金控公司選擇購併類別之價值分析－臺灣的實證研究

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Title:	金控公司選擇購併類別之價值分析－臺灣的實證研究 Information Value Analysis on Different M&A Category Selection of Fnancial Holding Companies in Taiwan
Authors:	許珊珊 Shan, Hsu Shan
Contributors:	國際企業管理學系碩士在職專班
Keywords:	金控購併購併類別異常報酬市場模式 M&A of Financial Holding Companies, The type of M&A Abnormal Rturns Market Model
Date:	2013-06
Issue Date:	2013-10-21 11:49:19 (UTC+8)
Abstract:	近年來，金控公司為追求經營綜效，透過購併整合之外部成長來強化競爭優勢，擴大經營規模。惟在國際的影響力下，國內之金融機構始終未能名列前茅，顯示我國之金融產業必須加強競爭優勢，始符合全球金融市場購併潮流之經營模式。另外，由於金融機構合併聲浪不斷，牽動整體金融市場之事業版圖與營運方向。因此，本研究將探討不同類別之金融機構的特性及營運差異，是否應適當的由市場觀點衡量不同購併目標之反應？而不同類別之金融機構的特性及營運差異，是否應適當的由市場觀點衡量不同購併目標之反應？再者，因國內金融市場之銀行、保險及證券等公司設立家數眾多，在探討金控公司進行購併選擇之研究中，近年來完整分析被併標的之選擇對金控公司所產生之市場價值效果較為匱乏。因此，本研究將以金控公司進行購併對象選擇至併入金控公司後之整體價值分析，並從購併宣告事件分析股價報酬進行相關實證研究，以提供予國內金控業者有志於購併時之參考，使購併後的整體發揮合併綜效。 With rapid development and high competition in Taiwan's banking industry, the M&A activities of financial holding companies has been considered as the most important issue. However, for investors, it is a concerned issue whether the different categories of the target financial companies would improve M&A performance and then result in the information value by affecting the stock reaction. Thus, this study employs event study, including GARCH risk adjusted model and market model, to estimate the information value during M&A activities in Taiwan's financial holding companies, and to explore whether the results will be influenced by different categories of the target financial companies. Moreover, the cross-sectional regression analysis is used to examine which explanatory variables are associated with observed cumulative information contents. The empirical findings would regard as a reference for investors in decision-making.
Appears in Collections:	[Department of Business Administration & Graduate Institute of International Business Administration ] Thesis

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