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題名 經商環境對已開發國家銀行跨國併購新興國家銀行之績效影響
The affect of the ease of doing business to the developed country mergers the EME
作者 林亮璇
Lin, Liang Hsuan
貢獻者 吳啟銘
林亮璇
Lin, Liang Hsuan
關鍵詞 銀行併購
事件研究法
新興市場
宣告效果
經商環境
bank mergers
event study
emerging markets
abnormal return
ease of doing business
日期 2015
上傳時間 3-Aug-2015 13:15:14 (UTC+8)
摘要 隨著新興國家金融管制的鬆綁，國際間銀行業併購的標的已逐漸由美國、歐洲等已開發國家延伸至拉丁美洲、東南亞等新興國家。本論文以事件研究法對2005年到2014年，已開發國家銀行跨國併購新興國家金融產業的併購活動，共49個樣本進行分析，藉由迴歸分析的結果去觀察目標國家的經商環境對於併購績效的影響。
本研究的立論在於，過去文獻表示銀行跨國併購的主要動機之一為追隨客戶，而如今許多銀行的客戶為了降低勞動成本，紛紛前往新興國家設廠，而新興國家相較於已開發國家的其中一個特點為，其經商環境尚未發展健全，不如已開發國家穩定，故目標國的經商環境好壞很可能是影響主併銀行客戶決定是否進入或擴大投資的因素，進而成為影響主併銀行跨國併購的成敗因素之一。
而本論文的結果可分為三個層級。第一層是各別經商環境指標對主併銀行宣告效果的影響；第二層逐漸收斂為企業創立、企業擴建與企業經營三組指標對主併銀行宣告效果的影響；第三層則收斂為綜合性經商環境指標對主併銀行宣告效果的影響。在第一層級中發現：目標國家開辦企業程序的便利簡潔度、取得信貸的流程明確度與能否有效執行合約等排名，在事件窗口(-1,+1)呈現顯著負相關，亦即此三項經商環境指標排名越高（數字越小）對主併銀行的宣告效果有正面影響。在第二層級中則觀察到企業擴建層面的指標對主併銀行宣告效果的解釋力是最大的、其次是企業創立，最後為企業經營。在第三層面中發現收斂後的綜合經商環境指標確實對銀行的宣告效果1%的顯著水準，亦即當主併銀行選擇經商環境較佳的目標國家進行跨國併購時，市場的反應會較為正面。
Prompted by financial liberalization and the expansion into emerging market economies (EME) by corporate customers, international banks increasingly penetrated EME. This research uses 49 cross-border M&A samples between 2005 and 2014 in which the acquiring banks is in developed countries and the targets is the financial industry of emerging countries. Using event study methods, the study establish whether the business environment of target countries explain returns to shareholders in acquiring banks from cross-border M&A.
From the past study, we observe that one of the main motivations for the banks to cross-border M&A is following customers to new markets. Recently, in order to reduce labor costs, the customers of bank have more FDI in emerging countries. However, the feature of emerging countries is that the business environment is not as stable and clear as the developed countries. Therefore, the business environment will affect the customers of banks decide whether to enter or expand investment in EME and further affect the acquiring banks.
The results of this research can be divided into three levels. (1) in the individual business environment indicators level, the study find when the target countries are easier starting a business, getting credit or enforcing contracts, the CAR of acquiring banks will significant negative in event window (-1, +1); (2) in the group of business environment indicators level, the study observe the explanatory power of the business expansion group is larger than the group of start-up and operations; (3) the composite business environment indicator have significant negative affect to the CAR of acquiring banks.
參考文獻 Acquisitions, I., & Ittner, C. D. (2015). Journal of International Business Studies, 25(2), 343–366.
Aybar, B., & Ficici, A. (2009). Cross-border An analysis acquisitions and firm value : multinationals of emerging-market. Journal of International Business Studies, 40(8), 1317–1338. http://doi.org/10.1057/jibs.2009.i
Barkema, H. G., Bell, J. H. J., & Pennings, J. M. (1996). Foreign Entry , Cultural Barriers , and Learning. Strategic Management Journal.
Baxter, M., & Crucini, M. J. (2014). International Economic, 36(4), 821–854.
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 (Vol. 23). http://doi.org/10.1016/j.jimonfin.2004.01.002
Bertrand, O., Mucchielli, J.-L., & Zitouna, H. (2005). Fusions et acquisitions transfrontalières des années 1990. Revue de l’OFCE, 94(3), 45–70. http://doi.org/10.3917/reof.094.0045
Bhattacharyya, A., Lovell, C. a. K., & Sahay, P. (1997). The impact of liberalization on the productive efficiency of Indian commercial banks. European Journal of Operational Research, 98(2), 332–345. http://doi.org/10.1016/S0377-2217(96)00351-7
Bonin, J. P., Hasan, I., & Wachtel, P. (2005). Bank performance, efficiency and ownership in transition countries. Journal of Banking and Finance, 29(1 SPEC. ISS.), 31–53. http://doi.org/10.1016/j.jbankfin.2004.06.015
Buch, C. M., & DeLong, G. (2004). Cross-border bank mergers: What lures the rare animal? Journal of Banking and Finance, 28(9), 2077–2102. http://doi.org/10.1016/j.jbankfin.2003.08.002
Campa, J. M., & Hernando, I. (2006). M&As performance in the European financial industry. Journal of Banking & Finance, 30(12), 3367–3392. http://doi.org/10.1016/j.jbankfin.2006.06.006
Conyon, M. J., Girma, S., Thompson, S., & Wright, P. W. (2002). The impact of mergers and acquisitions on company employment in the United Kingdom. European Economic Review, 46(1), 31–49. http://doi.org/10.1016/S0014-2921(00)00086-6
Distance, N. C., Performance, C. A., Shane, S., & Singh, H. (2015). National Cultural Acquisition Distance and Cross-Border Performance Piero Morosini * Harbir Singh *** Previous theoretical research, 29(1), 137–158.
Djankov, S., McLiesh, C., & Ramalho, R. M. (2006). Regulation and growth. Economics Letters, 92(3), 395–401. http://doi.org/10.1016/j.econlet.2006.03.021
Fabry, N., & Zeghni, S. (2002). Foreign direct investment in Russia: How the investment climate matters. Communist and Post-Communist Studies, 35(3), 289–303. http://doi.org/10.1016/S0967-067X(02)00012-0
Finance, B. C. (n.d.). Journal of Applied Corporate Finance.
Focarelli, D., & Pozzolo, A. F. (2001). The patterns of cross-border bank mergers and shareholdings in OECD countries. Journal of Banking and Finance, 25(12), 2305–2337. http://doi.org/10.1016/S0378-4266(01)00192-3
Gregory, A., & McCorriston, S. (2005). Foreign acquisitions by UK limited companies: Short- and long-run performance. Journal of Empirical Finance, 12(1), 99–125. http://doi.org/10.1016/j.jempfin.2003.10.003
Gubbi, S. R., Aulakh, P. S., Ray, S., Sarkar, M. B., & Chittoor, R. (2010). Do international acquisitions by emerging-economy firms create shareholder value? The case of Indian firms. Journal of International Business Studies, 41(3), 397–418. http://doi.org/10.1057/jibs.2009.47
Gugler, K., Mueller, D. C., Yurtoglu, B. B., & Zulehner, C. (2003). The effects of mergers: An international comparison. International Journal of Industrial Organization, 21(5), 625–653. http://doi.org/10.1016/S0167-7187(02)00107-8
Hudgins, S. C., & Seifert, B. (1996). Stockholder returns and international acquisitions of financial firms: An emphasis on banking. Journal of Financial Services Research, 10(2), 163–180. http://doi.org/10.1007/BF00115674
Journals, P. M. (2014). Mars-Venus marriages : M & A Culture and, 40(2), 216–236.
Kang, J. (1993). The international market for corporate control: Mergers and acquisitions of US firms by Japanese firms. Journal of Financial Economics, 34, 345–371. Retrieved from http://www.sciencedirect.com/science/article/pii/0304405X93900316
Karayalcin, C., Markets, S., Costs, A., Series, N., & Suntory, T. (2009). The Suntory and Toyota International Centres for Economics and Related Disciplines. Political Science, 63(252), 599610. http://doi.org/10.2307/2554998
Kusewitt Jr, J. B. (1985). An exploratory study of strategic acquisition factors relating to performance. Strategic Management Journal, 6(2), 151–169. http://doi.org/10.1002/smj.4250060205
Moeller, S. B., Schlingemann, F. P., & Stulz, R. M. (2004). Firm size and the gains from acquisitions. Journal of Financial Economics, 73(2), 201–228. http://doi.org/10.1016/j.jfineco.2003.07.002
Moeller, S. B., Schlingemann, F. P., & Stulz, R. M. (2005). Wealth destruction on a massive scale? A study of acquiring-firm returns in the recent merger wave. Journal of Finance, 60(2), 757–782. http://doi.org/10.1111/j.1540-6261.2005.00745.x
Morck, R., & Yeung, B. (1992). Internalization: an event study test. Journal of International Economics, 33(1992), 41–56. http://doi.org/10.1016/0022-1996(92)90049-P
Morris, R., & Aziz, A. (2011). Ease of doing business and FDI inflow to Sub-Saharan Africa and Asian countries. Cross Cultural Management: An International Journal, 18(4), 400–411. http://doi.org/10.1108/13527601111179483
Narayan, P. C., & Thenmozhi, M. (2014). Do cross-border acquisitions involving emerging market firms create value. Management Decision, 52(8), 1451–1473. http://doi.org/10.1108/MD-04-2014-0227
Nations, U., & Development, E. (2000). TRANSNATIONAL, 9(3).
Pilloff, S. J. (1996). Performance Changes and Shareholder Wealth Creation Associated with Mergers of Publicly Traded Banking Institutions. Journal of Money, Credit & Banking (Ohio State University Press), 28(3), 294–310. http://doi.org/10.2307/2077976
Pilloff, S. J., & Santomero, A. M. (1998). The Value Effects of Bank Mergers and Acquisitions. Mergers of Financial Institutions, 59 – 78. http://doi.org/10.1007/978-1-4757-2799-9
Piscitello, L., & Rabbiosi *, L. (2005). The impact of inward FDI on local companies’ labour productivity: evidence from the Italian case. International Journal of the Economics of Business, 12(1), 35–51. http://doi.org/10.1080/1357151042000323120
Scholtens, B., & de Wit, R. (2004). Announcement effects of bank mergers in Europe and the US. Research in International Business and Finance, 18(2), 217–228. http://doi.org/10.1016/j.ribaf.2004.04.002
Shimizu, K., Hitt, M. a., Vaidyanath, D., & Pisano, V. (2004). Theoretical foundations of cross-border mergers and acquisitions: A review of current research and recommendations for the future. Journal of International Management (Vol. 10). http://doi.org/10.1016/j.intman.2004.05.005
Singh, H., Montgomery, C. A., Journal, S. M., Aug, N. J., & Montgomery, C. A. (2007). No Title, 8(4), 377–386.
Stulz, R. M., & Williamson, R. (2003). Culture, openness, and finance. Journal of Financial Economics, 70(3), 313–349. http://doi.org/10.1016/S0304-405X(03)00173-9
Wealth, S. (2013). Edinburgh Research Explorer Cross-Border versus Domestic Acquisitions and the Impact on Shareholder Wealth Cross-Border versus Domestic Acquisitions and the Impact on Shareholder Wealth.
Willams, J., & Bellotti, X. (2008). Cross-border bank M&A in emerging market: value creation or destruction? http://doi.org/10.1057/ces.2008.2
William J. Wales, Vinit Parida, & Patel, P. C. (2013). Too much of a good thing? absorptive capacity, firm performance, and the moderating role of entrepreneurial orientation. Strategic Management Journal, 757(April 2014), 12. http://doi.org/10.1002/smj
Yiu, D. W., Lau, C., & Bruton, G. D. (2007). Home Country Networks , and the Firm. Journal of International Business Studies, 38(4), 519–540.
甘文光(2005)，「地主國吸引外人直接投資的決定性因素：跨國分析」，國立政治大學行政管理學程碩士論文
描述 碩士
國立政治大學
企業管理研究所
102363027
資料來源 http://thesis.lib.nccu.edu.tw/record/#G1023630271
資料類型 thesis
dc.contributor.advisor 吳啟銘zh_TW
dc.contributor.author (Authors) 林亮璇zh_TW
dc.contributor.author (Authors) Lin, Liang Hsuanen_US
dc.creator (作者) 林亮璇zh_TW
dc.creator (作者) Lin, Liang Hsuanen_US
dc.date (日期) 2015en_US
dc.date.accessioned 3-Aug-2015 13:15:14 (UTC+8)-
dc.date.available 3-Aug-2015 13:15:14 (UTC+8)-
dc.date.issued (上傳時間) 3-Aug-2015 13:15:14 (UTC+8)-
dc.identifier (Other Identifiers) G1023630271en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/77140-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 企業管理研究所zh_TW
dc.description (描述) 102363027zh_TW
dc.description.abstract (摘要) 隨著新興國家金融管制的鬆綁，國際間銀行業併購的標的已逐漸由美國、歐洲等已開發國家延伸至拉丁美洲、東南亞等新興國家。本論文以事件研究法對2005年到2014年，已開發國家銀行跨國併購新興國家金融產業的併購活動，共49個樣本進行分析，藉由迴歸分析的結果去觀察目標國家的經商環境對於併購績效的影響。
本研究的立論在於，過去文獻表示銀行跨國併購的主要動機之一為追隨客戶，而如今許多銀行的客戶為了降低勞動成本，紛紛前往新興國家設廠，而新興國家相較於已開發國家的其中一個特點為，其經商環境尚未發展健全，不如已開發國家穩定，故目標國的經商環境好壞很可能是影響主併銀行客戶決定是否進入或擴大投資的因素，進而成為影響主併銀行跨國併購的成敗因素之一。
而本論文的結果可分為三個層級。第一層是各別經商環境指標對主併銀行宣告效果的影響；第二層逐漸收斂為企業創立、企業擴建與企業經營三組指標對主併銀行宣告效果的影響；第三層則收斂為綜合性經商環境指標對主併銀行宣告效果的影響。在第一層級中發現：目標國家開辦企業程序的便利簡潔度、取得信貸的流程明確度與能否有效執行合約等排名，在事件窗口(-1,+1)呈現顯著負相關，亦即此三項經商環境指標排名越高（數字越小）對主併銀行的宣告效果有正面影響。在第二層級中則觀察到企業擴建層面的指標對主併銀行宣告效果的解釋力是最大的、其次是企業創立，最後為企業經營。在第三層面中發現收斂後的綜合經商環境指標確實對銀行的宣告效果1%的顯著水準，亦即當主併銀行選擇經商環境較佳的目標國家進行跨國併購時，市場的反應會較為正面。		zh_TW
dc.description.abstract (摘要) Prompted by financial liberalization and the expansion into emerging market economies (EME) by corporate customers, international banks increasingly penetrated EME. This research uses 49 cross-border M&A samples between 2005 and 2014 in which the acquiring banks is in developed countries and the targets is the financial industry of emerging countries. Using event study methods, the study establish whether the business environment of target countries explain returns to shareholders in acquiring banks from cross-border M&A.
From the past study, we observe that one of the main motivations for the banks to cross-border M&A is following customers to new markets. Recently, in order to reduce labor costs, the customers of bank have more FDI in emerging countries. However, the feature of emerging countries is that the business environment is not as stable and clear as the developed countries. Therefore, the business environment will affect the customers of banks decide whether to enter or expand investment in EME and further affect the acquiring banks.
The results of this research can be divided into three levels. (1) in the individual business environment indicators level, the study find when the target countries are easier starting a business, getting credit or enforcing contracts, the CAR of acquiring banks will significant negative in event window (-1, +1); (2) in the group of business environment indicators level, the study observe the explanatory power of the business expansion group is larger than the group of start-up and operations; (3) the composite business environment indicator have significant negative affect to the CAR of acquiring banks.		en_US
dc.description.tableofcontents 第一章 緒論 1
第一節 研究背景及動機 1
第二節 研究問題 2
第三節 研究目的與貢獻 2
第四節 研究設計與方法 3
第五節 研究架構 3
第二章 文獻探討 5
第一節 企業進行跨國併購的動機與績效 5
第二節 銀行業進行跨國併購的動機與績效 9
第三節 影響銀行業跨國併購績效之因素 13
第三章 研究設計 17
第一節 研究假說 17
第二節 資料來源 25
第三節 樣本選取標準 25
第四節 事件研究法 27
第五節 變數定義 28
第六節 複回歸分析 37
第四章 實證結果分析 44
第一節 基本敘述統計分析 44
第二節 迴歸分析 52
第五章 結論與建議 61
第一節 研究結論 61
第二節 研究限制 62
第三節 後續研究建議 62
參考文獻 64		zh_TW
dc.format.extent 5613880 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G1023630271en_US
dc.subject (關鍵詞) 銀行併購zh_TW
dc.subject (關鍵詞) 事件研究法zh_TW
dc.subject (關鍵詞) 新興市場zh_TW
dc.subject (關鍵詞) 宣告效果zh_TW
dc.subject (關鍵詞) 經商環境zh_TW
dc.subject (關鍵詞) bank mergersen_US
dc.subject (關鍵詞) event studyen_US
dc.subject (關鍵詞) emerging marketsen_US
dc.subject (關鍵詞) abnormal returnen_US
dc.subject (關鍵詞) ease of doing businessen_US
dc.title (題名) 經商環境對已開發國家銀行跨國併購新興國家銀行之績效影響zh_TW
dc.title (題名) The affect of the ease of doing business to the developed country mergers the EMEen_US
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) Acquisitions, I., & Ittner, C. D. (2015). Journal of International Business Studies, 25(2), 343–366.
Aybar, B., & Ficici, A. (2009). Cross-border An analysis acquisitions and firm value : multinationals of emerging-market. Journal of International Business Studies, 40(8), 1317–1338. http://doi.org/10.1057/jibs.2009.i
Barkema, H. G., Bell, J. H. J., & Pennings, J. M. (1996). Foreign Entry , Cultural Barriers , and Learning. Strategic Management Journal.
Baxter, M., & Crucini, M. J. (2014). International Economic, 36(4), 821–854.
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 (Vol. 23). http://doi.org/10.1016/j.jimonfin.2004.01.002
Bertrand, O., Mucchielli, J.-L., & Zitouna, H. (2005). Fusions et acquisitions transfrontalières des années 1990. Revue de l’OFCE, 94(3), 45–70. http://doi.org/10.3917/reof.094.0045
Bhattacharyya, A., Lovell, C. a. K., & Sahay, P. (1997). The impact of liberalization on the productive efficiency of Indian commercial banks. European Journal of Operational Research, 98(2), 332–345. http://doi.org/10.1016/S0377-2217(96)00351-7
Bonin, J. P., Hasan, I., & Wachtel, P. (2005). Bank performance, efficiency and ownership in transition countries. Journal of Banking and Finance, 29(1 SPEC. ISS.), 31–53. http://doi.org/10.1016/j.jbankfin.2004.06.015
Buch, C. M., & DeLong, G. (2004). Cross-border bank mergers: What lures the rare animal? Journal of Banking and Finance, 28(9), 2077–2102. http://doi.org/10.1016/j.jbankfin.2003.08.002
Campa, J. M., & Hernando, I. (2006). M&As performance in the European financial industry. Journal of Banking & Finance, 30(12), 3367–3392. http://doi.org/10.1016/j.jbankfin.2006.06.006
Conyon, M. J., Girma, S., Thompson, S., & Wright, P. W. (2002). The impact of mergers and acquisitions on company employment in the United Kingdom. European Economic Review, 46(1), 31–49. http://doi.org/10.1016/S0014-2921(00)00086-6
Distance, N. C., Performance, C. A., Shane, S., & Singh, H. (2015). National Cultural Acquisition Distance and Cross-Border Performance Piero Morosini * Harbir Singh *** Previous theoretical research, 29(1), 137–158.
Djankov, S., McLiesh, C., & Ramalho, R. M. (2006). Regulation and growth. Economics Letters, 92(3), 395–401. http://doi.org/10.1016/j.econlet.2006.03.021
Fabry, N., & Zeghni, S. (2002). Foreign direct investment in Russia: How the investment climate matters. Communist and Post-Communist Studies, 35(3), 289–303. http://doi.org/10.1016/S0967-067X(02)00012-0
Finance, B. C. (n.d.). Journal of Applied Corporate Finance.
Focarelli, D., & Pozzolo, A. F. (2001). The patterns of cross-border bank mergers and shareholdings in OECD countries. Journal of Banking and Finance, 25(12), 2305–2337. http://doi.org/10.1016/S0378-4266(01)00192-3
Gregory, A., & McCorriston, S. (2005). Foreign acquisitions by UK limited companies: Short- and long-run performance. Journal of Empirical Finance, 12(1), 99–125. http://doi.org/10.1016/j.jempfin.2003.10.003
Gubbi, S. R., Aulakh, P. S., Ray, S., Sarkar, M. B., & Chittoor, R. (2010). Do international acquisitions by emerging-economy firms create shareholder value? The case of Indian firms. Journal of International Business Studies, 41(3), 397–418. http://doi.org/10.1057/jibs.2009.47
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甘文光(2005)，「地主國吸引外人直接投資的決定性因素：跨國分析」，國立政治大學行政管理學程碩士論文		zh_TW