使用收集自Securities Data Company (SDC)資料庫中1992至2008年間全球900家上市銀行併購資料（其中包括78家進行跨國併購與326家進行國內併購），本論文主要研究目的為認定決定銀行進行跨國併購的影響因素為何並探討是否銀行進行跨國併購有利或有害其市場價值。實證結果顯示跨國併購其主併與目標銀行間機構制度差距愈大則有利於銀行進行跨國併購。然而，儘管銀行進行跨國併購會第三年才產生綜效，整體而言跨國併購會提升其市場價值(托賓Q值)，但卻減損其調整資產和收入的超額價值。當跨國合併案中主併與目標銀行在機構制度與治理差異程度愈大，則愈顯著地提升主併銀行的托賓Q值，但同樣的情況卻會顯著地降低銀行調整資產和收入的超額價值。關於監管套利方面，本論文發現當跨國合併案中主併與目標銀行在允許從事證券業務、保險業務、以及不動產業務方面存在愈大的差異程度時，將顯著地提升銀行調整資產和收入的超額價值。 Using M&As data from Securities Data Company (SDC) on 900 listed banks (78 cross-border deals and 326 domestic deals) around the world from 1992 to 2008, this thesis empirically investigate cross-country determinants of bank cross-border M&A and whether bank cross-border M&As are beneficial or harmful to creating the value into bank in context of international evidence. Empirical results indicate that banks would like to engage in cross-border M&As where differences in overall freedom between acquirer and target banks are substantially larger. Even though positive takeover synergy from cross-border M&As is generated after 3 year, however, bank involving cross-border deals would enhance their market value measured by Tobin's Q and excess value adjusted by asset and income, namely. Furthermore, cross-border M&As with larger difference in institutions and governance between bidder and target bank would significantly increase bank's Tobin's Q but the case would otherwise decrease bank's excess value adjusted by asset and income, respectively. Regarding the regulatory arbitrage, cross-border M&As with larger difference in allowance for activities of securities, insurance, real estate, and compulsory external audit between bidder and target bank would economically enhance bank's excess value adjusted by asset and income.
