台灣地區金控合併綜效驅動因子研究

RESEARCH ON SYNERGY DRIVERS IN FINANCIAL HOLDING COMPANY MERGER AND ACQUISITION CASES IN TAIWAN

施明山(Ming-shan Shih)

指導教授 ： 李賢哲

大同大學/經營設計學院/事業經營學系所/碩士(2007年)

摘要

過去國內金融機構合併多為政府為解決金融問題所主導之「救濟型合併」，合併標的均屬財務狀況欠佳之基層金融機構，主併銀行並無選擇權利，因而合併後經營績效易受拖累，且由於合併當事者業務同質性過高，合併綜效不易顯現。
本研究以「金融控股公司法」通過後金融機構合併案為研究對象，以獲利能力經營績效指標為主軸，運用財務比率追蹤合併後經營績效，以瞭解合併策略對於銀行經營之影響，並由財務面探索其潛在合併驅動因子。本研究探討主題為：
一、購併型態對合併綜效之影響。
二、放款量、存放款比以及國內分行家數對資產報酬率之影響。
三、存款量、存放款比及國內分行家數對稅前純益率、員工貢獻度之影響。
四、放款量、營收市佔率與國內分行家數對營業利益率之影響。
本研究結果如下：
一、綜效在合併二年後與購併型態有顯著關聯。
二、放款月平均餘額市佔率、存款放款比率以及國內分行家數對合併後資產報酬率綜效有正面影響。
三、存款月平均餘額市佔率、存放款比率及國內分行家數對合併綜效之稅前純益率有正面影響。
四、存款月平均餘額市佔率、存放款比率及國內分行家數對合併綜效之員工貢獻度正面影響。
五、放款月平均餘額市佔率與國內分行家數對合併綜效之營業利益率具正面之影響。
六、營收市佔率對合併綜效之營業利益率未具正面之影響。
研究顯示，國內分行家數對獲利能力的績效指標具相當顯著影響力，顯示分行通路越多對銀行獲利指標越具正向效果，其次，銀行存款平均餘額市佔率、放款月平均餘額市佔率及存款對放款比率亦對績效指標具一定影響力；惟營收市佔率對營業利益率則呈反向關係，當銀行過度擴張營收時，利差空間將縮小，影響銀行獲利率，顯示銀行業現已屬過度飽和現象，有殺價競爭趨勢。
在競爭激烈之國內金融市場，國內分行家數為合併的驅動因子及提升競爭力之重要關鍵特性，從策略性觀點來看，金控公司可藉由併購使銀行迅速增加營運據點，擴大服務區域趨向規模經濟，以達到成功經營績效。且由實證發現，整體銀行綜效在合併二年後與購併型態有顯著關聯，此有助於經營者研訂願景策略之參考，朝此關鍵特性發展，彌補本身所缺乏，加強己具備之特性，方能迅速產生或提升合併綜效。

關鍵字

購併、經營績效、合併綜效、驅動因子

並列摘要

The majority of financial institution merger and acquisition (M&A) cases in the past belonged to “relief types” lead by the government to relieve target banks from financial problems. Target banks in those cases are basic tier financial institutions in unfavorable financial conditions. Acquiring banks did not have the right to select targets. As a result, acquiring bank’s performance got worse after M&A, because acquired and acquiring banks’ business are too similar in nature to create synergy.
This research focused on M&A cases after the “Financial Holding Company Act” was passed. Financial ratios are utilized to do research on the effect of bank’s M&A strategies on management performance after M&A and explore latent drivers of M&A. The topics we study are as follow:
1.The type of M&A on synergy.
2.The effect of loan volume, deposit to loan ratio and number of domestic branches on return on asset.
3.The effect of deposit volume, deposit to loan ratio and number of domestic branches on net earning before tax and employee’s contribution respectively.
4.The effect of loan volume, market share of operational income and number of domestic branches on management profitability.
The results of this research are listed below:
1.The type of M&A on synergy is obvious after merger for two years.
2.Market share of loan monthly average balance, deposit to loan ratio and number of domestic branches have positive effect on M&A synergy of return on asset.
3.Deposit monthly average balance, deposit to loan ratio and number of domestic branches have positive effect on M&A synergy of net earnings before tax.
4.Market share of deposit monthly average balance, deposit to loan ratio and number of domestic branches have positive effect on M&A synergy of employee contributions.
5.Market share of loan monthly average balance and number of domestic branches have positive effect on M&A synergy of management profitability.
6.The operational income market share on M&A synergy have negative effect.
This research shows that number of branches has significant effect on profitability indicators. It means that the more branch channels a bank has; the more effect this factor has on bank’s profitability indicators. On the other hand, bank’s market share of deposit average balance, market share of loan average balance and deposit to loan ratio has considerable effect on profitability indicators. However, the market share of operational income has reverse relations with management profitability. When a bank over expands its business, interest spreads will be reduced and the profitability will be sacrificed. This situation shows that the current banking market is saturated and competitors tend to expand their market shares by cutting prices.
In such a highly competitive domestic financial market, number of domestic branches is the driving factor of M&A and is critical to improve compatibility. In strategic point of view, financial holding companies can increase their operational channels and service territory to gain economies of scale and improve management performance. Empirical research also finds that the type of M&A on synergy is significant its effect after merging or acquiring for two years. This conclusion may help management to formulate business strategies to develop their business, relieve the weaknesses and strengthen the competitive advantages to create or increase synergy at a fast pace.

並列關鍵字

Merger and Acquisition ； Driver ； Merger Synergy ； Management Performance

參考文獻

黃美玲（2001），「由財務績效面探討本國銀行優質合併之研究」，中原大學企業管理學系碩士論文。

行政院金融監督管理委員會，金融業務統計輯要，行政院，台北市，2000年1月-2006年6月。

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