政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/33980

政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/33980

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政大典藏 > College of Commerce > Department of Money and Banking > Theses > Item 140.119/33980

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/33980

Title:	金融機構跨業合併與合併議價之實證研究
Authors:	陳嘉桓 Chen, Chia-Huan
Contributors:	沈中華 Shen, Chung-Hua 陳嘉桓 Chen, Chia-Huan
Keywords:	合併議價銀行合併金控公司 Merger Premiums Bank Mergers Holding Companys
Date:	2002
Issue Date:	2009-09-17 19:00:40 (UTC+8)
Abstract:	本文首先針對國內金融機構跨業經營進行分析，其次以國內金融機構間的合併案為樣本，探討合併溢價之情形及影響合併溢價之因素。同時選取主併者及被併者的財務變數、市場變數及公司治理變數，來探討其對合併溢價之影響。　　實證結果發現ROA高的主併者，愈會付出較高的溢價來進行收購；而ROA高的被併者，也會得到較高的溢價。另風險性高的主併者在進行購併時，所願意付出的合併溢價則較低。同時本文亦發現，對於業務相關性高的金融機構，主併者願意付出較高的價格來進行合併。　　此外市場的環境，對於合併價格的決定亦有很大的影響，本文發現被併者的市場集中度與合併溢價成正向關係。而公司治理變數則顯示，被併者的董監事及經理人持股比率與合併溢價呈負向關係。至於不同型態之金融機構，合併溢價是否有顯著差異，實證結果則無此發現。
Reference:	伍忠賢(1998)，企業購併聖經盧正昕(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 沈中華(2001b)，「銀行的異業合併-互補性與文化差異」，《貨幣市場雙月刊》5(3), 15-28 沈中華與張雲翔(2002)，「金融機構跨業經營及轉投資之利潤與風險：全球實證分析」，《中研院經濟論文》，30：3(2002)，275-308 許振明、劉完淳(2002)，「近兩年我國銀行的財務績效評估」，《存款保險資訊季刊》16(1)，28-43 陳春山(2000)，「公司董事的地位-企業管控的規則」，《證交資料》，458期,2000年6月魏美玉(1999)，「從銀行業跨業合併探討臺銀與華銀合併可行性研究」國立台灣大學財務金融研究所碩士論文周旭東(1999)，「證券商購併之動機、價值及整合研究分析」，國立中山大學財務管理研究所碩士論文呂珮君(2000)，「主併券商購併績效之研究」，國立中央大學企業管理研究所碩士論文牟淑瑜(2000)，「銀行合併換股比率之實證研究」，國立中山大學財務管理研究所碩士論文林姿均(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周士淳(2002)，「金融跨業合併經營探討」，國立政治大學企業管理研究所碩士論文證券暨期貨市場發展基金會會(2001)，「我國公司治理」 Alberto Cybo-Ottone and Maurizio Murgia (2000), “Mergers and shareholder wealth in European banking”, Journal of Banking & Finance, 24, 831-859. Bank Administration Institute and Boston Consulting Group (1999), Putting It Together：Convergence Strategies for Banking, Insurance, and Investments. Becher, David and Terry Campbell, 2003, “Corporate Governance of Bank Mergers”. Unpublished working paper, Northern Illinois University Berger, Allen N., R. Demsetz and P. Strahan (1999), “The Consolidation of the Financial Services Industry: Causes, Consequences, and Implications for the Future,” Journal of Banking and Finance 23(2-4), 135-194. Berger, Allen N, 2000, “The Integration of the Financial Services Industry: Where are the Efficiencies?” North American Actuarial Journal 4 Betty, Randolph P., Anthony M. Sanotomero, and Michael Smirlock, 1987, “Bank Merger Premiums: Analysis and Evidence”, Solomon Brothers Center for the Study of Financial Institutions Monograph Series in Finance and Economics, Monograph 1987-3 Bliss, R., Rosen, R, 2001. “CEO compensation and bank mergers.” Journal of Financial Economics 61, 107-138. Brewer, Elijah, William Jackson, and Julapa Jagtiani, 2000, “Impact of Independent Directors and the Regulatory Environment on Bank Merger Prices: Evidence from Takeover Activity in the 1990s”, Working paper-Federal Reserve Bank of Chicago Buch Claudia, and Gayle Delong, 2001, “Cross-Border Bank Mergers: What Lures the Rare Animal?” Working Paper-Kiel Institute of World Economics Cheng, David, Benton Gup, and Larry Wall, 1989, “Financial Determinants of Bank Takeovers”, Journal of Money Credit and Banking ,Vol.21,No.4, November, 524-536 Palia, Darius, 1993, “The managerial, regulatory, and financial determinants of bank merger premiums,” The Journal of Industrial Economics,Vol.41, March,91-102 Rhoades, Stephen A. 1998. “The Efficiency Effects of Bank Mergers: An Overview of Case Studies of Nine Mergers.” Journal of Banking and Finance 22(3): 273-291. Slusky A, and Caves R, 1991, “Synergy, Agency, and the Determinants of Premia Paid in Mergers”, Jouanal of Industrial Economics, Vol 39, No.3,March , 277-296
Description:	碩士國立政治大學金融研究所 90352018 91
Source URI:	http://thesis.lib.nccu.edu.tw/record/#G0090352018
Data Type:	thesis
Appears in Collections:	[Department of Money and Banking] Theses

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