我國金融機構合併後對金控公司股價變化及經營效率之分析

近年來隨著全球化與自由化的趨勢，各國興起金融業改革風潮；我國自1991年以來，為提升金融機構營運效率，政府透過立法與修法以期改善金融產業之體質，推動金控公司積極整併銀行、保險及證券等三大金融業務，藉此產生經營綜效以達到規模經濟效益，並提供對客戶全方位的服務，我國金融機構自此邁向一次購足的金融百貨化潮流。理論上金融機構整合可以提升企業內部經營效益，但部份國外實證研究發現，併購行為產生之綜效未必有顯著效果。因此，本研究首先以事件研究法(Event Study)檢視併購事件宣告後是否對金控公司股價造成影響；進一步使用每股盈餘(EPS)作為公司經營效率分析之工具。本研究結果發現，金控公司在合併銀行業上，股價上無正向顯著關係，原因可能是因為被併目標銀行財務結構不理想或主併金控公司需要龐大資金投入併購行為，導致投資人對併購事件處於觀望立場。金控公司在合併保險業上，股價上具有顯著之正向異常報酬，在併購之同時為金控注入龐大資產及穩定的核保收入，使股票市場反應呈現正向效果。金控公司在合併證券業上，股價出現卻是負向顯著結果，可能是證券業主要收入來自股票交易手續費收入，而合併之後可能受台股及整體經濟表現不佳所致。而在經營效率分析中發現，金控公司併購銀行業、保險業及證券業對營收獲利均有正面影響。

關鍵字

併購績效評估；併購宣告效果；金控併購；事件研究法； EPS

並列摘要

Financial reform in various nations has become a trend due to globalization and liberalization. To improve operational efficiency of financial institutions, since 1991, the government of Taiwan undertook series of legislation and amendments to improve the state of the financial sector. This restructuring involved merger of banks, insurance companies and brokerage companies into financial holding firms, through synergy so that economies of scale can be achieved. Financial integration can improve internal operation efficiency. However, some empirical studies find that mergers do not significantly improve synergy. Therefore, this study utilizes event study to assess whether or not mergers cause variations in the share price of financial holding firms. EPS is utilized as the means to analyze operational efficiency. This study finds that the share price of financial holdings does not show positive significant relations when the merger target is a bank. It is likely that the financial status of the target is underperforming; or the acquirer is affected by a large sums of funds spent on the acquisition, causing the investors to be more conservative with the acquirer’s shares. Share price show significant positive abnormal returns when the target is an insurance firm. Possible reason could be that post-merger, the latter injects large amount of assets and insurance premium income stream into the former. Share price of financial holdings display negative significant returns when the target is a brokerage firm. It is possible that the major source of revenue of brokerage firms come from commissions, since most of these mergers took place during the period of economic recession with low trading volume. In terms of operational efficiency, this study finds that the acquisition of banks, insurance companies and brokerage firms improve profitability for financial holding firms.