研究限制與未來研究建議

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第三節 研究限制與未來研究建議

以下針對本研究之研究限制作一說明，並提出未來研究建議：

一、國外研究中，常以股東異常報酬與外部專家聲譽間之關係，實證探討外 部專家之認證功能。然而，在我國由於合理性意見書之揭露制度並不完 備，故在實驗設計上，因無法明確定義合理意見書揭露之時點，而無法 透過股東異常報酬與外部專家聲譽間之關聯性，觀察市場對獨立專家制 度之反應。未來，待合理性意見書之揭露制度完備後，後續研究者應可 考慮參考國外實證研究方法，實證探討股東異常報酬與外部專家聲譽間 之關聯性。

二、由於國內資本市場較小，大型併購案件不多，在被併公司多數為非上市 (櫃)公司的情況下，被併公司資料取得不易，因此本研究只能針對主併 公司做分析。等國內併購市場成熟時，若後續研究者能取得足夠的被併 公司資料，建議可將主併與被併公司一起做分析比較，觀察獨立專家制 度對雙方是否有不同的效果。

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