Louis(2005)發現併購者採用非四大事務所做為查核事務所其在合併宣告時，報酬比採用四大事務所做為查核事務所的併購者來的高，作者認為這是因為規模較小的事務所能對當地的企業更深入了解，因此能提供較好的併購建議給客戶。而Xie et al. (2010)則是將被併購者的查核事務所分為確信價值(降低資訊風險)以及保險價值(深口袋理論)探討對併購的影響。本研究則是將四大事務所的查核事務所區分成產業或非產業專家，探討對併購的影響。
本研究利用1989-2006年的併購樣本，我們發現(1)被併購者採用產業專家做為查核事務所較容易被併購(2)併購者與被併購者同時採用產業專家做為查核事務所併購較容易成功。另外，再將樣本區分為同產業與不同產業，在不同產業中(1)被併購者採用產業專家做為查核事務所(2)併購者與被併購者皆採用產業專家較容易併購成功;同產業中則是併購者與被併購者皆採用產業專家做為查核事務所併購較容易成功。整體而言，相對於Louis(2005)以及Xie et al. (2010)探討四大事務所對併購交易結果的影響，本研究則是探討併購交易雙方是否採用產業專家做為查核事務所對併購結果的影響。

Louis (2005) finds that acquirers audited by non-BIG4 auditors outperform those audited by Big 4 auditors. He attributes his results to small auditors’ superior local knowledge as well as closer ties to the client. On the other hand, Yuan(2010) document an “target auditors effect”, where firms audited by Big-4 auditors are (1) more likely to become M&A targets, (2) more likely to be acquired in M&A deals, and (3) are associated with higher acquirers’ three-day returns when M&A announcement. Beside Big4 and non-Big4, we consider the impact of auditor industry specialization on takeover (or acquisition) likelihood. Using a large sample between 1989 and 2006, we find when target audited by industry-specialized auditors are more likely to be acquired. Further, we find deal completion rates are more pronounced when acquirer and target are both audited by industry-specialized auditors. Additionally, we divided our sample into vertical and horizontal M&A deals, we find that target audited by industry-specialized auditors are more likely to be taken in vertical mergers, and if acquirer and target are both audited by industry-specialized auditors are more likely to be taken in vertical and horizontal mergers. Overall, we contribute to the literature by providing evidence on the value of industry-specialized auditors in M&A deals, which is contrast with the value of Big-4 and non Big-4 documented in Xie et al. (2010) and Louis (2005).

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