| Summary: | 碩士 === 銘傳大學 === 財務金融學系碩士班 === 97 === Since 1980, many literatures are focused on the topic that whether the mergers and acquisitions between companies can have good results. From those literatures, most of the analyses are based on the aspects of stock return, financial results and the operating achievements. In this paper, we use different process, by using the residual income to calculate the variations of intrinsic value after M&A, to observe if the M&A can create intrinsic value of companies. Besides, we analyze the situation of companies that can have positive influence of intrinsic value after M&A. In this research, samples are the companies that complete M&A during 1991 to 2001. As the result, generally, M&A indeed improve the value of companies. However, under the clustering Analysis, intrinsic value of acquirer firm, which is considered as glamour by performance extrapolation hypotheses, has apparently negative effects. Consequently, if acquirer firm is valued and overvalued, the variation of intrinsic value can have apparently increase by considering both the performance extrapolation hypotheses and misevaluation hypotheses.
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