臺灣博碩士論文加值系統

近年來席捲全球的FinTech潮流促使金融服務業積極與科技業進行跨界結合，並引發各界對此相關議題的討論，特別是金融服務業併購高科技產業是否有助於公司的成長及競爭力的提升，還是造成風險暴露的增加呢? 過去研究大部分僅單獨探討銀行併購後的績效、風險與競爭之間的關係，然而本研究進一步探討銀行基於金融創新所進行的高科技業併購活動的影響，並檢視金融服務業併購銀行業與高科技產業後對績效成長、風險承擔、和市場競爭力是否不同的影響。本文的研究樣本係以2000年到2015年美國金融服務業併購高科技產業與金融同業作為主要樣本與對照樣本，進而以不同意涵與概念的成長、風險、競爭力為衡量指標，並採用固定效果迴歸檢定方法。
本篇研究發現銀行對高科技業併購可提升ROA成長與經營效率，但同時也提升銀行的信用及流動性風險暴露，而此效果在金融危機時較不顯著，此結果符合Beck等人(2016)所提出的金融創新存在著正反面影響，即金融業與科技業的結合同時有提升績效成長與風險承擔的效果。另外，高科技併購與銀行同業間併購子樣本差異檢定中顯示，高科技業併購比銀行間併購有較高的ROA成長、信用風險、及流動性風險。本研究結果說明金融業併購高科技業存在有如雙刃劍的利害參半效果，也提供金融跨業併購決策上的一些建議。

The latest growing trend in Financial Technology (FinTech) is mergers and acquisitions (M&As) between financial services and technology industries. Do high-tech M&As contribute to growth and competition or risk exposure in the financial industry? It becomes a hot issue, but past studies mainly explored the separate effect on growth, risk and competition in banking M&As activities. This study measures the post-merger performance, risk and competition, and further uses OLS and Fixed-Effects models to compare the different impact of high-tech and bank M&As in US financial services industry over the period 2000-2015. We measure growth, risk and competition from different broad and specific perspectives and use OLS and Fixed-Effects models.
Consistent with Beck, et al. (2016), our results demonstrate higher bank profitability growth and operating efficiency, credit and liquidity risk exposure after the high-tech M&As. These effects weaken during the financial crisis of 2007-2009. In addition, high tech M&As result in higher profitability growth, credit and liquidity risk than bank M&As. In sum, this study shows that the double-edged sword effect between bank growth and risk and provides meaningful suggestions for the decisions of banking M&As.

摘 要 ii
Abstract iii
List of Tables vi
List of Figures viii
1. Introduction 1
2. Literature Review 4
2.1 Mergers and Acquisitions 4
2.2 High-Tech Mergers and Acquisitions 5
2.3 Growth through Mergers and Acquisitions 6
2.4 Uncertainty from Mergers and Acquisitions 7
3. Hypotheses 9
4. Methodology 13
4.1 The Effect of High-Tech M&As on Bank Growth 13
4.2 The Effect of High-Tech M&As on Risk 13
4.2 The Effect of High-Tech M&As on Competition 14
4.4 The Effect of High-Tech M&As during the Financial Crisis 14
4.5 The Effect of High-Tech M&As for Acquirer Capital Adequacy 15
4.6 Control Variables 15
5. Data Selection 16
5.1 The Trend of High-Tech and Bank M&As 17
5.2 Descriptive Statistics and Correlations 17
6. Empirical Results 18
6.1 Test for Difference in Mean and Median based on M&As Types, Financial Crisis and Capital Adequacy 18
6.2 The Analysis of OLS and Year Fixed-Effects Regressions of High-Tech and Bank M&As Types on Post-Merger Growth for Entire Sample 19
6.3 The Analysis of OLS and Year Fixed-Effects Regressions of High-Tech and Bank M&As Types on Post-Merger Risk for Entire Sample 19
6.4 The Analysis of OLS and Year Fixed-Effects Regressions of High-Tech and Bank M&As Types on Post-Merger Competition for Entire Sample 20
6.5 The Analysis of OLS and Year Fixed-Effects Regressions of Financial Crisis on Post-Merger Growth, Risk and Competition for Entire Sample 20
6.6 The Analysis of OLS and Year Fixed-Effects Regressions of Capital Ratio on Post-Merger Growth, Risk and Competition for Entire Sample 21
7. Robustness Checking 21
7.1 The Analysis of OLS and Year Fixed-Effects Regressions of M&A Transaction Value on Post-Merger Growth, Risk and Competition for High-Tech and Bank M&As Subsamples 22
7.2 The Analysis of OLS and Year Fixed-Effects Regressions of High-Tech and Bank M&As Types on Post-Merger Growth, Risk and Competition for during Crisis and Pre and Post Crisis Subsamples 22
7.3 The Analysis of OLS and Year Fixed-Effects Regressions of High-Tech and Bank M&As Types on Post-Merger Growth, Risk and Competition for Well Capitalized and Poorly Capitalized Subsamples 23
8. Conclusions 24
References 26

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