外資股權對地主國銀行績效的影響：來自兩岸股權收購事件的證據

建立在王健安與張雅茹(2009)的研究基礎上，本研究探討外資以收購股權方式進入地主國銀行對其績效的影響。2001年至2008年間，在台灣與中國兩岸地區分別發生14件與34件的外資收購當地銀行股權事件，本研究將樣本分成所有樣本事件、被入股銀行背景/被入股銀行股權結構、外資角色，和外資控制權等4種情況，分別觀察其短期與長期影響，其中短期以股價報酬率的反應為代表，而長期則是觀察CAMEL會計指標的表現。　　透過符號檢定與T檢定，在台灣部分，本研究發現：當外資角色為金融機構，股權收購消息對被入股銀行具有短期顯著的正向報酬率；而進一步比較不同被入股銀行背景與外資角色，則發現財務正常銀行的短期正向影響優於財務危機銀行，而外資為金融機構的短期正向效果優於外資為非金融機構。而長期來看，整體而言，外資股權進入後2年內，對銀行的績效並沒有全方面的顯著正向反應，只有在獲利變異程度與流動準備比率具有顯著提高的正向反應，本研究認為這可能是受到近年國內卡債風暴，與國外金融海嘯的接連影響所導致。而在被入股銀行背景方面，當外資進入財務正常銀行可顯著降低其經營風險；綜合比較之下，外資股權進入財務正常銀行對其績效的正向影響優於財務危機銀行。在外資角色方面，外資為金融機構可顯著降低其經營風險，而外資為非金融機構則是顯著提高銀行的流動性；綜合比較之下，外資為金融機構對銀行績效的正向影響優於外資為非金融機構。在外資控制權方面，外資為大控制權可顯著提高銀行的資本適足率與流動性；綜合比較之下，外資為大控制權對銀行績效的正向影響優於外資為小控制權。中國部份，本研究發現：整體而言，外資股權入股後3年內，對於銀行的績效具有多方面顯著的正向效益。在被入股銀行股權結構方面，國有商業銀行在CAMEL五項指標下均具有顯著正向影響；其次是股份制商業銀行在資產品質、管理品質與獲利能力等具有顯著正向影響；最後城市商業銀行則是在資產品質與管理品質等具有顯著正向影響；綜合比較之下，外資股權對國有商業銀行具有最多方面的正向影響，其次為股份制商業銀行，最後為城市商業銀行。在外資角色方面，外資為金融機構對銀行的資本適足性、資產品質和管理品質等均具有顯著正向反應；而外資為非金融機構，則是在資產品質、管理品質與獲利能力等具有顯著正向反應：綜合比較之下，外資為金融機構對銀行績效的正向影響優於外資為非金融機構。在外資控制權方面，外資為大控制權在資產品質、管理品質、獲利能力與流動性等均具有顯著正向反應；而外資為小控制權在資產品質、管理品質與獲利能力等具有顯著正向反應；綜合比較之下，外資為大控制權對銀行績效的正向影響優於外資為小控制權。研究結果發現外資股權進入對地主國銀行績效的影響，會因為不同情況而有所差異，因此本研究建議地主國金融管理當局與銀行業者應根據本身背景條件，慎選可與之互助互補的外資股權，並在不影響金融穩定的前提下，多引進外資角色為金融機構，或開放外資持有較多股權，以共創雙贏的最佳組合。

關鍵字

外資股權；地主國銀行；股價報酬率； CAMEL會計指標

並列摘要

Based on the research of Wang and Chang(2009), This research applies 14 events of Taiwan’s banks and 34 events of China’s banks from 2001 to 2008 to discuss the short-term and long-term performance of host banks that effected by share acquisitions of foreign institutions. To observe the short-term reaction of stock price return and the long-term performance of accounting ratios, the research samples are classified into four types which are All Samples, Background/Ownership Structure of the Host Banks, the Role of Foreign Institutions, and the Right of Foreign Institutions. 　　Applying the Sign test and T test, this research shows the short-term effect in Taiwan area that when the Role of Foreign Institutions is Financial Institutions, the announcement of share acquisition has a significant positive association with the bank’s stock price return. In addition, considering the Background of the Host Banks and the Role of Foreign Institutions, this research reveals that the banks without financial crisis have higher stock price return than the banks with financial crisis; furthermore, foreign financial institutions have higher stock price return than foreign non-financial institutions. All Samples shows the long term effects that VofR and Liq ratio have significant positive association with bank’s performance. In the aspect of Background of the Host Banks, after foreign investment the VofR decreases for the banks without financial crisis. For the Role of Foreign Institutions, Liq ratio can be raised if Institutions is not a Foreign Non- Financial Institutions. As a result, Foreign Financial Institutions provide better effects in performance than Foreign Non-Financial Institution. For the Right of Foreign Institutions, higher right of Foreign Institutions offer higher Liq ratio. High right of Foreign Institutions have better effects in performance than low Right of Foreign Institutions. This research results for four types do not show significant short-term effects in China. However, for long-term effects, almost all financial ratios show considerable positive effects after foreign investment invest in China local banks. For the Ownership Structure of the Host Banks, State-Owned Banks have significant positive effects in CAR, NPL ratio, NIM, NOM, OE, and LtoTA. Joint Commercial Banks have significant positive effects in NPL ratio, NIM, NOM, ROA, and ROE. Besides, City Commercial Banks have significant positive effects in NPL ratio, LLR ratio, and NIM. After Comparison, State-Owned Banks have better performance in BR and LtoTA than the other two, and City Commercial Banks have better performance in LLR ratio and NIM than the other two. For the role of Foreign Institutions, Foreign Financial Institutions have significant positive effects in CAR, NPL ratio, NIM, and NOM. Foreign Non-Financial Institutions have significant positive results in NPL ratio, NIM, NOM, OE, ROA, and ROE. Besides, Foreign Financial Institutions have better performance in NPL ratio and NIM than Foreign Non-Financial Institutions. In the Right of Financial Institutions, Big Right of Financial Institutions have significant positive effects in NPL ratio, NIM, BR, NOM, OE, ROA, and LtoTA. Small Right of Financial Institutions have significant positive effects in NPL ratio, VofR, NIM, NOM, and ROE. Furthermore, Big Right of Financial Institutions have better performance in CAR, BR, NOM, OE, ROA, and LtoTA than Small Right of Financial Institutions. In conclusion, the effects of foreign ownership entry to performance of host banks differ due to different conditions. To allow foreign investment, therefore, related financial institutions and banks need to evaluate themselves’ conditions, introduce more foreign institution which are financial institutions, and prevent from damaging local financial stability and safety. Moreover, to increase the proportion of foreign ownership will be help to improve profit and performance of local banks suffering risky business and also to raise those of local banks having better corporate identity.