本國銀行合併之效益分析

Analyzing the Potential Gains from Bank Mergers in Taiwan

陳永琦(Yung-Chi Chen) ； 傅祖壇(Tsu-Tan Fu)

《經濟研究》 39卷2期 (2003/07) Pp. 173-196

https://doi.org/10.29765/TEI.200307.0002

摘要

金融環境競爭日益激烈，金融機構多以合併來達到節省成本與提昇營業綜效。前人之研究指出合併宜慎選對象方能獲取較大的利益。不過，仍未有研究提出實證數據以供參考。本文則利用厚邊界概念與成本函數法，進行台灣47家本國銀行合併效益之事前性模擬估計，我們更進一步地將合併效益區分為因規模經濟、範疇經濟或因不同生產技術提升之成本節省。研究結果顯示：本國銀行間之合併將可產生顯著之成本節省。此外，不同成本結構之銀行間合併所能獲得之效益，亦比同成本結構銀行間合併之效益高；亦即合併效益除了來自規模經濟與範疇經濟外，亦有來自生產技術提升部分；而後者最大可產生超過30%之成本節省。

關鍵字

合併效益 ； 成本節省 ； 厚邊界法 ； 本國銀行

並列摘要

In recent years, a growing number of banks in Taiwan have considered using the mean of bank merger to obtain potential cost savings and scale or scope economies. This paper adopts the concept of thick frontier and cost function approach to simulate the potential cost savings from mergers of 47 Taiwanese domestic banks. We have also further decomposed such merger gains into gains from scale and scope economies and gains from x-efficiency improvement. The empirical results have shown that the cost savings from sample bank mergers are substantial for all merger cases. In addition, cost savings from bank mergers between different cost structure banks are found to be much higher than those from bank mergers between the same cost structure banks. The impact of adopting better production technology could result in an over 30% of cost savings from bank mergers.

並列關鍵字

bank merger ； cost savings ； thick frontier ； Taiwanese Bank

參考文獻

Battese, G., Coelli, T.(1995).A Model for Technical Efficiency Effects in a Stochastic Frontier Production Function for panel Data.Empirical Economics.20

Becher, D. A.(2000).The Valuation Effects of Bank Mergers.Journal of Corporate Finance.6

Berger, A. N., Humphrey, D. B.(1991).The Dominance of Inefficiencies over Scale and Product Mix Economies in Banking.Journal of Monetary Economics.28

Berger, A. N., Humphrey, D. B.(1992).Megamergers in Banking and the Use of Cost Efficiency as an Antitrust Defense.The Antitrust Bulletin.37

Cornwell, C., Schmidt, P., Sickles, R. C.(1990).Production Frontiers with Cross-Sectional and Time-Series Variation in Efficiency Levels.Journal of Econometrics.46