以CAMELS模式探討銀行購併績效分析

國內金融機構併購案，大多在政府主導下的政策，多屬於救濟型購併，概括承受體質不好的基層金融，真正屬於良質銀行間合併案例並不多。直到2001年，台新銀行與大安銀行成就一樁國內首宗自發性主導之銀行合併案例，陸續有國泰人壽與世華銀行合併案，富邦銀行與台北銀行合併案，中國信託商業銀行與萬通銀行之合併案等。本研究目的將探討金融業之間併購是否影響併購體之績效。研究結果可得知併購財務健全之銀行，比較前後三年之財務指標並無太大差異性，併購財務體質較差之銀行，併購公司財務指標並無受到併購較差財務體質之銀行影響，除了2008因受金融海嘯影響，導致獲利率降低。而因併購財務體質較差銀行主要提高市場佔有率、提升財務綜效、達到「利潤增加」（收入增加或成本降低），或是風險降低，以提昇營運、財務、管理效率，以創造綜效（synergy）。導致併購後續三年獲利能力有明顯成長。

關鍵字

併購；駱駝信用評級指標；財務綜效

並列摘要

Mergers and acquisitions of domestic financial institutions, mostly in the policy under the government-led, mostly relief-type acquisitions, generally take grass-roots financial physique bad, really belongs to the bank merger between good quality not many cases. Until 2001, Taishin Bank and Bank Daan domestic achievement pile dominated the first case of spontaneous cases of bank mergers, Cathay Life after another merger with United Bank, Taipei Fubon Bank and Bank merger, China Trust Commercial Bank and Wantong Bank mergers and the like. This study will investigate whether the merger between the financial sector affect the performance of the body of the merger. The results can be learned merger of financially sound banks, financial indicators before and after three years is not much difference, bank mergers and acquisitions finance poor physical fitness, the acquired company is not subject to mergers and acquisitions of financial indicators of poor physical fitness of the bank's financial impact, in addition to 2008 due to by the financial tsunami, leading eligible for lower interest rates. And because of poor physical banks mainly finance mergers and acquisitions to increase market share, improve financial synergies, to "increase profits" (revenues increase or reduce costs) or risk reduction to improve operational, financial, management efficiency, in order to create synergy (synergy). Resulting in the subsequent three years acquisitions have significantly grow profitability.