隨著區域經濟的全球化盛行，區域間的競合已從國與國之間的總體經濟層級延
伸至企業與企業之間的個體經濟層級，許多企業為了因應國際局勢的變化，達到轉
型、持續營運等目的，選擇以併購作為策略手段。但是企業併購伴隨的是極高的風
險，尤其跨國併購與跨產業併購更是使得企業必須面對更多的不確定風險，為了避
免潛在的風險，過往的併購經驗是否能夠做為未來併購的指引，使企業從中學習並
產生較佳的併購績效，為本研究所欲探討的議題。本研究整理過往的文獻，聚焦於
併購經驗：國外併購經驗、國內併購經驗分別對於國外併購績效的影響，同時以跨
產業併購經驗作為調節變數，觀察在具有跨產業併購經驗下，國內外併購經驗與國
外併購績效間的關係是否受跨產業併購經驗的影響。
本研究最終篩選出 204 筆自 2013 年至 2017 年的併購資料，統計其過去七年的
併購紀錄，並區分成國外併購經驗、國內併購經驗，和跨產業併購經驗，紀錄國內
外併購次數作為自變項，跨產業併購經驗做為調節變數。本研究同時選擇併購事件
後一、二、三年以及三年平均 ROA 作為應變項，最後以迴歸分析進行實證。
本研究的實證結果顯示，國外併購經驗對於國外併購績效有顯著正向關係，而
國內併購績效對於國外併購績效並無顯著影響，但是兩者之間的關係會隨著時間推
移由負轉正。另一方面，跨產業的併購經驗對於國內外併購經驗與國外併購績效並
無顯著的調節作用。

This thesis is to study how the acquisition experience of firms (domestic, cross-border, cross-industry acquisition experience) influences the performance of cross-border acquisition.

We extracted 204 cross-border acquisitions from 2013 to 2017 from SDC database. Then we collected the different types of acquisition experience conducted by the 204 firms. By summing up the total number of domestic and cross-border acquisitions, we got the firm’s acquisition experience as independent variables; meanwhile, we also sum up the number of cross-industry acquisitions to set as a moderator. Finally, we measured the acquisition performance of firms by observing firms’ ROA after the first year, the second year, the third year, and the average of three years as dependent variables. In the end, the OLS regression is used to deal with the relationship between independent variables and dependent variables and the moderating effect.

The empirical result shows that more cross-country acquisition experience will lead to a better performance of cross-country acquisition. On the other hand, more domestic acquisition experiences do not generate a negative impact on cross-country acquisition performance and have reverse results as time goes. Besides, we found that cross-industry experience does not moderate the effect between two parties.

Keywords: acquisition experience, cross-border acquisition, domestic acquisition, cross-industry acquisition, acquisition performance.

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