隨著資金、市場與人才國際化的趨勢，企業面對的競爭越來越激烈，企業從單品牌策略逐漸走向多品牌策略；其中，併購品牌為最快速、控制與投資程度高的品牌組合建立方式，也是目前品牌組合建立的主要趨勢，尤其以國際大型集團發起的併購案件，近幾年於市場上更是層出不窮。然而，目前關於併購行為所產生的益處與影響，多著重於有形資產財務指標的表現，而忽略無形資產的變化，然而品牌是企業彰顯價值以及與消費者溝通的橋梁，是競爭優勢來源之一，因此，本研究欲以消費者的觀點，探討品牌併購會消費者品牌認知的影響。 本研究選定保養品牌作為研究目標，操弄「併購類型相關性」與「品牌個性相似度」等變數，探究品牌併購前後，消費者對主併品牌與被併品牌「品牌權益」與「購買意願」的變化；本研究首先進行前測，找出保養品牌個性差異小與個性差異大的品牌組合，以作為正式實驗之研究標的；接著透過實驗分組，探究受試者對這些品牌組合的反應，以得到其對品牌權益與購買意願產生的變化。 本研究結果顯示，對主併品牌而言，在併購之後，對品牌權益與消費者購買意願變化並無明顯差異，但有相關性併購優於非相關性併購、品牌個性相近組合優於品牌個性相異組合的傾向；而對被併品牌而言，在被併購之後，品牌權益與消費者購買意願變化皆有顯著提升，並且相關性併購提升程度大於非相關性併購，品牌個性相似組合提升程度亦大於品牌個性相異組合。透過本研究結果分析，發現併購活動會造成企業無形資產品牌權益與購買意願的變化，因此，企業在進行併購活動時，應將品牌納入併購活動策略考量中，同時也應注重併購品牌的相關性與品牌個性相似度，以避免對彼此的品牌受損。 / With the internationalization of capital, market and human resources, companies are facing more and more intense competitions. In order to deal with this situation, companies moves from single brand strategy to multi-brand strategy, especially the strategy of merger and acquisition (M&A), which is a fast, highly controlled and highly invested method to develop multi brands. At the same time, M&A is the most common way nowadays to apply multi-brand strategy, especially for international corporations. However, the researches about the advantages and influences of M&A have focused on tangible assets, such as financial performance, instead of focusing on intangible assets, such as brand equity and brand image, which are also important to the corporations. Brand is not only a channel for company to communicate with customers but also a source of competitive advantages. Therefore, this study wants to research how the brand merger and acquisition affects customers’ brand recognitions. This study chooses beauty care brands as research object, and “merger type” and “brand personality” as variables. By undergoing an experiment, this study examines the changes of “brand equity” and “purchase intention” after M&A for both acquiring and acquired brands. The findings are, for the acquiring brand, there is no significant change in brand equity and purchase intention after M&A, and related M&A is better than unrelated M&A, while the similar brand personality combination is better than distinc one. As for the acquired brand, there are significant rises in brand equity and purchase intention after M&A, and just like the acquiring brand, related M&A is better than unrelated M&A, while the similar brand personality combination is better than distinc one as well. This study’s results show that the M&A would actually affect corporation’s intangible assets, brand equity and purchase intention. Therefore, when corporations decide to implement M&A strategy, they should take “brand” in consideration. Also, corporations should pay attention on the merger type and brand personality between acquiring and acquired brand to prevent the harm on both brands after M&A.