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題名 國家特性對銀行跨國併購之績效影響
The impact of country characteristics on the performance of commercial banking cross-border M&As
作者 陳瑋伶
貢獻者 吳啟銘
Wu, Chi Ming
陳瑋伶
關鍵詞 商業銀行
跨國併購
宣告效果
Commercial banking
Cross-border M&A
Announcement effect
日期 2017
上傳時間 10-八月-2017 09:44:47 (UTC+8)
摘要 由於科技進步、國與國之間的監管制度放寬，使得產業邁向全球化，進而帶動金融業的跨國併購浪潮，並開啟了併購領域之實證研究。過去學者對於銀行併購動機與併購績效之研究，所探討的因子層面有所不同，因此，本研究欲探討影響銀行進行跨國併購動機的國家特性差異，對主併銀行的併購績效有何影響。
由SDC併購資料庫選取2002年至2014年，已開發和新興市場國家之商業銀行跨國併購案件作為研究樣本，以事件研究法探討主併國與被併國之國家特性因子，如：經濟規模、經濟成長率、金融產業發展程度，以及兩國間心理距離等，對主併銀行宣告效果之影響。
結果發現僅目標國之金融產業發展程度與主併銀行宣告效果呈顯著負相關，即併購金融發展程度較低的國家銀行，能為主併銀行獲得更多成長機會，故市場對於主併銀行短期的績效反應較為正面，主併銀行擁有正的異常報酬。
此實證結果符合「獲利機會理論 (Focarelli and Pozzolo, 2001b) 」故當銀行選擇併購策略時，建議可考慮往金融產業發展程度較低的新興市場國家，以獲取更多的成長機會與獲利空間。
With the advancement of technology and deregulation between countries, industries around the world have entered into a globalized era. Therefore, waves of cross-border merger and acquisition (M&A) among financial institutions have opened new area in M&A empirical research. Different factors were used in previous literatures on M&A motives and performance. As a result, this study examines whether country characteristic factors, which influence acquirer’s M&A motives, have impact on acquirer’s announcement effect.
We use event study methodology with 105 final samples, which made of listed commercial banks in developed and emerging market countries (EMC) between 2002 and 2014, to analyze the effects of country characteristic factors (like GDP, GDP growth, financial development, and psychic distance) on the acquirer’s short-term performance.
According to our results, we find that: First, on average, the acquirer’s announcement effect of EMC is higher than developed countries, but it is not statistically significant. Second, only the degree of financial development in target countries has significant impact on acquirer’s announcement effect, which is consistent with profit opportunity theory. Therefore, we suggest that acquirers can target commercial banks in financially underdeveloped countries to obtain more growth and profit opportunity.
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Ahern, K. R., Daminelli, D., & Fracassi, C. (2015). Lost in translation? The effect of cultural values on mergers around the world. Journal of Financial Economics, 117(1), 165-189. doi:10.1016/j.jfineco.2012.08.006
Barth, J. R., Caprio, G., & Levine, R. (2004). Bank regulation and supervision: what works best? Journal of Financial intermediation, 13(2), 205-248.
Beitel, P., Schiereck, D., & Wahrenburg, M. (2004). Explaining M&A success in European banks. European Financial Management, 10(1), 109-139.
Berger, A. N., Buch, C. M., DeLong, G., & DeYoung, R. (2004). Exporting financial institutions management via foreign direct investment mergers and acquisitions. Journal of International Money and Finance, 23(3), 333-366. doi:10.1016/j.jimonfin.2004.01.002
Berger, A. N., Demsetz, R. S., & Strahan, P. E. (1999). The consolidation of the financial services industry: Causes, consequences, and implications for the future. Journal of Banking & Finance, 23(2), 135-194.
Berger, A. N., DeYoung, R., Genay, H., & Udell, G. F. (2000). Globalization of Financial Institutions: Evidence from Cross-Border Banking Performance. Brookings-Wharton Papers on Financial Services, 2000(1), 23-120. doi:10.1353/pfs.2000.0001
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Boehmer, E., Masumeci, J., & Poulsen, A. B. (1991). Event-study methodology under conditions of event-induced variance. Journal of financial economics, 30(2), 253-272.
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Buch, C. M., & DeLong, G. (2004). Cross-border bank mergers: What lures the rare animal? Journal of Banking & Finance, 28(9), 2077-2102. doi:10.1016/j.jbankfin.2003.08.002
Buch, C. M., & DeLong, G. (2008). Do weak supervisory systems encourage bank risk-taking? Journal of Financial Stability, 4(1), 23-39. doi:10.1016/j.jfs.2007.12.002
Caiazza, S., Clare, A., & Pozzolo, A. F. (2012). What do bank acquirers want? Evidence from worldwide bank M&A targets. Journal of Banking & Finance, 36(9), 2641-2659. doi:10.1016/j.jbankfin.2012.06.004
Cakici, N., Hessel, C., & Tandon, K. (1996). Foreign acquisitions in the United States: Effect on shareholder wealth of foreign acquiring firms. Journal of Banking & Finance, 20(2), 307-329.
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描述 碩士
國立政治大學
財務管理研究所
104357012
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0104357012
資料類型 thesis
dc.contributor.advisor 吳啟銘zh_TW
dc.contributor.advisor Wu, Chi Mingen_US
dc.contributor.author (作者) 陳瑋伶zh_TW
dc.creator (作者) 陳瑋伶zh_TW
dc.date (日期) 2017en_US
dc.date.accessioned 10-八月-2017 09:44:47 (UTC+8)-
dc.date.available 10-八月-2017 09:44:47 (UTC+8)-
dc.date.issued (上傳時間) 10-八月-2017 09:44:47 (UTC+8)-
dc.identifier (其他 識別碼) G0104357012en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/111736-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 財務管理研究所zh_TW
dc.description (描述) 104357012zh_TW
dc.description.abstract (摘要) 由於科技進步、國與國之間的監管制度放寬，使得產業邁向全球化，進而帶動金融業的跨國併購浪潮，並開啟了併購領域之實證研究。過去學者對於銀行併購動機與併購績效之研究，所探討的因子層面有所不同，因此，本研究欲探討影響銀行進行跨國併購動機的國家特性差異，對主併銀行的併購績效有何影響。
由SDC併購資料庫選取2002年至2014年，已開發和新興市場國家之商業銀行跨國併購案件作為研究樣本，以事件研究法探討主併國與被併國之國家特性因子，如：經濟規模、經濟成長率、金融產業發展程度，以及兩國間心理距離等，對主併銀行宣告效果之影響。
結果發現僅目標國之金融產業發展程度與主併銀行宣告效果呈顯著負相關，即併購金融發展程度較低的國家銀行，能為主併銀行獲得更多成長機會，故市場對於主併銀行短期的績效反應較為正面，主併銀行擁有正的異常報酬。
此實證結果符合「獲利機會理論 (Focarelli and Pozzolo, 2001b) 」故當銀行選擇併購策略時，建議可考慮往金融產業發展程度較低的新興市場國家，以獲取更多的成長機會與獲利空間。		zh_TW
dc.description.abstract (摘要) With the advancement of technology and deregulation between countries, industries around the world have entered into a globalized era. Therefore, waves of cross-border merger and acquisition (M&A) among financial institutions have opened new area in M&A empirical research. Different factors were used in previous literatures on M&A motives and performance. As a result, this study examines whether country characteristic factors, which influence acquirer’s M&A motives, have impact on acquirer’s announcement effect.
We use event study methodology with 105 final samples, which made of listed commercial banks in developed and emerging market countries (EMC) between 2002 and 2014, to analyze the effects of country characteristic factors (like GDP, GDP growth, financial development, and psychic distance) on the acquirer’s short-term performance.
According to our results, we find that: First, on average, the acquirer’s announcement effect of EMC is higher than developed countries, but it is not statistically significant. Second, only the degree of financial development in target countries has significant impact on acquirer’s announcement effect, which is consistent with profit opportunity theory. Therefore, we suggest that acquirers can target commercial banks in financially underdeveloped countries to obtain more growth and profit opportunity.		en_US
dc.description.tableofcontents 第一章 緒論 1
第一節 研究動機及問題 1
第二節 研究目的與貢獻 3
第三節 研究架構 4
第二章 文獻回顧與探討 5
第一節 銀行跨國併購動機之研究 5
第二節 跨國併購之績效研究 10
第三節 影響併購績效因子之文獻探討 13
第三章 研究設計 17
第一節 假說推導 17
第二節 樣本選取標準 18
第三節 事件研究法 19
第四節 複迴歸模型 20
第五節 變數定義 22
第六節 資料來源 30
第四章 實證結果分析 37
第一節 樣本資料分析 37
第二節 敘述統計分析 40
第三節 迴歸分析 44
第五章 結論與建議 48
第一節 研究結論 48
第二節 後續研究建議 49
第三節 研究限制 50
參考文獻 51		zh_TW
dc.format.extent 1502823 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0104357012en_US
dc.subject (關鍵詞) 商業銀行zh_TW
dc.subject (關鍵詞) 跨國併購zh_TW
dc.subject (關鍵詞) 宣告效果zh_TW
dc.subject (關鍵詞) Commercial bankingen_US
dc.subject (關鍵詞) Cross-border M&Aen_US
dc.subject (關鍵詞) Announcement effecten_US
dc.title (題名) 國家特性對銀行跨國併購之績效影響zh_TW
dc.title (題名) The impact of country characteristics on the performance of commercial banking cross-border M&Asen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) Ahern, K. R. (2009). Sample selection and event study estimation. Journal of Empirical Finance, 16(3), 466-482. doi:10.1016/j.jempfin.2009.01.003
Ahern, K. R., Daminelli, D., & Fracassi, C. (2015). Lost in translation? The effect of cultural values on mergers around the world. Journal of Financial Economics, 117(1), 165-189. doi:10.1016/j.jfineco.2012.08.006
Barth, J. R., Caprio, G., & Levine, R. (2004). Bank regulation and supervision: what works best? Journal of Financial intermediation, 13(2), 205-248.
Beitel, P., Schiereck, D., & Wahrenburg, M. (2004). Explaining M&A success in European banks. European Financial Management, 10(1), 109-139.
Berger, A. N., Buch, C. M., DeLong, G., & DeYoung, R. (2004). Exporting financial institutions management via foreign direct investment mergers and acquisitions. Journal of International Money and Finance, 23(3), 333-366. doi:10.1016/j.jimonfin.2004.01.002
Berger, A. N., Demsetz, R. S., & Strahan, P. E. (1999). The consolidation of the financial services industry: Causes, consequences, and implications for the future. Journal of Banking & Finance, 23(2), 135-194.
Berger, A. N., DeYoung, R., Genay, H., & Udell, G. F. (2000). Globalization of Financial Institutions: Evidence from Cross-Border Banking Performance. Brookings-Wharton Papers on Financial Services, 2000(1), 23-120. doi:10.1353/pfs.2000.0001
Berger, P. G., & Ofek, E. (1995). Diversification`s effect on firm value. Journal of financial economics, 37(1), 39-65.
Bhagat, S., Malhotra, S., & Zhu, P. (2011). Emerging country cross-border acquisitions: Characteristics, acquirer returns and cross-sectional determinants. Emerging Markets Review, 12(3), 250-271. doi:10.1016/j.ememar.2011.04.001
Boehmer, E., Masumeci, J., & Poulsen, A. B. (1991). Event-study methodology under conditions of event-induced variance. Journal of financial economics, 30(2), 253-272.
Bris, A., & Cabolis, C. (2008). The Value of Investor Protection: Firm Evidence from Cross-Border Mergers. Review of Financial Studies, 21(2), 605-648. doi:10.1093/rfs/hhm089
Buch, C. M., & DeLong, G. (2004). Cross-border bank mergers: What lures the rare animal? Journal of Banking & Finance, 28(9), 2077-2102. doi:10.1016/j.jbankfin.2003.08.002
Buch, C. M., & DeLong, G. (2008). Do weak supervisory systems encourage bank risk-taking? Journal of Financial Stability, 4(1), 23-39. doi:10.1016/j.jfs.2007.12.002
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