國內自2001年11月修改了公司法、2002年1月公佈了企業併購法後，提供國內企業進行併購有更充份的法源依據及2005年、2006年陸續適用的35號、37號對於併購的會計處理有了新的規定，此皆為影響企業在進行併購時選擇何種支付的考量因素，亦為國內較早期研究該主題的學者所無法考量到的因素；另外，在公司治理議題方面也為近年來國內相當關注的議題，本文則加強該部份的探討。 本研究以2002年至2006年底之台灣上市櫃公司共計165件併購有效樣本為研究範圍，並採用變異數分析、T檢定、卡方檢定、Binary Logit等統計方法，探討企業併購支付方式的影響因素。 研究結果顯示標的盈虧、抵押擔保、相對規模、國內機構法人持股、集團型、跨國型等共計六項對於支付方式有顯著影響性。其中標的盈虧、抵押擔保及跨國型與支付方式成正向關係（傾向採用現金支付）；併購規模、國內機構法人持股越高則傾向換股支付。本文也探討併購時影響支付的因素是否也將影響日後併購後績效。經採Least Squares迴歸分析後發現到，以支付方式、標的盈虧、內部人持股、相對規模及跨國型併購為影響併購後績效的主要原因。 Company Law was amended in 2001 and in the Jan. of 2002, Corporate M&A Law was launched. These amendments provide new solution of M&A activity. Furthermore, GAAP released new regulation in No.35 and No.37 in 2005 and 2006 and make substantial influence on payment choice in M&A. Different to former studies, our study are base on the updated regulatory environment and introduce the issue of corporate governance for the determinants of payment choice of M&A. We include 165 sample from listed companies during 2002 and 2006 by applying the following methodologies: variance analysis, t-test,χ2, and Logit regression to study the payment choice in M&A. Empirical evidences show that target loss or gain, level of leverage and pledge, group-background, and cross-merger have significant positive relationship with payment choice. However, related scale and institution owner have significant negative relationship with payment choice. As to the performance after M&A by different payment choice, we evidence that method of payment, target loss or gain, related size, and board-merger are significant determinants.
