本文運用股利發放率、營收成長率、資本支出率及公司成立年數將企業生命週期區分為成長期、成熟期及衰退期；並將M/B值(market-to-book ratio)拆解成公司特定誤差(firm-specific error)、時間序列行業誤差(time-series sector error)及長期價值對帳面(long-run value to book)三個部分。去探討企業生命週期、錯誤估值與併購的關聯性。實證結果顯示:成熟期的併購案較其他週期多，因成熟公司有足夠的資金去把握併購機會。成長期的錯誤估值較其他週期高，且成長期較其他週期更會使用股票做支付方式。成長階段的企業，其錯誤估值越高越容易採股票支付方式，主要是受到公司特定誤差之影響，因在成長階段權益價值較容易被誤估。在成熟階段的企業，長期價值對帳面(長期成長機會)會影響其支付方式的選擇，這符合高成長機會之企業較會採用股票進行融資的理論(Martin 1996)。

In this study, we use the cash dividend payout ratio, the sales growth rate, the capital expenditure rate and the establishment years to divide corporate life cycles into growth stage, mature stage and recession stage. We also split the M/B ratio into firm-specific error, time-series sector error and long-run value to book. This study explores the relationship among corporate life cycles, misvaluation and mergers and acquisitions. The results are presented as follows: first, the M&A number at mature stage is larger than those at other stages as mature firms have enough funds to acquire targets. Second, the misvaluation at growth stage is higher than those at other stages, and the bidders at growth stages are more likely to use stock as payment method than those at other stages. Third, the acquirers at growth stage are more likely to use stock as payment method because their stocks are more likely to be over-valued. Finally, long-term growth opportunities affect the choice of payment method in M&As at mature stage. This is consistent with the notion that high growth-opportunity companies tend to use stock to finance M&As.

論文審定書 i
誌謝 ii
摘要 iii
英文摘要 iv
目錄 v
圖次 vii
表次 vii
1. 緒論 1
1.1 研究背景與動機 1
1.2 研究目的 2
2. 文獻探討與研究假說 2
2.1 企業生命週期 2
2.2 錯誤估值與併購 3
2.3 研究假說 5
3. 研究方法及步驟 8
3.1 樣本選取 8
3.2 企業生命週期之劃分 9
3.3 控制變數 11
3.4 估值誤差之估算模型 12
3.4.1 定義Mt與Bt 12
3.4.2 估算真實價值v 13
3.5 事件研究法 14
4. 實證分析 15
4.1 敘述統計 15
4.2 生命週期與錯誤估值 20
4.3 企業生命週期與支付方式 23
4.4 錯誤估值與併購之關聯性-以生命週期論析 27
5. 附加測試 30
6. 結論 34
參考文獻 36

中文參考文獻
王炳成，2011，「企業生命週期研究評述」，技術經濟與管理研究，4，頁52-55。
林有志、傅鍾仁和陳筱平，2013，「資訊透明度、生命週期階段與價值攸關性關聯性之研究」，會計審計論叢，3(1)，頁49-80。

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