隨著全球化的趨勢，企業經營所面對的不僅是國內同業的競爭，更面臨國外同業的競爭。企業透過組織調整，在資金、人才以及經濟規模的議題，企業併購已成為近年來台灣之趨勢及風潮。企業進行併購活動熱絡時，對於企業之組織調整、轉型具有正面效益，可促使規模經濟，降低成本，發揮經營效率，提升國際競爭力。 本研究主要探討併購宣告、支付工具的選擇以及跨國因素之不同，對主併公司股東財富的影響。以民國89年1月1日至民國96年12月31日間，主併公司為台灣地區之上市櫃公司、標的公司為全球任一國家註冊之公司的所有併購事件，計有527個觀察值。採用事件研究法(event study)進行實證研究結果如下： 一、對主併公司股東而言，併購宣告效果 本研究以事件研究法進行實證分析，發現併購宣告日前後期間，對於主併公司股東財富有顯著正向異常報酬。但若拉長事件觀察期間，則變得不顯著。也就是主併公司的併購活動無法獲得營運綜效。 二、併購支付工具對主併公司股東財富之影響 本研究實證結果發現企業併購採用現金支付及混合支付，31天的事件期間對主併公司股東而言，皆呈現不顯著之正向平均累積異常報酬。採取換股支付則有不顯著之負向平均累積異常報酬。以混合式支付，於事件期間有正向不顯著平均累積異常報酬；於宣告日前後期間則有正向顯著平均累積異常報酬。 三、宣告國內併購及國際併購對主併公司股東財富之影響 本研究實證結果為國內併購中主併公司在31天的觀察期間，對於主併公司股東而言，僅於宣告日前後期間會有正向平均累積異常報酬，但是拉若拉長觀察期間，其結果並不顯著。國際併購則有不顯著之負向平均累積異常報酬。 / The issues on capital funding, people asset and business scoping are becoming more significant topics with the increasing activities in corporate merger and acquisition (M&A). It has been said that the corporate reorganization through M&A has positive effect within the business because of larger business scope and more efficient in cost management. The corporation will be able to compete better in the international market. This study will focus on the market reactions on the merger and acquisition announcement, the method of payment choice and domestic or international M&A. The observation study cover 527 M&A cases from year 2000 to 2007. The study result based on event study research method are as followed: 1. The M&A announcement result to acquiring company shareholders: The study shows significant remuneration to acquiring company shareholders’ wealth before and after the M&A announcement. Less significant once we observe the case at longer time period. The result shows that the acquiring company can not achieve synergy effect. 2. The wealth effect to shareholders with different means of payment: The study shows that the combination of cash payout and exchange of stocks and cash payment method shows insignificant positive accumulative abnormal return to shareholders within 31 days before and after the M&A. Settlement with only exchange of stocks shows insignificant negative cumulative abnormal return to shareholders. 3. The effect to shareholder’s wealth from announcing domestic M&A or international M&A: The study shows that in the case of announcing domestic M&A, the acquiring shareholders has positive cumulative abnormal return within the 31 days before and after the announcement. Once we observe longer period, the result is less significant. International M&A shows negative insignificant cumulative abnormal return.