政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/54909

政大典藏 > College of Commerce > Department of Accounting > Theses > Item 140.119/54909

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/54909

Title:	台灣金融控股公司換股比率影響因素之研究 The determining factors of stock for stock exchange ratio for Taiwan financial holding companies
Authors:	楊翊羚 Yang, Yi Ling
Contributors:	郭弘卿 Kuo, Horng Ching 楊翊羚 Yang, Yi Ling
Keywords:	金控換股比率財務因素非財務因素 financial holding companies stock exchange ratio financial non-financial
Date:	2011
Issue Date:	2012-10-30 14:21:14 (UTC+8)
Abstract:	本文旨在探討金控公司合併換股比率之決定因素，變數包含財務與非財務因素。依財務變數選用標準之不同，區分為一般財務指標模型與五構面指標模型，兩模型之非財務變數皆相同。截至民國100年12月31日，樣本共43家。一般財務指標模型包含八項財務變數，五構面指標模型則包含七項財務變數，由中央存款保險公司金融預警系統中資本適足性、資產品質、管理績效、營利性、流動性等五個構面中捕捉。一般財務指標模型中共有每股淨值、員工平均年齡、員工學歷程度、董監事持股比率、服務據點等五個變數達到影響換股比率之顯著結果，截距項係數的不顯著結果，顯示主併與被併公司在併購價格中未有顯著溢價或折價之收付；五構面指標模型則有財務槓桿、貝里比率、每人營收淨額、稅前純益占實收資本比率、稅後淨利率、員工平均年齡、員工人數、服務據點八項變數達到顯著結果。五構面模型解釋能力較一般財務指標模型高，但截距項呈現顯著負值，顯示可能有併購溢價或其他為五構面所遺漏的變數未被納入。 The objective of this study is to discuss the determinants of the stock exchange ratios for mergers of the financial holding companies in Taiwan. All factors are divided into two parts, financial and non-financial. There are two models used in this study, the common financial index model and the five-perspective index model, depending on the choosing standard in financial factors. Financial factors in the common financial index model are widely used in financial statement analysis, while in five-perspective index model they’re chosen based upon five critical elements of CAMEL ratings system, a method of evaluating the health of credit unions. All non-financial factors used are indifferent between the two models. Choosing the study sample which has been a member of financial holding company until December 2011 and using ordinary least square (OLS) method, the empirical investigations suggest that in the common financial index model there are five factors have significantly positive effects on the exchange ratio, which are book value per share, average employees’ ages, the educational background of employees, corporate ownership and service locations. The intercepts in this model are not statistically significant in the regressions, implying that there are not any premiums or discounts after incorporating the impact of the financial and non-financial factors. In the five-perspective index model there are eight factors have significantly positive effects on the exchange ratio, which are financial leverage, Berry ratio, net sales revenue per employee, the proportion of capital of the pretax income, net profit margin, average ages of employees, number of employees and service locations. In summary, the interpretation power of the five-perspective index model is greater than the common financial index model. But the fact that the intercepts in this model are statistically significant, implying that there might be some other factors which have been omitted.
Reference:	王文英、張清福，2004年，智慧資本影響績效模式之探討：我國半導體業之實證研究，會計評論，第39期：89-117。王立偉，2002，不同類型製造業內企業市場價值與帳面淨值差異之研究，私立東海大學企業管理研究所未出版碩士論文。王瑞益，2003，金融控股公司合併換股比率之實證研究，私立長庚大學企業管理研究所未出版碩士論文。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未出版碩士論文。伍忠賢，2001，知識管理策略與實務，台北：華泰出版。李玉菁，2002，談金融控股與合併- 以富邦金控公司為例，國立中山大學財務管理研究所未出版碩士論文。李宜儒，2006，股權結構、支付方式與購併溢價，國立臺灣大學財務金融研究所未出版碩士論文。李秋瑜，2000，企業購併價格之財務評價探討－以台積電併購世大為例，國立臺灣大學財務金融學研究所未出版碩士論文。李桐豪，2001，由美國金融服務業現代化法看我國的金融控股公司法，台灣金融財務季刊，第2卷第2期：1-17。李崑彰，1997，我國企業規模、財務政策與績效相關性之研究－以電子業為例，大業大學事業經營研究所未出版碩士論文。吳祁蔓，2001，金融預警系統之研究—以台灣地區銀行為例，東吳大學企業管理研究所未出版碩士論文。吳政隆，1999，被購併證券商財務特質之研究，文化大學會計研究所未出版碩士論文。吳曉蕊，2003，從平衡計分卡觀點探討金控公司換股比率之決定因素，國立成功大學會計學研究所未出版碩士論文。何雅惠，1998，銀行分支機構數與經營績效關係之研究，國立成功大學企業管理研究所未出版碩士論文。汪瑞芝、吳志成、丁綉娟，1994，研發支出與人力資本對企業價值之影響，智慧財產評論，第二卷第二期：81-108。沈中華，2002，金融市場，台北：華泰書局。沈中華，2002，金控公司的銀行與獨立銀行CAMEL比較：1997～1998，台灣金融財務季刊，第三輯第二期：73-94。林子超，2002，我國金融控股公司特性與經營績效關係之研究，國立政治大學企業管理研究所未出版碩士論文。林維義，2004，金融預警制度與金融控股公司之風險管理，存款保險資訊季刊，第17卷第5期：1-36。林瑾昌，2001，金融業非財務資訊與獲利能力關聯性之實證研究，私立東海大學企業管理研究所未出版碩士論文。施佳玫、陳正哲、楊銘芬，2001，產業競爭環境、資本結構、創新能力對經營績效影響之關係研究，遠東學報，第十九期：60-70。孫秀蘭，1996，董事會制度與經營績效之研究，台灣大學財務金融學系研究所未出版碩士論文。徐中琦與張鐵軍，1993，台灣地區本國規模經濟與範圍經濟之實證研究，台灣銀行季刊，第四十四卷，第2 期：32-58。陳建文，2003，勞動基準法第十一條解僱理由之研究，政大法學評論第74期：291-365。陳宣全，2010，從綜合銀行演進探討臺灣金融控股公司之綜合績效，台北：秀威資訊。陳姝棋，2006，台新金控與彰化銀行之最佳換股比率，私立逢甲大學財務金融研究所未出版碩士論文。陳晏如，1988，銀行業服務品質之實證研究，政治大學企研所未出版碩士論文。陳嘉桓，2003，金融機構跨業合併與合併議價之實證研究，國立政治大學金融研究所未出版碩士論文。陳曉蓉，1997，CAMEL與銀行評等－兼論商業銀行自有資本與資產品質間的關係，政治大學金融研究所未出版碩士論文。許如婷，1997，高階管理團隊特徵對公司經營績效之影響－台灣地區上巿公司之實證研究，中央大學財務管理學系研究所未出版碩士論文。許振明、劉完淳、謝淑齡，2002，金融機構預警模型之研究，存款保險資訊季刊，第17卷第2期：51-75。黃振豊、呂紹強，2000，企業財務危機預警模式之研究－以財務及非財務因素構建，當代會計，第一卷第一期：19-40。黃偉峯，2002，企業併購的種類，企業併購的第一本書，台北：商周出版。黃逸定，2003，台灣金融業被購併公司特徵研究，東吳大學會計學系未出版碩士論文。黃鈴木，2001，以財務面衡量企業合併動機之實證研究-以台灣電子業為例，逢甲大學會計與財稅研究所未出版碩士論文。黃馨慧，2000，企業購併與勞動契約，律師雜誌第252期：110-117。張儷馨，2003，金融控股公司換股比率評價之研究，國立臺灣大學會計學研究所未出版碩士論文。劉正威，2004，本國銀行經營績效之實證研究，國立政治大學企業管理研究所未出版碩士論文。劉定焜、尤雅慧，2009，臺灣金融產業購併動機與購併後綜效之實證研究，台灣銀行季刊，第60卷第4期（12月）：19-45。劉啟群、陳維慈、林純央，2004，台灣金融控股公司換股比例評價之研究，會計評論，第41期（7月）：1-32。鄭秀玲、陳欽奇與劉錦添，1997，台灣中小企銀體系的成本結構及生產力之實證分析，經濟論文叢刊，第25輯，第1期：45-72。賴宗謚，2006，合併溢酬之研究—來自跨國數據之分析，國立暨南國際大學財務金融研究所未出版碩士論文。 Amir, E., and B. Lev. 1996. Value relevance of nonfinancial information: The wireless communications industry. Journal of Accounting and Economics 22: 3-30. Amit, R.and J. Livnat. 1988. Diversification, capital structure, and systematic risk:An empirical investigation. Journal of Accounting, Auditing and Finance, Vol.3 (1): 19－48. Ball, R., and P. Brown. 1968. An empirical evaluation of accounting income numbers. Journal of Accounting Research 6 (2): 159-178. Banker, R. D., S. Das, and S. M. Datar. 1993. Complementarity of prior accounting information: The case of stock dividend announcement. The Accounting Review 68 (1): 28-47. Bantel, K. A., and Jackson, S. E. 1989. Top management and innovations in banking: Does the composition of the top team make a difference. Strategic Management Journal, 10(2): 107-124. Cheng, D. C., B. E. Gup, and L. D. Wall., 1989.Financial determinants of bank takeovers. Journal of Money, Credit and Banking 21 (4): 524-536. Cole-Gomolski, B. 1998. Vendors cram knowledgeware market. Computerworld Vol. 31 No. 5: 55–56. ConnR. L. and J. F. Nielsen. 1977. An empirical test of the Larson-Godenes exchange ratio determination model. Journal of Finance 32: 749-759. Copeland T., T. Koller, and J. Murrin. 1994. Valuation: Measuring and Managing the Value of Companies. 2nd ed. Wiley. DeAngelo, L. 1981. Auditor size and audit quality. Journal of Accounting and Economics 3: 183-199. Demsetz, H. 1983. The structure of corporate ownership and the theory of the firm. Journal of Law and Economics 26:1: 375-390. Dye, R. 1993. Auditing standards, legal liability, and auditor wealth. Journal of Political Economy 101: 887-914. Espahbodi, P. 1991. Identification of problem banks and binary choice models. Journal of Banking and Finance Vol.15. No.1: 53-71. Fama E. F. and M. C Jensen. 1983. Separation of ownership and control. Journal of Law and Economics 26 (2): 301-325. Feltham, G. A., and J. A. Ohlson. 1995. Valuation and clean surplus accounting for operating and financial activities. Contemporary Accounting Research 11 (2): 689-731. Fraser, D. R., and J. W. Kolari. 1988. Pricing small bank acquisitions. Journal of Retail Banking 10 (4): 23-28. Galosy, J. R. 1990. The human factor in mergers and acquisitions. Training & Development Journal 44 (4): 90-95. Hambrick, D. C., and Mason, P. A. 1984. Upper echelons: The organization as a reflection of its top managers. Academy of Management Review 9(2): 193-206. Ittner, C. and D. Larcker. 1998. Are nonfinancial measures leading indicators of financial performance: an analysis of customer satisfaction. Journal of Accounting Research 36: 1-35. Jensen, M. C. 1986. Agency costs of free cash flow, corporate finance and takeovers. American Economic Review 76: 323-339. Jensen, R.E., H.E. Arnet, W.G. Frank, G.M. Jones, G.A. Luoma, R.P. Manes, and B.L. Oliver. 1971. Report of the committee on non-financial measures of effectiveness. The Accounting Review 46: 165-211. Kaplan, R. S. 1983. Measuring manufacturing performance: A new challenge for managerial accounting research. The Accounting Review (October): 686-705. Kimberly, J. R., and M. Evanisko. 1981. Organizational innovation: The influence of individual, organizational, and contextual factors on hospital adoption of technological and administrative innovations. Academy of Management Journal. 24: 689-713. Larson, K.D. and N.J. Gonedes, 1969, Business combinations: an exchange ratio determination model. The Accounting Review(October): 720-728. Liedtka, S. L. 1999. Nonfinancial and financial performance measures: an empirical analysis of the airline industry. Ph.D. dissertation. University of Maryland. Meyer, P.A. and H.W. Pifer. 1970. Prediction of bank failures. Journal of Finance Vol.25, No.3: 853-869. Modigliani, F. and Miller, M. 1958. The cost of capital, corporation finance and the theory of investment. American Economic Review 48 (3): 261–297. Modigliani, F. and Miller, M. 1963. Corporate income taxes and the cost of capital: a correction. American Economic Review (June): 433-443. Nagar V. and M. V. Rajan. 2001. The revenue implications of financial and operational measures of product quality. The Accounting Review 76(4): 495-513. Nielsen, J. F., and R. W. Melicher. 1973. A financial analysis of acquisition and merger premiums. The Journal of Financial and Quantitative Analysis 8 (2): 139-148. Pennings, J. M., K. Lee, and A. V. Witteloostuijn. 1998. Human capital, social capital, and firm dissolution. Academy of Management Journal 41 (4): 425-440. Rajgopal. S., S. Kotha, and M. Venkatachalam. 2000. The relevance of web traffic for stock price of internet firm. Working paper. University of Washington. Reilly Robert F. and Robert P. Schweihs. 1999. Valuing Intangible Assets. McGraw- Hill. Sinkey, J.F. 1975. A multivariate statistical analysis of the characteristics of problem banks. Journal of Finance Vol.30, No.1: 21-34. Stulz, R., 1988. Managerial control of voting rights: financial policies and the market for corporate control. Journal of Financial Economics 20: 25-54. Toeh, S. H., and T. J. Wong. 1993 Perceived auditor quality and earnings response coefficient. The Accounting Review 68 (2): 346-367. Venkatraman. N. and Ramanujam. V. 1986. Measurement of business performance in strategy research: a comparison of approaches. Academy of Management Review 11: 801-814. West. R. C. 1985. A factor-analytic approach to bank condition. Journal of Banking and Finance 9: 253-266. Weston. J. F. and K. S. Chung. 1983. Do mergers make money? Merger and Acquisition 18 (3): 40-48.
Description:	碩士國立政治大學會計研究所 98353003 100
Source URI:	http://thesis.lib.nccu.edu.tw/record/#G0098353003
Data Type:	thesis
Appears in Collections:	[Department of Accounting] Theses

Files in This Item:

There are no files associated with this item.

社群 sharing

Loading...