台灣金融機構購併之經營績效研究—以元大、復華金及合庫、農民銀行為例

The performance of merger and aquistion of financial institution in Taiwan– the cases of Yuanta and Taiwan Cooperative Bank

邱謙信(Chien-shin Chiu)

指導教授 ： 許光華

朝陽科技大學/管理學院/財務金融系碩士在職專班/碩士(2010年)

摘要

隨著台灣加入WTO之後，國外的大型金融機構也順利進入台灣市
場。本國銀行面臨國外銀行的競爭，不僅在資產規模上難以匹敵，經營能力及經驗上也相對不足。因此，台灣於90年代開始，積極推動金融機構整併，以達到提升國內銀行競爭力及規模經濟的效益。
然而，銀行在合併後，其經營績效是否真的能得到提升，還是反
而變得更差？本研究從財務報表及股票報酬分析二個方向探討，欲了解銀行在合併後的經營績效是否有所上升。
研究資料則取合併前後五年的財務報表資料及前後120個交易日之股價報酬資料，做為研究分析的資料基礎，資料來源均為台灣經濟新報資料庫。
研究後發現，金融機構的合併並不一定能增加公司的獲利能力及
提升股價報酬。並且，在市場自由競爭決定下的合併，其表現也不一定會比政策促使的併購好。

關鍵字

經營績效 ； 股價報酬 ； 金融機構 ； 合併

並列摘要

As Taiwan joins WTO, the foreign large-scale financial institution enters the market of Taiwan too. The local bank faces the competition of the foreign bank, not only difficult to be equal to on the scale of the assets,
but also relatively insufficient on the management ability and experience.
So, Taiwan began in the 1990s, activelied promoted the financial institution to exactly combine, in order to reach and improve benefit of competitiveness of domestic bank and large-scale production.
However, whether the performance of management can really be improved after mergers? This research discussed from two directions, the financial statement and stock returns, whether the operate performance better than before.
Study materials is the financial statement data from 2001 to 2009,
and stock price returns for 120 trading days from beginning to end. The resource of the materials is offered from the TEJ-Database.
Finding in studying, the mergers and acquisitions of the financial institution is uncertain to increase the earning capacity of the company
and raise the stock price returns. Besides, the mergers and acquisitions determining in the market free competition is uncertain to be better than the policy mergers and acquisitions.

並列關鍵字

Financial institution ； manage the performance ； merger and acquisitions ； stock price returns

參考文獻

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