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  • 學位論文

我國金融機構併購宣告期間績效之決定因素

Determinants of Taiwan Financial Institutions Performance During Announcement Period

指導教授 : 王祝三
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摘要


隨著我國政府對銀行業監管程度的逐漸鬆綁,自2001年核准金融控股公司的成立後,各家金融機構紛紛以籌組金融控股公司的模式展開併購以圖跨業經營。接續於2002年推出「二五八金融改革方案」的第一次金融改革,以「除弊」為重心,其意在降低金融機構體系的風險與增強金融機構經營的體質。2004年再推動訴求為「興利」的二次金改,冀望能提升國內金融業的國際競爭力。近二年來更提出金融業打「亞洲盃」的金控整併政策,欲促使金融機構致力於擴大規模並走向業務多元化,並期能強化海外營運的競爭性與併購效果。而此一連串的金融改革及整併政策,已使得我國金融機構在異業結合方面有了重大的發展。 本研究係以國內上市櫃金融業為對象,樣本為1996年至2015年間宣告之併購案,先採用事件研究法進行日資料分析,估算其於併購宣告期間之累積異常報酬。實證結果顯示,併購活動之消息有提前走漏的現象,且主併公司經併購後在短期內股東財富有顯著正向的影響。其次,透過文獻的彙總歸納出六項可能影響併購宣告期間累積異常報酬之決定因素作迴歸分析。實證結果顯示,主併公司之併購宣告期間績效會受到支付方式、產業相關性、未來成長機會及代理問題程度的相關性而有所差異。但相對規 模與主併公司規模對主併公司之併購宣告期間績效則呈現顯著的負相關。

並列摘要


As the supervision in banking of Taiwan government was loosen, various financial institutions trended to apply cross-industry business by acquisitions in the way of funding business holding company since 2001. The first financial revolution which followed the“Two-Five-Eight Financial Reform Program” presented in 2002, was intend to reduce the risk of financial system and enhance the strength of financial business with the core to “Abolishing the Harmful”. In 2004, the second revolution which appeared for the appeal to “Promoting the Beneficial”, chasing the goal that promote the globally competition of financial industry in our country. In two years, a new financial integration policy was applied, in order to enlarge the scale and dimensions in financial business, as well as to consolidate the acquisitions competition oversea. As the result of such revolutions, the cross-industry business in our country’s’ financial system was fully developed. The underlying objective of this research is to project the acquisition announcement date cumulative abnormal return of domestic public companies by using event studies. Samples we are using here are mergers and acquisition cases happened between year 1996 and 2015. The result shows that if the acquisition news were leaked before the announcement date, it will have positive impact on the acquired stock price in the short time after the acquisition. After doing the regression analysis on stock announcement date cumulative abnormal return with six factors got from reference, which might correlate to the acquisition announcement date CAR. The empirical result shows that this return has connection with payment method, industrial relevance between two companies, company past performance and agency problem. However, there is significant negative correlation between the relative size and the performance of the company during the announcement period of the acquisition.

參考文獻


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