本次研究旨在探討台灣的併購市場與總體經濟指標的關聯性,也考慮了國際金融風暴對併購的影響。研究樣本利用了2000年之後所有在台灣發生的併購案,選出最具關聯性的總體指標和將金融風暴以虛擬變數的方式納入模型。對所有自變數完成單根檢定之後,使用最小平方法 (OLS)的迴歸模型進行分析,得出兩個迴歸模型。 結果發現,個別自變數對併購數量的解釋具統計顯著性,而個別金融風暴的影響則不一致,將金融風暴的虛擬變數遞延一年,則提升了整體模型的解釋力。兩模型對併購價值的解釋都不具統計顯著性,其中的原因為台灣併購資料的不完整,而附錄以個體公司的角度出發解釋公司從事併購背後的動機。
This study examines the relationship between Taiwan’s M A activities and macroeconomics indicators, we also consider the impact of global financial crises. The data pool includes all the M A activities after 2000, we sorted out the related macroeconomic indicators, and we include the four financial crises into the model by using dummy variables. After conducting unit root test on all the dependent variables, we use OLS regression model to obtain 2 models to analyze the relationship. We find that the dependent variables are statistically significantly in explaining the number of M A activities. If we defer the financial crises dummy variable by one year, we will improve the overall explanation power. Both of the models we use is statistically insignificant in explaining the volume of M A activities, the reason is that Taiwan’s M A data is incomplete, thus we analyze individual companies’ reasons in initiating M A activities in the appendix.