近年來，併購在全球的普及性與重要程度皆大幅提升。因此，在過去文獻中，學
者們更加關注併購後之績效表現。然而，僅少數實證研究探討不同之併購策略對併購績效之影響。為進一步了解此課題，本研究發展之假設為驗證不同併購策略對自主性與整合程度之影響，並探討自主性、整合程度與併購績效之關係。

本研究之樣本為從SDC 資料庫蒐集由在台灣之公司所主導之併購事件，最終樣
本數為56 筆。我們透過敘述性統計、因數分析與信度分析檢驗此56 筆樣本，並利用MANOVA 檢驗假設一與假設二，最後，以線性迴歸檢驗假設三與假設四。

總結本研究之結果，可歸納出以下之結論：首先，當企業採取獨資全額併購，被
併公司將得到最低的自主性，而另外一方面，主併公司在生產與行銷整合上將獲得最高的整合程度。第二，管理與策略規劃整合與併購後之績效為正相關，亦即，當整合程度越高則併購績效將越高。總結而言，本研究之貢獻為對併購策略之影響提出初步的了解，並驗證自主性與整合對併購績效之關係。

In recent years, mergers and acquisitions (M&A) has increasingly gained its popularity and importance all over the world. In prior studies, researchers have paid much attention to the post-acquisition performance. However, there have been fewer empirical studies concerning how different M&A strategies have affected M&A performance. To enrich previous M&A research, we developed the hypotheses to testify the effect of different M&A strategies on autonomy and integration, and examine the relationship between autonomy/ integration and M&A performance.

In this study, we collect the acquisition transactions which conducted by Taiwan firms from SDC database. The final sample size is 56 M&A transactions. We analyze 56 samples using descriptive statistics, factor and reliability analysis. To determine the validity of our hypotheses, we use MANOVA to test Hypothesis 1 and 2, and then use linear regression analysis to examine Hypothesis 3 and 4.

Combing our results, the following conclusions can be drawn. First, under the wholly-owned full acquisition, the acquiree may attain the lowest autonomy; and the acquirer may obtain the highest level of integration in production and marketing dimensions. Second, the level of strategic integration is positively associated with M&A performance. In sum, this study contributes to the preliminary understanding on the effect of M&A strategies and the influence of autonomy and integration on M&A performance.

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