本研究將樣本期間（1992年到2004年）內金融保險以及證券業以外的公司分為“現金偏多”和“其他”兩類後，發現兩組樣本之間除公司規模外，其餘股票的市價淨值比、槓桿程度、現金存量以及自由現金流量之中位數皆存在統計上顯著之差異。從Probit迴歸模型之結果發現股價淨值比愈高的公司愈容易進行購併，現金偏離程度與進行購併之機率間呈正向之關係，經理人持股比率對於進行購併機率之關係為負向的。最後，本研究檢驗購併宣告時之CAR，發現不論是預期或非預期的購併，現金偏離程度愈大，購併之CAR便愈低。當購併樣本為非預期時，其對於CAR會有正向的影響。現金支付與購併之CAR有顯著正向之關係。股價淨值比與CAR之間成一負向之關係。 / This paper studies the companies other than financials and securities during the period 1992 to 2004. These companies are categorized into two different groups, "Cash-rich firm" and "Other". The result shows that other than size, the medians of market-to-book ratio, leverage, cash/sales, cash/size and free cash flow all are significantly different. From the result of probit regression model, we can see that the higher market-to-book ratio exceeds, the more likely companies make acquisitions. Cash deviation has a positive relation to the probability of acquisition, and the relation between insider ownership and the probability of acquisition is negative. Finally, this study estimates regression with the announcement period bidder returns as the dependent variable, the result shows that whether the bid was expected or not, and larger cash deviation, the lower the CAR. When the bid is unexpected, it has a positive effect on CAR. All cash offer and merge of CAR have significantly positive relationship. Therefore, market-to-book ratio and CAR have opposite effects on each other.