我國銀行併購決定因素與績效之研究

1997年暴發亞洲金融風暴對各國金融體系造成極大之衝擊，各國之商業銀行為維持市場競爭力，因而導致銀行與銀行間併購行為逐漸增加之現象，2000年起我國亦發生11家商業銀行共計14起併購事件。本研究以2002至2016年為範圍，針對我國商業銀行於此期間內所發生的併購事件，研究目的係在於探討我國商業銀行進行併購之決定因素，及併購當年度與後續年度經營績效之變化，藉以分析併購對於商業銀行之經營績效是否有影響。研究方法係以資料包絡分析法(DEA)進行實證研究，分別以整體樣本銀行及個別銀行來分析主併購銀行於併購當年度與後續年度之經營績效變化，並以固定規模報酬、變動規模報酬、規模效率與技術效率做為經營績效之評估指標。實證分析結果顯示：商業銀行併購之決定因素，似不在於營運績效，而可能在於市場考量。另短期下，主併購銀行於併購當年度及次年度之整經營績效似具有正面之效果，但不顯著；然而長期下，透過併購之行為，主併銀行之經營績效似可能因併購而得到顯著之正向成長。

關鍵字

併購；商業銀行；經營績效；資料包絡分析法

並列摘要

After the 1997 Asian financial turmoil, international mergers and acquisitions were prevalent. In the period of 2002 to 2016, there were 11 commercial banks and 14 mergers or acquisitions events occurred in Taiwan. The purpose of this study aim to study the changes of the performance before and after commercial banks' mergers or acquisitions in order to understanding the effects of mergers and acquisitions on commercial banks’ operating performance. Empirical analysis of this study undertake the data envelopment analysis (DEA) to evaluate the overall bank and individual banks to explore the main mergers and acquisitions banks in-depth study of the current year and the year on the bank's operating performance changes caused. Main variables of operating performance as follows: fixed-scale remuneration, change scale pay, scale efficiency and technical efficiency, and test whether the bank performance is helpful to improve the efficiency and the difference. The results demonstrate that there is a positive effect on the overall performance of the current year and the next year, but not significantly, and the mergers and acquisitions activity will have a significant positive impact on the growth factor.