- 學位論文
由財務績效面探討本國銀行優質合併之研究
A Study of High-Quality Mergers Among Domestic Banks Based on their Financial Performance
摘要
摘 要 銀行合併在美國、日本及歐洲等國家已是一種風潮，期藉由雄厚的資金並提供多樣化的金融服務來提升經營實力，以因應日趨激烈的市場競爭。以美國銀行合併經驗來看，如果獲利良好的銀行被強迫購併體質不好的銀行，往往會拖垮優質銀行，故優質銀行通常不願與劣質銀行合併。此外，台灣預料將於民國90年年底前加入WTO，進入WTO對金融業的最大衝擊應為現存的外商銀行業務範圍及設立分行的兩項限制均將解除，會迫使本國銀行面臨跨國性金融集團的強大競爭壓力。因此，銀行間基於資本擴大或業務互補之合併，將是本國銀行未來生存之契機。 本研究之主要目的是希望整合銀行業的經營指標，俾建立本國銀行財務績效之評估模型，以做為篩選優質銀行之依據，並進而探討本國銀行在本土性金融風暴發生前後的財務績效是否有顯著差異；此外，本研究試圖由財務績效面建構本國銀行優質合併之評估模式，除分析各優質銀行合併對象的優先順序之外，並建議可成為領導性銀行的適配之合併組合，以期做為政府與銀行業研擬合併決策之參考。本研究選取之樣本包含36家本國上市(櫃)銀行，共設計12項財務績效指標，其分析期間自民國84年至89年止共6個年度。研究方法係採用多變量分析之主成份分析，並假設合併基準日為89＋年12月31日，且以權益結合法為合併之會計處理方法，就銀行之實際財務資料作合併配對之模擬研究。其研究結果如下： 1.在36家本國上市(櫃)銀行中，大部分舊銀行的財務績效普遍不如新銀行 ，只有中華開發銀行、中國信託銀行、交通銀行、中國國際商銀及世華銀行等5家舊銀行例外。 2.本研究發現有4家銀行在本土性金融風暴之後的排名大幅上升：中國信託銀行、中華商業銀行、高雄銀行及台灣中小企銀，顯示此4家銀行雖經過金融風暴的衝擊，其財務體質不但未受影響且更加健全。但有4家銀行在金融風暴之後的排名反而顯著下降：亞太銀行、中興銀行、泛亞銀行及台中商銀，主要是受到貸款給不良企業及受到金融弊端的影響。 3.本研究獲得之最佳銀行的合併組合如下：(1)中華開發銀行、華信銀行及台新銀行；(2)中華開發銀行、台新銀行及遠東銀行；(3)中華開發、台新銀行及富邦銀行。並且研究結果顯示好銀行之間的合併，將使合併後之整體財務績效更好。 4.此外，本研究在不考量主併或被併銀行之原則下，最佳的合併對象是中華開發工業銀行，依序為中國信託銀行、台新銀行、華信銀行、交通銀行，結果顯示排名較前面的銀行相對於排名較後面的銀行，在進行交叉合併後之財務績效的排名較佳。 5.本研究特別建議下列三組合併組合可發展成為領導性銀行：(1)中華開發工業銀行、華信商業銀行及台新國際商業銀行；(2)中國信託商業銀行、中國國際商業銀行及世華聯合商業銀行；(3)交通銀行、中國國際商業銀行及世華聯合商業銀行。
並列摘要
Abstract Bank Mergers is a trend in America, Japan and Europe during the 1990s. The major purpose to provide an abundant capital and various financial service to strengthen market competition. According to mergers experience of American banks, if the high-quality banks were forced to merge the bad-performance banks would cause the performance of the acquirers getting worse. On the other hand, as Taiwan will participate in WTO in 2001, the major impact on local banking is expected that the release restraint of the business scope and branch of foreign banks. The local banks will face the fierce competition from international financial groups. Therefore, it is expected there will be a trend of mergers between local banks in Taiwan in the following decade. The purposes of this study are to construct a general indicator for banking, and to establish an evaluation model of financial performance on local banks in Taiwan high-quality banks, and compares their financial performance between the period before and after the locally financial crisis for local banks. Moreover, this study establishes an evaluation model of high-quality mergers based on their financial performance, and ranks them by the priority sequence of merger for each high-quality bank. It also suggests the optimum mergers among local banks. The findings of this study are as follows: 1. Most of “old” banks are worse than “new” banks based on their financial performance except China Development Industrial Bank, Chinatrust Commercial Bank, Chiao Tung Bank, International Commercial Bank of China, and United World Chinese Commercial Bank. 2. There are four banks grew rapidly by ranking after locally financial crisis, these and Taiwan Business Bank, which indicates their financial stability during the locally financial crisis. However, there are four other banks whose ranking dropped sharply after locally financial crisis, namely, Asia Pacific Bank, Chung Shing Bank, Pan Asia Bank, and Taichung Commercial Bank. The major reason of these dramatic change is that these banks are influenced by bad-loan of the financially distressed firms and financial abuses. 3. The best bank merger match we obtained is the mergers among China Development Industrial Bank, Bank Sinopac and Taishin International Bank, the next best group is China Development Industrial Bank, Taishin International Bank and Far Eastern Internatinal Bank, the third one is China Development Industrial Bank, Taishin International Bank and Fubon Commercial Bank. The result also demonstrates that the financial performance of the acquirers will be better after mergers of high-quality banks. 4. This study finds that the best merger object are as follows: China Development Industrial Bank, Chinatrust Commercial Bank, Taishin International Bank, Bank Sinopac, Chiao Tung Bank in sequence. 5. This work suggests three sets of merger matches for becoming the leading bank in Taiwan as follows: (1) China Development Industrial Bank, Bank Sinopac and Taishin International Bank, (2) Chinatrust Commercial Bank, International Commercial Bank of China and United World Chinese Commercial Bank, (3) Chiao Tung Bank, International Commercial Bank of China and United World Chinese Commercial Bank.