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研究生：	林宜嫻 Lin, Yi-Shien
論文名稱：	購併宣告對於臺灣金控公司短期及長期經營績效的影響 The effect of M&A announcement on the short run and long run performance of financial holding companies in Taiwan
指導教授：	康信鴻 Kang, Hsin-Hong
學位類別：	碩士 Master
系所名稱：	管理學院 - 國際企業研究所 Institute of International Business
論文出版年：	2010
畢業學年度：	98
語文別：	英文
論文頁數：	53
中文關鍵詞：	購併、績效、臺灣、金融控股公司、事件研究法。
外文關鍵詞：	M&A, performance, Taiwan, financial holding company, event study.
相關次數：	點閱：207 下載：2
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本論文之目的在於研究並討論購併宣告對於臺灣的金融控股公司在經營績效方面之短期及長期影響。本研究使用之資料年份為2001年至2008年這段期間所發生之四十起金控公司相關購併案件。
本研究使用多樣化的方式來探討金控公司在購併發生的當下及購併後三年之經營績效表現。首先，使用事件研究法來得到公司的市場績效表現，如平均異常報酬率及累積異常報酬率。接著計算會計方面的績效表現，並利用皮爾森相係數來比較兩種不同結果是否具有相關性。
結果發現，對於短期的績效表現方面，平均異常報酬及累積平均異常報酬的表現都是變差的。在會計資訊方面，營運綜效及市場綜效在購併後有些許的改善，尤其是淨利率的部份。長期方面，成長率及淨利率都有改善，但股東權益報酬率及資產報酬率方面都沒有顯著的結果。在研究的最後，我們試著使用皮爾森相關係數來得到累積平均異常報酬及長期會計資訊之間的關係，但結果是不顯著的。

The aim of this research is to study the effect on Taiwan financial holding companies performance of financial acquisitions. This paper uses a data includes deal and accounting information for 40 domestic acquisitions between 2001 and 2008 to analyze the characteristics and performance effects merger on acquiring banks.
This study uses a variety of ways to investigate the relationship between financial holding companies performance measure in the present and post-deal period. In the first part, we will use event study to compare get the result about market performance. Than calculate all relative financial formula by accounting information. Finally use Pearson correlation coefficients to test the relationship between accumulate average abnormal return (CAAR) and the accounting information result.
We find that performance of stock price were worse, no matter average abnormal return (AAR) or CAAR. M&A operations are associated with a slight improvement after announcement in operating synergy and market synergy. According to the accounting results, we can see that operating synergy index NPM has a significant positive growth. In the long run, GROWTH and NPV both have improvement. But ROE and ROA didn’t get a significant result. In the financial synergy side, both indexes didn’t show significant result. Finally, the result of market synergy was significant positive, it means this index was more significant than other indexes. In the end of research, we try to find the relationship between stock price (CAAR) and accounting information. We try to use Pearson correlation coefficients to test the relationship. However, the result didn’t significant.

Table of Contents
 Chapter 1 Introduction	9
1.1 Research background	9
1.2 Introduction of system and present situation	11
1.3 Research motivation	12
 Chapter 2 Literature Review	13
2.1 Related Theory	13
2.1.1 Core relative concepts	13
2.1.2 Four types of merger	14
2.1.3 Two types of acquisition	15
2.1.4 Methods of payment	17
2.1.5 The motivations of M&A……………………………………………17
2.2 Relative literaturere review	20
 Chapter 3 Methodology	25
3.1 Research design	25
3.2 Data set and sample select	27
3.2.1 All samples	27
3.3 Event study	28
3.3.1 Market model	28
3.3.2 Choose the event day	29
3.3.3 Calculate abnormal return	31
3.3.4 Application of statistic	33
3.4 Empirical study of accounting information	34
Chapter 4 Results	36
4.1 The results of market model	36
4.2 The effect of announce merger in acquiring company	38
4.3 Accounting information analysis	43
4.4 Comparing statistical result and accounting result	45
Chapter 5 Conclusion	47
5.1 Research conclusion	47
5.2 Limitation and future research	49
Reference:	49
 
List of Tables
Table 1 Four types of merger	15
Table 2 Two types of acquisition	16
Table 3 Method of payment using of all samples	28
Table 4 All event windows and the explanation of each event window	31
Table 5 Formula and equation of AAR and CAAR	33
Table 6   and   of market model	37
Table 7 Average abnormal return of the event period (-20, +20)	39
Table 8 Accumulate average abnormal return of the event period (-20, +20)	41
Table 9 Describe statistical table of CAAR at the event day (t=0)	43
Table 10 Financial performance index at the present year and the average of after three years	44
Table 11 Two samples T-test	45
Table 12 Relationship between CAAR and other accounting results	46










List of Figs
Fig 1 The time table of this research	30
Fig 2 Trend of average abnormal return of all samples	39
Fig 3 Trend of accumulate average abnormal return of all samples	41


                                    

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