併購決策與股價之關聯性-以金融控股公司為例-

自從政府公佈「金融機構合併法」與「金融控股公司法」後，對台灣金融發展趨勢帶來新的局面。而金融整併，雖能適時擴大經營規模及增加業務產品線，在經營面可充分滿足客戶需求，但由於金融機構除異業整併外，論其在產品方面差異並不大，在業務方面重疊性高，而在企業文化上的整合難度更高，所以本研究擬探此項併購帶來之影響。　　本研究結果發現加權指數與金融保險類股指數為正相關，且具0.01的顯著水準，而金融保險類股指數對加權股價指數之變動解釋力達0.628，表示金融保險類股指之變動，對加權股價指數之變動，具有相當程度的影響；另金融保險類股與金融控股公司股價亦具有顯著相關，在迴歸係數的檢定中，除華南金的係數不具顯著性外，其餘皆具顯著性，係數中僅台新金為負向關係外，其餘皆呈正向關係，表示說，在金融控股公司成立後，金融控股公司之股價變動，對金融保險類股指數，具相當程度的影響；而研究發現併購決策於事件日對股價之影響並無顯著相關。但近一步研究分析發現，金融保險類股指數及加權指數對併購事件之反應，並非於併購事件日，而是反應於併購事件日的前後，在併購事件日前呈負向相關反應；在併購事件日後，產生正向反應。研究結果顯示，併購決策與股價之關聯性，並非發生於併購事件日，而是中長期後較具顯著變化。　　而研究結果亦說明，金融機構間之併購案，多著眼於擴大規模，雖為自發性的併購案，但由於被併購之對象多半為體質較差或規模較小之金融機構，對併購事件本的效益及市場價值較不易彰顯，致併購事件的完成與否，在事前較不易為市場所認同。

關鍵字

股價；併購決策

並列摘要

The announcement of “the Financial Institutions Merger Act” and “the Financial Holding Company Act” brings the new aspects to Taiwan’s finance development trend. The finance merge can at the right moment expand the management scale, increase the service product line, and well meet the customer’s need regarding the management aspect. However, the financial institutes, besides their different business lines, do not have significant differences in the product aspect. Moreover, their service aspects are highly overlapped. The conformity difficulty of the enterprise culture is very high. The results indicate that the weighting index and financial insurance sector index are positively correlated with a significant level of 0.01. The change of explanation strength of financial insurance sector index to weighting stock price index reaches 0.628, indicating that the change of financial insurance sector index affects that of weighting stock price index in certain degree. In addition, the financial insurance sector and the financial holding company stock price also generally reveal significant correlation. In the regression coefficient examination, for the financial holding companies investigated, all except the South China gold exhibit significant correlations. For those with significant correlations, only Taishin reveals negative direction relation while others all present positive direction relations. The results imply that, after the establishment of the financial holding company, its change of stock price affects the financial insurance sector index in a certain degree. The results also indicate that the decision-making of merging buy does not reveal the correlation to the stock price on the event day. However, a further analysis shows that the response of financial insurance sector index and weighting index to the event of merging buy is not on the event day, but on the days before and after the event of merging buy. It shows negative while positive direction correlation responses before and after the event day of merging buy. Thus, the findings reveal that the correlation between the decision-making of merging buy and the stock price does not take place on the event day of merging buy. The variation is significant after middle and long periods of time.

並列關鍵字

Relationship of Merging Decision ； Stock Pricing

參考文獻

陳宗文 (2001)。簡介金融控股公司。萬通季刊，第37期，頁13-19。

Amihud, Y. and B. Lev (1981), Risk reduction as a managerial motive for conglomerate mergers. The Bell Journal of Economics, Vol. 12, No. 2, pp. 605-617.

Aggarwal, R. and F.J. Narratil (1991), Planning a successful acquisition strategy: Some guidelines, Managerial Finance, Vol. 17, No. 1, pp. 14-18.

Bradley, M., A. Desai and E. Kim (1988), Synergistic gains from corporate acquisitions and their division between the stock-holders of target and acquiring fim, Journal of Financial Economics, May, pp. 3-40.

Copeland, T.E., and J.F. Weston (1979), Financial theory and corporate policy. Addison-Wesley Publishing Company, Inc.

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併購決策與股價之關聯性-以金融控股公司為例-

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