本研究探討主併公司企業生命週期對併購後股票長期異常報酬之影響，另外本研究亦認為企業於不同生命週期階段傾向進行不同型態的併購，間接也影響了併購結果，故一併探討併購型態對併購後股票長期異常報酬之影響。研究樣本為2002年至2016年間台灣上市櫃公司已完成且併購後取得過半控制權之併購案，總樣本數為241件。生命週期變數參考Anthony & Ramesh於1992年使用的生命週期階段衡量指標，將公司分為成長期、成熟期與停滯期三個階段，併購後股票長期異常報酬使用Barber & Lyon於1997年提出的買進與持有報酬(Buy-and-Hold Abnormal Return, BHAR)為衡量指標，實證結果如下：(1)停滯期公司併購後長期績效表現最佳；(2)從事水平合併長期績效表現優於從事多角化合併；(3)併購後的長期績效表現與公司規模呈負相關；(4)併購後長期績效表現與財務槓桿及自由現金流量呈正相關；(5)併購後長期績效表現與Tobin’s Q及獲利能力呈負相關。

This thesis is to explore the impact of the corporate life cycle of the acquirer on its long-term abnormal return of stock after mergers and acquisitions (M&As). This study argues that companies tend to conduct different M&A types at different stages of life cycle, which indirectly affects the results of M&A activities. Therefore, the effect of M&A type on the long-term abnormal stock return after the mergers is also discussed together. The research sample includes M&A activities of Taiwan’s listed companies that have obtained more than half of the ownership after the merger from 2002 to 2016. The life cycle stage is similarly defined as in Anthony & Ramesh (1992), and the companies are divided into three stages: growth, mature and stagnant. This study applies the long-term abnormal stock return proposed by Barber & Lyon (1997) to examine the long-term performance of the acquirer. The empirical results are as follows: (1) Acquirers in the stagnant stage perform the best in terms of long-term performance; (2) Acquirers perform better for horizontal mergers than for conglomerate mergers; (3) Acquirers’long-term performance after merger is negatively associated with its size. (4) Acquirers’ long-term performance after merger is positively associated with its degree of financial leverage and free cash flow; (5) Acquirers’long-term performance after merger is negatively associated with both the acquirer’s Tobin's Q and profitability.

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