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題名 國家特性對東南亞商業銀行跨國併購績效之影響
The influence of country characteristics on the performance of commercial banking cross-border M&A in Southeast Asia作者 杜莉英
Tawong, Irene貢獻者 許崇源
杜莉英
Tawong,Irene關鍵詞 商業銀行併購
東南亞銀行併購
國家特性
Commercial bank merge
Southeast Asia bank merge
Country characteristics日期 2018 上傳時間 11-Jul-2018 17:23:17 (UTC+8) 摘要 經過2008年的金融海嘯後，開發中國家的國外直接投資額一直持續上升，而2016年世界超過50%的國外直接投資額都來自於企業併購，目前正在快速崛起的東南亞國更成爲企業投資的焦點，其中商業銀行扮演著國家經濟發展的重要角色。本研究探討2002~2016年14年間，在新加坡、馬來西亞、菲律賓、泰國、印尼、越南等六國有發生跨國併購案的商業銀行，採用CAMEL指標來衡量在併購前三年及後三年的績效，並透過回歸分析來探討績效是否受到國家及併購前後狀態的影響，進一步探討績效是否受到伊斯蘭國、環境狀況、國家治理及經濟自由度等指數的影響。回歸結果顯示CAMEL績效除了資產報酬率外，皆受到國家及併購前後狀態顯著性的影響，伊斯蘭國、環境狀況、國家治理及經濟自由度對CAMEL績效的某些指標造成一定程度上顯著性的影響。
After the financial crisis in 2008, the amount of foreign direct investment in developing countries has continued to rise. In 2016, more than 50% of the world’s foreign direct investment comes from mergers and acquisitions, and the rapidly emerging Southeast Asian countries have become more focus of the foreign investment, commercial banks play an important role in national economic development. This study explored commercial banks that had cross-border mergers and acquisitions in six countries, Singapore, Malaysia, Philippines, Thailand, Indonesia, and Vietnam from 2002 to 2016, using CAMEL indicators to measure the three years before and after the merger Performance, use the regression analysis, to explore whether performance is affected by the state and before and after mergers and acquisitions, and further analysis of whether performance is affected by such indicators as Islamic country, environmental status, national governance, and economic freedom. The empirical results show that in addition to return on assets, the performance of CAMEL is affected by the significance of the state before and after mergers and acquisitions. Islamic country, environmental status, national governance, and economic freedom have certain degree of significant impact on certain indicators of CAMEL performance.參考文獻 數據資料 DataStream 資料庫 FDI inflows, by region and economy,1990-2017. World Investment Report, UNCTAD, www.unctad.org/fdistatistics IMF, 2015. TheGlobalEconomy.com SDC Platinum資料庫 The Cline Center for Democracy,2002-2016 TheGlobalEconomy.com The Heritage Foundation,2002-2016 TheGlobalEconomy.com The World Bank, 2009-2016. TheGlobalEconomy.com United Nations Population Division,2009-2016 TheGlobalEconomy.com 中文文獻 中國輸出入銀行，2016年12月，新南向政策國家國情及金融分析報告系列（一）印度、泰國、馬來西亞、越南、斯里蘭卡。 中國輸出入銀行，2017年4月，新南向政策國家國情及金融分析報告系列（二）印度、菲律賓、新加坡、緬甸、寮國。 沈中華，2002，金控公司的銀行與獨立銀行CAMEL比較：1997~1998，臺灣金融財務季刊，第3輯第2期。 陳信宏，林香靜，葉鴻霖，2014，以CAMEL指標探討金融控股公司子銀行之經營績效，全球商業經營管理學報，第7期(9月)：49-59。 陳進安，2006，伊斯蘭銀行概述，台北外匯市場發展基金會，委託研究報告（5月）。 陳瑋伶，2017，國家特性對銀行跨國併購之績效影響，國立政治大學管理學研究所碩士學位論文。 莊毓敏，1999，商業銀行導論.商業銀行業務與經營，中國人民大學出版社。 袁顥庭，2003，亞洲銀行業跨國併購之研究，國立政治大學企業管理研究所碩士論文。 許誠佳，2016，參加2016年金融業前進東協（菲律賓）考察團出國報告書，金融監督管理委員會銀行局(12月)。 黃昭豐，2008，伊斯蘭金融簡介，臺灣證券交易所，證交資料550期:36-40。 鄭貞茂，謝順峰，盧淑惠等，2015，台灣銀行業者發展亞洲區域銀行之研析，台灣金融研訓院，2015年11月自提研究計畫。 鄭富安，2014，東南亞六國銀行業經營效率分析-共同邊界法之應用，東吳大學經濟學系碩士論文。 劉祖同，2016，臺灣公司投資東協國家之意義，影響與挑戰，國立交通大學資訊管理與財務金融學系財務金融碩士班碩士論文。 潘家涓，2017，台商東協投資之規劃與挑戰，會計研究月刊，第381 期（8月）：95-99。 駐新加坡代表處經濟組，2017.12.14，新加坡金融服務業產業轉型藍圖專題報告。 簡建輝，2014，併購對銀行經營效率之影響-以某銀行併購案?例，國立中興大學應用經濟學系碩士論文。 英文文獻 Adel A. Al-Sharkas, M. Kabir Hassan?and?Shari Lawrence,2008,The impact of mergers and acquisitions on the efficiency of the US banking industry: Further Evidence ,Journal of Business Finance & Accounting 35, 50-70 Altunbas,Y.,Lbanez,D.M.,2004. Mergers and acquisitions and bank performance in Europe the role of strategic similarities. Working Paper Series 398. Babar, H.Z., & Zeb, G. 2011. CAMELS rating system for banking industry in Pakistan: Does CAMELS system provide similar rating as PACRA system in assessing the performance of banks in Pakistan? (Master Thesis). Umea School of Business, Umea Universitet, Pakistan. Beck, T., Kunt, A.D., Levine,R., 2006. Bank concentration, competition, and crises: First results. Journal of Banking & Finance 30,1581-1603. Behr, A., & Heid, F., 2008. The success of bank mergers revisited-An assessment based on a matching strategy, University of Muenster-Faculty of Economics, Deutsche Bundesbank. Berger, A.N., DeYoung, R., Genay, H., & Udell, G. F.2000. Globalization of financial instutions: Evidence from Cross-Border banking performance. Brookings-Wharton Papers on Financial Services, 2000,23-120. Catarina Figueira,?Joseph Nellis,?David Parker, (2009) "Banking performance and technological change in non?core EU countries: A study of Spain and Portugal",?Studies in Economics and Finance 26, 155-170 Chaffai ME, Dietsch M, Lozano-Vivas A .2001. Technological and environmental differences in the European banking industry.J Financ Serv Res 19(2, 3):147 Claudia M. Buch, Gayle Delong,2001.Cross-border bank mergers: what lures the rare animal ?. Competition, Financial Integration and Risks in the Global Economy. EY, Building a better working world, 2015. Banking in Asia-Pacific-Size matters and digital drives competition. Focarelli,D.,& Panetta, F. 2003. Are Mergers Beneficial to Consumers? Evidence from the market for bank deposits, American Economic Review 93,1152-1172 Humphrey,D.,& Vale, B. 2003. Scale economies, bank mergers, and electronic paymanets: A spline function approach, Journal of Banking & Finance 28,1671-1696 La Porta, R., Lopez-De-Silanes, F., Shleifer, A., Vishny, R. W., 1997. Legal determinants of external finance, Journal of Finance 52, 1131–1150. La Porta, R., Lopez-De-Silanes, F., Shleifer, A., Vishny, R. W. 2000. Investor protection and corporate governance, Journal of Finanial Econonomics. 58, 3–27. Mariani Abdul-Majid . David S.Saal . Giuliana Battisti .2009. Efficiency in Islamic and conventional banking : an international comparison . J Prod Anal 34:25-43 Michael C. Jensen.,1986. Agency costs of free cash flow, corporate finance, and takeovers,The American Economic Review 76,323-329. Mokhtar HSA, Abdullah N, Al-Habshi SM .2006. Efficiency of Islamic banking in Malaysia: a stochastic frontier approach.J Econ Coop 27(2):37–70 Ooghe, H., Laere, E.V., Langhe, T.D., 2006. Are acquisitions worthwhile? An empirical study of the post-acquisition performance of privately held Belgian companies. Small Business Economics 27,223-243 Rudi Vander Vennet. 2002. Cost and profit efficiency of financial conglomerates and universal banks in Europe,Journal of Money, Creidt and Banking 34,254-82 Saltzman, S.B., & Salinger, D. 1998. The ACCION Camel: Technical note. ACCION International, Microenterprise Best practices, Development alternative Inc. Woodmont Avenue Bethesda, USA. 1-106. Stephen A. Rhoades.1998. The efficiency effects of bank mergers: An overview of case studies of nine mergers.Journal of Banking & Finance 22, 273-291 Uniform Financial Institutions Rating System .1997. Statements of Policy. The United States: Federal Deposit Insurance Corporation (FDIC). Weston. J.F., Mitchell, M,L., Mulherin, J.H. 2004. Takeovers, Restructuring and Corporate Governance. 4th Edition, Pearson Education, Upper Saddle River, NJ. World investment report, 2017. Investment and the digital economy. United Nations Conference on Trade and Development. 描述 碩士
國立政治大學
會計學系
105353044資料來源 http://thesis.lib.nccu.edu.tw/record/#G0105353044 資料類型 thesis dc.contributor.advisor 許崇源 zh_TW dc.contributor.author (Authors) 杜莉英 zh_TW dc.contributor.author (Authors) Tawong,Irene en_US dc.creator (作者) 杜莉英 zh_TW dc.creator (作者) Tawong, Irene en_US dc.date (日期) 2018 en_US dc.date.accessioned 11-Jul-2018 17:23:17 (UTC+8) - dc.date.available 11-Jul-2018 17:23:17 (UTC+8) - dc.date.issued (上傳時間) 11-Jul-2018 17:23:17 (UTC+8) - dc.identifier (Other Identifiers) G0105353044 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/118593 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 會計學系 zh_TW dc.description (描述) 105353044 zh_TW dc.description.abstract (摘要) 經過2008年的金融海嘯後，開發中國家的國外直接投資額一直持續上升，而2016年世界超過50%的國外直接投資額都來自於企業併購，目前正在快速崛起的東南亞國更成爲企業投資的焦點，其中商業銀行扮演著國家經濟發展的重要角色。本研究探討2002~2016年14年間，在新加坡、馬來西亞、菲律賓、泰國、印尼、越南等六國有發生跨國併購案的商業銀行，採用CAMEL指標來衡量在併購前三年及後三年的績效，並透過回歸分析來探討績效是否受到國家及併購前後狀態的影響，進一步探討績效是否受到伊斯蘭國、環境狀況、國家治理及經濟自由度等指數的影響。回歸結果顯示CAMEL績效除了資產報酬率外，皆受到國家及併購前後狀態顯著性的影響，伊斯蘭國、環境狀況、國家治理及經濟自由度對CAMEL績效的某些指標造成一定程度上顯著性的影響。 zh_TW dc.description.abstract (摘要) After the financial crisis in 2008, the amount of foreign direct investment in developing countries has continued to rise. In 2016, more than 50% of the world’s foreign direct investment comes from mergers and acquisitions, and the rapidly emerging Southeast Asian countries have become more focus of the foreign investment, commercial banks play an important role in national economic development. This study explored commercial banks that had cross-border mergers and acquisitions in six countries, Singapore, Malaysia, Philippines, Thailand, Indonesia, and Vietnam from 2002 to 2016, using CAMEL indicators to measure the three years before and after the merger Performance, use the regression analysis, to explore whether performance is affected by the state and before and after mergers and acquisitions, and further analysis of whether performance is affected by such indicators as Islamic country, environmental status, national governance, and economic freedom. The empirical results show that in addition to return on assets, the performance of CAMEL is affected by the significance of the state before and after mergers and acquisitions. Islamic country, environmental status, national governance, and economic freedom have certain degree of significant impact on certain indicators of CAMEL performance. en_US dc.description.tableofcontents 第一章 緒論 1 第一節 研究動機與目的 1 第二節 研究背景 2 第三節 研究問題 5 第四節 研究架構 5 第二章 產業現況及文獻回顧 7 第一節 東南亞銀行現況 7 第二節 相關文獻回顧 10 第三章 研究方法 12 第一節 研究假説 12 第二節 研究資料來源 12 第三節 樣本選取標準 13 第四節 事件研究法 14 第五節 實證研究法 15 第六節 研究變數 16 第四章 實證結果與分析 21 第一節 敘述統計分析 21 第二節 相關係數分析 27 第三節 實證結果 30 第五章 結論與研究建議 38 第一節 結論 38 第二節 研究建議 39 參考文獻 41 zh_TW dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0105353044 en_US dc.subject (關鍵詞) 商業銀行併購 zh_TW dc.subject (關鍵詞) 東南亞銀行併購 zh_TW dc.subject (關鍵詞) 國家特性 zh_TW dc.subject (關鍵詞) Commercial bank merge en_US dc.subject (關鍵詞) Southeast Asia bank merge en_US dc.subject (關鍵詞) Country characteristics en_US dc.title (題名) 國家特性對東南亞商業銀行跨國併購績效之影響 zh_TW dc.title (題名) The influence of country characteristics on the performance of commercial banking cross-border M&A in Southeast Asia en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 數據資料 DataStream 資料庫 FDI inflows, by region and economy,1990-2017. World Investment Report, UNCTAD, www.unctad.org/fdistatistics IMF, 2015. TheGlobalEconomy.com SDC Platinum資料庫 The Cline Center for Democracy,2002-2016 TheGlobalEconomy.com The Heritage Foundation,2002-2016 TheGlobalEconomy.com The World Bank, 2009-2016. TheGlobalEconomy.com United Nations Population Division,2009-2016 TheGlobalEconomy.com 中文文獻 中國輸出入銀行，2016年12月，新南向政策國家國情及金融分析報告系列（一）印度、泰國、馬來西亞、越南、斯里蘭卡。 中國輸出入銀行，2017年4月，新南向政策國家國情及金融分析報告系列（二）印度、菲律賓、新加坡、緬甸、寮國。 沈中華，2002，金控公司的銀行與獨立銀行CAMEL比較：1997~1998，臺灣金融財務季刊，第3輯第2期。 陳信宏，林香靜，葉鴻霖，2014，以CAMEL指標探討金融控股公司子銀行之經營績效，全球商業經營管理學報，第7期(9月)：49-59。 陳進安，2006，伊斯蘭銀行概述，台北外匯市場發展基金會，委託研究報告（5月）。 陳瑋伶，2017，國家特性對銀行跨國併購之績效影響，國立政治大學管理學研究所碩士學位論文。 莊毓敏，1999，商業銀行導論.商業銀行業務與經營，中國人民大學出版社。 袁顥庭，2003，亞洲銀行業跨國併購之研究，國立政治大學企業管理研究所碩士論文。 許誠佳，2016，參加2016年金融業前進東協（菲律賓）考察團出國報告書，金融監督管理委員會銀行局(12月)。 黃昭豐，2008，伊斯蘭金融簡介，臺灣證券交易所，證交資料550期:36-40。 鄭貞茂，謝順峰，盧淑惠等，2015，台灣銀行業者發展亞洲區域銀行之研析，台灣金融研訓院，2015年11月自提研究計畫。 鄭富安，2014，東南亞六國銀行業經營效率分析-共同邊界法之應用，東吳大學經濟學系碩士論文。 劉祖同，2016，臺灣公司投資東協國家之意義，影響與挑戰，國立交通大學資訊管理與財務金融學系財務金融碩士班碩士論文。 潘家涓，2017，台商東協投資之規劃與挑戰，會計研究月刊，第381 期（8月）：95-99。 駐新加坡代表處經濟組，2017.12.14，新加坡金融服務業產業轉型藍圖專題報告。 簡建輝，2014，併購對銀行經營效率之影響-以某銀行併購案?例，國立中興大學應用經濟學系碩士論文。 英文文獻 Adel A. Al-Sharkas, M. Kabir Hassan?and?Shari Lawrence,2008,The impact of mergers and acquisitions on the efficiency of the US banking industry: Further Evidence ,Journal of Business Finance & Accounting 35, 50-70 Altunbas,Y.,Lbanez,D.M.,2004. Mergers and acquisitions and bank performance in Europe the role of strategic similarities. Working Paper Series 398. Babar, H.Z., & Zeb, G. 2011. CAMELS rating system for banking industry in Pakistan: Does CAMELS system provide similar rating as PACRA system in assessing the performance of banks in Pakistan? (Master Thesis). Umea School of Business, Umea Universitet, Pakistan. Beck, T., Kunt, A.D., Levine,R., 2006. Bank concentration, competition, and crises: First results. Journal of Banking & Finance 30,1581-1603. Behr, A., & Heid, F., 2008. The success of bank mergers revisited-An assessment based on a matching strategy, University of Muenster-Faculty of Economics, Deutsche Bundesbank. Berger, A.N., DeYoung, R., Genay, H., & Udell, G. F.2000. Globalization of financial instutions: Evidence from Cross-Border banking performance. Brookings-Wharton Papers on Financial Services, 2000,23-120. Catarina Figueira,?Joseph Nellis,?David Parker, (2009) "Banking performance and technological change in non?core EU countries: A study of Spain and Portugal",?Studies in Economics and Finance 26, 155-170 Chaffai ME, Dietsch M, Lozano-Vivas A .2001. Technological and environmental differences in the European banking industry.J Financ Serv Res 19(2, 3):147 Claudia M. Buch, Gayle Delong,2001.Cross-border bank mergers: what lures the rare animal ?. Competition, Financial Integration and Risks in the Global Economy. EY, Building a better working world, 2015. Banking in Asia-Pacific-Size matters and digital drives competition. Focarelli,D.,& Panetta, F. 2003. Are Mergers Beneficial to Consumers? Evidence from the market for bank deposits, American Economic Review 93,1152-1172 Humphrey,D.,& Vale, B. 2003. Scale economies, bank mergers, and electronic paymanets: A spline function approach, Journal of Banking & Finance 28,1671-1696 La Porta, R., Lopez-De-Silanes, F., Shleifer, A., Vishny, R. W., 1997. Legal determinants of external finance, Journal of Finance 52, 1131–1150. La Porta, R., Lopez-De-Silanes, F., Shleifer, A., Vishny, R. W. 2000. Investor protection and corporate governance, Journal of Finanial Econonomics. 58, 3–27. Mariani Abdul-Majid . David S.Saal . Giuliana Battisti .2009. Efficiency in Islamic and conventional banking : an international comparison . J Prod Anal 34:25-43 Michael C. Jensen.,1986. Agency costs of free cash flow, corporate finance, and takeovers,The American Economic Review 76,323-329. Mokhtar HSA, Abdullah N, Al-Habshi SM .2006. Efficiency of Islamic banking in Malaysia: a stochastic frontier approach.J Econ Coop 27(2):37–70 Ooghe, H., Laere, E.V., Langhe, T.D., 2006. Are acquisitions worthwhile? An empirical study of the post-acquisition performance of privately held Belgian companies. Small Business Economics 27,223-243 Rudi Vander Vennet. 2002. Cost and profit efficiency of financial conglomerates and universal banks in Europe,Journal of Money, Creidt and Banking 34,254-82 Saltzman, S.B., & Salinger, D. 1998. The ACCION Camel: Technical note. ACCION International, Microenterprise Best practices, Development alternative Inc. Woodmont Avenue Bethesda, USA. 1-106. Stephen A. Rhoades.1998. The efficiency effects of bank mergers: An overview of case studies of nine mergers.Journal of Banking & Finance 22, 273-291 Uniform Financial Institutions Rating System .1997. Statements of Policy. The United States: Federal Deposit Insurance Corporation (FDIC). Weston. J.F., Mitchell, M,L., Mulherin, J.H. 2004. Takeovers, Restructuring and Corporate Governance. 4th Edition, Pearson Education, Upper Saddle River, NJ. World investment report, 2017. Investment and the digital economy. United Nations Conference on Trade and Development. zh_TW dc.identifier.doi (DOI) 10.6814/THE.NCCU.ACCT.024.2018.F07 -
