本文主要用分量因果關係檢定來研究併購活動規模與經濟成長的領先落後關係，以6個OECD國家為樣本，研究資料期間長達28年，從1983年第二季至2010年第一季。本研究發現經濟成長率只有在部分國家確實顯著的影響併購活動，尤其是在較大的經濟體且在較活躍的併購活動下特別明顯；而併購活動影響經濟成長率也是在部分的國家發生，特別是在經濟成長較小的情況下。另外我們發現到這兩個變數相互間的領先落後關係，似乎在不同國家間有不同的情況；因此對於投資人或政府而言，若要用這些變數來做為投資或施政的參考，可能要因地制宜。

The paper employs the method of quantile causality to survey the causal relationship between the scale of mergers and acquisitions (M&A) and economic growth by the 28-year data of six OECD countries covering the period of second quarter of 1983 to first quarter of 2010. The study finds that the rate of economic growth affects M&A activities significantly on some countries, especially on bigger economic entities with more active M&A activities. And we also found that M&A activities affect the rate of economic growth on part of examined countries, especially on the condition of smaller economic growth. In addition, we found that there are a variety of lead-lag relationships between both surveyed variables among examined countries. Therefore, for investors and officials they should use the method in line with local circumstances if they would use the two variables as the reference of investment and administration.