銀行跨國購併是否創造或毀滅其市場價值？主併與目標銀行在政策套利、治理與機構制度之間的差異性

南華大學機構典藏系統 > 管理學院 > 財務金融學系(財務管理碩士班) > 博碩士論文 > Item 987654321/19475

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题名:	銀行跨國購併是否創造或毀滅其市場價值？主併與目標銀行在政策套利、治理與機構制度之間的差異性
其它题名:	Do Bank Cross-Border Mergers and Acquisitions Create or Destroy Value? Difference in Regulatory Arbitrage, Governance and Institution between Acquirers and Targets
作者:	蕭美欣 Hsiao, Mei-hsin
貢獻者:	財務金融學系財務管理碩士班陳昇鴻 Sheng-hung Chen
关键词:	托賓Q值;跨國購併;機構制度;治理;監管套利;超額價值 Cross-border M&As;Tobin's q;Excess Value;Regulatory Arbitrage;Institutions;Governance
日期:	2010
上传时间:	2015-03-16 10:25:48 (UTC+8)
摘要:	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.
显示于类别:	[財務金融學系(財務管理碩士班)] 博碩士論文

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