本研究分析企業文化相似度對併購之影響。本研究採用企業社會責任(CSR)作為企業文化的代理變數，本文使用漢明距離(Hamming distance)且利用Bereskin et al. (2018)、Bloom et al.(2013)文章中所提及的方法，建構三種不同的企業文化相似度變數，觀察主併公司與被併公司的企業文化相似程度對併購是否有顯著影響。實證結果指出併購宣告的股票異常報酬與營運績效並未與企業文化代理變數有明顯的關聯性，可能的原因為企業社會責任(CSR)措施分類尚嫌粗略以及台灣市場遭遇的文化衝突較小。

This study conducts an analysis of the impact of corporate culture on the mergers and acquisitions. At present, there are not enough articles about the effect of corporate culture on the mergers and acquisitions in Taiwan, and most of them are case studies. This study uses the Corporate Social Responsibility (CSR) measure as proxy variable for corporate culture. This paper uses Hamming distance, and the methods mentioned in Bereskin et al. (2018) and Bloom et al. (2013) to construct three different corporate culture similarity variables to analyze the effect of corporate culture similarity between the acquired company and the target company on merger performance in Taiwan. The empirical results show that there is no significant correlation between merger performance measured by announcement abnormal returns and operating performance and corporate culture. The possible reasons are that the classification of corporate social responsibility (CSR) measure is too rough and the cultural conflict encountered in the Taiwan is relatively small.

目錄
論文審定書 i
摘要 ii
Abstract iii
1.導論 - 1 -
1.1研究背景與動機 - 1 -
1.2研究目的與貢獻 - 2 -
2.文獻探討與研究假說 - 3 -
2.1公司文化差異對於併購績效影響 - 3 -
2.2衡量公司文化相似性 - 4 -
2.3研究目的與貢獻 - 4 -
2.4研究假說 - 5 -
3.研究方法與實證模型 - 6 -
3.1樣本選取 - 6 -
3.2企業社會責任CSR變數定義 - 7 -
3.3.研究方法 - 13 -
3.4控制變數 - 17 -
4.實證分析 - 18 -
4.1敘述統計 - 18 -
4.2併購宣告日前後一日的異常報酬表現 - 23 -
4.3併購執行日一年後的異常營運表現 29
4.4橫斷面分析 35
5.結論 53
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