併購前金融專業機構持股比例變化之決定因素

On the Change of Bank Equity Stakes before Mergers

黃于倫(Yu-Lun Huang)

指導教授 ： 林霖

國立暨南國際大學/管理學院/財務金融學系/碩士(2007年)

摘要

本研究藉著美國主併公司在併購完成日之前公司外部董事中，商業銀行及投資銀行持股比例變化情形與公司特性之間的關連性，來探討具有財務專長的銀行增加公司股票持有的因素。分別檢視商業銀行與投資銀行持股比例變化以及平均每家持股比例變化的情形。首先以代理成本及訊號發射假說，探討商業銀行持股變化的情形，研究結果顯示，當短期流動負債比例增加幅度愈高與獲利能力增加幅度愈低時，則整體商業銀行持股比例增加的機率愈高，前者支持訊號發射假說，後者則較支持代理成本假說。在投資銀行方面，當企業的資產規模增加幅度愈高以及財務狀況愈穩定時，投資銀行增加持股比例的機率愈高。實證結果另外發現，無論是商業銀行或投資銀行，在併購完成日之前如果持股比例比對方小時，則其分別會增加持股比例以得到相對較高的控制權力（control power）。

關鍵字

商業銀行持股 ； 投資銀行持股 ； 財務專長 ； 代理成本假說 ； 訊號發射假說 ； 公司治理

並列摘要

This study investigates the relationship between the changes of the shareholdings of the institutional financial/investment professionals and the firm-specific characteristics of the acquiring companies prior to merger completion dates, thereby identifying factors dominating their investment behavior. Both total and average changes of their ownership are considered to test the popular agency and signaling hypotheses. Evidence shows that commercial banks are more likely to increase their equity holdings of the businesses with increasing current liability and decreasing profitability. The former supports signaling hypothesis but the latter seems to suggest agency cost hypothesis. Investment banks, on the other hand, prefer those with increasing assets and stable financial statuses. A competitive relation of these financial experts is also pictured in terms of the pursuit of a higher controlling power over the board against each other before the merger completion date.

並列關鍵字

Commercial bank equity stakes ； Investment bank equity stakes ； Financial expertise ； Agency theory ； Signaling theory ； Corporate governance

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