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    政大機構典藏 > 商學院 > 金融學系 > 學位論文 >  Item 140.119/36957
    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/36957


    Title: 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
    Authors: 鄧伊婷
    Deng,Yi-Ting
    Contributors: 沈中華
    鄧伊婷
    Deng,Yi-Ting
    Keywords: 銀行併購
    併購溢價
    亞洲地區銀行併購
    Date: 2006
    Issue Date: 2009-09-18 20:16:46 (UTC+8)
    Abstract: 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。
    Reference: 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
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    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
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    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
    Description: 碩士
    國立政治大學
    金融研究所
    94352004
    95
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0094352004
    Data Type: thesis
    Appears in Collections:[金融學系] 學位論文

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