本研究整理過去相關文獻，探討併購活動中，目標公司(Target)的CEO聲譽是否會對焦點公司(Acquirer)併購後的績效表現產生影響。本研究同時加入了四個調節變數，檢驗商業媒體對雙方公司的正負面報導是否會加強或是減弱目標公司CEO聲譽的影響力。

本研究共發展出五個假設來探討以上的問題，並以Securities Data Corporation(SDC)資料庫中2014年1月1日至2018年12月31日期間宣告的台灣企業併購案件為樣本，至台灣經濟新報資料庫(Taiwan Economic Journal，TEJ)及台灣新聞智慧網取得所需資料後，最終樣本為186筆併購案，最後以最小平方法之迴歸分析來進行實證研究。

由實證結果得知，目標公司擁有越高程度的CEO聲譽，焦點公司的績效表現會較好。此外，在調節效果的構面上，當媒體對目標公司的負面報導數越多、或是當媒體對焦點公司的正面報導數越多，目標公司的CEO聲譽對焦點企業併購後績效表現影響的程度會隨之減少；反之，當媒體對焦點公司的負面報導數越多，則會增加目標公司CEO聲譽的影響力。

關於本研究之貢獻，首先，我們延伸過去對CEO聲譽的學術研究，將CEO聲譽與併購活動做連結；再者，本研究跳脫一個組織的框架，將CEO聲譽的概念作為兩組織之間的連接的重要橋梁；接著，我們也融合商業媒體對雙方公司之正負面報導，探究其媒體在併購活動中對雙方公司的重要性與影響力；最後，本研究給予經理人重要參考依據，在目標選擇上CEO聲譽為重要考量因素，且媒體對雙方公司的報導同樣有其一定的影響程度。

The purpose of this thesis is to understand how CEO reputation of target firms affect the performance of focal firms after mergers and acquisitions (M&As). Furthermore, the positive and negative media coverage about both targets and acquirers are also included as four moderators to examine whether these factors may strengthen or weaken the influence of CEO reputation of targets.

The study developed five hypotheses to investigate these questions, which are empirically tested with a sample of 186 Taiwanese M&A cases announced between January 1st, 2014 and December 31st, 2015 drawn from Securities Data Corporation (SDC) database. After we obtained other required information from Taiwan Economic Journal (TEJ) database and Taiwan News Intelligence Network (台灣新聞智慧網), least-squares regression analyses were used to run statistical tests.

Empirical results find that the higher degree of CEO reputation of target firms, the better performance of focal firms. In terms of moderators, the more negative media coverage on target firms or the more positive media coverage on focal firms, the influence of CEO reputation on post-M&A performance will be weakened. On the other hand, the more negative media coverage on focal firms, the influence of CEO reputation will be strengthened. These findings offer useful insights to both academicians and practitioners.

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