本文以元京證券與復華證券合併案為分析標的。首先說明兩家公司合併過程以及所遭遇的問題，其次比較分析兩家公司合併前後之九項財務比率，據以評述此合併案之績效。分析結果顯示，代表元京證券獲利能力六項比率之絕對值皆有所改善，而與同業平均值比較之相對結果則變差。 This article examines the problems encountered as well as the performances of two firms, the Yuanta and Fuhwa Security Co., in Taiwan before and during the process of the M&A. The six financial ratios indicating the profitability of the firms affected have shown that the surviving firm was better off absolutely and worse off relatively during the transition period of two years, while the acquired firm was worse off both absoluately and relatively, a result that is consistent to the results shown in the literature.
