臺灣博碩士論文加值系統

論文提要內容：
歷經一九八０年代及一九九０年代全球經濟自由化、國際化浪潮的衝擊，企業基於經營需求與維持競爭優勢的考量，企業的併購乃因應而生。台灣本土的企業在國際市場激烈競爭壓力下，為了擴大事業版圖、進入新市場及改善企業體質，也不落人後展開併購。
二十一世紀世界潮流轉變，併購獲利目標、併購效果受到質疑、反併購風潮興起、以併購交易改造公司的時光，已經退化，分割、出售繼而興起，企業趨勢正走向專業化、精緻化，而台灣銀行業的併購案持續爭論的紛紛擾擾，本研究希望藉由台灣銀行業併購案的實證研究找出價值創造的可能面向，發現成功併購案的早期跡象。
本研究實證方法採事件研究法，樣本為民國90年至94年間曾宣告合併之台灣證券交易所上市的銀行，且己正式合併成單一銀行者為研究對象，主要從訊息理論的觀點來探討當銀行宣告併購其他銀行時，對主併銀行及被併銀行股價的影響；本研究亦檢視公股銀行與民營銀行為被併銀行時，併購宣告效果差異，並且進一步探討合併後公司長期價值的變化，以作為銀行業實務的參考。研究結果指出：
一、 併購宣告效果對股價的影響
主併銀行併購宣告時，有負向統計上顯著宣告效果；被併銀行併購宣告時，有正向統計上顯著宣告效果。合併案的主併銀行股價下跌、被併銀行股價上漲，判斷是因為合併案被併的銀行為消滅銀行，要交出經營權，在合併談判換股比例，可享有溢價，所以反映在股價上，顯得此消彼長。
二、 公股、民營銀行被併購宣告效果差異
主併銀行併購公股銀行宣告效果不顯著，主併銀行宣告併購公股銀行之前為正向統計上顯著宣告效果，之後為負向統計上顯著宣告效果，總效果互相抵銷所以不顯著，這是因為主併銀行併購公股銀行事件對投資人没有顯著影響；主併銀行併購民營銀行為負向統計上顯著宣告效果，這是因為投資人對宣告併購民營銀行事件持負面態度。
檢驗公股與民營銀行分別被併購的宣告效果，就被併購的公股銀行而言，有正向統計上顯著宣告效果，判斷是因為投資人認為公股事業經營是無效率的，許多潛力未發揮，藉併購激發潛力的期待高，所以被併購的公股銀行股價上漲；就被併購的民營銀行而言，宣告效果不顯著，這是因為該事件對投資人没有顯著影響。
三、 合併後公司長期價值變化之結果
被併銀行併入金控母公司日起至94年底，合併後銀行公司價值，除併購公股銀行的台北富邦銀行公司長期價值為減少的外，國泰世華銀行、玉山銀行、台新銀行及中國信託銀行之公司長期價值是增加的。本結果指出：併購民營銀行對合併後的整體股東權益是有增加的效果，但併購公股銀行對合併後的整體股東權益的效果則不確定。

ABSTRACT
A Study on the Announcement Effect and Value Change of Banks in Taiwan after Merger – with Example of the Merger of Specific Government Share and Private Bank
by
Hsieh, Juei-Yuan
June 2006

ADVISOR(S): Dr. GOO, YEONG-JIA Dr. CHEN, DAR-HSIN
DEPARTMENT: EXECUTIVE MASTER OF BUSINESS ADMINISTRATION
IN INTERNATIONAL FINANCE
MAJOR：INTERNATIONAL FINANCE
DEGREE：MASTER OF BUSINESS ADMINISTRATION

After going through the economic globalization in 1980s and 1990s, mergers have been widely practiced to meet operating demands and maintain competitive advantages. Local enterprises in Taiwan, to expand the market under fierce global competition, enter new markets, and improve the organizational structure, have begun the process of merging.
As the global trend changes in the 21st century, the profit target and merger effect have been questioned, and the concept of anti-merging is emerged. Division and sale of merged companied become the trend. Enterprises are becoming specialized. The merge of banking businesses in Taiwan have aroused controversies. Therefore, this study intends to identify possible aspects of value creation based on the merger of banks in Taiwan, in order to find out early signs of success in merger.
The empirical method adopted in this study was event study method. The samples were banks listed in the Taiwan Securities Exchange, announced merging from 2001 to the end of 2005, and completed the process of merging. This study, based on the Information Theory, discusses the announcement effects on the stock prices of acquirer and acquired banks, as well as on the joint venture state-private and private banks, and the long-term stock price changes, in order to serve as references to the banks. The results are as follows:
1. The announcement effect on the stock price:
The announcement has significant negative effect on the acquirer bank and positive effect on the acquired bank. The decline in the stock price of the acquirer bank and rise in the stock price of the acquired bank is because the acquired bank has to hand out the right of management, so the share-for-share exchange ratio may have premium and is reflected on the stock price.
2. The announcement effect on the joint venture state-private and private banks:
The announcement has insignificant effect on the acquirer bank for acquiring joint venture state-private banks. The announcement effect was significantly positive prior to the announcement and significantly negative afterwards, thus, the effects offset each other. It is because the acquiring of joint venture state-private banks has no effect on investors. The announcement has significant negative effect on the acquirer bank for acquiring private banks. It is because investors hold negative attitude toward acquiring of private banks. The announcement has significant positive effect on the acquired joint venture state-private banks. It is because investors believe that the management of joint venture state-private banks has no efficiency, and the merger could utilize the unrealized potentials, thus, the stock price of acquired joint venture state-private banks would increase. There is no significant effect on acquired private banks because the acquiring of joint venture private banks has no effect on investors.
3. The long-term value change:
The longer-term values of banks acquired by financial companies, such as Cathay United Bank, E.Sun Bank, Taishin Bank, and China Trust, are increased, except for Taipei Fubon Bank. The result indicates that acquiring private banks has positive effect on the overall shareholders’ values, but acquiring joint venture state-private banks has uncertain effect.

目　錄
頁數
謝 辭…………………………………………………………………………....I中文論文提要…………………………………………………………………..II
英文論文提要…………………………………………………………………III
目　錄 IV
圖　表　次 VII
第一章 緒　論 1
第一節 研究背景及動機 1
第二節 研究目的 6
第三節 研究對象與研究範圍 7
第四節 論文架構 9
第二章 文 獻 探 討 10
第一節 併購之意義 11
第二節 國內外學者對併購宣告效果的研究 14
第三節 公司價值的評價方法 16
第四節 公股銀行 17
第三章 研究設計與方法 18
第一節 事件研究法內涵 18
第二節 研究期間與資料來源 23
第三節 研究限制 24
第四章 實證結果與分析 26
第一節 併購宣告效果分析 26
第二節 公股、民營銀行被併購宣告效果差異 32
第三節 合併後公司長期價值變化 39
3-1 台北富邦銀行 39
3-2 國泰世華銀行 49
3-3 玉山銀行 58
3-4 台新銀行 64
3-5 中國信託銀行 70
第五章 結論與建議 79
第一節 研究結論 79
第二節 建 議 80
參考文獻 82

參考文獻
中文部分
1.王信惠(民92)，金控公司與非金控公司之初次公開發行股價報酬與待合併期間之比較分析，中原大學企業管理研究所碩士論文
2.古御呈(民92) ，國內上市上櫃電子公司併購宣告對股價影響之研究，實踐大學企業管理研究所碩士論文。
3.沈中華，李建然(民89) ，事件研究法，華泰文化事業公司。
4.杜淑華(民92)，台灣銀行業合併之個案研究-以台新銀行合併大安銀行為例，國立政治政大學經營管理研究所碩士論文。
5.林任達(民91)，台灣高科技及非高科技企業跨國購併宣告對股票報酬與財務績效影響之研究，中原大學企業管理研究所碩士論文。
6.洪宏達(民92)，購併活動對主併公司經營績效之影響–以臺灣上市公司為例，國立中山大學財務管理學系碩士在職專班碩士論文。
7.翁鶯娟(民91)，購併宣告對產業內競爭對手公司股價影響之研究—以台灣上市公司為例，國立成功大學管理學院高階管理碩士在職專班碩士論文。
8.陳家馴(民92)，董事會組成、公股角色與企業績效之關聯性研究，國立成功大學企業管理研究所碩士論文。
9.陳達新(民92)，「庫藏股制度對股票價格的宣告效果-台灣上市公司的實證研究」，商管科技季刊，第四卷，第4期，頁379-400。
10.陳崇博(民94)，「銀行員變成併購賭局下的犠牲者」，銀行員工會聯合會訊，第一版，第58期。
11.莊喬木(民92)，購併對主併公司及其競爭者長短期績效之影響，國立高雄第一科技大學財務管理研究所碩士論文。
12.韓世賢(民95)，「資方干擾工會合法活動，招惹更多行員反彈激憤」，銀行員工會聯合會訊，第二版，第63期。
13.蔡奇勝(民91)，營運績效與多角化策略對企業併購短中期股價報酬率影響之研究，真理大學管理科學研究所碩士論文。
14.蔡嘉文(民92)，金融控股公司購併行為之價值分析-以國泰金融控股公司購併世華銀行為例，國立中正大學企業管理研究所碩士論文。
15.蘇羨惠(民90)，財務績效、股權結構與購併宣告效果之探討，淡江大學國際貿易研究所碩士論文。
英文部分
1.Blasko, M., M. J. Netter, and F. J. Sinkey, Jr., (2000), “Value Creation and Challenges of an International Transaction The Daimler Chrysler Merger,” International Review of Financial Analysis, 9, pp.77-102.
2.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 Financial Economics, May, pp.3-40.
3.Bowman, R. G., (1983), “Understanding and Conducting Event Studies,” Journal of Business Finance of Accounting, 10, pp.561-584.
4.Brown, S. J., and J. B. Warner, (1985), “Using Daily Stock Returns: The Case of Event Studies,” Journal of Financial Economics, 14, pp.3-31.
5.DeLong, G. L., (2001), “Stockholder Gains from Focusing versus Diversifying Bank Mergers,” Journal of Financial Economics, 59,
pp.221-252.
6.Dodd, P., and R. Ruback, (1977), “Tender Offers and Stockholder Returns：An empirical analysis,” Journal of Financial Economics, pp.351-373.
7.Graham, J. R., L. M. Lemmon, and J. G. Wolf, (2002), “Does Corporate Diversification Destroy Value,” Journal of Finance, 57, pp.695-720.
8.Grinblatt, M., and S. Titman, (1998), “Financial Market and Corporate Strategy,” Boston, MA: Irwin/McGraw Hill, pp.680-702.
9.Henderson, G. V. Jr., (1990), “Problems and Solutions in Conducting Event Studies,” Journal of Risk & Insurance, 57, pp.282-306.
10.Hovanesian, M. D., (2005), “Citi: A Whole New Playbook,” Business Week, February 14.
11.Kiymaz, H., and T. K. Mukherjce, (2000), “The Impact of Country Diversification on Wealth Effects in Cross-Border Mergers,” Financial Review, 35, pp.37-58.
12.Mueller, D.C., (1969), “A Theory of Conglomerate Mergers,” Quarterly Journal of Economics, pp.643-660.
13.Myers, S. C., (1976), “Introduction : A Framework for Analyzing Mergers,” In Myers, S. C. (Ed.), Modern Developments in Financial Management, New York:Praeger. pp.633-645.
14.Randall, H., and E. Lie, (2002), “Operating Performance and the Method of Payment in Takeovers,” Journal of Financial and Quantitative Analysis, 37, pp.137-155.
15.Roll, R., (1986), “The Hurbrs Hypothesis of Corporate Takeover,” Journal of Business, pp.197-216.
16.Shelton, L. M., (2000), “Merger Market Dynamics : Insight Into the Behavior of Target and Bidder Firms,” Journal of Economic Behavior and Organization, 41, pp.363-383.
17.Tian, L. G., (2001), “Government Shareholding and The Value of China’s Modern Firms,” Institute of Finance and Accounting at the London Business School, Working Paper No. 395. PP.13-21.
網站
1.公開資訊觀測站。http://newmops.tse.com.tw/
2.台灣經濟新報資料庫。http://www.tej.com.tw/
3.行政院金融監督管理委員會。http://www.fscey.gov.tw/