併購是現在企業追求成長的主要方法之一。從早期單純以追求利潤為主要目的併購活動發展至今，企業進行併購的動機已經是多個層面的考量後所得的結果。 隨著時間的推移，併購活動的熱潮並未隨之退去，反而有逐漸升高的趨勢。再加上2008年全球經濟在金融海嘯的洗禮後，相信併購的風潮會更持續的延續而成為接下來數年間的主要經濟活動之一。但是在過去許多關於併構的實證研究都發現多數的併購最後都以失敗收場，而這些研究結果似乎也抵檔不了全球各地的企業對進行併購的熱潮。 本研究將以國內2004~2007年上市電子公司為樣本，對期間進行過併購活動的公司以財務指標進行研究，探討可能造成併購財務風險的因素。 本研究之實證結果彙整如下: 1.與過去的實證研究結果一致，過半數的併購並未能給主併公司帶來較多的利潤。 2.對主併公司而言，財務流動力、借款依存度、獲利能力較佳的企業在進行併購後會有比較好的併購效益產生。 The merger and acquisition is one of the principal methods to expand a company’s business map. Pursuing the profit was the main purpose for an early enterprise, however, the current enterprise''s motive to carry on the M & A is coming from a multi-considerations.
With time gone by, the waves of M & A activity haven’t ebbed, but on the contrary the waves are surging higher and higher. Furthermore, after the baptism from the Financial Tsunami occurred on 2008, we believe that M & A movement will be still one of the main economic activities all over the word in the future years. But however most of the research about M&A shows us that the majority of M&A cases were failed finally, but it seems none can stop the entrepreneur strong willing to continue this kind of risk and exciting activities.
After research, we found that 1.As same as the past analogous research results , over half of M&A cases shown that the merged enterprises are not able to obtain more profits from the M & A activity.
2. As the acquired company has a good cash-flow, lower-liabilities and higher ability on earning-profit, they would get a higher probability for success on M&A activities.
