併購活動可以改善日本銀行的績效嗎?

Abstract

過去的文獻針對銀行併購是否能夠改善經營績效眾說紛紜，而大部分的研究都以美國和歐洲的資料為樣本，然而日本銀行也在1990年開始進行多次的併購活動，但是相關的研究卻很少。有鑑於此，本研究蒐集1993年至2008年所發生之日本商業銀行的併購事件，透過單變量與多元迴歸模式分析併購活動與經營績效的關係。結果顯示日本銀行的績效並無法透過併購活動獲得改善，但卻可以創造成本綜效，此與過去文獻結果一致，同時也隱含之所以無法改善其績效是因為併購活動無法擴大其營收規模。

A great number of studies discuss mergers and acquisitions (M&A) and bank performance. We find that majority of such studies use US and European samples, and the results between bank performance and M&A are mixed. In contrast, little literature are available on M&A in Japanese banks, which have undergone quite a number of M&A since 1990. Therefore, we gather M&A data, with periods ranging from 1998 to 2008, from Japanese commercial banks. We then use univariate analysis and regression model to investigate the relationship between bank performance and M&A. The result shows that Japanese banks cannot use M&A to improve profit performance. What M&A can do is create cost synergy, which is consistent with previous literature. Bank performance cannot be improved because M&A cannot expand revenue.