併購是企業之重大財務決策,支付方式的選擇及是否可增加股東財富都是深受關切之議題。早期國內相關研究受限於樣本數較少,加上研究方法上之缺陷, 實證結果多有不符國外文獻之處。究竟是國內外資本市場結構不同所致,抑或可歸因於研究缺陷,就成為本文亟欲釐清之研究目的。實證結果顯示,過去國內外文獻衝突之處,大都出自於國內研究之缺陷,但另一部份的確可能是國內外資本市場有別或國內併購樣本之特性所造成的。換言之,企業併購有其普世共通之處,但仍會受各國股市特性不同,而存在一定之差異。因此,若能將台灣之市場特性納入考量,則國內併購相關文獻彼此矛盾、或與國外文獻衝突之處便可望能迎刃而解。
Mergers are important financial decisions for firms. The choice of payment method and whether mergers can increase stockholders' wealth are both deeply concerned issues. However, there are many inconsistencies between the foreign literature and the relevant domestic studies, given the fact that the latter suffers from small sample sizes and methodology problems. Whether the inconsistencies are resulted from the different characteristics among capital markets or the defects in empirical designs becomes an interesting question. Our results show that most of the inconsistencies come from the defects in the domestic studies. However, we do find supporting evidence that part of them is a consequence of differences in market characteristics. Therefore, we conclude that the underlying driving forces for mergers around the world have something in common, but distinct market characteristics can also make differences.