金融控股公司之併購績效評估-透過選擇併購時點和選擇併購對象能力指標分析

An Optimal Timing and Target Ability of Merger and Acquisitions for the Development of Performance Evaluation for FHCs

黃琳惠(Lin Hui Huang)

指導教授 ： 郭憲章

國立暨南國際大學/管理學院/財務金融學系/碩士(2008年)

https://doi.org/10.6837/NCNU.2008.00034

摘要

本研究主要建立選擇併購時點能力和選擇併購對象能力兩個指標，評估金融控股公司之併購績效。也以金融控股公司的特性如CAMEL評等、多角化程度、自由現金流量、總資產規模、股權結構和相關總體經濟變數等，予以探討這些變數是否為影響其選擇併購時點能力和選擇併購對象能力的績效的因素。本研究選取台灣十四家金控，以2002年3月到2007年6月這段期間進行實證分析，實證結果發現:資產品質、流動性和多角化皆顯著與金融控股公司的選擇併購時點能力和選擇併購對象能力之超額報酬有關，其中僅資產品質對選擇併購時點能力之超額報酬呈正相關，流動性與選擇併購對象能力之超額報酬呈顯著正相關，多角化亦與選擇併購時點能力和併購對象能力之超額報酬呈正相關。意指金控公司呆帳覆蓋率越高，資產品質越好，會提升金控公司的選擇併購時點能力。多角化活動越多(跨業經營組合效率越好)者，其併購後的績效會增加。金融控股公司擁有的流動性資產比例越多則會提高其選擇併購對象能力之超額報酬。總資產規模越小的金融控股公司其併購選擇時點能力和選擇對象能力越好。自由現金流量越多的金融控股公司，亦會增進併購選擇對象和時點的能力之超額報酬。GDP成長率僅會影響到金控公司的選擇對象能力之超額報酬。再者，金融控股公司的選擇併購擇時點和選擇併購對象能力之超額報酬皆會影響其獲利能力，顯示金融控股公司併購擇時掌握和對象選擇能力越好，有助提升金融控股公司的績效。

關鍵字

金融控股公司 ； 併購績效 ； 選擇併購時點能力 ； 選擇併購對象能力

並列摘要

This research mainly constructs the dimensions of merger and acquisition’s timing ability as well as target selection ability in order to evaluate for the relationship between the two ability and financial holding companies’ performance .We also investigate whether or not these valuables such as CAMEL, diversification, free cash flow, size, ownership, and macroeconomics are factors that effect both ability dimensions and further impact on financial holding company’s performance. This paper selects a panel data from fourteen financial holding companies in Taiwan and set for the period from first quarter in 2002 to second quarter in 2007.We find evidence that improves quality of assets and increases in diversification as well as liquidities are associated with better performance after merger and acquisition within financial holding companies .Financial holding company owns more current assets and engages in more diversified activities and then its excess returns of target ability from merger and acquisition will increase. However, quality of assets will effect on excess return of optimal timing ability positively after merger and acquisition .The smaller size the FHC is the more excess return of merger and acquisition ability is. FHC owns more free cash flow then will improve its excess return of merger and acquisition’s target and optimal timing ability. GDP is positive associated with excess returns of merger and acquisition target ability significantly. Moreover, this paper further investigate whether or not the impact of both dimensions on financial holding company’s performance. However, it exhibits that financial holding company has better merger and acquisition’s timing ability as well as target selection ability and then will improve its performance.

並列關鍵字

financial holding company ； performance ； timing ability ； target ability

參考文獻

參考文獻

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