私募股權基金入主銀行之財務績效與公司治理及其對公司獲利能力之影響

A Study of Financial Performance, Corporate Governance, and Factors Influencing Earnings of Banks Owned by Private Equity Funds in Taiwan

李德昉(Der-Fang Lee)

指導教授 ： 簡明哲 博士

國立臺北大學/商學院/國際財務金融碩士在職專班/碩士(2012年)

摘要

私募股權基金長期受國際金融市場的關注，近年來國內有大眾、萬泰及安泰等三家銀行為私募股權基金所入主，在金融業牽一髮而動全身的生態下，私募基金入主之議題值得深入探討。本研究之主要目的是應用t-檢定與縱橫資料分析法來探討私募股權基金入主前後，銀行之財務績效與公司治理是否有顯著差異，並探究私募基金入主銀行獲利能力的影響因素為何，本研究期間為2001年第四季至2011年第三季。

研究結果發現，在財務績效方面，私募股權基金入主後之償債能力、資產品質與獲利模式等之表現較優；在公司治理方面，私募股權基金入主後之股權結構、董監組成以及股東公平性等指標的表現較佳。在私募基金入主後之獲利能力影響因素分析方面，研究發現入主銀行之償債能力、經營能力、股權結構以及資訊揭露與透明度、及獲利模式中的手續費收入等因素對銀行獲利能力有顯著正向影響。

關鍵字

私募股權基金 ； 財務績效 ； 公司治理

並列摘要

Private equity funds have long been the main focus of international financial markets. In recent years, there are three domestic banks in Taiwan shared and held by private equity funds. The objective of this study is to employ the t-test and Panel Data Analysis to these three banks to compare the financial performance and corporate governance before and after controlled by private equity funds. Factors influencing these banks’ earnings are also examined. The research period is from 2001/Q4 to 2011/Q3.

The conclusions of this study are as follows. First, in terms of financial performance, the solvency, asset quality, and profitability mode are found to have better performance after banks were shared and held by private equity funds. In terms of corporate governance, the equity structure, the compositions of directors and supervisors, and the fairness of shareholders are found to perform better after banks were controlled by private equity funds. Second, factors including solvency, management capability, equity structure, disclosure and transparency of information, and fee incomes are found to have significantly positive impact on earning after banks were shared and held by private equity funds.

並列關鍵字

Private Equity Funds ； Financial Performance ； Corporate Governance

參考文獻

林世文(2007)，「私募基金投資與金融合併對銀行重整績效之比較分析」，中興大學應用經濟學系未出版碩士論文。

林泉源(2009)，「銀行業股權結構對經營績效、財務績效與股價之影響」，輔仁管理評論，第十六卷第二期，p.43-76。

(4)財政部金融局網站，www.boma.gov.tw。

鄧金生(2007)，「私募股權基金與併購之評價分析–以凱雷併購日月光為例」，國立中央大學財務金融學系未出版碩士論文。

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