A Study on the Impact of Establishment of Financial Holding Companies on Stock Prices

[[abstract]]台灣於2000年通過「金融機構合併法」、2001年通過「金融控股公司法」，並於2003年再修定「金融六法」等重要金融法案。這些法案的通過應可提供台灣良好國際金融環境，俾利金融改革之進行。尤其是金融控股公司成立將有助於金融業跨業經營並發揮經營綜效，促進金融產業之國際化與提升國際競爭力。本研究係採用事件研究法，檢視金融機構於董事會通過設立金融控股公司之宣告前後，其股價是否產生異常報酬，依此以探討金融控股公司設立宣告對金融股股價的影響。此外，本研究也將金控公司依業務導向分類為銀行業務導向、非銀行業務導向以及依不同類別轉型分類為公股轉型、家族集團轉型、專業轉型，進一步探討股價影響是否有所差異。 實證結果發現董事會通過成立金融控股公司宣告期間，具有正面訊息，投資人確實可獲得正的超額報酬。另外，在宣告日之前資訊應有洩漏情形，以致於股價在事件日有提早反應的現象。[[abstract]]The Financial Institutions Merger Law Financial Holding Company Act and revised Financial Six Law passed its third reading on Congress in 2000 2001 and 2003 respectively These laws provide good international financial environment for Taiwan In particular Financial Holding Company Act offers financial institution to operate across industry and create synergy This thesis uses event study methodology to investigate whether there are abnormal returns before and after the announcement date of board regarding approval of setting up financial holding companies Accordingly this thesis explores the impact of setting up financial holding companies on stock prices of financial institutions Additionally this thesis investigates there are significant differences in effect of announcement of board on stock prices between banking-oriented and non banking-oriented financial holding companies Empirical results indicate that there is positive information and investors can earn significant positive abnormal returns during the announcement of board Moreover there is information leakage before the announcement date of boar