不論是國內或國外，企業併購始終是永不落日的話題之一，尤其近年金融企業日趨飽和，不管是政府機構或企業家，都希望藉由合併來鞏固自己的市場佔有率。然而，在九零年代時，「借殼上市」、「市場派與公司派爭奪經營權」的戲碼更是轟動一時。本研究針對1994年至2001年國內敵意併購的案例中，探討對股價報酬率以及效率值的影響。我們發現，在短期內，事件公司的股價報酬率明顯低於併購宣告日前的水準；在長期，事件公司的效率值在併購宣告日前後並沒有明顯的差異。本研究的實証結果也與國外的研究報告比較與探討，也推論出結果相異之原因。

This paper has employed the nonparametric minimum convex input requirement set (MCIRS) approach and event study to measure the Taiwan hostile takeover events. We obtain 36 hostile takeover examples from 1994 to 2001 in Taiwan to search into the relationship between the M&A events and efficiency scores and stock price. The empirical results shows that, in short term, the stock price turnover of event firms is going downhill after M&A announcement day. In long term, the efficiency scores of event firms are insignificant between ex-announcement day and after announcement day.

國內部份
1.山謬•威佛 ( Samuel C. Weaver)、弗瑞德•威斯頓 ( J. Fred Weston)著、陳儀譯，企業購併，台北，麥格羅希爾，民國九十一年。
2.伍忠賢，企業併購：理論與實務：全球投資觀點，台北，新陸書局，民國九十一年。
3.余尚武、楊政麟，台灣企業借殼上市之經濟行為與股價報酬之關係，經濟情勢暨評論季刊，第三卷第三期，民國八十六年。
4.汪青萍，委託書收購、經理人職位異動暨股東財富實證關係之探討，中央大學財務管理研究所未出版碩士論文，民國八十三年。
5.楊佳璋，我國敵意接管機能法制與攻防策略研究，成功大學企業管理所未出版碩士論文，民國八十五年。
6.楊佳璋、張子，「經營權爭霸」，台北，商業週刊出版社，民國九十年。
7.顏吉利，股東大會委託書爭奪戰之實證分析，行政院國家科學委員會專題研究計畫結案報告，民國八十一年。
8.蘇文宏，委託書徵求行為對股東財富影響之再探討：台灣地區上市公司重行估計之實證結果，朝陽大學會計研究所未出版碩士論文，民國九十三年。

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