亞洲地區商業銀行購併績效之研究

Abstract

在金融市場管制解禁及技術進步帶來的全球化浪潮下，使得全球金融市場內之購併活動蓬勃發展，而亞洲金融風暴過後，亞洲區域內金融市場的整併興盛，再加以近年來亞洲的崛起，造成亞洲地區金融機構整併成為眾所矚目的焦點，本研究探討亞洲金融風暴後1997年至2007年十年間，針對亞洲地區深具潛力之商業銀行為目標之購併案件檢視其宣告效果，並且進一步討論該宣告效果與購併案件型態是否相關，如：是否為跨國購併、購併雙方相對資產規模、主併者是否有豐富之購併經驗、購併交易金額等，研究結果顯示該購併之宣告對於主併者之股東在事件期[-1,+1]及[-2,+2]分別產生-0.72%及-1.48%的累積異常報酬，而此負的財富效果經檢定結果並無法找出與該購併案件型態相關之處，本研究也進一步針對主併者，以獲利性、流動性、經營效率、風險衡量以及放款集中度等五方面共12項財務指標進行分析，檢定主併者於購併活動前後三年之財務績效是否有所差異，並且加入代表時間之虛擬變數，以迴歸分析探討財務績效之改變主要集中在購併活動後多少年呈現顯著，以及其績效改變是否與亞洲金融風暴之影響有關，研究結果顯示對於主併者而言，從事購併活動後在流動性、經營效率、獲利性及風險衡量指標呈現績效改善之結果，但此績效改變平均在購併活動五年後才呈現顯著差異，且深受亞洲金融風暴之影響。

This study investigated the effects of merger announcements by acquiring firms in the Asian commercial banking sector during the period 1997-2007. First, it was found that the acquirers experienced declines in abnormal returns of 0.72% (t = -7.93) over the period [-1, +1], and 1.48% (t = -13.98) over the period [-2, +2]. A regression model revealed that there were no significant correlations between the effects of the announcement and such variables as merger type, transaction value, frequency of mergers, and the relative assets of the target and acquirer. The paper also provides data on changes in operating performance of the acquiring banks. Bank mergers were shown to result in modest improvements in the liquidity, efficiency, profit ratios and risk profiles of the acquiring banks, but they also caused slight drop-offs in lending intensity. None of the significant performance changes in the acquiring banks were noticeable on average until 5 years after the merger announcement, except for the ratio of loan loss provisions to total loans, which decreased on the order of 1-2% per year and became significant 4-5 years after the merger announcement.