本研究以首例公股銀行合併-合作金庫銀行與中國農民銀行兩家上市公司為研究對象。分別以資本適足率、資產品質、獲利能力、流動性、利率敏感性、主要業務年成長性等六個構面,計有14項財務比率,進行合併前後經營績效之比較及差異顯著性檢定。主要發現有: 一、合併前,合庫資本適足率、資產品質、獲利性、主要業務成長等項目的表現,顯著地落後其他公股銀行、民股銀行。農銀則是資本適足率、資產品質、獲利性、流動性、利率敏感性、主要業務成長等項目的表現,顯著地不如其他公股銀行、民股銀行。 二、合併後,合庫(存續銀行)在資本適足率、資產品質、獲利性、流動性、利率敏感性、主要業務成長等項目的表現,顯著地優於公股與民股銀行。 三、以產業調整後之財務比率比較的結果,合併後之合庫相較於合併前之合庫與農銀,在資本適足率、資產品質、獲利性、利率敏感性、主要業務成長等,均呈現顯著的改善與提升,顯示具有合併效益。
This study investigates the corporate performance associated with the merge of the Taiwan Cooperative Bank (TCB) and Farmers Bank of China (FBC), which are two state-owned banks. We make use of 14 financial ratios, classified into 6 dimensions including Capital adequacy, asset quality, profitability efficiency, liquidity, and interest rate sensitivity and growth rate, as performance index. After comparisons and significant test, the primary findings as follows: i. In the period prior to the merge, TCB is worse than other listed banks in capital adequacy, asset quality, profitability efficiency and growth .FBC is worse than other listed banks in capital adequacy, asset quality, profitability efficiency, liquidity, interest rate sensitivity and growth. ii. During the period after the merge, TCB (surviving company) is better than other listed banks in all of 6 dimensions of operating performance. iii. After adjusting industry level, there are obvious improvements in the most of financial ratios for the merge.