本篇研究主要想檢測臺灣併購市場是否存在動能效果。併購動能的現象為：當近期市場併購熱絡或近期股票市場表現良好時，會使在此時宣告併購的主併公司股價提升。本文研究臺灣於1998-2015年期間，共520個併購事件。本文結果顯示臺灣併購市場存在併購動能，但實證證據偏於薄弱。本文進一步探討併購動能出現的解釋原因，文獻提出三個可能的併購來源理論，分別為：新古典理論、管理者動機理論、過度樂觀理論。透過驗證主併公司的短期及長期的併購績效，本文發現主併公司的短期和長期異常股票報酬，在其併購事件後皆為負的。但，實證證據也是偏於薄弱。總而言之，我們認為臺灣併購市場的併購動能最可能解釋原因為管理者動機理論－亦即管理者會為了自己的私利來採取防禦性的併購決策，反而會有損公司的價值，使公司的併購績效不管在短期或長期皆較差，市場皆會給予不好的反應。整體來說，公司進行此類型的併購投資，會使整體的公司價值價低。

The “merger momentum” refers to if there is a hot merger market or if the overall stock market is doing better, bidder stock prices are more likely to increase. This study examines whether there exists merger momentum in Taiwan during the period of 1998-2015. Our empirical findings seem to support the existence of merger momentum in Taiwan, but the evidence is rather weak. We argue that the existence of merge momentum can be explained by three theories; they are: the neoclassical theory, the managerial motivations, and the overly optimistic beliefs. We find that the bidders’ short-term as well as long-term stock returns are more likely to be negative following their merger announcements. It indicates that bidders’ short-term and long-term stock returns decrease when recent bidding firm’s stock performance is good, and there is no long-run reversal (i.e., long-term stock returns decrease). Therefore, we suggest the managerial motivations theory is likely to explain the merger momentum in Taiwan. Overall, our evidence suggest that managers are more likely to pursue merger investments that preserve their benefit but at the expense of the overall firm value.

第壹章　緒論 1
第一節　研究動機與目的 1
第二節　研究問題 3
第三節　論文架構 3
第貳章　文獻回顧與假說 4
第一節　併購潮與併購動能 4
第二節　併購動能之相關實證文獻 9
第參章　研究方法 10
第一節　樣本資料 10
第二節　實證模型 11
第三節　變數的定義及衡量 13
第肆章　實證結果 19
第一節　樣本敘述統計分析 19
第二節　短期異常報酬之實證結果分析 21
第三節　長期異常報酬之實證結果分析 27
第伍章　結論與建議 32
參考文獻 33

1. 臺灣併購白皮書 (2015-2018)，資誠會計師事務所，台灣併購與私募股權協會
2. 沈中華、李建然 (2000)，事件研究法，華泰文化事業公司
3. 徐俊明 (2016)，企業併購與重組，新陸書局股份有限公司。
4. 馮奕儒 (2016)，併購動能對企業併購績效之影響：以美國市場為例，國立政治大學財務管理學研究所碩士學位論文。
5. 吳文德、陳振遠 (2007)，公司治理與代理問題對企業併購績效影響之研究：以台灣上市公司為例，澳門科技大學學報第一卷第二期。
6. 王化成, 孫健, 鄧路, & 盧闖. (2010). 控制轉移中投資者過度樂觀了嗎?. 管理世界, 2, 38-45.
7. Andrade, G., Mitchell, M., & Stafford, E. (2001). New evidence and perspectives on mergers. Journal of economic perspectives, 15(2), 103-120.
8. Antoniou, A., Guo, J., & Petmezas, D. (2008). Merger momentum and market valuations: the UK evidence. Applied Financial Economics, 18(17), 1411-1423.
9. Chidambaran, N. K., John, K., Shangguan, Z., & Vasudevan, G. (2010). Hot and cold merger markets. Review of Quantitative Finance and Accounting, 34(3), 327-349.
10. Dong, M., Hirshleifer, D., Richardson, S. and Teoh, S. H.(2006). Does Investor Misevaluation Drive the Takeover Market?. The Journal of Finance, 61(2), 725-762.
11. De-Yu,Lin(2008). Merger Momentum: The Evidence from Taiwan. Department of Finance of National Central University.
12. Gorton, G., Kahl, M., & Rosen, R. J. (2009). Eat or be eaten: A theory of mergers and firm size. The Journal of Finance, 64(3), 1291-1344.
13. Harford, J. (2005). What drives merger waves?. Journal of financial economics, 77(3), 529-560.
14. Loughran,T., and A. M. Vijh(1997). Do long-term shareholders benefit from corporate acquisitions?. The Journal of Finance, 52(5), 1765-1790.
15. Mitchell, M. L., & Mulherin, J. H. (1996). The impact of industry shocks on takeover and restructuring activity.
16. Morck, R., Shleifer, A., & Vishny, R. W. (1990). Do managerial objectives drive bad acquisitions?. The Journal of Finance, 45(1), 31-48.
17. Roll, R. (1986). The hubris hypothesis of corporate takeovers. Journal of business, 197-216.
18. Rosen, R. J. (2006). Merger momentum and investor sentiment: The stock market reaction to merger announcements. The Journal of Business, 79(2), 987-1017.
19. Shleifer, A., & Vishny, R. W. (2003). Stock market driven acquisitions. Journal of financial Economics, 70(3), 295-311.