合併與收購為近年來國際企業或本土企業常用的策略之一。然而，併購策略的失敗率仍舊居高不下，且對於併購存活率的研究在文獻上並不多見。因此，本研究樣本基於1990年至1995年間成立的88筆國際併購，觀察其於1998年至2007年間的存活情形，以探討併購存活率的影響因素。另外，在本研究中，將併購存活率的影響因素區分為併購本身的特徵，與併購公司的特徵或被併公司的特徵兩大研究構面進行探討。
透過Cox迴歸實證分析，統計結果顯示被併公司及併購公司間的國家文化距離和併購存活率呈現倒U型的曲線關係；而併購公司先前的併購經驗則是和併購存活率呈現正向關係。總結而言，本研究的貢獻在於提供對於併購存活率影響因素的初步瞭解。

Although merger and acquisition (M&A) is a popular strategy for global and local companies, its failure rate remains high. Interestingly, studies on the M&A survival likelihood are scarce in prior literature thus far. To fill up this research gap, the present thesis examines the determinants of M&A survival.
I developed a set of hypotheses relating the characteristics of the M&As and the characteristics of the acquirers to M&A survival likelihood. The hypotheses were then tested on 88 international M&A transactions between US acquirers and foreign targets during 1998 and 2007.
The empirical results provide preliminary understandings concerning the M&A survival likelihood. Specifically, I found that cultural distance is in an inverted U-shaped relationship with the M&A survival likelihood, and that acquirer’s prior acquisition experience help to decrease the failure possibility of M&As. In all, this study contributes to the preliminary understanding on the M&A survival likelihood.

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