銀行業購併後之長期績效評估

The long-term performance evaluation after Merger and Acquisition in Banking

廖慧津(HUI-CHIN LIAO)

指導教授 ： 薛敏正

國立臺北大學/商學院/會計學系/碩士(2014年)

摘要

為加速台灣金融產業的整合，政府相繼於2000年11月24日、以及2001年6月27公布實施「金融機構合併法」、和「金融控股公司法」，作為金融業跨業經營的基礎準則。這兩項金融相關法律的立法目的，係為促進金融組織功能再造，發揮金融機構綜合經營效益，強化金融跨業經營之合併監理，促進金融市場健全發展及維護公共利益，以期健全金融市場之穩健發展。
故本研究觀察主併銀行於購併前後三年財務績效的變化，樣本選取期間為1998至2010年，而財務資料搜集則涵蓋1995年至2013年之會計年度，分析銀行業的購併行為，以杜邦的五項指標衡量其經營績效，此五項指標包括股東權益報酬率(ROE)、純益率(EBTM)、總資產報酬率(ROA)、總資產週轉率(TAT)、權益乘數(AE)之財務績效變化，實證結果發現，銀行業其主併方在進行併購活動後三年，其經營績效未達預期，未能發揮購併綜效效果，因銀行業為一特殊機構，且銀行業受許多規範限制，樣本資料蒐集有數家銀行於本研究期間發生接管地區性金融機構之事件，造成對樣本資料產生影響。
另就績效之其他因素延伸分析來看，若以個別銀行的資產規模角度來看購併後經營績效，資產規模愈大者，其股東權益報酬率(ROE)顯著降低；若以個別銀行的財務槓桿角度來看購併後經營績效，財務槓桿操作愈高，將使股東權益報酬率(ROE)、純益率(EBTM)及總資產報酬率(ROA)有顯著上升的現象而權益乘數(AE)呈顯著下降及並無因高財務槓桿而增加負債，而總資產報酬率(ROA)方面在迴歸結果得到相同結果；若以個別銀行的每股淨值角度來看購併後經營績效，每股淨值愈高者，其五項績效衡量指標裡皆呈現不佳的情況，其中在股東權益報酬率(ROE)、純益率(EBTM)及總資產報酬率(ROA)有顯著效果，同樣在股東權益報酬率(ROE)、純益率(EBTM)、總資產報酬率(ROA)迴歸結果得到支持，其主要是因樣本中有四家銀行進行打銷不良債權或提存備抵呆帳，其為金融當局為平息金融危機以「政策指導」手段援引其他合適之金融機構接管導致。
關鍵字：銀行業、購併、經營績效

關鍵字

經營績效 ； 購併 ； 銀行業

並列摘要

In order to accelerate the integration of Taiwan's financial industry, the government promulgated the " Financial Institutions Merger Act " and "Financial Holding Company Act" on November 24, 2000, and the 2001 June 27 respectively as the guideline for multi-business in financial institutions. The purpose of aforesaid two acts is to promote the financial organizational reengineering, increase the synergy of financial institutions, to consolidate the supervision of multi-business industry, to promote the sound development of financial markets and protect public interests.
The purpose of this study is to examine the change of financial performance of the acquiring banks before and after the merger acquisition activities. Research samples are collected from 1998-2010 while the financial data covers the fiscal year of 1995-2013. This study applies five DuPont indicators, inclusive of ROE, EBTM, ROA, TAT and AE to measure the changes in financial performance. The evidence shows that, the operational performance of the acquiring banks is neither much less impressive than expected after three years of merger activities nor increase the synergy effect of the merger. One of the major reasons might be several takeover events of regional financial institutions during the sample period.
In terms of the other factors of performance, the larger the size of the banks, the lower the ROE；the higher the financial leverage, the higher the ROE、EBTM and ROA, contrarily, the higher the financial leverage, the lower the AE and no increase for the debt. Findings from the regression analysis are the same. In view of the operational performance after merge by the individual bank’s book value per share, the higher the book value per share, the lower the five performance measures, however only ROE, EBTM and ROA three proxies are significant. The same regression results are supported by ROE, EBTM and ROA which is mainly due to the bad debts or withhold allowance for doubtful accounts of four banks were charged-off by takeover of the other appropriate financial institutes in order to suppress the financial crisis by means of “policy guidance” by the financial authorities.

Keywords: banking industry, mergers and acquisitions, business performance

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