為提升台灣地區的經貿發展，強化物流公司的附加價值並達到資源互補的經濟效益一直是管理者努力的方向。過去作品對於物流公司的績效評估大多著重於經營之關鍵準則的權重評估，或以傳統之資料包絡法（data envelopment analysis, DEA）進行績效評估，分析景氣低迷下企業間合併之績效也是管理者重視的議題。企業間進行不合適的合併只是增加企業規模，管理者選擇合適的企業組合並進行高效的合併才能增加經營的生產力。因此本研究應用兩階段DEA方法來評估台灣海運與陸運之專業物流公司於合併後之獲利能力及市場能力，數值分析以2007年美國次級房貸所引起之金融風暴期間之資料為主。本研究發現台灣物流產業具備高度一致的純技術效率，另外，敏感度分析突顯員工數是造成企業間績效差異的關鍵變數。

To enhance commercial development in Taiwan, managers always work hard to strengthen the added value and reach economic benefit of complementary resources for logistic companies. In past literature, performance evaluation of logistics companies mostly focus on analyzing weights of key criteria or conduct efficiency evaluation with traditional data envelopment analysis (DEA). However, during an economic downturn, performance evaluation of merger and acquisition between companies is also a key issue for managers. Improper merger and acquisition between companies increase scale only. Only when managers choose a suitable company portfolio and conduct high-efficiency merger and acquisitions, then productivity can be increased. Therefore, this study adopts a two-stage DEA method to evaluate profitability and marketability after merger and acquisition of specialized logistics companies (e.g., ground transportation and sea transportation) in Taiwan. The numerical analysis is based on data of the financial crisis during the 2007 U.S. subprime mortgage crisis. This study finds out that Taiwanese logistics industry possesses a highly unified pure technical efficiency. Moreover, sensitivity analysis shows that the number of employees is a key variable for the performance difference between companies.