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研究生:黃馨儀
研究生(外文):Lydia Hsing-yi Huang
論文名稱:金融機構購併績效之研究─運用模糊理論
論文名稱(外文):The Consolidation of Financial Service Industry: An Application of Fuzzy Set Theory to Performance Measurement
指導教授:沈維民沈維民引用關係
學位類別:碩士
校院名稱:東海大學
系所名稱:企業管理學系碩士班
學門:商業及管理學門
學類:企業管理學類
論文種類:學術論文
論文出版年:2002
畢業學年度:90
語文別:中文
論文頁數:89
中文關鍵詞:購併銀行績效模糊理論
外文關鍵詞:mergers and acquisitionsbanksperformancefuzzy
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This study examines whether or not the premerger performance of the target and acquirer and their difference in performance can predict the postmerger performance improvement in the US financial service industry. Previous studies looked at each performance measure separately, and often get mixed results in which some of the performance measures improved and some did not. Fuzzy set theory is used in this study to obtain a single rating for each company’s performance measurement, and it can be easily determined whether or not the postmerger performance is improved relative to the premerger performance.
This study also analyzes performance improvement from both the perspectives of the social welfare and the acquirer, and compares the difference between the two. This may provide helpful information for the social planner to encourage mergers and acquisitions that benefit the whole society.
The results indicate that from the perspective of social welfare, postmerger performance improvement is more likely to occur when an underperforming financial institution acquire an efficient target that has similar performance rating, and the target is relatively small in size compare to the acquirer. However, from the perspective of the acquirer, performance improvement is more likely to occur if it acquires a better performing target that is from different sub-industry category, and is within the same state with itself.
Table of Contents
I. Introduction………………………………………………………..1
1.1 Background……………………………………………………...1
1.2 Objectives…………………………………………………….…4
1.3 Research framework…………………………………………….6
II. Literature Review……………………………………………….…8
2.1 Topics about the premerger performance of the acquirer and target…………..……………………………………………..…8
2.2 Empirical evidence for postmerger performance change……….………………………………………………..10
2.2.1 Topics about cost efficiency…………………………….10
2.2.2 Topics about profit efficiency……………………….....13
2.3 Evidence for predicting postmerger performance by premerger characteristics…………………………………………………24
2.3.1 Topics about premerger performance predicting the postmerger performance…………………………………14
2.3.2 Topics about diversification vs focusing………………....16
2.3.3 Topics about interstate vs intrastate……………………...17
III. Methodology……………………………………………………..19
3.1 Sample and data ……………………………..……………….19
3.2 Fuzzy set theory……………………………………………....20
3.3 Applying fuzzy set theory to performance measurement …...22
3.4 Operational Definitions…………………….………………...40
3.4.1 Performance improvement from the perspective of social welfare and acquirer……………………………………..31
3.4.2 Performance improvement from the perspective of the acquirer…………………….…………………………….32
3.4.3 Logistic Regression………...……….…………………………….33
3.4.4 Dependent variables………………….………………….34
3.4.5 Independent variables………………….………...………36
IV. Empirical Results………………………………………………...41
4.1 Descriptive analysis………………….………………………......41
4.2 The comparison of the postmerger vs premerger performance...……………………………………...…………45
4.3 Tests for collinearity …………………………………...…….47
4.4 Performance improvement form the perspective of acquiring institutions…………………………………………...………..50
4.5 Performance improvement form the perspective of social welfare ………………………………………………...……..54
V. Conclusion………………………………………………….….…57
5.1 Conclusion………………...……………………………….…57
5.2 Implication………………...……………………………….…59
5.3 Research limitation and research recommendation…………..61
References……………………………………………………..………..63
Appendix I Empirical studies for the consolidation o financial service industry………………….………...……..…………….68
Appendix II Sample companies for the consolidation of financial service industry………………...……………………....79
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