臺灣博碩士論文加值系統

在2007年越南參加WTO之後，越南經濟正式面對國際化的趨勢。為了快速可以達到公司規模以及減少成本，許多企業選擇合併收購方式。合併與收購對越南經濟來講也是剛起步。越南商業銀行合併實證結果方面，較少人研究。因此本研究要針對這主題來研究。在過去許多國外文獻探討企業購併利用宣告購併消息提早傳出時，訊息的傳遞對主併公司股價之影響。

本研究以越南上市商業銀行為研究樣本，研究時間為2011年至2015年間銀行宣布合併事件共3個樣本數。透過事件研究方法進行分析銀行購併對股價超成的影響。研究證據顯示宣告購併後的超額報酬，會伴隨著宣告前的訊息外漏所超成的股價上漲，同時在累積異常報酬部分顯示住併銀行在宣告併購期間會有產生正向的異常報酬，但並不明顯未達到顯著水準。

After taking part in WTO in 2007, Vietnam’s economy has faced internationalised trend officially. In order to reach the company size, and to reduce the cost, many enterprises select merger and Event Study method. Merger and Acquisition are very new things to Vietnam’s economy. Not many scholar researches in the field of empirical results of bank merging in Vietnam, therefore, this thesis tries to study on this topic. In the past, when lots of foreign literatures discuss on enterprise merger and Acquisition and make use of proclamation merger news came out earlier, information spread, the announcement effects on the stock prices of acquirer.

This thesis use the listed commercial banks in Vietnam as the research sample, research time is from 2011 to 2015, with 3 events of bank merging in total. This thesis applied event study method and analysed the influence of bank mergers and acquisitions to the share price. The study result indicates that excessive remuneration after announcing the merger will increase of share price which caused by information leakage before announcing the merger. At the same time, accumulated abnormal remuneration part shows that merging bank will make positive abnormal remuneration at the time of merger announcement, but not obvious, it did not reach a significant level.

感謝詞…………………………………………………………………i
中文摘要………………………………………………………………ii
Abstract………………………………………………………………iii
目錄……………………………………………………………………iv
表目錄…………………………………………………………………v
圖目錄…………………………………………………………………vi
第一章：緒論…………………………………………………………1
第一節：研究背景與研究動機………………………………………1
第二節：研究目的……………………………………………………4
第三節：研究架構與研究流程圖……………………………………4
第二章：文獻探討……………………………………………………6
第一節：購併的理論與購併類型……………………………………6
第二節：購併相關文獻探討…………………………………………9
第三節：越南銀行合併個案…………………………………………15
第三章：研究設計……………………………………………………20
第一節：研究樣本與資料來源………………………………………20
第二節：研究方法……………………………………………………21
第四章：實證結果與分析……………………………………………26
第一節：個別銀行每日異常報酬率分析……………………………26
第二節：個別銀行每日累積異常報酬率分析………………………28
第三節：全樣本標準化平均異常報酬率之分析……………………30
第四節：事件期之平均累積異常報酬率檢定分析…………………33
第五章：結論與建議…………………………………………………35
第一節：結論…………………………………………………………35
第二節：研究限制與研究建議………………………………………36
參考文獻………………………………………………………………37

一、中文部分

葉秋美（1993），臺灣企業購併宣告對股東財富之影響，國立政治大學，國際貿易學系。
楊仲群（2007），金融專業機構持股變動對公司併購後績效之探討，國立暨南國際大學財務金融學系碩士論文。
許露云（2002），台灣上市公司購併宣告對公司報酬率之影響，南開大學，財務管理系。
莊贺萍（2004），購併對台灣上市公司股價報酬影響之研究，正修科技大學，金融管理系。
范若瑋（2005），購倂宣告對主倂公司股票流動性之影響，國立高雄第一科技大學，企業管理研究所。
楊仲群（2009），金融專業機構持股變動對股價購併後績效之探討，國立暨南國際大學，財務金融學系。
蔡嘉文（2003），金融控股公司購併行為之價值分析，國立中正大學，企業管理研究所。
陳安琳，湯惠雯，許銘峻（2000）企業購併對主併公司股東財富的影響。
羅明敏（1998），台灣企業海內外購併宣告對主併公司股東財富影響之實證研究，朝陽大學，財務金融研究所。
謝瑞員（2006），臺灣銀行業併購宣告效果及價值變化之研究─以併購特定之公股及民營銀行為例，國立臺北大學，國際財務金融碩士在職專班。
朱心怡（1999），購併型態對股東財富的影響，東吳大學，企業管理學系。
陳鴻林（2002），相關與非相關產業購併之研究-動機、股東財富、支付方式，國立政治大學，財務管理學系。
馬鶴方（2015），金融機構併購宣告效果之研究，銘傳大學，企業管理學系。
伍忠賢（1999），企業購併聖經，台北市：遠流出版社。
沈中華與李建然（2000），事件研究法財務與會計實證研究必備，華泰文化事業公司。
林炳滄（2002），成功的企業購併，台北：眾信聯合會計師事務所。

二、英文部分

Akhavein, J. D., Berger, A. N., Humphrey, D. B., 1997, “The Effects of Megamergers on Efficiency and Prices: Evidence from a Bank Profit Function”, Review of Industrial Organization 12, No.1, pp95-139.
Amihud,Y., B. Lev and N. G. Travlos, 1990, “Corporate Control and the Choice of Inverment Financing: The Case of Corporate Acquisition”, Journal of Finance 45, pp603-616.
Agrawal, A., J.F., Jaffe and G. Mandelker, 1992, “The post-merger performance of acquiring firms: A re-examination of an anomaly”, Journal of Finance 47, pp1605-1621.
Blackburn, V. L., F. H. Dark and R. C. Hanson, 1997, “Event Study Methodology under Conditions of event-induced variance”, Journal of Financial Economics 30, pp253-272 .
Boehmer E.,J. Musumeci and A. Poulsen, 1991, “Event-study methodology under conditions of event-induced variance” , Journal of Financial Economics, Vol. 30, pp253-272.
Bradley, M., A. Desai and E. Kim, 1988, “Synergistic Gains From Corporate Acquisitions and Their Division Between the Stock-holders of Target and Acquiring Firm”, Journal of Finacial Economics 21, pp3-40.
Brenner, M.,1979. “The Sensitivity of the Efficient Market Hypothesis to Alternative Specifications of the Market Model”, Journal of Finance, 32(4): pp57-66.
Brown, S. and J. Warner, 1985, “Using Daily Stock Returns The Case of Event Studies”, Journal of Financial Economics 14, pp3-31.
Dodd, P., 1980, “Merger Proposals, Management Discretion and Stockholder Wealth”, Jounrnal of Financial Economics, pp105-138.
Dilshad M. N., 2013, “Profitability Analysis of Mergers and Acquisitions: An Event Study Approach”, Business and Economic Research 2013, pp2162-4860.
Fama, E. F., L. Fisher., M. Jensen, and R. Roll, 1969, “The Adjustment of Stock Price to New Information”, International Economics Review 10, pp1-21.
Jayeeta P., 2017, “An Event Study Analysis of Merger and Acquisition in the Indian Banking Industry”, Asian Jounrnal of Research in Business Economics and Management 7, pp45-55.
Jensen, M. C., and R. S. Ruback, 1983, “The Market for Corporate Control: The Scientific Evidence”, Journal of Financial Economics 11, pp5-50.
Loughran, T. and A. M. Vijh, 1997, “Do long-term Shareholders Benefit from Corporate Acquisition”, Jounrnal of Finance 52, pp1765-1790.
Minxin Mao, 2014, “Merger and acquisition effects in banking”, Journal of Financial Economics 31, pp211-234.
Neely, W. P. and D. P. Rochester ,1987, “Operation Performance and Merger Benefits the saving and local experience”, Financial Review, pp111-130.
Roll, R., 1986, “The Hubirs Hypothesis of Corporate Takeover”, Journal of Business, pp197-216.
Shelton L. M. ,2000, “Merger Market Dynamics: Insight into the Behavior of Target and bidder firms”, Journal of Economic Behavior & Orgainzation Vol. 41, pp363-383.
Singh, H. and C. A. Montgomery, 1987, “Corpoeate Acquisition Strategies and Economic Performance”, Strategic Management Journal, Volume 18, pp377-386.
Sudarsanam, S., P. Holl and A. Salami , 1996, “Shareholder wealth gains in merger: Effects of synergy and ownership structure”, Jounrnal of Business Finance and Accounting 23, pp673-698.
Weston, J. F., K. S. Chung, and S. E. Hoang, 1990，“Mergers, Restructuring and Corporate Control”, Prentice-Hall Press, New Jersey, pp425-437.

三、越南文部分

Phan Ngoc Ha (2016), “Law on Merger of Joint Stock Commercial Bank in Vietnam from Regulation to Practice”, Tạp chí khoa học ĐHQGHN: Luật học, Tập 32, Số 3 (2016) 81-88.

Ngo Duc Huyen Ngan (2009), “Sát nhập và mua lại ngân hàng thương mại tại Việt Nam”, Đại học kinh tế thành phố Hồ Chí Minh.

Nguyen Dinh Cung and Luu Minh Duc (2007), “Thâu tóm và hợp nhất từ khía cạnh quản trị công ty: Lý luận, kinh nghiệm, quốc tế và thực tiễn Việt Nam”.

Võ Hoàng Oanh, “Tác động của M&A đến giá cổ phiếu ngân hàng: Nghiên cứu trường hợp ngân hàng TMCP Đầu tư và Phát triển Việt Nam”, Trường Đại học Thủ Dầu Một.


四、網站部分

越南股票68網http://www.cophieu68.vn/
越南司法部
http://moj.gov.vn/vbpq/lists/vn%20bn%20php%20lut/view_detail.aspx?itemid=25062
越南經濟時報http://vneconomy.vn/
越南金融網http://vietnamfinance.vn/
越南銀行網https://www.stockbiz.vn/
越南經濟金融雜誌http://www.mof.gov.vn/
越南投資發展銀行網http://www.bidv.com.vn/
西貢-河內銀行網http://www.shb.com.vn/
西貢商信銀行網https://www.sacombank.com.vn/