近年來，由於總體經濟的劇烈變動與產業環境的快速變遷，企業不斷追求成長，使得購併活動愈趨頻繁。台灣自1980年代後期，購併開始發生於大公司間， 2000年開始，台灣購併案件突增，我國政府於2001年底大幅修正公司法，2003年並通過企業購併法，購併程序的簡化更使得國內購併風潮盛行。然購倂實能帶給企業哪些方面綜效，一直是企業研究的重要課題。過去國內購併案較少，購併實證研究樣本較不具客觀性，近年來國內購併受產業競爭激烈及政府鼓勵影響，購併案件已增加不少，對於購併後長期經營績效研究來說，研究樣本數增加可較具客觀性。
本研究主要針對各項財務指標，以台灣1992年至2003年發生購併事件之上市櫃公司為研究樣本，探討購併活動帶來的長期績效影響，並分析購併活動的影響因素，以主倂公司過去經營績效與代理問題程度、產業相關性、主倂公司產業、目標公司所在地等研究變數，來探討該些變數對長期績效的影響。主要實證結果發現，台灣企業在購併活動中並不能產生營運綜效與市場綜效，營運綜效與市場綜效除可能產生規模經濟使得營運槓桿度與存貨週轉率表現較佳外，購併後之財務指標均表現較購併前差。此研究結果亦與國內外許多相關的研究結論相同。
另ㄧ方面從迴歸分析結果發現，購併類型對資產報酬率與淨利率有负向顯著影響，而產業類型對營收成長率有負向顯著影響，對營業毛利率有正向顯著影響，另外在資產週轉率與存貨週轉率上產生負向顯著結果。而過去經營績效與決策謹慎度對股東權益報酬率與資產報酬率為正向顯著影響，此結果顯示過去經營績效佳且購併時謹慎考量公司資金狀況者，購併後在股東權益報酬率與資產報酬率均有正向效果。

In recent years due the fierce change of overall economy, and the rapidly evolving industry environment, enterprises seek opportunities to grow, which induces many companies undertaking Merger and Acquisition (“M&A”). In Taiwan, since later 1980’s, M&A began to occur among large enterprises and at the beginning of year 2000, M&A activities in Taiwan became more intense. As a result of this, at the end of 2001, Taiwan government decided to amend Corporation Law in a considerably large scale. Furthermore, the Legislator passed the Enterprises Merger and Acquisition Legislation in 2003. This enactment allows Enterprises to have simplified M&A processes, which at the same time, encouraged and induced M&A activities domestically.
Nevertheless, the effectiveness of M&A and its actual impact on enterprises have always been the interested research subject among many companies and scholars. In the past, there were not as many M&A projects happened in Taiwan for us to research, and besides, varieties and evidences in the sample pool were very limited for the purpose of research. Research results therefore tend not to provide much objectivity. Until recent years, due to fierce competition among various industries as well as the encouragement of Taiwan government by enacting M&A law, there have been significant amount of M&A projects happening in the business industry. Consequently, in terms of investigating the real management effectiveness of M&A processes on enterprises in the long term, there are more cases in the sample pool available for research and therefore allow researchers to show more objectivity to the results.
This research is aimed at examining all financial performance indicators, sampling from all publicly listed companies M&A occurred from 1992 to 2003 with an objective to investigate the long term operational influence on the companies resulting from M&A activities. Furthermore, it also analyses the driving factors behind M&A activities, such as take-over companies’ operational efficiency before merger and the impact of the replacement of management team after merger, industries compatibility, the take-over company industry development, the location of takeover target companies and so on. We attempt to understand how these driving factors influence post-merger companies’ operational efficiency in the longer timeframe. Major evidences indicate that M&A activities in Taiwan do not allow companies to generate operational efficiency and synergy. These improvement might be seen when there are economics of scales in manufacturing and therefore result in better leverage in operation and stock turnover. However, in general, the financial performance indicators appear to be worse than those prior to M&A occurred. This finding is consistent with many relevant research evidence found by researchers overseas.
On the other hand, looking from the yield perspective, in general, M&A activities have negative impact on companies Return on Assets and net profits. Also, the correlation of industries the companies merge to, have significant negative influence on the companies revenue growth but have positive influence on Gross Margin. Furthermore, these activities generate negative results in Assets Turnover and Stock Turnover. On the other hand, operational efficiency before take-over and the prudence in decision making processes have strong optimistic influence on the Return on Equity and Assets. In essence, research results illustrate that companies having good management team with excellent history in operational efficiency and well-thought planning in decision making as well as cash flow processes, they tend to have improving Return on Equity and Assets post the M&A activities.

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