本研究以不動產估價技術規則第19條第7項與第20條之規定，引用相似無關迴歸模式、多變量迴歸模式與典型相關分析等計量模式，對金融機構所做的擔保品估價進行驗證、預測及控制分析。 擔保品估價中會產生兩價，即擔保品的評估市場價格與評估擔保值（價），大部分的人都認為兩價存在一個比率關係。傳統的迴歸分析估價模式係由一組價格影響因素影響一個不動產價格，上述情形是否可能由同一組價格影響因素影響兩個不動產價格？本研究實證結果顯示，在95％統計信賴水準下，有兩個不動產價格受同一組價格因素影響的結果。既然驗證存在同一組價格影響因素影響兩個不動產價格，是否有更具效率的計量估價模式呢？典型相關分析係透過兩組變項之相關關係建構計量模式，除可再度驗證同一組價格影響因素影響兩個不動產價格，並可如同因素分析或主成份分析的功能，對兩組變項各做變項縮減的工作，達到對變項去蕪存菁的效果。 / This thesis is based on Article 19 No 7 and Article 20 of the Real Estate Appraisal Regulation. Seemingly Unrelated Regression Model, Multivariate Regression Model and Econometric Model and so on econometric model are applied. In addition, collateral valuations done by financial institutions are verified, predicted and analyzed. In collateral valuations, there are two-value references: assessed market value and assessed accommodation value. Majority believe that there is a ratio between these two values. The traditional regression analysis of the valuation model is having one set of pricing factors to have impact on the real estate price. However, is it possible that one set of pricing factors will affect two real estate prices? The findings approve that, under statistical confidence level with 95%, more than two real estate prices can be influenced by one set of pricing factors. Further more, this thesis also examines if there are other econometric valuation models to be applied? The canonical correlation analysis is to build a calculation model to analyze correlation between two variables. Other than examining one set of pricing factors can influence two real estate prices, this analysis also provides a similar function of the factor analysis or principal analysis to reduce variables caused by two sets of variable.

本文透過操弄雙字詞詞首的語意(sense)多寡和左右視野，試圖探討中文雙字詞的語意表徵和左右大腦對於多意詞(polysemy)的處理機制。實驗一顯示的左右腦結果和Pylkkänen等人在2006年的MEG研究相似，也就是左腦的多意詞促進效果，支持多意詞單一表徵的型態；然而，右腦卻呈現多意詞抑制的效果。這樣的現象產生兩者可能解釋：(1) 右腦還是屬於單一語意表徵，但由於右半腦處理語意的特性，導致和左腦得到不同的結果；(2)右腦的結果是來自於右腦屬於語意多重表徵(separate entries)的因素。為了要釐清這些說法，實驗二進一步的改變作業深度，讓受試者做詞類判斷作業，企圖讓受試者進行比較深層的語意處理。實驗二結果顯示，在改變作業深度之後，我們的確得到右腦語意促進效果，所以證明右腦的語意屬於單一表徵，在比較深層作業處理階段，因為左右腦處理語意的特性，使得右腦有機會呈現實驗預期的結果。另外，在動詞、名詞事後分析的結果中，我們也發現動詞、名詞的語意效果在大腦有不同的分布區位。名詞的語意效果分布在大腦中間偏後的位置；動詞則是主要分布在大腦前額一帶 總結以上發現，本研究的發現支持過去學者所提出的多意詞單一表徵的說法；第二、本研究對左右半腦處理語意特性，也符合過去的假設，也就是左腦擅長主要、細微的辨識，右腦則擅長維持次要、普遍語意。第三、本研究額外的發現是，動詞、名詞的語意效果在大腦有不同的分布，意味著不同的詞類在大腦可能有不同的表徵。 / Acknowledgements …………………………………………………………iv Tables…………….……………………………………………………………ix Figures …………………………………………………………………………x Chinese Abstract …………………………………………………………xii English Abstract ………………………………………………………xiii CHAPTER 1. INTRODUCTION ……………………………………………………..……1 1.1 What are senses? Homonymy vs. Polysemy …………………….1 1.2 English words vs. Chinese compounds ………………………….3 1.3 Hemispheric processing of semantic ambiguity ……………4 2. REVIEW OF RELATED PSYCHOLINGUISTIC RESEARCH ………………6 2.1 Neighborhood size effect in English …………………………6 2.2 Neighborhood frequency effect …………………………….……9 2.3 Event-related potentials (ERPs) vs. neighborhood size effect....11 2.3.1 Event-related potentials ………………………………….11 2.3.2 The advantages of electrophysiological techniques …12 2.3.3 Language-related ERP components ……………………….…12 2.3.4 The neighborhood size effect and. ERPs ……………..14 2.4 Neighborhood size effect in Chinese ……………………….16 2.5 Lexical ambiguity in English—homonymy vs. polysemy……… 22 2.5.1 Mixed results of ambiguity effects ………………………23 2.5.2 Polysemy—separate entries or single entry? …………25 2.5.3Some evidence for single entry hypothesis of senses…27 2.6 Lexical ambiguity in Chinese …………………….……………26 2.7 Hemispheric asymmetry in lexicon processing ……………33 3. EXPERIMENT 1 ………………………………………………………………38 3.1 Experiment 1... ..……………………………………….….....39 3.1.1 Participants …………………………………………………………39 3.1.2 Materials ……………………………………………………………39 3.1.3 Procedure ……………………………………………………………40 3.2 EEG recording parameters …………………………………………41 3.3 EEG data analysis procedure …………………………….....42 3.4 Results ……………………………………………………………………43 3.4.1 Behavioral data of sense effect ……………………………43 3.4.2 Behavioral data of lexicality effect ……………………44 3.4.3 Event-related potentials ………………………………….…45 N170 (150- 180 ms) …………………………………………………46 Frontal P200 (220-260 ms) …………………………………….……47 N400 …………………………………………………………………48 3.5 Discussion ……………………………………………………………51 4. EXPERIMENT 2 ……………………………………………………………57 4.1 Experiment 2 …………………………………………………………58 4.1.1 Participants ………………………………………………………58 4.1.2 Materials …………………………………………………………58 4.1.3 Procedure ……………………………………………………………59 4.2 Results …………………………………………………………………60 4.2.1 Behavioral data ……………………………………………………60 4.2.2 ERP data ……………………………………………………………61 N170 (150-180 ms) ………………………………………………....62 Frontal P200 (220-260 ms) …………………………………………63 N400 (350-500 ms) …………………………………………………63 4.3 Discussion …………………………………………………………………….65 Nouns and verbs ………………………………………………………67 4.4 Re-analyses …………………………………………………………69 4.4.1 Behavioral data ……………………………………………………69 4.4.2 ERP data ……………………………………………………………....71 Nouns …………………………………………………………………71 Verbs …………………………………………………………………74 4.5 Discussion 2 ………………………………………………………77 5. GENERAL DISCUSSION AND CONCLUSIONS ………………………81 5.1 Separate entries or single entry? …………………………81 5.2 Hemispheric processing of polysemy in different depth of tasks ………....82 5.3 Nouns and verbs ………………………………………………………84 5.4 Conclusions …………………………………………………………….85 References ……………………………………………….……………………86 Appendixes ………………………………………………………….…….94 / The current study used the manipulation of visual field and the number of senses of the first character in Chinese disyllabic compounds to investigate the representation of senses and the hemispheric processing of semantic polysemy. The ERP results in experiment 1 revealed crossover patterns in the LH and RH, which resembled the MEG data in Pylkkänen et al.’s study (2006). The sense facilitation in the LH was in favor of the assumption of single entry representation for senses. However, the inhibition in the RH yielded two possible interpretations: (1) the nature of hemispheric processing in dealing with semantic ambiguity; (2) the semantic activation from the separate-entry representation for senses. To clarify these possibilities, the depth of the task was changed. Experiment 2 was designed to push subjects to a deeper level of lexical processing through the word class judgment task. The results revealed the sense facilitation effect in the RH and suggested that in a deeper level, the RH had more possibility to observe the sense facilitation due to different efficiency of cerebral hemispheres in dealing with ambiguity. By chance, planned comparisons of the sense effect in different word classes suggested different distributions of the sense effects for nouns and verbs. For nouns, the sense effects were located in central-to-parietal areas while for verbs, the sense effects mainly were from the frontal area. In sum, the current study was in support of the account of single entry representation for senses, which was consistent with previous findings proposed by Beretta et al. (2005), Pylkkänen et al. (2006), and Rodd et al. (2002). Second, the research demonstrated that cerebral hemispheres played a role in semantic activation in a complementary way in which the LH was engaged in fine and focused semantic coding while the RH was more sophisticated in coarse coding and maintaining alternate meanings (e. g. Beeman & Chiarello, 1998; Burgess and Simpson, 1988). When the depth of tasks was changed, the RH advantage for the processing of semantically related senses was observed. Third, different distributions of the sense effects for nouns and verbs implied the distinct representations for different parts of speech in the brain.

區間型資料一般定義為由一個連續型變數的上限及下限所構成，本文中，我們特別引進了一種與時間相關的區間型資料，在Irpino (2006, Pattern Recognition Letters, 27, 504-513)，他提出每個觀測值皆是由某個時段的起始值及終點值之有方向性的區間所組成，譬如某一支股票在某一周的開盤價和收盤價。過去已經有許多方法運用在區間型資料，但尚未有方法來處理有方向性的區間型資料，然而Irpino 延伸主成分方法來處理有方向性的區間資料。Irpino提出的方法以幾何學的觀點來說，可視為定義在多維度空間上對有方向性線段(一般都稱作“spaghetti”)的分析，在本文中我們有更作進一步的延伸，不僅引入股票的開盤價及收盤價，且引入當周的最高價及最低價來探索Irpino所遺漏的資訊。此外，我們也嘗試用貝他分配來取代Irpino所使用的均勻分配來檢測是否有明顯的改善。延伸的方法需要計算大量複雜的式子，包含了平均數，變異數，共變異數等，最後利用相關係數矩陣進行主成分分析。然而最後的結論為若考慮資訊的價值，以加入最高值和最小值的延伸方法是較好的選擇。 / Interval data are generally defined by the upper and the lower value assumed by a unit for a continuous variable. In this study, we introduce a special type of interval description depending on time. The original idea (Irpino, 2006, Pattern Recognition Letters, 27, 504-513) is that each observation is characterized by an oriented interval of values with a starting and a closing value for each period of observation: for example, the beginning and the closing price of a stock in a week. Several factorial methods have been discovered in order to treat interval data, but not yet for oriented intervals. Irpino presented an extension of principle component analysis to time dependent interval data, or, in general, to oriented intervals. From a geometrical point of view, the proposed approach can be considered as an analysis of oriented segments (nicely called “spaghetti”) defined in a multidimensional space identified by periods. In this paper, we make further extension not only provide the opening and the closing value but also the highest and the lowest value in a week to find out more information that cannot simply obtained from the original idea. Besides, we also use beta distribution to see if there is any improvement corresponding to the original ones. After we make these extensions, many complicated computations should be calculated such as the mean, variance, covariance in order to obtain correlation matrix for PCA. With regard to the value of information, the extended idea with the highest prices and the lowest price is the best choice.

習得年齡對語言處理有相當影響，但其成因及作用階段至今仍無定案，根據以知的行為研究成果及假說，結合事件相關電位技術，及雙重選擇按鍵與否典範，我們將嘗試找出習得年齡在言語產出中的作用階段。假定不欲按鍵則無側化動作準備電位，且側化準備電位起始時間取決於，何時取得用以決定反應手的訊息，我們請受試者根據圖片刺激的兩種語言屬性做出正確反應。 在實驗一中，語意屬性（人造或非人造）決定反應手，圖片名稱第一音節的語音屬性(一、三聲或二、四聲)決定按鍵與否。若習得年齡影響語意處理，我們預期在按鍵情形下，習得年齡早晚兩組的側化準備電位起始時間將有所不同；而不按鍵情形下的側化準備電位持續時間，將反映習得年齡對語音處理的影響。實驗二中，圖片經更嚴格挑選，以控制所有變項，且語言屬性與反應類別間的兩種對應都被測試。 實驗一和實驗二都發現不按鍵時，若反應手非由語意屬性決定，則側化準備電位不會出現。這個結果符合文獻記載，並暗示語意處理早於語音處理。實驗一中，早習得圖片的唸名反應時間、圖片分類反應時間、及側化準備電位起始時間都較短，支持習得年齡越早，語意提取速度越快。但實驗二中，習得年齡對側化準備電位起始時間沒有顯著影響，儘管前測顯示早習得圖片的唸名反應時間較短，其分類反應時間卻較長，。實驗三進一步肯定，習得年齡對唸名及圖片分類作業有相反效果，以及習得年齡對圖片分類作業的效果不因重複練習而喪失。 根據完整語音理論 (Brown & Watson, 1987)，我們認為當作業要求完整的語音訊息，則習得年齡越早，提取速度越快，唸名作業如是；當作業要求片段的語音訊息，則習得年齡越早，提取速度越慢，額外時間用於解構完整語音訊息，我們的圖片判斷作業如是。實驗二中因少數圖片重複出現，習得年齡對語意處理的正面作用減少，習得年齡對片段語音處理的負面作用卻維持，使得習得年齡組別間，側化準備電位沒有顯著差異，且早習得組圖片分類反應時間反而較長。 總而言之，本研究支持概念/詞目競爭理論的說法，亦即習得年齡越早，語意提取速度越快。我們的資料也間接反映，習得年齡越早，語音提取速度越慢，但此推論仍需未來研究進一步支持。 / Age-of-acquisition (AoA) is one of the most robust variables for language processing. But its cause and locus during the processing are still under debate. Based on previous behavioral studies and established hypotheses, this study aims to find electrophysiological evidence for the locus of AoA effect during speech production. The continuous measure of speech production is approached by event-related potential (ERP) in conjunction with a manual, dual choice Go/Nogo paradigm. In this paradigm, participants need to choose the correct response according to two linguistic attributes of the target picture. The presumption of this paradigm is that the lateralized readiness potential (LRP), a motor preparation related component, would be absent once the Nogo decision has been made, and its onset marks the time point at which critical information for hand selection is available. In Experiment 1, which hand to respond depends on the target picture’s semantic attribute (artifact or non-artifact), to respond or not relies on its phonological attribute (the tone value of its first syllable). It is expected that if AoA influences lexical/semantic processing, LRP onset latency would be different under early and late AoA condition. AoA effect on phonological stage would be reflected on the duration of Nogo LRP. In Experiment 2 the reverse mapping between linguistic attribute and response types was also tested and variables other than AoA were more strictly controlled. Both experiments replicate previous finding in that Nogo LRP only occurs when response hand is contingent on semantic information, which indicates that semantic stage precedes phonological stage. In Experiment 1, naming latency, picture classification RT (reaction time), and LRP onset latency were shorter for the early AoA group, indicating accelerated lexical/semantic retrieval. However, in Experiment 2, AoA effect on LRP onset latency was not found. And for items with early AoA, picture classification RT is significantly longer, despite that their naming latency is shorter in the pretest. Experiment 3 further validates the coexistence of the positive AoA effect on naming and negative AoA effect on tone classification and the resistance of the negative AoA effect to repetition. Following the phonological completeness hypothesis (Brown & Watson, 1987), we suggest that when the unitary phonological form is demanded, as in the naming task, the early learned words has advantage. When a fraction of the unitary form is demanded, as in the tone classification task, extra time is needed to decompose the retrieved unitary form. The positive AoA effect on semantic stage is larger in Experiment 1 due to material selection and number of repetition. Thus in Experiment 1, the positive AoA effect on semantic stage remains, but in Experiment 2, it is overpowered by the negative AoA effect on fractional phonological extraction, resulting in the absence of AoA effect on LRP pattern and longer picture classification RT under early AoA condition. In sum, results of this study indicate that semantic feature can be retrieved faster under early AoA condition, which is in line with concept/lemma competition hypothesis. Our results also imply slower tone retrieval under early AoA condition, which need to be further testified by future studies.

放款的利息收入雖是商業銀行主要之獲利來源, 但借貸行為卻同時使得銀行承受著違約風險。銀行應透過風險管理方法, 計算經濟資本以提列足夠準備來防範預期以及未預期損失。 另外, 若銀行忽略違約行為之間的相關性, 將有可能低估損失的嚴重性。因此, 為了在考量違約相關性下提列經濟資本, 本文由 Merton (1974) 模型出發, 以信用風險因子模型判定放款對象是否違約, 進而決定銀行面對的整體損失為何。 為簡化分析, 本文假設違約損失率 (loss given default) 為 100%。 再者, 為加強相關性, 本文亦將違約傳染性加入因子模型並比較有無傳染性效果時, 模型所計算出的損失孰輕孰重。 而在決定違約與否時, 須利用來自移轉矩陣上的無條件違約機率, 然信評機構所發布之移轉矩陣概遺漏諸多訊息, 依此, 本文以多期連續的移轉矩陣修正之並得到另一不同的無條件違約機率。 最後, 以臺灣的 537 家上市櫃公司作為資產組合, 經由蒙地卡羅模擬得到兩個因子模型的損失分配, 我們發現具有傳染性效果存在時, 預期損失和非預期損失較大且損失分配也較為右偏。 / Despite interest income from loans is a major profit contributor for commercial banks, lending inevitably makes banks bear default risks. For the sake of avoiding expected and unexpected losses, risk management methods ough to be employed by banks to meet the ecomical capital requirement. Besides, loan loss severity may very well be underestimated if the correlation between default events is disregarded. Therefore, in order to calculate economical capital when taking default correlation into account, we start from Merton (1974) model, and identify if loans will be in default via facor models for portfolio credit risk and portfolio losses can then be detemined. To simplify our analysis in this paper, loss given default is assumed to be 100%. To intensify correlation, default contagion is, moreover, introduced to our factor model and we investigate which model results in larger losses as well. When determining default, we have to utilize rating transition matrices to obtain unconditional probability of default. Transition matrices published by credit rating agencies, however, have embedded drawback of insufficient information. We correct this flaw by means of another transition matrix based on continuous-time observations and produce different unconditional probability of default. Through Monte Carlo simulation, loss distributions are calibrated respectively from the two factor models under portfolio of 537 Taiwan listed and OTC companies. We find that expected and unexpected losses are larger and loss distribution is more right-skewed when infectious effects exsit.

為了研究總體因子與產業違約率之間的關聯性, 本文以信用投資組合觀點模型(CPV) 做為開端, 建立在具評等基礎下的違約損失模型, 並以投機等級違約率估計出移轉係數矩陣, 進而模擬各產業條件移轉矩陣, 藉以反應在各種不同總體情境下, 產業內各評等的移轉機率及違約機率。此外, 本文亦建立不分評等的簡化違約損失模型, 並將兩模型做一比較。最後, 我們以台灣537 家上市櫃公司做為投資組合樣本, 分別模擬出兩模型的條件違約損失分配。進一步計算風險指標,以此做為未來規劃資本計提的基礎。最後結果顯示, 投資組合違約情況確實受總體因子影響, 且發現若投資組合中評等越差公司之曝險越小, 將有助於降低組合資產風險。

近年來，中國的經濟表現受眾人稱羨之餘，實質固定匯率政策卻為人所詬病。然而，中國人民銀行於 2005 年 7 月 21 日公告一套以市場供需為基準的管理浮動匯率制度後，人民幣遂開始逐步升值並連帶地牽動亞洲其他國家幣值變化。為瞭解人民幣變動對亞洲四小龍國家幣值的外溢效果，本文利用動態條件相關係數模型，透過人民幣和亞洲四小龍貨幣的無本金交割遠期外匯分析相關係數。最後發現，人民幣和四小龍貨幣間存在不同程度的正相關，且此動態相關性自 2008 年起日與俱增。

在全球化市場的激烈競爭環境中，資訊科技對企業而言已是一種提升競爭優勢的策略性設備，而先前文獻對於資訊科技能力的評估或與企業績效關聯性的探討，多以行為性問卷的認知數據量表進行研究，少有利用事實性問卷所收集的現象數據評估資訊科技能力及進一步分析資訊科技能力與企業績效關聯性之研究。故本研究基於資源基礎觀點理論，利用企業事實性現象填答問卷建立企業資訊科技能力評估模型，包含資訊科技的導入狀態、應用方式及使用經驗等現象相關問項，如硬體、網路、資訊系統應用程度及範圍等，並探討資訊科技能力與企業績效的關聯性。使用典型相關分析進行實證研究發現，針對先前政府委託調查所收集資料計算出來的企業資訊科技能力，與公開發行的上市櫃企業財務資料所計算出來的企業績效具有顯著關聯性，特別是會計型財務績效之經營能力，經檢定具統計顯著性。進一步進行產業別比較，先使用灰色熵權重分析對於各個子構面進行權重估計，並以權重加權法重新計算每一樣本之資訊科技能力，再進行單因子變異數分析，顯示各產業間之資訊科技能力及子構面能力多數呈現顯著差異。本研究所提出的資訊科技能力評估模型與企業績效關聯檢定模式，以及產業間資訊科技能力差異性分析模式，可提供政府或產業觀察機構建立長期觀測平台，以彙整各種產業資訊科技導入現象及應用範圍，使政府與企業可檢視整體產業整體或個別產業資訊科技能力之差異，藉以擬定資訊科技投資策略，提升企業競爭優勢。 / In the highly competitive globalization environment, information technology (IT) has become strategic equipment for leveraging a business’s competitive advantage. Most previous studies use perceptual questionnaire to collect behavioral data for evaluating IT capability, and furthermore to explore the relationship between IT capability and firm performance. Very few studies use factual questionnaire to collect the phenomenon data for analysis. In this study, we propose a model of evaluating IT capability based on Resource-Based View (RBV) theory and use factual phenomenon questionnaire including induction status, application approach, and usage experience, such as hardware, networks, IS application levels and scopes, etc. The research also explores the relationship between IT capability and firm performance. The IT capability data are calculated from the earlier government-sponsored survey. The firm performance data by financial indicators are collected or calculated from the open data of listed companies in Taiwan Stock Exchange and Over-the-Counter Agencies. The Canonical Correlation Analysis is used and shows significantly positive relationship for the IT capability affecting the firm performance, especially in Accounting-Based Financial Indicators. Before further analysis of industry comparison, Grey Entropy is used to estimate the weights of three sub-constructs and the overall IT capability is then re-calculated by integrating the weighted sub-construct capabilities. Afterwards, the One-Way ANOVA analysis is conducted and shows significant differences across industries in the overall IT capability of the firm and the IT capabilities of the sub-constructs. The proposed IT capability estimation model and the relationship analysis for the IT capability and firm performance can be used by the government or industry observation institution to continuously watch the industry IT capability phenomena and its relationship with the firm performance. The observation for the whole country and across industries can be used as a reference to pursue appropriate IT investments for strategic advantage.

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.

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