併購對於公司來說是很重要的決策，而財務限制會影響公司在資本市場上的行為，受到財務限制越高的公司在借貸時相對會受到較多限制，進而影響主併公司對於併購支付方式選擇的考量。本研究採用2010年開始至2018年期間主併公司為台灣上市櫃公司，目標公司則不限之併購案件，總共454個併購案件作為樣本，探討財務限制對於主併公司選擇併購方式有什麼樣的影響，同時檢測過去國內外在外部監督效果結果上之不一致，最後探討各個產業別在併購宣告日之後的股價反應。研究結果顯示，受到財務限制的公司相比沒有受到財務限制的公司更傾向使用股價支付方式，而受到更多外部法人持股的公司會越傾向使用現金支付方式。而依照產業別來探討的結果顯示，電子產業在併購宣告日後較金融與傳統產業有更顯著的異常報酬，現金支付較股票支付有更高的異常報酬。

Mergers and acquisitions are very important decisions for companies, and financial constraints will affect the company’s behavior in the capital market. Companies with higher financial constraints will be more restricted when borrowing, which will affect the acquirer companies’ payment method. The thesis analyzed a sample of 454 Taiwanese M&A events between 2010 and 2018 to examine the relationship between firm’s financial constraints and their M&A payments methods.
Also, we examine the inconsistency between the domestic and international results of external supervision in the past, and finally discusses the announcement effects of different industries. The results of the study show that companies that have more financial constraints are more inclined to use the stock payment method than companies that are unconstraints, and companies that are held by more external legal entities are more inclined to use the cash payment method. According to the results discussed by industry, the electronics industry will have more abnormal returns than financial and traditional industries, and cash payments will have higher abnormal returns than stock payments.

中文文獻
王祝三、周德瑋與陳弘榮 (2006)。企業併購支付方式決定因素與股價反應之探討。 證券市場發展季刊， 18(3)， 1-45。
古永嘉與胡珮高 (2008)。台灣企業併購付款方式之選擇。 輔仁管理評論， 15(3)， 97-126。
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