Determinants of Banking Merger and Acquisition Premiums in Taiwan, Hong Kong and China

本文探討了兩岸三地金融業被收購和入股時購併溢價的決定因素。台灣因為市場內部過度競爭，希望藉由購併來擴大規模和獲得新的分行通路。香港與中國已經簽訂緊密經貿關係協定，香港銀行在中國設立分行規定遠較於境外機構在中國設立分行來得容易，因此購併香港金融機構也有助於進入中國市場。入股中國銀行，則是因中國為崛起的新興市場，再加上中國政府限制較多，入股為外資在策略上進入中國市場的方式之一。文研究了2001年到2008年三地的金融業購併案，結果顯示台灣地區購併溢價與各項變數之間結果不顯著，可能原因與樣本包含許多經營不善金融機構被購併事件和為了獲得分行執照等質化因素未被考慮進來有關。香港地區銀行購併溢價則與目標銀行之獲利能力及非利息收入比有顯著正向關係。目標銀行之ROA、ROE和非利息收入比越高，則購併溢價越高，顯示出參股者願意為目前經營能力良好的目標銀行出較高的價格。另外購併溢價與目標銀行的自有資本比率有顯著負向關係，顯示出資本運用較無效率的目標銀行較不受參股者青睞。中國地區實證結果顯示目標銀行的逾放比和自有資本比率與購併溢價呈顯著負相關。意味著參股銀行重視目標銀行的資產品質和資金運用效率，參股者願意為資產品質越好，資金運用越有效率的目標銀行付出較高價格。另外，中國的購併溢價和目標銀行的ROA呈顯著負相關，推測可能原因為外資參股中國銀行認為目標銀行績效較差，未來改善空間較大，因此願意付出較高的溢價。This article compares the determinants of banking merger and acquisition premiums in Taiwan, Hong Kong and China. In recent years, M&A deals increased in these three regions for different reasons. In Taiwan, M&A is a way to get licenses to set up new branches and for foreign banks to enter Taiwan markets; in Hong Kong, merged Hong Kong based banks could help to enter Mainland market in the future because of the relaxation of requirements for Hong Kong incorporated banks under the Closer Economic Partnership Agreement (CEPA). Mainland market has been highly regulated; hence, to become shareholders of Chinese banks is a method for foreign banks to enter Chinese banking industry.he study analyzes samples of banking mergers and acquisitions in Taiwan, Hong Kong and China from 2001 to 2008. The results indicate that there may be different determinants of premiums paid in the different regions. In Taiwan, the result is not significant enough, and this may because too many not well-managed banks are included in the sample. In Hong Kong, target banks with better performance of ROA、ROE and fee income ratio can get higher merger premiums. The ratio of equity to assets is negatively related to the merger premium. In China, acquirers favor those target banks with lower non-performing loan ratio and lower percentage of equity. In addition, targets with worse ROA performance can also get higher prices. This may because the acquirers think the worse targets have more room for improvement after they invest.目 錄辭 i文摘要 iibstract iii一章 緒論- 1 -一節 研究背景與動機- 1 -二節 研究問題- 3 -三節 研究範圍- 4 -四節 研究限制- 4 -五節 研究架構- 5 -二章 兩岸三地金融市場概況- 6 -一節 台灣- 6 -二節 香港- 11 -三節 中國- 17 -四節 小結- 25 -三章 文獻回顧 - 26 -一節 合併與收購(Merger and Acquisition)的定義- 26 -二節 銀行合併與收購動機理論- 26 -三節 銀行購併溢價文獻回顧- 28 -四章 研究設計- 34 -五章 實證結果與分析- 47 -一節 同時考慮參股者和目標銀行財務特性- 47 -二節 僅考慮目標銀行財務特性- 53 -六章 結論- 57 -一節 研究結論- 57 -二節 研究建議- 58 -考文獻 - 59