併購浪潮已是全球企業要永續經營必須考慮的一個重要策略，而全世界約有60%之企業有最終控制者，多數也是家族企業。因此本研究將結合家族企業與併購行為，以台灣上市櫃公司為研究對象，想要探討台灣上市櫃家族與非家族企業在作併購活動時，併購決策、家族控制權的高低以及相關產業併購是否有顯著影響。這些發現將有助於未來想要研究相關議題的學者，可以以本研究為基礎，做更多的延伸。本研究實證結果發現台灣上市櫃家族企業相較於非家族企業較不願意進行併購活動。其他條件不變下，台灣上市櫃家族企業中，家族控制持股比率越高，則越傾向併購相關產業。

M&A is an important strategy that global companies must consider for sustainable development. There are about 60% of enterprises with ultimate controllers, and most of them are family firms.
The analysis is based on Taiwanese listed family and nonfamily firm, the level of family ownership, and other control variables that affect M&A behavior. These findings will help scholars who want to study related topics in the future. They can refer this research and make more extensions. The empirical results of this study found that Taiwan listed family firms are less willing to implement M&A activities than nonfamily firms. Other things being equal, the higher the ratio of family-controlled holdings in Taiwan listed family firms, the more they will tend to acquire related industries.

國立中山大學研究生學位論文審定書............................................................i
Acknowledgments........................................................................................ii
Abstract(Chinese)........................................................................................iii
Abstract........................................................................................................iv
Table of Contents.........................................................................................v
Listed of Figure and Tables..........................................................................vi
I. INTRODUCTION..................................................................................1
II. LITERATURE REVIEW AND HYPOTHESIS........................................5
2.1　Family firm and M&A behavior ......................................................5
2.2 Family firm ownership and M&A............................................................7
2.3　Family firm and M&A industry...............................................................8
III. METHODOLOGY..................................................................................11
3.1　Data and sample..................................................................................11
3.2　Model and control variables.................................................................12
IV. EMPIRICAL RESULTS.........................................................................17
4.1　Univariate analysis...............................................................................17
4.2　Descriptive statistics ......................................................................20
4.3　Logistic regression analysis.................................................................24
4.4　Robustness test...................................................................................32
V. CONCLUSION AND SUGGESTIONS FOR FUTURE RESEARCH....36
5.1　Conclusion...........................................................................................36
5.2　Research contribution..........................................................................38
5.3　Research limitations and future research............................................39

REFERENCES.............................................................................................40

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