本研究將自由現金流量理論由較常見的報酬相關研究延伸至併購溢價領域。我們蒐集了美國現金收購的溢價，樣本期間為2000-2020年，並且只蒐集已完成收購的案件。結果顯示較高自由現金流量的主併公司確有顯著支付較高併購溢價的狀況，惟在控制其他因素後，並未發現較高自由現金流量的主併公司及支付較高溢價的主併公司會有顯著較差的宣告日後報酬，因為並未發現這些主併公司會有顯著較差的宣告日後報酬，我們認為自由現金流量理論並無法充分解釋併購溢價與現金的關係。

This study extends the research of the free cash flow theory from the return research into the acquisition premium field. We examine the premium of US cash mergers, using the completed deals between 2000-2020. The results signal that higher free cash flow rate bidders significantly pay higher acquisition premium. However, we do not find that high-cash bidders and bidders who pay higher premium will significantly have worse post-announcement returns. Consequently, the no significance of worse post-announcement returns implies the theory could not fully denote the relationship of the premium and cash.

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