從 2002 年台灣加入世界貿易組織(WTO)後，許多企業會採取併購的方式來鞏固市場地位和競爭力，並為股東和投資人創造財富，因此本論文以 2009 年至2019 年共 784 筆台灣上市櫃公司的併購案為研究樣本，探討併購支付方式、盈餘管理和短期市場報酬間的相互影響，衡量方式以可裁決性應計數衡量盈餘管理程度，再以市場模型衡量短期累積異常報酬。 實證結果可以發現:1)可裁決性應計數的實證結果並不顯著，表示在併購前一季，主併公司並不會因為要進行併購而採行盈餘管理模式提高股價；2)衡量公司併購的支付方式與併購前盈餘管理行為的關連，發現當使用股權支付時，主併公司為了能夠提高股價降低併購成本時，會越傾向採取積極向上的盈餘管理；3)而在測試併購的支付方式與短期累積異常報酬的關聯後，發現主併公司選擇股權支付，並不會影響到短期累積異常報酬；4)最後是本論文主要想探討的議題，併購前盈餘管理和支付方式的交乘項與短期累積異常報酬的關聯，發現在越高盈餘管理下，當公司採純股權支付，會影響到投資人在短期內產生不好的反映。

The active mergers and acquisitions (M&A) activities in Taiwan become popular after attending WTO because M&A will bring a lot of wealth to shareholders. This thesis explores the relationship between payment method, earnings management, and short-term market returns by using 784 M&A deals in Taiwan during the year of 2009 to 2019. We use discretionary accruals (DA) to measure earnings management and use a market model to measure cumulated abnormal return (CAR). The results confirm that 1) DA is insignificant which means acquiring firms will not do earnings management to increase the stock price before the announcement of transaction；2) we measure the relationship between payment method and earnings management, then we find that when acquirers decide to do equity acquisition, they will choose to do upward accrual-based earnings management to increase the stock price and lower the acquisition cost；3) after testing the relationship between payment method and CAR, we find that when acquirers choose to do equity acquisition, CAR won’t be affected；4) the main issue we want to discuss is that the interaction of DA and payment method how to affect CAR, we find that based on more upward earnings management, when acquirers decide to do equity acquisition, CAR will become worse.

第一章 緒論 1
1.1 研究動機 1
1.2 研究目的 3
第二章 文獻探討 4
2.1 併購綜效來源 4
2.2 主併公司短期併購宣告效果實證研究 5
2.3 併購績效的影響因素 7
2.4 併購支付方式相關理論 12
2.5 盈餘管理相關文獻 15
2.6 支付方式與盈餘管理的交叉作用對併購績效的影響 17
第三章 研究設計與研究方法 19
3.1 樣本選擇 19
3.2 被解釋變數 19
3.3 解釋變數 23
3.4 實證模型 25
第四章 實證結果與分析 30
4.1 樣本年份及產業分類 30
4.2 CAR/DA單一樣本檢定 31
4.3 解釋變數之敘述統計與單變量分析 32
4.4 各變數間的相關性分析 34
4.5 多元迴歸分析 37
第五章 結論與建議 40
5.1 結論 40
5.2 研究限制與建議 41
參考文獻 42

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