面對瞬息萬變的競爭環境，許多企業會透過併購來獲取某些特定資源或是強化自身能力，尤其當進行跨國併購交易時，還能在不同的地理位置及市場尋求新機會。然而，跨國併購可能也會伴隨更高度的資訊不對稱，但是過去相關的研究多探討企業與投資人或經理人與股東之間的資訊不對稱，僅有少數文獻探討併購時交易雙方之間的資訊不對稱，並且都是著重觀察併購前後其中一個階段。因此，本研究旨在探討不同的距離型態所造成的資訊不對稱對於併購前決策-股權比例與併購後績效的影響，採用了地理、語言和產業三大距離作為自變數，同時考量主併方過去在目標企業國家之併購經驗所造成的調節效果。而事件樣本包含從2007年1月1日至 2015 年12月31日間，來自34國之主併公司所完成的451個跨國併購交易，並透過線性迴歸模型進行驗證。

本研究假設併購雙方之地理、語言、產業距離皆與併購股權比例、併購績效兩個應變量具有負向關係，而研究數據顯示，因為科技高速發展，多元的線上溝通方式可能降低了地理距離對於併購前後的影響，但是語言距離仍與併購股權比例有顯著的負相關，產業距離亦對併購績效有顯著的影響力。由此結果可判斷，實體及虛擬型態的距離所造成之資訊不對稱確實為企業進行跨國併購時需要注重的問題，且其影響力橫跨併購的不同階段，這也是學術界未來可持續探究的一個議題。

In the face of a competitive environment which is changing rapidly, firms in various countries obtain specific resources or strengthen their capabilities through mergers and acquisitions. Especially, when conducting cross-border M&A transactions, they can also seek new opportunities in different geographic locations and markets. However, cross-border M&A may also be accompanied by a higher degree of information asymmetry. Therefore, this research discusses “What is the impact of information asymmetry caused by geographic, language and industrial distance on the M&A equity shares as well as M&A performance?”

The sample size for the empirically testing the hypothesis is 451. The results show that language distance is negatively correlated with the proportion of M&A equity shares significantly, and industrial distance also has a significant impact on the post-M&A performance. Besides, language distance can affect M&A equity shares and industry distance can affect acquisition performance significantly. However, if the acquirer has acquisition experience in the target’s country, the relationship between distance and acquisition performance would not be strengthened.

Keywords: Cross-border mergers and acquisitions, distance, information asymmetry, M&A equity shares, M&A performance.

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