臺灣博碩士論文加值系統

　　近年來，亞太地區成為全球最具經濟活力的新興市場之一。由於台灣與中國市場關係密切，多數外商銀行藉由投資台灣為前進大中華市場鋪路，也興起國內金融機構的另一波併購風潮。2007至2008年期間，先後有多家在台外商銀行併購本國銀行，以追求外部性成長。因此，本研究目的為探討外商銀行併購本國銀行前後，經營績效和效率的變化情形，以及是否達到當初的併購目標。
　　本研究選擇台灣四大外商銀行，即花旗（Citibank）、渣打（Standard Chartered Bank）、滙豐（HSBC）及星展（DBS）銀行作為研究對象，採用財務比率分析法，評估在併購本國銀行前後之獲利能力與經營能力的變化。本研究同時也使用資料包絡分析法（Data Development Analysis），評估四家個案銀行在併購前後效率的變動狀況。最後，本研究以個案方式分析四家外商銀行之背景、併購對象、併購時的狀況與併購後的情形。
　　實證結果顯示：一、經財務比率分析法發現，四家個案外商銀行在併購本國銀行，並經過三至四年的結構、人事調整與文化、資源整併後，整體獲利能力與經營能力之績效皆優於併購前的表現。二、利用資料包絡分析法發現，併購前，外商銀行的經營管理普遍較本國銀行有效率，併購時，部分個案外商銀行整體效率下降，但經調整後，四家個案外商銀行的效率則會優於併購前的體整表現。三、個案分析顯示，雖併購本國銀行過程中可能發生員工罷工、銀行重整等成本，但經過內部整合後，整體來說能夠實現通路、規模擴張及業務、客戶來源拓展等併購利益。不過整合時間的長短仍須考慮併購對象的體質良莠，例如透過金融重建基金（RTC）標售的併購對象體質通常較差，所需的整合時間會較於公開市場上選擇的併購對象要長。

　　In recent years, the Asia-Pacific region has become one of the most dynamic emerging markets in the global economy. Due to the intimate connection between Taiwan and Mainland China, foreign banks have considered Taiwan as an essential step of their growth strategy in the Greater China market. As such, this strategic consideration triggered another trend of domestic mergers and acquisitions (M&;A) of financial institutions. Between 2007 and 2008, many foreign banks have merged or acquired local Taiwanese banks in pursuit of external growth opportunities. This study is aimed to investigate the performance and efficiency of foreign banks that acquired local banks.
　　This study has selected the four biggest foreign banks in Taiwan as the research objects, which are Citibank, Standard Chartered Bank, HSBC and DBS. First, this study uses financial ratio analysis to evaluate the changes of profitability and management capability of the objective banks before and after the acquisition of local banks. Second, using Data Development Analysis, this study assesses the changes in efficiency of the objective banks. Finally, this study analyzes the four foreign banks respectively by case.
　　The empirical results of this study are as follows: First, the financial ratio analysis found that, after three to four years of adjustments and consolidation, the overall profitability and management capability of the objective banks are better than the performance before the acquisition of local banks. Second, Data Envelopment Analysis found that before M&;A, the efficiencies of foreign banks are better than local banks. Although part of the objective banks’ efficiency declined when acquiring local banks, the overall efficiency of the objective banks is better than the overall efficiency before M&;A after adjustment. Third, the cases show that although costs arising from strikes, bank restructuring during the process of M&;A of local banks may occur, after internal integration, the objective banks could expand its branches, business, customer base, and other interests. However, time of integration depends on the constitution of the acquired target banks. For example, because of the poor constitution of target banks, it usually takes longer for foreign banks to adjust when acquiring local banks through RTC auctions than when through open market operations.

摘要 i
Abstract ii
表目錄 iv
圖目錄 v
第一章　緒論 1
第一節　研究背景 1
第二節　研究動機與目的 3
第三節　研究架構 4
第二章　文獻回顧 6
第一節　金融機構併購之行為理論 6
第二節　金融機構併購之相關文獻 7
第三章　實證研究──績效分析 12
第一節　財務比率分析法 13
第二節　績效分析資料 14
第三節　績效分析結果 15
第四節　績效分析小結 22
第四章　實證研究──效率分析 24
第一節　資料包絡分析法 24
第二節　效率分析資料 27
第三節　效率分析結果 29
第四節　效率分析小結 32
第五章　實證研究──個案分析 33
第一節　個案一：花旗銀行併購華僑銀行 33
第二節　個案二：渣打銀行併購新竹商銀 40
第三節　個案三：滙豐銀行併購中華商銀 47
第四節　個案四：星展銀行併購寶華銀行 54
第六章　結論與建議 62
參考文獻 64
附錄 66
附錄一、花旗銀行個案補充資料 66
附錄二、渣打銀行個案補充資料 68
附錄三、滙豐銀行個案補充資料 70
附錄四、星展銀行個案補充資料 72

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