以往在探討企業併購相關的研究，多半是以企業發展策略及內部成長方面為主，亦或是以傳統的財務觀點之綜效為出發，這使人容易忽略主併公司與被併公司間地理距離與交通時點所產生的問題。而現今的社會，行動通訊的快速發展促使資訊傳遞快速，壓縮兩地間的空間感，那這樣的結果是否容易使投資人與經營者忽略實際距離這因素的重要性呢？因此本研究主要在探討地理距離對主併公司併購的影響。
本研究由「台灣經濟新報」(Taiwan Economic Journal, TEJ)蒐集我國上市公司併購資料作為研究樣本，樣本期間自2006年至2018年，透過Google Maps計算主併公司與被併公司間之實際行車距離作為地理距離，透過地理學觀點對上市公司併購事件加以探討。本研究將地理距離結合事件研究法及分量迴歸分析作為研究方法，探討事件公告日前後股價之異常報酬反應，並探究造成公司股票價格產生異常報酬之重要解釋變數。
In the past, the research related to corporate mergers and acquisitions was mostly based on corporate development strategies and internal growth, or based on the synergy of traditional financial views. This is easy to ignore. The relationship between the main merger company and the target company Geographic distance. In today's society, the rapid development of mobile communications has promoted the rapid transmission of information and reduced the sense of geographic space. Is it easy for investors and company managers to ignore the importance of geographical distance? Therefore, this study mainly the influence of geographical distance on the M&A effect of the acquirers.
This research data was collected by Taiwan Economic Journal (TEJ), and the merger and acquisition events of listed companies were used as the research sample. The sample period was from 2006 to 2018. In this study, through Google Maps, the optimal driving distance between the main merger company and the target company is calculated. As the basis of the geographical distance, the merger and acquisition events of the listed company are discussed through the geographical point of view. In this study, geographic distance is combined with the event research method and component regression analysis as a research method to explore the abnormal return response of stock prices around the date of the event announcement, and to explore the important independent variables that cause abnormal returns of company stock prices.
