本研究以日月光半導體製造股份有限公司作為個案分析主要對象，進行探討，並且針對該公司於 2015年宣佈併購矽品精密工業股份有限公司之情形作更深入的的分析。
首先，學術上將企業利用併購策略來達到迅速擴張規模、競爭力以及掌握先進技術與管理制度產生合併的綜效，來達到企業追求不斷成長的目標，最近這幾年國際併購的規模不斷攀高，在全球化下，併購的潮流是一種發展的趨勢。本研究以個案研究法針對日月光公司從其企業外部成長加上產業外在環境的歷史與地理角度出發，探討其企業併購的策略，包括併購的動機為何、如何尋找併購的對象、併購對象的評估與執行方式、以及併購前的財務規劃與分析，再進一步，探討其策略上的考量，以及併購後財務績效的推測，做進一步的分析與探討，最後，整理歸納出併購成功的關鍵因素為何。
　　針對日月光併購的描述與分析，本研究認為日月光併購成功的因素包括：併購策略的選擇是促成併購成功最大的原因之一、併購後可以提升股東報酬率並且降低成本，彼此分享企業內部資源增加綜效，才能夠達到併購前預期的綜效與結果。

In this study, I use Advanced Semiconductor Engineering, Inc. as the main research firm to proceed all the analyses. In particular, this study focuses on analyses of ASE’s acquisition of SPIL in 2015.
First, theory points out most of firms use mergers and acquisitions strategy to achieve rapid expansion of the scale, aiming to increase competitiveness, advanced technology and management system to obtain synergies. In recent years, the scale of international mergers and acquisitions continues to rise. In this study, I examine ASE’s growth strategy as a whole from the external growth of its enterprises and the historical and geographical aspects of the industrial environment in order to further explore the M&A strategies used by ASE. The issues to be examined, including the motivations behind M&A, the way how ASE identifies the object of M&A, the implementation of M&A strategy, as well as the pre-merger financial planning and analysis. Furthermore, I also explore ASE’s strategic considerations, as well as the financial performance of mergers and acquisitions speculation. Finally, I sort out the key factors of mergers and acquisitions success.
To sum up, I conclude the success factors of ASE’s expansion as follows: M&A strategy is one of the major reasons for the success of scale expansion. In addition, M&A also improves shareholder's return, reduces the cost, and increases efficiency by utilizing internal resources of the enterprise.

一、中文文獻
天下雜誌 (2016)，「日矽戀完結　讓林文伯終於點頭的3大原因」，(取得日期：2017年5月16日)，[available at http://www.cw.com.tw/article/article.action?id=5076562]。
中時電子報，「觀點－日月光為何非買不可？」，(取得日期：2017年5月16日)，[available at http://www.chinatimes.com/newspapers/20151223000044-260202]。
伍忠賢 (2000)，企業購併─理論與實務。台北：新陸書局。
林永隆 (1998)，「企業購併綜效在財務上的探討」，國立中興大學企業管理研究所未出版碩士論文。
林孟彥 (2011)，管理學，第十版。台北：華泰。
林嬋娟及吳安妮 (1992)，「台灣企業併購綜效及績效之實證研究」，會計評論，第 26 期。
哈佛商業評論 (2007)，「股票或現金？︰併購過程買賣雙方的交換」，(取得日期：2017年5月16日)，[available at https://www.hbrtaiwan.com/article_content_AR0000251.html]。
哈佛商業評論 (2009)，「併購打開國際大門」，(取得日期：2017年5月16日)，[ available at https://www.hbrtaiwan.com/article_content_AR0001086.html ]。
財金新報 (2016)，「日月光矽品簽了！ 換股共組控股公司協議雙方董事會正式通過」，(取得日期：2017年5月16日)，[available at https://finance.technews.tw/2016/06/30/ase-industrial-holding-co/]。
黃俊英 (1994)，企業研究方法，第4版。台北：東華書局。
謝劍平 (1999)，財務管理─新觀念與本土化。台北：智勝文化事業有限公司。
謝劍平 (2014)，國際財務管理：跨國企業之價值創造，二版。智勝文化。
蕭惠元 (1996)，「購併活動對股價行為與會計資訊之影響－以台灣上市公司為例」，東吳大學會計研究所未出版之碩士論文。
蘋果日報 (2016)，「日月光收購矽品的產業意涵」，(取得日期：2017年5月16日)，[available at http://www.appledaily.com.tw/realtimenews/article/new/20150924/697980/]。
蘋果日報 (2016)，「中國封測業急起直追　台灣面臨挑戰」，(取得日期：2017年5月16日)，[available at http://www.appledaily.com.tw/realtimenews/article/new/20160929/958504/]。
國科會科資中心 (2016)，中國大陸『十三五規劃』對台灣企業之影響：(二) 中國大陸扶植半導體封測產業之觀察，[available at http://iknow.stpi.narl.org.tw/Post/Read.aspx?PostID=12711]
資誠聯合會計師事務所、普華國際財務顧問、台灣併購與私募股權協會 (2016)，2016海外併購白皮書。台北市：台灣併購與私募股權協會。
二、西文文獻
Agrawal, Jaffe and Mandelker (1992), “The Post-merger Performance of Acquiring Firms: A Re-examination of an Anomaly,” Journal of Finance, 47(4), 1605-1621.
Ansoff, H. I. (1957), “Strategies for diversification,” Harvard Business Review, 35(5): 113-124.
Baek, Kang and Park (2002), “Corporate governance and firm value: evidence from the Korean financial crisis,” Journal of Financial Economics, 71(2004), 265–313.
Banerjee, Eckard (1998), “Are mega-mergers anticompetitive? Evidence from the first great merger wave,” RAND Journal of Economics, 29(4), 803-827.
Cho and Pucik (2005), “Relationship between Innovativeness, Quality, Growth, Profitability, and Market Value,” Strategic Management Journal, 555-575.
Duggal (1995), “Agency cost and firm value: Further evidence from bidding firms,” International Journal of Finance, 7(2), 1183-1194.
Ghosh (2001), “Does operating performance really improve following corporate acquisitions?” Journal of Corporate Finance, 7, 151-178.
Healy, Palepu and Ruback (1992), “Does Corporate Performance Improve after Mergers?” Journal of Financial Economics, 31(2), 135-175.
Lewellen, Wilbur (1971), “A Pure Financial Rationale for the Conglomerate Merger,” The Journal of Finance, 27, 521-537.
McGuckin, Nguyen and Reznek (1995), “On productivity and plant ownership change: New evidence from the Longitudinal Research Database,” RAND Journal of Economics, 26(2), 257-276.
Nkomo (1987), “Human resource planning and organization performance: An exploratoy analysis,” Strategic Management Journal, 8(4), 387-392.
Philip, Kotler (1984), Marketing Management. Prentice-Hall, pp.497.
Porter, M. (1980), Competitive Strategy, New York: The Free Press.
Radecki, Wenninger and Orlow, D. K. (1997), “Industry Structure: Electronic Delivery’s Potential Effects on Retail Banking,” Journal of Retail Banking Services, 19, 57-63.
Raj, Forsyth (2003), “Hubris amongst U.K. Bidders and Losses to Shareholders,” International Journal of Business, 8(1), 1-16.
Rhoades (1996), “Bank Mergers and Industrywide Structure,” Federal Reserve Bulletin, 169(42), 997-1013.
Seth, A. (1990), “Value Creation in Acquisitions：A Reexamination of Performance Issues?” Strategic Management Journal, 11, 158-162.
Singh, Montgomery (1987), “Corporate acquisition strategies and economic performance,” Strategic Management Journal, 8(4), 377–386.
Stake, R. E. (1995), The art of case study research, CA: Sage.
Switzer (1996), “Evidence on Real Gains in Corporate Acquisitions,” Journal of Economics and Business, 48(5), 443-460.
Trautwein, F. (1990), “Merger motives and merger prescriptions,” Strategic Management Journal, 11, 283-295.
Weston, F. J., Siu and Johnson (2004), Takeovers, Restructuring & Corporate Governance. London: Prentice Hall.
Williamson, O. (1977), “The Vertical Integration of Production: Market Failure Consideration,” The American Economic Review, 61(2): 112-123.
Yin, R. K. (1994), Case study research: Design and methods (2nd), CA: Sage.