購併與非購併銀行效率、績效衡量與決定因素之探討－台灣金融產業的實證研究

The Determinants of Banking Efficiency and Performance Measurement from Merger and Non-merger－An Empirical Study of Taiwanese Financial Industry

張寶文(Pao-Wen Chang)

指導教授 ： 劉定焜

朝陽科技大學/管理學院/財務金融系/碩士(2011年)

摘要

近年來，鑒於金融產業在國際間的競爭日趨劇烈、金融自由化及金融創新的衝擊下，我國金融環境面臨重大改革，促使金融機構須透過購併改善績效及強化國際競爭力。在國內，受到歐洲、美國及日本銀行購併趨勢的刺激，加上金融產業於1990年後開始，陸續開放新銀行成立及鬆綁相關金融管制措施，以順應金融自由化潮流，並致力金融效率的提升。但因新銀行成立，造成台灣金融企業家數驟增，金融市場出現供過於求的超飽和窘境，故政府於民國2000年底及2001年中相繼公布「金融機構合併法」、「企業併購法」及「金融控股公司法」，期望藉由購併整合的手段，能提升我國金融機構的競爭力，並改善過度競爭現象。因此，台灣金融產業是否能透過金融改革使銀行資源使用更具效率，是值得予以探討的議題。
以往文獻因購併資料取得不易或實際購併樣本太少，多偏向事前模擬組合研究 (Shaffer，1993；陳韻如，2002；陳永琦與傅祖壇，2003)，但模擬與現實有所出入，且過去文獻也因金控成立不久，取得的年度資料有限，目前國內金控已成立數年，且相關資料取得相對較容易，探討購併後的效率與績效有其必要性。因此，本研究建構2001年第一季至2010年第三季的國內30家上市 (櫃) 銀行之balanced panel data。首先，運用資料包絡法 (data envelope analysis, DEA) 求算效率值作為績效之代理變數，比較購併與非購併銀行之經營效率。進一步使用Malmquist生產力指數 (malmquist productivity index, MPI) 衡量購併與非購併銀行生產力變動情形，亦作為績效之代理變數。本文建構傳統財務績效指標之資產報酬率 (return on asset, ROA) 、股東權益報酬率 (return on equity, ROE) 及納入過去文獻鮮少用於銀行業的Tobin’s Q值。其次，本研究探討影響績效指標之決定因素，除納入過去文獻較少探討之集中度變數、公司治理變數及金控法實施前後之虛擬變數外，另納入非財務之總體環境變數，使研究更具完整性。最後，篩選panel data的固定或隨機效果模型進行實證。相較於過去的研究，本研究延伸研究期間與具備更詳盡變數，以期提供相關資訊予政府機關、金融機構及投資大眾決策擬定，以及後續研究者具價值之參考。
實證結果顯示在運用DEA求算效率值中，購併銀行的各項效率值均高於非購併銀行，由此可知金控公司旗下之子銀行於經營效率上確實有所提升，也達到最適生產規模狀態。進一步使用Malmquist生產力指數衡量銀行生產力變動情形，結果顯示購併銀行較非購併銀行有較佳的生產力成長。最後，經營績效決定因素之結果，在各樣本銀行中，影響銀行經營績效決定因素最重要的變數，為稅前淨利率及利率敏感性資產與負債比率。

關鍵字

Tobin''s Q ； 資料包絡法 ； panel data ； 銀行效率 ； 購併

並列摘要

Recently, financial industries are more competitive and under the impact of financial liberalization and financial innovation, the domestic financial environment has changed. Therefore, financial institutions should improve performance and strengthen international competitiveness through merger. In Taiwan, merger trends stimulate by banks of Europe, U.S.A and Japanese. In 1990, the authorities allow to set up new banks and loosing relevant finance controlling to make the trend of financial liberalization, and to improve financial efficiency. However, the establishment of new banks, that causes too many financial institutions in Taiwan. Therefore, the government declares “Financial Institutions Merger Act”, “Merger and Acquisition Act”, and “Financial Holding Company Act” in 2000 and 2001, and expects that merger integration can upgrade the competitiveness of financial institutions and improve the phenomenon of over competition. Hence, Taiwan''s financial industry whether through financial reform has more efficient of using resources, are issues that worthy to be discussed.
The past literatures have difficulty to obtain merger data and the problem of having not enough samples. Most of them are focus on combination studies of pre-simulation, for example Shaffer (1993), Chen (2002), Chen and Fu (2003). However, the simulation and reality is different, and the financial holding company sets up shortly, so the length of data is limited. Until now, the domestic financial holding companies have been established for several years, and easy to obtain relevant data, then to explore the efficiency and performance after merger is necessary. Hence, this study aims to build balanced panel data among 30 banks from the first quarter in 2001 to the third quarter in 2010. First, this study uses the data envelopment analysis to calculate the efficiency values as proxy of performance to compare with merger and non-merger banks operating efficiency. Further by using the malmquist productivity index to measure of productivity change. Then we construct the traditional financial performance indicators of return on asset, return on equity, and the Tobin''s Q that rare discuss in previous literatures. Second, this study considers the determinants of performance indicators. Besides the concentration variable, corporate governance’s variables, and the financial holding company law, this study takes into account the microeconomic variables, so that this research is more integrity. Finally, we select the optimal panel data model for further empirical analysis. Compare with previous studies, this study extension of the period and with more detailed variables. We hope the empirical results would provide some valuable information for government, firms, investors and the further study.
The empirical results show that when using DEA to calculate the efficiency values, merger banks are superior to non-merger banks. As a whole, the banks’ subsidiaries of financial holding companies improve operating efficiency, and achieve optimal scale of production status. Further by using the malmquist productivity index, the results show that merger banks productivity growth are superior to non-merger banks. Finally, results of determinants of performance in the sample banks, the important determinants of bank performance are earning before tax margin and ratio of interest sensitive assets and liabilities.

並列關鍵字

mergers and acquisitions ； data envelopment analysis ； panel data ； Tobin''s Q ； banking efficiency

參考文獻

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杜玉振、涂登才、林東和與蔡知敏 (2007)。同業、異業購併與金融控股公司之營運綜效。台灣金融財務季刊，8(1)，1-28。

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