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支付方式逐漸以現金為主，即便以股票支付的併購案中納入Collar 條款者在 2000 年以後比例普遍較高，但納入Collar 條款的併購案數量相較於全部併購案，比例 上仍占少數，使得本研究模型解釋能力可能偏低。
第三節 研究建議
由於近年美國的支付方式出現明顯變化，逐漸以現金支付為主，主要原因在 於美國歷經2000 年、2002 年與 2008 年之網路泡沫經濟、911 攻擊事件以及金融 海嘯影響，使企業傾向接受價值穩定的現金。本研究探討當企業選擇以股票作為 支付方式時，可能納入Collar 條款，減輕發行股票時產生的負面影響，並進一步 發現當企業於併購交易中納入 Collar 條款時，能為企業產生較高的併購後 ROA 變化。然企業併購之條款不限於Collar 條款，建議可以觀察近年多以現金支付併 購對價時，企業是否於併購協議中納入特定條款，減少以現金支付可能產生的相 關風險。
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Appendix A.-高科技產業
Biotechnology Blood Derivatives
Drug Delivery Sys(Not IV Sys) General Med. Instruments/Supp.
General Pharmaceuticals Healthcare Services Lab Equipment
Medical Imaging Systems Medical Lasers
Medical Monitoring Systems Medicinal Chemicals Other Biotechnology Over-The-Counter Drugs Rehabilitation Equipment Research & Development Firm Surgical Instruments/Equipment Vaccines/Specialty Drugs
Computer Equip.-continue Data Processing Services Database Software/Programming Disk Drives
Mainframes & Super Computers Micro-Computers(PCs)
Modems
Monitors/Terminals
Networking Systems (LAN,WAN) Operating Systems
Other Computer Related Services Other Computer Systems
Other Peripherals
Other Software (inq. Games) Portable Computers
Printers
Programming Services
Utilities/File Management Software Workstations
Communications Alarm Systems
Cellular Communications Internet Services & Software Messaging Systems
Microwave Communications Other Telecommunications Equip Satellite Communications Telecommunications Equipment Telephone Interconnect Equip
Electronics Other Electronics
Precision/Measuring Test Equip Printed Circuit Boards
Process Control Systems Search,Detection,Navigation Semiconductors
Superconductors
Computer Equip.
Applications Software(Business) CAD/CAM/CAE/Graphics Systems CD Rom Drives
Communication/Network Software Computer Consulting Services
General Tech.
Defense Related
Lasers(Excluding Medical) Other
Robotics 資料來源：Securities Data Company 並經本研究整理
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