過去的文獻不乏以民族文化、企業文化探討對企業併購交易的影響。本研究旨在以企業 ESG 實踐的相似性來代理企業文化，深入探討其對跨國併購交易成功的可能性。研究樣本為 2002 年至 2020 年全球跨國企業併購交易，並採用 Jaffe (1986) 的距離測量方法計算兩企業的 ESG 相似度。另外，進一步探討較高企業 ESG 相似度的併購案與較低企業 ESG 相似度併購案，其對跨國併購交易成功的可能性的影響。最後，研究較高企業 ESG 相似度的併購案相較於較低企業 ESG 相似度的併購案，是否更有可能成功和更快地完成。實證結果顯示：企業 ESG 相似性確實影響對跨國併購交易成功的可能性，相較於較低企業 ESG 相似度的併購案來說，較高 ESG 相似度的併購案亦較可能使跨國併購交易成功，以及更快地完成。

In previous literature, the influence of national culture and corporate culture on corporate M&A transactions has been intensely discussed. This study aims to represent corporate culture by the similarity of corporate ESG practices and dive into the possibility of successful cross-border M&A transactions. The sample of the study is global cross-border M&A transactions from 2002 to 2020, and Jaffe's (1986) distance measure is used to calculate the ESG similarity between two firms. In addition, the impacts of M&A with higher ESG similarity and M&A with lower ESG similarity on the likelihood of successful M&A transactions are further investigated. Finally, we examine whether M&A with higher corporate ESG similarity is more likely to succeed and be completed faster than M&A with lower corporate ESG similarity. The empirical results show that corporate ESG similarity does affect the likelihood of success for cross-border M&A transactions, and that M&A transactions with higher ESG similarity are more likely to succeed and be completed faster than those with lower corporate ESG similarity.

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