on the performance of financial holding company (FHC). We take X FHC as a subject in our study based on its balance sheet and income statement from 1997 to 2015. Through accounting-based financial ratio analysis, there are four measurements composed of profitability, efficiency, investment valuation, and risk level.
The results suggest that M&A leads to benefits on X FHC by achieving economies of scale. Cost efficiency results in higher earning power along with higher risk level. Although share price reflects less confidence in the equity market based on future growth opportunities, higher efficiency with a lower level of working capital allows X FHC to increase the available funds for investment opportunities. Therefore, X FHC improves its performance after M&A and creates synergy according to analysis of financial ratio. X FHC not only creates shareholder value but also creates firm value by horizontal merger. Therefore, X FHC may create sustainable competitive advantages on the basis of synergy effect of M&A.

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