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    政大機構典藏 > 商學院 > 金融學系 > 學位論文 >  Item 140.119/58724


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    题名: 外商銀行併購本國銀行經營效率之分析──以花旗、渣打、滙豐、星展銀行為例
    Analysis of Performance and Efficiency of Foreign Banks Acquiring Local Banks through Citi, SCB, HSBC, DBS examples in Taiwan
    作者: 陳雅鈴
    Chen, Ya-Ling
    贡献者: 陳威光
    陳雅鈴
    Chen, Ya-Ling
    关键词: 銀行併購
    財務比率分析法
    資料包絡分析法
    個案分析
    日期: 2012
    上传时间: 2013-07-01 17:51:41 (UTC+8)
    摘要: 　　近年來，亞太地區成為全球最具經濟活力的新興市場之一。由於台灣與中國市場關係密切，多數外商銀行藉由投資台灣為前進大中華市場鋪路，也興起國內金融機構的另一波併購風潮。2007至2008年期間，先後有多家在台外商銀行併購本國銀行，以追求外部性成長。因此，本研究目的為探討外商銀行併購本國銀行前後，經營績效和效率的變化情形，以及是否達到當初的併購目標。
    　　本研究選擇台灣四大外商銀行，即花旗（Citibank）、渣打（Standard Chartered Bank）、滙豐（HSBC）及星展（DBS）銀行作為研究對象，採用財務比率分析法，評估在併購本國銀行前後之獲利能力與經營能力的變化。本研究同時也使用資料包絡分析法（Data Development Analysis），評估四家個案銀行在併購前後效率的變動狀況。最後，本研究以個案方式分析四家外商銀行之背景、併購對象、併購時的狀況與併購後的情形。
    　　實證結果顯示：一、經財務比率分析法發現，四家個案外商銀行在併購本國銀行，並經過三至四年的結構、人事調整與文化、資源整併後，整體獲利能力與經營能力之績效皆優於併購前的表現。二、利用資料包絡分析法發現，併購前，外商銀行的經營管理普遍較本國銀行有效率，併購時，部分個案外商銀行整體效率下降，但經調整後，四家個案外商銀行的效率則會優於併購前的體整表現。三、個案分析顯示，雖併購本國銀行過程中可能發生員工罷工、銀行重整等成本，但經過內部整合後，整體來說能夠實現通路、規模擴張及業務、客戶來源拓展等併購利益。不過整合時間的長短仍須考慮併購對象的體質良莠，例如透過金融重建基金（RTC）標售的併購對象體質通常較差，所需的整合時間會較於公開市場上選擇的併購對象要長。
    　　In recent years, the Asia-Pacific region has become one of the most dynamic emerging markets in the global economy. Due to the intimate connection between Taiwan and Mainland China, foreign banks have considered Taiwan as an essential step of their growth strategy in the Greater China market. As such, this strategic consideration triggered another trend of domestic mergers and acquisitions (M&A) of financial institutions. Between 2007 and 2008, many foreign banks have merged or acquired local Taiwanese banks in pursuit of external growth opportunities. This study is aimed to investigate the performance and efficiency of foreign banks that acquired local banks.
    　　This study has selected the four biggest foreign banks in Taiwan as the research objects, which are Citibank, Standard Chartered Bank, HSBC and DBS. First, this study uses financial ratio analysis to evaluate the changes of profitability and management capability of the objective banks before and after the acquisition of local banks. Second, using Data Development Analysis, this study assesses the changes in efficiency of the objective banks. Finally, this study analyzes the four foreign banks respectively by case.
    　　The empirical results of this study are as follows: First, the financial ratio analysis found that, after three to four years of adjustments and consolidation, the overall profitability and management capability of the objective banks are better than the performance before the acquisition of local banks. Second, Data Envelopment Analysis found that before M&A, the efficiencies of foreign banks are better than local banks. Although part of the objective banks’ efficiency declined when acquiring local banks, the overall efficiency of the objective banks is better than the overall efficiency before M&A after adjustment. Third, the cases show that although costs arising from strikes, bank restructuring during the process of M&A of local banks may occur, after internal integration, the objective banks could expand its branches, business, customer base, and other interests. However, time of integration depends on the constitution of the acquired target banks. For example, because of the poor constitution of target banks, it usually takes longer for foreign banks to adjust when acquiring local banks through RTC auctions than when through open market operations.
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    Dymski, Gary A. (2002), “The Global Bank Merger Wave: Implications for developing countries”, The Developing Economies, XL-4, pp. 435–66
    Eken, Mehmet Hasan and Suleyman Kale (2010), “Measuring bank branch performance using Data Envelopment Analysis (DEA): The case of Turkish bank branches”, African Journal of Business Management, Volume 5(3), pp. 889-901
    Lin, Ping-wen (2005), “An Empirical Analysis of Bank Mergers and Cost Efficiency in Taiwan”, Small Business Economics, Volume 25, Issue 2, pp. 197-206
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    PricewaterhouseCoopers (2007), “Financial Services M&A: Going for growth in Asia”
    甘永成(2006)，「本國銀行與外商銀行之經營績效評估與分析」，東吳大學經濟學系研究所碩士論文。
    呂子立(2008)，「銀行併購後經營績效之個案研究──以英國蘇格蘭皇家銀行與國民西敏寺銀行併購案為例」，國立政治大學經營管理碩士學程(EMBA)論文。
    沈中華、郭照榮、陳錦村、李桐豪、王濬智(2002)，《我國金融機構併購問題及個案探討》，財團法人金融研訓院。
    《金融業務統計輯要》，「銀行業務資訊揭露」，金融監督管理委員會銀行局。
    林珍如(2001)，「台灣地區銀行業經營效率之評估──資料包絡分析法之應用」，實踐大學企業管理研究所碩士論文。
    洪千惠(2007)，「渣打銀行併購新竹商業銀行個案研究」，國立台灣科技大學財務金融研究所碩士論文。
    張力元(2007)，「從花旗收購僑銀之案例探討併購案的動機與過程」，國立交通大學企業管理研究所碩士論文。
    郭秋榮(2008)，「銀行併購風潮對台灣金融市場之影響」，經濟研究第8期，行政院經濟政策委員會，頁159至191。
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    劉瑞波、張小霞(2012)，「金融危機背景下我國商業銀行經營效率分析」，財政金融研究第1期，頁106至110。
    魏孝誠(2012)，「外資銀行併購本土金融機構之經營績效分析」，國立政治大學經營管理碩士學程(EMBA)論文。
    描述: 碩士
    國立政治大學
    金融研究所
    100352005
    101
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0100352005
    数据类型: thesis
    显示于类别:[金融學系] 學位論文

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