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題名 影響銀行併購溢價之原因探討-以亞洲地區為例
Determinants of Premiums Paid in Asia Banking Mergers and Acquisitions
作者 鄧伊婷
Deng,Yi-Ting
貢獻者 沈中華
鄧伊婷
Deng,Yi-Ting
關鍵詞 銀行併購
併購溢價
亞洲地區銀行併購
日期 2006
上傳時間 18-Sep-2009 20:16:46 (UTC+8)
摘要 過去許多學者以美國或歐洲地區國家銀行併購資料進行實證研究,探討影響併購溢價之因素,而本文則選取亞洲地區國家銀行併購資料作為樣本,探討其購併溢價的情形及影響購併溢價的可能因素。本研究同時選取了主併者與被併者的財務變數及其他可能影響合併溢價的因素,如併購溢價支付方式、被併銀行所處國家之金融發展程度等,來探討其對溢價的影響。

實證結果發現:主併與被併銀行的某些財務變數與併購溢價間確實存在顯著關係。換言之,具有某些特性的被併銀行對於主併者來說較具吸引力,因此,會讓主併方願意支付較高的溢價;而主併銀行本身的管理能力與財務狀況也會影響其支付併購溢價的能力與意願,即某些主併銀行的財務特性對併購溢價有顯著的影響。舉例來說,由本研究的實證結果中發現被併銀行的自有資本率、資產規模與資產成長性等對併購溢價有正向的影響,而主併銀行的自有資本率、非利息收入比及資產規模也與併購溢價存在正向關係。

此外由本研究的實證結果也發現以股權交換的方式進行購併之合併溢價普遍而言高於現金交易購併案之併購溢價,且當被併銀行所處國家之金融發展程度越高,則併購溢價越低。
參考文獻 壹、中文部份:
1.沈中華 (2005),金融市場,華泰
2.伍忠賢 (1999),企業購併聖經
3.羅兵咸 (2007),「未來五年亞洲金融業併購熱潮持續高漲」,大紀元報
4.林婷鈴 (2000),「銀行業國際化併購整合性觀念模式之探討」,中華管理評論,第3輯第3期
5.盧正昕 (1998),「銀行業購併的實務與趨勢」,華信金融季刊,第3期,87年9月,85-103
6.陳嘉桓 (2003),「金融機構跨業合併與合併溢價之實證研究」,國立政治大學金融研究所碩士論文
7.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
8.林姿均 (2000),「銀行合併理論探討與實證研究」,國立中山大學財務管理研究所碩士論文
9.林坤正 (1990),「我國企業收購合併之策略分析與績效評估」,私立中國文化大學企業管理研究所未出版碩士論文,79年6月

貳、英文部分
1.Beaty, R.P., A.M. Santomero and M. Smirlock (1987), “Bank Merger Premiums – Analysis and Evidence,” Monografia 1987a-3, New York: Salomon Brothers Center for the Study of Financial Institutions
2.Benston, G.J., W.C. Hunter and L.D. Wall (1995), “Motivations for Bank Mergers and Acquisitions: Enhancing the Deposit Insurance Put Option versus Earnings Diversification,” Journal of Money, Credit and Banking, Vol.27, N.3, 777-787
3.Berger, A.N., R.S. Demsetz and P.E. Strahan (1999), “The Consolidation of the Financial Services Industry: Causes, Consequences, and Implications for the Future,” Journal of Banking and Finance, Vol. 23, N.2-4, 135-194
4.Berger, A.N. and D.B. Humphrey (1992), “Megamergers in banking and the use of cost efficiency as an antitrust defence,” Antitrust Bulletin, Vol. 37 (Autumn), 541-600
5.Bradley, M., A.Desai, and E.H. Kim (1983), ”The Rationale Behind Interfirm Tender Offers: Information or Synergy,” Journal of Financial Economics, 11, 183-206
6.Bradley, M., A. Desai, and E.H. Kim (1988), “Synergistic Gains from Corporate Acquisitions and Their Division between the Stockholders Target and Acquiring Firms,” Journal of Financial Economics, 21, 3-40
7.Belén D.D. (2005), ”Determinants of Premiums Paid in European Banking Mergers and Acquisitions,” Working Paper
8.Cheng, D.C., B.E. Gup and L.D. Wall (1989), “Financial Determinants of Bank Takeovers,” Journal of Money, Credit and Banking, November, 524-536
9.Cuervo, A. (1999), “Razones para las fusions y adquisiciones: factores organizativos no explicitos como determinantes del éxito,”Economistas, Vol. 41, 49-66
10.De Young, R. (1993), “Determinants of Cost Efficiency in bank mergers,” Economic and Policy Analysis Working Papers, 93-1. Washington Office of the Comptroller of the Currency
11.Eckbo, E. B. (1983), “Horizontal Mergers, Collusion, and Stockholder Wealth,” Journal of Financial Economics, 11, 241-273
12.Fraser, D.R. and J.W. Kolari (1988), “Pricing Small Bank Acquisitions,” Journal of Retail Banking, Vol.10, N.4, 23-28
13.Gilberto, M.S. and N.P. Varaiya (1989), ”The Winner’s Curse and Bidder Competition in Acquisitions: Evidence from Failed Bank Auctions,” Journal of Finance, 44, 59-76
14.Hakes, D.R., K.H. Brown and A. Rappaport (1997), “The Impact of State Deposit Caps on Bank Merger Premiums,” Southern Economic Journal, Vol.63, N.3, 652-662
15.Hannan, T.H. and S.A. Rhoades (1987), ”Acquisition Targets and Motivers: The Case of the Banking Industry,” The Review of Economics Statistics, 69, 67-74
16.Jackson, R. and A. Gart (1999), “Determinants and Non-Determinants of Bank Merger Premiums,” The Mid-Atlantic Journal of Business, Vol.35, N.4, 149-157
17.Jensen, M.C. and K. Murphy (1988), “Performance Pay and Top Management Incentives,” Harvard Business School Working Paper
18.Lewellen, W.G. (1971), “A Pure Financial Rationale for the Conglomerate Merger,” Journal of Finance, Vol.26, 521-545
19.Lubatkin, M. (1983), ”Mergers and the Performance of the Acquiring Firms,” Academy of Management Reviews, Vol.8, 218-225
20.Palia, D. (1993), “The Managerial Regulatory an Financial Determinants of Bank Merger Premiums,” The Journal of Industrial Economics, March, 91-102
21.Peristiani, S. (1997), “Do mergers improve the x-efficiency and scale efficiency of U.S. Banks? Evidence from the 1980s,” Journal of Money, Credit, and Banking, Vol. 29, N.3.
22.Porter, E.M. (1985), “Competitive Advantage,” Free Press, New York
23.Rhoades, S.A. (1987), “Determinants of Premiums Paid in Bank Acquisitions,” Economic Journal, March, 20-30
24.Rhoades, S.A. (1998), ”The Effects of Bank Mergers: An Overview of Case Studies of Nine Mergers.” Journal of Banking and Finance 22(3): 273-291
25.Rogowski, R.J. and Simonson, D.G. (1987), “Bank Merger Pricing Premiums and Interstate Banking,” Financial Management Association, Las Vegas
26.Stillman, R. (1983), “Examining Antitrust Policy Towards Horizontal Mergers,” Journal of Financial Economics, 11, 225-240
27.Weston, J.F., K.S.Chung, and S.E.Hoag (1990), “Mergers, Restructuring, and Corporate Control,” Prentice-Hall Press, New Jersey
28.Williamson, O.E. (1975), “Markets and Hierarchies: Analysis and Antiturst Implications,” Free Press, New York
描述 碩士
國立政治大學
金融研究所
94352004
95
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0094352004
資料類型 thesis
dc.contributor.advisor 沈中華zh_TW
dc.contributor.author (Authors) 鄧伊婷zh_TW
dc.contributor.author (Authors) Deng,Yi-Tingen_US
dc.creator (作者) 鄧伊婷zh_TW
dc.creator (作者) Deng,Yi-Tingen_US
dc.date (日期) 2006en_US
dc.date.accessioned 18-Sep-2009 20:16:46 (UTC+8)-
dc.date.available 18-Sep-2009 20:16:46 (UTC+8)-
dc.date.issued (上傳時間) 18-Sep-2009 20:16:46 (UTC+8)-
dc.identifier (Other Identifiers) G0094352004en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/36957-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 金融研究所zh_TW
dc.description (描述) 94352004zh_TW
dc.description (描述) 95zh_TW
dc.description.abstract (摘要) 過去許多學者以美國或歐洲地區國家銀行併購資料進行實證研究,探討影響併購溢價之因素,而本文則選取亞洲地區國家銀行併購資料作為樣本,探討其購併溢價的情形及影響購併溢價的可能因素。本研究同時選取了主併者與被併者的財務變數及其他可能影響合併溢價的因素,如併購溢價支付方式、被併銀行所處國家之金融發展程度等,來探討其對溢價的影響。

實證結果發現:主併與被併銀行的某些財務變數與併購溢價間確實存在顯著關係。換言之,具有某些特性的被併銀行對於主併者來說較具吸引力,因此,會讓主併方願意支付較高的溢價;而主併銀行本身的管理能力與財務狀況也會影響其支付併購溢價的能力與意願,即某些主併銀行的財務特性對併購溢價有顯著的影響。舉例來說,由本研究的實證結果中發現被併銀行的自有資本率、資產規模與資產成長性等對併購溢價有正向的影響,而主併銀行的自有資本率、非利息收入比及資產規模也與併購溢價存在正向關係。

此外由本研究的實證結果也發現以股權交換的方式進行購併之合併溢價普遍而言高於現金交易購併案之併購溢價,且當被併銀行所處國家之金融發展程度越高,則併購溢價越低。
zh_TW
dc.description.tableofcontents 第一章 緒論..............................................1
第一節 研究背景與動機......................................1
第二節 研究目的...........................................3
第三節 研究範圍與限制......................................4
第四節 研究流程與架構......................................6

第二章 文獻回顧..........................................9
第一節 併購理論...........................................9
第二節 併購動機...........................................11
第三節 目標公司的價值評估..................................16
第四節 銀行業併購相關文獻..................................18

第三章 研究設計..........................................25
第一節 研究問題..........................................25
第二節 研究對象與資料來源.................................25
第三節 研究變數選取與定義.................................26

第四章 實證結果與分析....................................35
第一節 基本敘述統計量分析.................................35
第二節 迴歸分析..........................................40

第五章 結論與建議........................................47
第一節 研究結論..........................................47
第二節 研究建議..........................................48

參考文獻.................................................49
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dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0094352004en_US
dc.subject (關鍵詞) 銀行併購zh_TW
dc.subject (關鍵詞) 併購溢價zh_TW
dc.subject (關鍵詞) 亞洲地區銀行併購zh_TW
dc.title (題名) 影響銀行併購溢價之原因探討-以亞洲地區為例zh_TW
dc.title (題名) Determinants of Premiums Paid in Asia Banking Mergers and Acquisitionsen_US
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) 壹、中文部份:zh_TW
dc.relation.reference (參考文獻) 1.沈中華 (2005),金融市場,華泰zh_TW
dc.relation.reference (參考文獻) 2.伍忠賢 (1999),企業購併聖經zh_TW
dc.relation.reference (參考文獻) 3.羅兵咸 (2007),「未來五年亞洲金融業併購熱潮持續高漲」,大紀元報zh_TW
dc.relation.reference (參考文獻) 4.林婷鈴 (2000),「銀行業國際化併購整合性觀念模式之探討」,中華管理評論,第3輯第3期zh_TW
dc.relation.reference (參考文獻) 5.盧正昕 (1998),「銀行業購併的實務與趨勢」,華信金融季刊,第3期,87年9月,85-103zh_TW
dc.relation.reference (參考文獻) 6.陳嘉桓 (2003),「金融機構跨業合併與合併溢價之實證研究」,國立政治大學金融研究所碩士論文zh_TW
dc.relation.reference (參考文獻) 7.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zh_TW
dc.relation.reference (參考文獻) 8.林姿均 (2000),「銀行合併理論探討與實證研究」,國立中山大學財務管理研究所碩士論文zh_TW
dc.relation.reference (參考文獻) 9.林坤正 (1990),「我國企業收購合併之策略分析與績效評估」,私立中國文化大學企業管理研究所未出版碩士論文,79年6月zh_TW
dc.relation.reference (參考文獻) zh_TW
dc.relation.reference (參考文獻) 貳、英文部分zh_TW
dc.relation.reference (參考文獻) 1.Beaty, R.P., A.M. Santomero and M. Smirlock (1987), “Bank Merger Premiums – Analysis and Evidence,” Monografia 1987a-3, New York: Salomon Brothers Center for the Study of Financial Institutionszh_TW
dc.relation.reference (參考文獻) 2.Benston, G.J., W.C. Hunter and L.D. Wall (1995), “Motivations for Bank Mergers and Acquisitions: Enhancing the Deposit Insurance Put Option versus Earnings Diversification,” Journal of Money, Credit and Banking, Vol.27, N.3, 777-787zh_TW
dc.relation.reference (參考文獻) 3.Berger, A.N., R.S. Demsetz and P.E. Strahan (1999), “The Consolidation of the Financial Services Industry: Causes, Consequences, and Implications for the Future,” Journal of Banking and Finance, Vol. 23, N.2-4, 135-194zh_TW
dc.relation.reference (參考文獻) 4.Berger, A.N. and D.B. Humphrey (1992), “Megamergers in banking and the use of cost efficiency as an antitrust defence,” Antitrust Bulletin, Vol. 37 (Autumn), 541-600zh_TW
dc.relation.reference (參考文獻) 5.Bradley, M., A.Desai, and E.H. Kim (1983), ”The Rationale Behind Interfirm Tender Offers: Information or Synergy,” Journal of Financial Economics, 11, 183-206zh_TW
dc.relation.reference (參考文獻) 6.Bradley, M., A. Desai, and E.H. Kim (1988), “Synergistic Gains from Corporate Acquisitions and Their Division between the Stockholders Target and Acquiring Firms,” Journal of Financial Economics, 21, 3-40zh_TW
dc.relation.reference (參考文獻) 7.Belén D.D. (2005), ”Determinants of Premiums Paid in European Banking Mergers and Acquisitions,” Working Paperzh_TW
dc.relation.reference (參考文獻) 8.Cheng, D.C., B.E. Gup and L.D. Wall (1989), “Financial Determinants of Bank Takeovers,” Journal of Money, Credit and Banking, November, 524-536zh_TW
dc.relation.reference (參考文獻) 9.Cuervo, A. (1999), “Razones para las fusions y adquisiciones: factores organizativos no explicitos como determinantes del éxito,”Economistas, Vol. 41, 49-66zh_TW
dc.relation.reference (參考文獻) 10.De Young, R. (1993), “Determinants of Cost Efficiency in bank mergers,” Economic and Policy Analysis Working Papers, 93-1. Washington Office of the Comptroller of the Currencyzh_TW
dc.relation.reference (參考文獻) 11.Eckbo, E. B. (1983), “Horizontal Mergers, Collusion, and Stockholder Wealth,” Journal of Financial Economics, 11, 241-273zh_TW
dc.relation.reference (參考文獻) 12.Fraser, D.R. and J.W. Kolari (1988), “Pricing Small Bank Acquisitions,” Journal of Retail Banking, Vol.10, N.4, 23-28zh_TW
dc.relation.reference (參考文獻) 13.Gilberto, M.S. and N.P. Varaiya (1989), ”The Winner’s Curse and Bidder Competition in Acquisitions: Evidence from Failed Bank Auctions,” Journal of Finance, 44, 59-76zh_TW
dc.relation.reference (參考文獻) 14.Hakes, D.R., K.H. Brown and A. Rappaport (1997), “The Impact of State Deposit Caps on Bank Merger Premiums,” Southern Economic Journal, Vol.63, N.3, 652-662zh_TW
dc.relation.reference (參考文獻) 15.Hannan, T.H. and S.A. Rhoades (1987), ”Acquisition Targets and Motivers: The Case of the Banking Industry,” The Review of Economics Statistics, 69, 67-74zh_TW
dc.relation.reference (參考文獻) 16.Jackson, R. and A. Gart (1999), “Determinants and Non-Determinants of Bank Merger Premiums,” The Mid-Atlantic Journal of Business, Vol.35, N.4, 149-157zh_TW
dc.relation.reference (參考文獻) 17.Jensen, M.C. and K. Murphy (1988), “Performance Pay and Top Management Incentives,” Harvard Business School Working Paperzh_TW
dc.relation.reference (參考文獻) 18.Lewellen, W.G. (1971), “A Pure Financial Rationale for the Conglomerate Merger,” Journal of Finance, Vol.26, 521-545zh_TW
dc.relation.reference (參考文獻) 19.Lubatkin, M. (1983), ”Mergers and the Performance of the Acquiring Firms,” Academy of Management Reviews, Vol.8, 218-225zh_TW
dc.relation.reference (參考文獻) 20.Palia, D. (1993), “The Managerial Regulatory an Financial Determinants of Bank Merger Premiums,” The Journal of Industrial Economics, March, 91-102zh_TW
dc.relation.reference (參考文獻) 21.Peristiani, S. (1997), “Do mergers improve the x-efficiency and scale efficiency of U.S. Banks? Evidence from the 1980s,” Journal of Money, Credit, and Banking, Vol. 29, N.3.zh_TW
dc.relation.reference (參考文獻) 22.Porter, E.M. (1985), “Competitive Advantage,” Free Press, New Yorkzh_TW
dc.relation.reference (參考文獻) 23.Rhoades, S.A. (1987), “Determinants of Premiums Paid in Bank Acquisitions,” Economic Journal, March, 20-30zh_TW
dc.relation.reference (參考文獻) 24.Rhoades, S.A. (1998), ”The Effects of Bank Mergers: An Overview of Case Studies of Nine Mergers.” Journal of Banking and Finance 22(3): 273-291zh_TW
dc.relation.reference (參考文獻) 25.Rogowski, R.J. and Simonson, D.G. (1987), “Bank Merger Pricing Premiums and Interstate Banking,” Financial Management Association, Las Vegaszh_TW
dc.relation.reference (參考文獻) 26.Stillman, R. (1983), “Examining Antitrust Policy Towards Horizontal Mergers,” Journal of Financial Economics, 11, 225-240zh_TW
dc.relation.reference (參考文獻) 27.Weston, J.F., K.S.Chung, and S.E.Hoag (1990), “Mergers, Restructuring, and Corporate Control,” Prentice-Hall Press, New Jerseyzh_TW
dc.relation.reference (參考文獻) 28.Williamson, O.E. (1975), “Markets and Hierarchies: Analysis and Antiturst Implications,” Free Press, New Yorkzh_TW