全球銀行業董事會組成對於多角化與併購績效之影響：金融海嘯前中後之驗證

Abstract

多角化與併購已成為銀行業的經營策略，使得商業銀行與投資銀行界線愈來愈模糊，然而綜合過去文獻有關銀行業的多角化與併購決策對風險、績效的影響，仍然是一個有待驗證的議題，特別是在金融海嘯期間多角化與併購決策需要被重新檢視。再者，由於銀行業之商品較為複雜、承擔較高風險與資訊透明度較需費心解讀的情況下，銀行業董事會與功能委員會組成對於經營決策、承擔風險與績效的影響，一直是公司治理重要的研究課題。 2008年所發生的全球金融海嘯提供一個良好的檢驗環境，而且上述議題尚未有文獻有完整的探討，以及為了有更具可信度的結論，必須有跨國樣本，以及橫跨金融海嘯之前、海嘯期間與之後的驗證。本研究計畫以G8以及區域金融中心之瑞士、香港、新加坡與澳洲銀行業為研究樣本，同時在研究期間包括上述國家銀行業金融海嘯之前（2004到2007年）、海嘯期間（2008到2009年）與之後（2010年到2012年）。 本計畫第一年的研究主題是探討銀行業透過多角化經營擴展營運範疇，與透過併購決策擴大營運規模、範疇，是否在一般期間有著分散風險效果、進而增進銀行業之績效？抑或不僅不能有著分散風險、甚或有損銀行業之報酬？同時，多角化經營與併購決策是否在金融海嘯期間，有加大銀行業之風險與傷害績效之情況，亦即多角化經營與併購決策是否直接、間接造成金融海嘯？ 第二年探討董事會與各功能委員會的效能，當銀行面臨金融海嘯的衝擊，董事會與功能委員會獨立性、專業性較佳的銀行，在金融海嘯期間是否受到的傷害較小？董事會、各功能委員會的組成是否可提高銀行業多角化、併購決策的績效？特別是銀行業董事會運作已朝向專業分工之各功能委員會運作（風險管理、薪酬、審計與提名委員會），因此有需要探討何種委員會可以發揮功能降低金融海嘯的衝擊。

Diversification and merger have become popular strategies in banking industry, and that blurs the boundary between commercial banks and investment banks. According to prior findings, how diversification and merger affect risk and performance remains a controversial issue. This issue is even more critical after 2008 financial tsunami. Moreover, banking industry is associated with high risk and complex products. The board members are required much attention and professionalism to be able to function to provide transparent information. How board is composed as to affect strategies, risks, and performance has been an important empirical issue. 2008 financial tsunami provides a splendid natural forum to examine the untapped issue. To enhance the creditability of this research project, I plan to cover multinational banks of the G8 countries and from regional financial centers, such as Swaziland, Hong Kong, Singapore, and Australia in the sampling period that encompasses the financial tsunami. I segregate the sampling period into three subperiods: pre-crises period (2004-2007), crises period (2008-2009), and post-crises period (2010-2012). The first-year study aims to investigate banks that broaden their business scope or scale via diversification and mergers indeed decrease risk and therefore enhance performance in the normal time (pre- and post-crises period). Or on the contrary, the so doings increase risk and are detrimental to performance? In the meanwhile, I would like to investigate whether the negative impact of diversification or mergers was amplified or aggravated in the crises period so that diversification and merger directly or indirectly spark off the financial crises? The second-year study will focus on the effectiveness of board and functional committees. I 表 C011 共 2 頁 第 2 頁 would like to investigate whether boards comprised of independent and professional committees are able to mitigate the detriment brought by the financial tsunami. Moreover, I would further investigate the issue of whether the function of board and various committees are able to enhance the performance of diversification and merger if so doings were predetermined. Specifically, each committee (risk management committee, compensation committee, auditing committee, and nominating committee) provides a certain function. An interesting issue is to find which committee is able to ameliorate the adverse impact brought by financial crises. The third-year study is to analyze whether banks are inclined to focus or spinoff unrelated business after the crises, and how these approaches are related to recovery. Moreover, I would like to know whether board and functional committees facilitate recovery and affect the strategies of diversification and merger. Furthermore, a contrast between endogenous growth and external merger in performance and valuation is also of interest. Finally, I would propose a better policy of how to tradeoff risk and return for banking industry for practitioners’ perusal. .