目前國內外文獻，在探討購併型態對股價異常報酬或經營績效的實證研究上，均大多採用「標準產業分類碼法」，亦即將購併型態分為『相關性購併』與『非相關性購併』，沒有考慮主併公司與目標公司的所屬產業，是否存在投入－產出關係。因此，本研究以衡量公司間垂直關聯性的「投入輸出法」作為劃分購併事件型態的標準，探討在不同購併型態之下，對股價異常報酬與經營績效的影響。

本研究以1993年至2004年之國內上市公司購併宣告事件為研究樣本。以投入輸出法作為劃分購併事件型態的標準，劃分四種購併型態：(1)純水平式購併；(2)水平垂直混合式購併；(3)純垂直式購併；(4)集團式購併。本研究獲得結論如下：
一、購併案件樣本以純水平式購併案件居多。但在2002年~2004年，純垂直式購併與水平垂直混合式購併發生件數有增加趨勢。
二、全體購併樣本在購併宣告日前第27天與第26天則分別有0.2598%與0.2719%正向顯著異常報酬，宣告日後第23天則也有0.2831%正向顯著異常報酬。
三、在產業相關程度係數為0.01與0.05標準下，純垂直購併案件在事件窗口期(-1~+1)、(-10~+10)與(-30~+30)均對股價累積平均異常報酬有正向顯著關係；而純水平購併、混合式購併與集團式購併則只在事件窗口期(-30~+30)對股價異常平均報酬有正向顯著關係。
四、購併案件中的垂直相關性因素對股東權益報酬率、總資產報酬率、稅後淨利率、營收成長率、存貨週轉率、總資產週轉率與利息保障倍數均有正向顯著關係；若從各購併型態觀之，純垂直購併也對各績效指標具有正向顯著關係。

The Standard Industry Classification (SIC) code-based method is used to investigate the effect of mergers’patterns on stock abnormal returns and operating performances in current studies. The SIC code-based method divides mergers into related mergers and non-related mergers without considering input-output linkages of bidding firms and target firms. Therefore, this research adopts the Input-Output based method, which considers the vertical relatedness between firms, to divide mergers into and investigate the effect of mergers’ on stock abnormal returns and operating performances.

The sample of this study includes all mergers of publicly listed companies occurred during the period from 1993 to 2004. Furthermore, it also adopts the Input-Output based method to divide mergers into four groups, including pure horizontal mergers、mixed vertical and horizontal mergers、pure vertical mergers and conglomerate mergers. The results of this study are summarized as follows.

1.Pure horizontal mergers occurred mostly; Pure vertical mergers and mixed vertical and horizontal mergers occurred dramatically from 2002 to 2004.
2.In the 26th and 27th day before the initial merger announcement, there are 0.2719% and 0.2598% abnormal returns respectively which are both positive and significant.
3.In vertical relatedness levels of 0.01 and 0.05, pure vertical mergers have both positive and significant cumulative abnormal returns (CARs) in three event windows, which are (-1~+1)、(-10~+10)and(-30~+30). However, pure horizontal mergers and conglomerate mergers have positive and significant CARs only in the event window, which is (-30~+30).
4.The vertical relatedness in mergers has positive and significant effects on return on equity(ROE)、return on assets(ROA)、net income on sales、growth on sales、inventory turnover、total assets turnover and times interest earned. Among four groups of merger, the pure vertical merger has positive and significant effects on all performance indicators.

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