本篇以企業併購經驗所產生的學習效果為核心，探討企業是否能在過往的併購案例中習得相關的知識，並且使後續的併購績效更加提升。本研究以開發中國家為樣本進行複迴歸分析，並採用宣告日及前後一天之累積異常報酬率作為併購績效之衡量變數。實證結果發現，企業過往的跨國併購經驗與後續併購績效呈現倒U型關係，即一定的經驗能帶來良好的效果，但過多亦會導致負面的結果；另外，亦發現被併公司所屬文化區塊併購經驗與企業往後併購績效也呈現相似的倒U型關係，兩結果皆符合原先所設定的假設。此外，我也發現被併公司地主國併購經驗同樣能帶來正向良好的效果，以及當企業過往若曾經有過已開發國家或開發中國家之任一併購經驗，同樣也能對併購表現帶來正面的影響。

The study examines the relationship between MNE’s foreign acquisition experiences and the post-acquisition performance. Based on empirical analysis of a sample of cross-border acquisitions made by developing countries during 2011-2016, I find that developing country multinationals’ foreign acquisition experiences have an inverse U-shaped relationship with their post-acquisition performance. This suggests that while experiences make positive effects, when reached a certain level, experiences can have negative influences. Similarly, I find a similar inverse U-shaped relationship between the MNE’s host culture cluster acquisition experiences and post-acquisition performance.

第一章 緒論 7
第一節 研究動機 7
第二節 研究問題 9
第二章 文獻回顧 10
第一節 併購的介紹與價值創造 10
第二節 企業併購經驗對於後續績效的影響 14
第三章 研究假設 21
第四章 樣本與變數定義 26
第一節 樣本描述 26
第二節 變數衡量 33
第五章 實證研究結果 37
第一節 敘述性統計 37
第二節 模型結果 40
第六章 結論與建議 49
第一節 研究結論 49
第二節 管理意涵 51
第三節 研究限制與未來發展方向 53
參考文獻 55

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莊雅涵 (2015)。跨國併購經驗對併購表現影響之研究—以台灣企業跨國併購為例（未出版碩士論文）。國立政治大學，臺北市。
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