第五章 結論與建議
第三節 研究建議
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未具備 DataStream Code，且有部分集團以海外子公司或公司本身即非上市公司，
故在數量上未能採集到更多的公司股價，對於產業研究結果可能也會有所影響。
第三節 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) 已開發國家食品產業在選擇跨國購併對象時，可參考研究結果，以已開發國 家企業為主要收購對象，降低文化及地理距離帶來的資訊不對稱問題，取得 無形資產，投資人對其有較佳的預期，可為股價帶來正向的宣告效果。但如 雀巢個案所述，各個案不一定能完全套用於產業情況，仍需評估公司是否適 合文獻探討中提到影響購併績效之因素，評估購併策略及收購價格，才能為 企業帶來最佳績效。
(二) 根據研究結果，產業相關性對於食品產業非主要影響其選擇收購對象之因素，
在選擇向前垂直整合策略時需留意，因零售通路需較大規模之經營整合，對 於該市場需有更深入之了解，才適合投入至通路端。
二、對後續研究之建議
(一) 本研究未將樣本特別區分公司為現金支付、股票支付及或有支付等，也未區 分公司規模大小，後續對食品產業跨國購併研究時，可嘗試加入這些變數，
可能讓研究結果有更多的解釋空間，對已開發國家食品產業在選擇目標公司 時有更多的參考。
(二) 可嘗試以不同工具蒐集更多樣的樣本，或拉長樣本期間，亦可嘗試以其他定 義區分產業相關性對宣告效果影響之研究。
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(三) 本次研究以已開發國家食品產業為收購公司，研究影響收購公司績效之因素，
後續研究若對食品業購併有興趣，可以開發中國家食品產業為收購公司，觀 察影響開發中國家收購公司績效之因素，更甚者可將二者做比較，觀察國家 開發程度對食品產業購併收購公司之影響。
(四) 對於未來欲針對雀巢集團收購個案之研究，可對其評價面做比較，研究收購 價格有無買貴對收購公司股價表現之影響。
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