台灣過去十年資本市場之蓬勃發展，購併活動呈現快速成長，更於2000年時到達巔峰，為了瞭解影響購併績效的因素，本研究以主併公司的角度出發，將主併公司合併前的公司治理狀況對公司合併後的績效作整體的研究，以便於讓投資人在投資前更清楚公司的體質。
本研究以1996至2002曾從事購併宣告之上市(櫃)公司為研究對象，共計有56個研究樣本，以購併宣告前一年年底之董監事持股比例、董事會規模、董事長兼任總經理、機構法人持股比例、董監持股質押比例、最終控制者之投票權偏離現金流量權對購併後第三年之資產報酬率(ROA)、每股盈餘(EPS)、TOBIN’S Q個別做多元迴歸分析。
研究顯示，董監事持股比例、董事長兼任總經理、機構法人持股比例與購併後績效呈現顯著正向關係。另外，董事會規模與購併後績效呈現顯著負向關係。但董監持股質押比例與最終控制者之投票權偏離現金流量權對購併後績效則沒有顯著影響。
In the past ten years, the M & A activities in Taiwan grew rapidly, and reached the peak in Year 2000. To understanding the important factor of M&A, the research from the point of view of acquiring companies tries to use the previous corporate governance of the acquiring companies to exam the later performance.
This study directs to 56 acquiring companies between 1996 and 2002 to be the study objects. We use the pre-M&A activities proportion of the stock held by the board and supervisor, scale of the board, whether board chairman is also a general manager, the proportion of the stock held by the institutional shareholders, the extent of shares as collateral by the board of directors and the deviation from control rights and cash flow rights of controlling shareholders with the third year’s performance of EPS, ROA and TOBIN’S Q after M&A activities do individual multiple regression.
The empirical study shows that the proportion of the stock held by the board and supervisor, board chairman is also a general manager and the proportion of the stock held by the institutional shareholders have positive relationship with post-M&A per-formance. Therefore the scale of the board has negative relationship with post-M&A performance. But the extent of shares as collateral by the board of directors and the de-viation from control rights and cash flow rights of controlling shareholders have no re-lationship with post-M & A performance.
