摘要
本文探討影響台灣高科技產業購併績效之因素。由於近幾年來購併在高科技產業越來越盛行，尤其是高科技公司時常利用購併來做為一種手段來節省研發費用以及獲取專業人才，
本研究以2005~2009年台灣科技產業進行有相關購併的企業為樣本，經過SDC、TEJ以及公開資訊觀測站資料庫之比對，共為58筆有效樣本，並探討四大變數，包含公司規模、R&D支出、產業競爭程度、公司成長機會以及更進一步探討科技業內的子產業(IC設計、電腦與周邊設備、通訊、光電及精密儀器)作為可能影響企業購併績效的因素，並將負債比率做為控制變數，進而探討影響台灣高科技產業影響購併績效之因素。
由本研究分析結果得知，在台灣的高科技產業內，除了公司規模外的因素(R&D支出、產業競爭程度、公司成長機會)，皆不會影響高科技購併之績效，但是整體來說，與本研究的預期方向是一致的；此外，很有趣的是，本研究發現，在台灣的高科技產業中，如果在電腦與周邊設備產業內，這些變數皆會對公司購併績效有正向影響。
因此，本研究發現台灣的高科技產業裡的電腦與周邊設備產業具備的特質以及台灣特殊的產業環境，會讓台灣的電腦產業在購併時，對於主併公司的財務績效更具有影響力。

Abstract
This paper examines the factors which affect the performance of high-tech companies after M&A in Taiwan. M&A have became more and more popular in high-tech industries in recent years, and high-tech entrepreneurs especially often use M&A as a means to save research and development costs and obtain the know-how which they desire. In this study, the sample of firms was selected from an exhaustive list of mergers published in the Securities Data Company (SDC) database during five recent years (2005-2009).
The study explores four major variables, namely firm size, R&D expense intensity, degree of competition, and growth opportunities, and examines various high-tech industries (IC design, computers and peripheral equipment, telecommunications, optical and precision machinery) in order to uncover possible factors affecting the performance of mergers and acquisitions, using the debt ratio as a control variable.
The results from this study indicate that, except for firm size, the other variables will not affect the performance of high-tech mergers and acquisitions. Generally speaking, the findings for the other variables in this study are consistent with the expectations based on the related literature； In addition, it is interesting to note that this study finds these four variables will have a positive impact on M&A performance in the computers and peripheral equipment industry. Therefore, this study finds that the impact of the environment in which mergers and acquisitions take place has a greater contribution to firm performance, particularly with regard to firms involved in the computers and peripherals industry in Taiwan.

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