評估臺灣銀行併購後經營績效之研究

A Study the Performance of Banks in Taiwan after Merger and Acquisition

胡淑偵(hu shu jhen)

指導教授 ： 歐仁和

亞洲大學/管理學院/經營管理學系碩士班/碩士(2007年)

摘要

在國際化、自由化競爭的大環境下，金融機構競爭激烈，藉由相互併購來獲取競爭優勢、掌控市場通路策略的情形也時有所聞。Harford (2005) 發現併購的風潮可以歸納為經濟、管理和技術、市場時機或產業震動，併購會促使新環境的改變。而併購是市場競爭力的表徵，又代表經營績效可以因此提升嗎？為了探討究竟併購對銀行未來的發展有無助益，而併購後的銀行是否更具有經營績效。本研究運用資料包絡分析法，選擇投入項變數為利息支出、營業費用、固定資產，產出項變數為利息收入、營業淨利、稅前淨利，對2003 年以來銀行併購案中，選擇12 家併購銀行作為實證研究。研究目的在比較各家銀行併購後經營上是否具有績效，也找出無效率的來源，提供給相對無效率之銀行做為改善參考，進一步分析各家銀行相對無效率的過多投入或過少產出，還有多少的改善空間。
研究顯示當銀行的整體效率為1，代表達到經營規模，相較於其他銀行是具有效率的。而整體效率不為1 的銀行，表示相對於其他銀行較無效率。從整體效率中可以發現，某些銀行雖然有達到最適當的經營規模，可是因為整體經營方式還有改進的空間所以導致相對於其他銀行，較無效率的情形發生。受限於實際資料取得允許情況，本研究是以12 家銀行為評估對象，建議往後的研究可以增加評估對象的數目，也可再納入更多的變數指標，找出投入與產出項目的最適當組合。也可以採行產出導向，利用最小現有的投入，來產生極大化的產出。

關鍵字

資料包絡分析法 ； 經營績效 ； 銀行、併購

並列摘要

In an international environment where we see increasingly free competition, the financial institutions compete fiercely. These institutions sometimes obtain the competitive advantages and the control over the market channels through mergers and acquisitions (M&A). Harford (2005) found that M&A trend could be categorized into company economy, management and technology, timing to enter a market, or industry shake-up. M&A also catalyzes the transformation of the new environment. M&A is the indication of market competitiveness; nevertheless, is it also the indication of improved management performance?

In order to investigate whether M&A is beneficial to a bank’s future development and whether the operating performance of a post-M&A bank does improve, this study utilizes Data Envelopment Analysis (DEA) and conducts empirical study on 12 banks that underwent M&A since 2003. The input variables chosen include interest expenses, operating expenses, fixed assets; the out put variables include interest income, operating profit, and pre-tax income. The purpose of this study is to find out whether the process of M&A improves the banks’ performance. If the banks’ performance does not improve, we would look for the sources of ineffectiveness and provide our findings as recommendation to the ineffectively-operated banks. We also seek possible approaches to rectify the ineffective input or output.

Our analysis demonstrates that when the bank’s overall effectiveness is one, which means the bank reaches its operating scale, it has a relatively effective operation compared to other banks. When the bank’s overall effectiveness is not one, its operation is not as effective as those of other banks. We also find out, from the study of the overall effectiveness, that even though some banks reach their optimal operating scale, their overall effectiveness is not at its prime because their general operating method could still be improved.

Due to the difficulty to obtain extensive empirical data, this study evaluates only 12 banks. It is advised that the future studies increase the number of banks studied, incorporate more variable indicators, and find out the optimal combination of the input and output items. The output-driven approach, i.e., how to utilize the minimal existing input to generate the maximum output, is also recommended.

並列關鍵字

Data Envelopment Analysis ； performance, bank, M&A ； performance, bank, M&A

參考文獻

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