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題名 An Analysis of Strategic Equity Stakes Acquisition of Chinese Bank by Foreign Financial Institutions
作者 廖四郎
Liao,Szu-Lang ; Wang,Ming-Chieh ; Huang,Li-Jhang
貢獻者 金融系
關鍵詞 capital control ; contingent claim ; optimal acquisition equity stake ratio ; risk-weighted asset
日期 2013.07
上傳時間 20-Nov-2013 17:45:37 (UTC+8)
摘要 This paper applies a contingent claim model to examine the risk of and returns to foreign financial institutions after they acquire equity stakes in a Chinese bank. The model considers dynamic factors such as individual asset value and exchange rates in maximizing shareholder value. In addition to analyzing the asset value and factors associated with risk after participation, this paper evaluates the optimal acquisition equity stake ratio using numerical analyses under regulatory capital control. For the Chinese banking sector, we discover that the portfolio risk of foreign financial institution will decrease after acquiring equity stakes when its asset increases, the debt ratio decreases, and the required risk-weighted asset increases. Overall, these foreign financial institutions have well-diversified currency portfolios and enjoy better asset quality and surplus earnings; therefore, they will likely increase their optimal acquisition equity stake ratio if the Chinese banks in which they invest have with good quality assets and are focused on local business.
關聯 Emerging Markets Finance & Trade, 49(Supplement 3), 98-109
資料類型 article
DOI http://dx.doi.org/10.2753/REE1540-496X4904S307
dc.contributor 金融系en_US
dc.creator (作者) 廖四郎zh_TW
dc.creator (作者) Liao,Szu-Lang ; Wang,Ming-Chieh ; Huang,Li-Jhangen_US
dc.date (日期) 2013.07en_US
dc.date.accessioned 20-Nov-2013 17:45:37 (UTC+8)-
dc.date.available 20-Nov-2013 17:45:37 (UTC+8)-
dc.date.issued (上傳時間) 20-Nov-2013 17:45:37 (UTC+8)-
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/61739-
dc.description.abstract (摘要) This paper applies a contingent claim model to examine the risk of and returns to foreign financial institutions after they acquire equity stakes in a Chinese bank. The model considers dynamic factors such as individual asset value and exchange rates in maximizing shareholder value. In addition to analyzing the asset value and factors associated with risk after participation, this paper evaluates the optimal acquisition equity stake ratio using numerical analyses under regulatory capital control. For the Chinese banking sector, we discover that the portfolio risk of foreign financial institution will decrease after acquiring equity stakes when its asset increases, the debt ratio decreases, and the required risk-weighted asset increases. Overall, these foreign financial institutions have well-diversified currency portfolios and enjoy better asset quality and surplus earnings; therefore, they will likely increase their optimal acquisition equity stake ratio if the Chinese banks in which they invest have with good quality assets and are focused on local business.en_US
dc.format.extent 691651 bytes-
dc.format.mimetype application/pdf-
dc.language.iso en_US-
dc.relation (關聯) Emerging Markets Finance & Trade, 49(Supplement 3), 98-109en_US
dc.subject (關鍵詞) capital control ; contingent claim ; optimal acquisition equity stake ratio ; risk-weighted asseten_US
dc.title (題名) An Analysis of Strategic Equity Stakes Acquisition of Chinese Bank by Foreign Financial Institutionsen_US
dc.type (資料類型) articleen
dc.identifier.doi (DOI) 10.2753/REE1540-496X4904S307en_US
dc.doi.uri (DOI) http://dx.doi.org/10.2753/REE1540-496X4904S307en_US