第五章 結論與建議
第三節 後續研究建議
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第二節 研究限制
由於蒐集資料與實證計算的過程當中許多的外在因素限制可能會對於本論 文的實證結果產生一些影響，其限制如下：
一、由於位於東南亞的新興國家資料蒐集不易，導致 2011 年之後的樣本數銳減，
可能會使研究的結果偏重於 2011 年以前且目標國家大多為拉丁美洲與中東 歐的併購活動。
二、本研究採取之樣本已 SDC 資料庫為併購活動基準，篩選已完成之已開發國 家銀行併購新興國家金融相關產業之併購案，再以 DataStream 蒐集股價與 公司 ROE、資產等相關資料。但 SDC 資料庫中有部分公司未具備 DataStream Code，故未能蒐集到該公司資料，對研究的結果也會有所影響。
第三節 後續研究建議
根據研究結果及限制，僅對企業及後續研究者提供以下研究建議：
一、對企業之建議
(一) 根據研究結果，已開發國家銀行併購新興國家金融相關產業時，當目標國家 開辦企業的程序越便利簡潔、登記財產的流程越明確或能夠越有效的執行合 約時，投資人對其有較佳的預期，可謂股價來正面的宣告效果。此可作為已 開發國家或台灣銀行產業要打亞洲盃的跨國併購選擇參考。
(二) 此外根據研究結果，若新興國家若想吸引外資銀行進入，可加強其對企業擴 建的經商環境，如此已開發國家銀行較願意進入，且投資人對其也有較佳的 預期。
二、對後續研究之建議
(一) 可以嘗試以不同工具蒐集更多的樣本，或拉長樣本時間，亦可嘗試以其他定
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義區分經商環境對宣告效果影響之研究。
(二) 本研究僅就短期之宣告效果研究，建議後續研究者可以研究長期主併銀行的 績效，如 ROE 等。或考慮管理者併購的動機及策略面，以期全面性衡量併 購之績效。
(三) 由於本論文使用一般最小平方法(Ordinary Least Squares，簡稱 OLS) 進行市 場模型參數的推估，而該模式的必要假設誤差項的期望值為 0 且為同質變異，
而 Engle and Mustafa(1992) 認為股票報酬率存在厚尾(Fat Tail)及高峰現象。
雖然國內有研究指出 OLS 估計組樣本與 OLS+GARCH 估計組樣本對異 常報酬率的計算結果並無顯著差異(孫梅瑞與陳隆麒, 2002)，但是往後在做 市場模型估計時可以增加使用 OLS+GARCH 的估計方式來做對照。
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甘文光(2005)，「地主國吸引外人直接投資的決定性因素：跨國分析」，國立政 治大學行政管理學程碩士論文