台灣擁有非常豐沛的旅遊資源，在地消費者出國旅遊和外國消費者至台灣旅遊皆為相當方便，大部分的旅遊服務供應商會透過旅行社來銷售商品。目前在台灣的旅遊產業中企業普遍面臨市場小且供給過多的挑戰，因此旅遊服務公司常舉辦促銷活動，企業面對這樣的情況有時只好犧牲服務的品質。企業的合併能使供給縮小，以避免企業間惡性的價格戰。然而決定合適的合併組合則成為管理者需面對的問題，高效的合併能增加企業的生產力，不合適的合併組合只是增加企業規模並不能提高效率。本文應用資料包絡法(data envelopment analysis, DEA)以生產力角度來評估企業合併後的績效，其分析對象為台灣上市櫃旅遊服務公司。二階DEA主要評估決策單位之獲利能力及市場能力。另外，本文使用麥氏指數來評估企業在時間跨度下績效的變化，分析結果能用來瞭解具有發展潛力的合併組合，結果顯示雄獅旅遊服務公司與其他公司的合併組合具有高度的發展潛力，本文希望提供相關業者一個決定合併組合之決策方法。

There are abundant travel resources in Taiwan, and it's convenient for both domestic and foreign tourists to travel in Taiwan. Most travel service providers sell their products through travel agents. Currently, travel industry in Taiwan commonly faces the challenges of the small market and excessive supply. In response, travel service companies usually hold promotional campaigns, and service quality is sometimes subsequently compromised. Merger and acquisition between companies may reduce the supply, and prevent vicious price war between companies. However, deciding suitable mergers and acquisitions portfolio becomes management's new problem. High-efficiency mergers and acquisitions increases company productivity, and unsuitable mergers and acquisitions portfolio only increase scale without increasing efficiency. This paper adopts data envelopment analysis (DEA) to evaluate company performance after mergers and acquisitions with the perspective of productivity. Objectives of analysis include Taiwan listed travel service companies. The research method is a two-stage DEA, including evaluation of profitability and marketability. Furthermore, this paper uses Malmquist index to evaluate company performance variation with cross-period. Analysis results are used to understand mergers and acquisitions portfolio that has development potentials. The result shows that mergers and acquisitions between Lion travel Service Company and other companies possess high development potential. This paper provides a decision-making method for companies to decide mergers and acquisitions portfolio.