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題名：同業、異業購併與金融控股公司之營運綜效
書刊名：臺灣金融財務季刊
作者：杜玉振 引用關係／涂登才／林東和／蔡知敏
作者(外文)：Tu, Yu-Chen／Tu, Teng-Tsai／Lin, Tung-Ho／Tsai, Chih-Ming
出版日期：2007
卷期：8:1
頁次：頁1-28
主題關鍵詞：金融控股公司；營運綜效；同業購併；異業購併；超越對數成本函數；Financial holding company；Operating synergy；In-market merger；Cross-market merger；Translog cost function
原始連結：連回原系統網址new window
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  • 被引用次數被引用次數:期刊(10) 博士論文(0) 專書(0) 專書論文(0)
  • 排除自我引用排除自我引用:10
  • 共同引用共同引用:48
  • 點閱點閱:77
本文旨在探討國內金控公司有無營運綜效及其綜效來源，以現有14家金控公司及其所屬銀行、保險與票券子公司購併前後共6年之投入產出資料，納入超越對數成本函數固定效果模型，進行成本效率分析。經實證發現：(1) 多數金控公司已產生營運綜效，綜效主要來源為規模經濟；(2) 銀行、保險子公司均具規模經濟，適合再同業購併，且兩者間具範疇經濟，有利異業購併；(3) 票券子公司具規模不經濟，不宜再擴大規模；其與銀行或產險子公司間均具範疇不經濟，不利異業購併。
The purpose of this paper is to find out whether the financial holding companies in Taiwan have operating synergies occurred as a result of a corporate combination, and what the main sources of the synergies are. Using input and output data from fourteen financial holding companies and their subsidiaries of bank, insurance and bills finance during the period 1998-2004, a fixed translog cost function is employed to analyze cost efficiency of the companies before and after mergers. The empirical results show: (1) most companies have exhibited operating synergies that come mainly from economies of scale; (2) all subsidiaries of bank and insurance with scale economies are beneficial to horizontal (in-market) mergers, and the combinations of bank and insurance through cross-market mergers also have the effects of scope economies; (3) all subsidiaries of bills finance with diseconomies of scale are not feasible for in-market mergers, and the combinations of bills finance and bank or bills finance and property-liability insurance through cross-market mergers perform the effects of scope diseconomies.
Other
1.Panzar, J. C.(1981)。Economies of Scope。  new window
期刊論文
1.Dodd, P.(1980)。Mergers proposals, management discretion and stockholder wealth。Journal of Financial Economics，8(2)，105-138。  new window
2.高子荃、陳振遠、周建新(20040300)。臺灣地區產險業經營效率之研究--資料包絡法與Malmquist生產力指數之應用。輔仁管理評論，11(1)，53-75。new window  延伸查詢new window
3.Vennet, Rudi Vander(1996)。The Effect of Mergers and Acquisitions on the Efficiency and Profitability of EC Credit Institutions。Journal of Banking & Finance，20(9)，1531-1558。  new window
4.沈中華(20010600)。銀行的異業合併--互補性與文化差異？。貨幣市場，5(3)，15-28。  延伸查詢new window
5.Healy, Paul M.、Palepu, Krishna G.、Ruback, Richard S.(1992)。Does Corporate Performance Improve after Mergers?。Journal of Financial Economics，31(2)，135-175。  new window
6.Lubatkin, Michael(1983)。Mergers and the Performance of the Acquiring Firm。Academy of Management Review，8(2)，218-225。  new window
7.孫梅瑞、陳隆麒(20020300)。臺灣地區上市公司從事購併活動對經營績效影響之研究。中山管理評論，10(1)，155-184。new window  延伸查詢new window
8.Leibenstein, Harvey(1966)。Allocative Efficiency vs. 'X-Efficiency'。American Economic Review，56(3)，392-415。  new window
9.Rhoades, Stephen A.(1993)。Efficiency Effects of Horizontal (in-market) Bank Mergers。Journal of Banking and Finance，17(2/3)，411-422。  new window
10.Yotopoulos, P. A.、Lau, L. J.(1973)。A Test for Relative Economic Efficiency: Some Further Results。American Economic Review，63(1)，214-223。  new window
11.Christensen, Laurits R.、Jorgenson, Dale W.、Lau, Lawrence J.(1973)。Transcendental Logarithmic Production Frontiers。The Review of Economics and Statistics，55(1)，28-45。  new window
12.Mueller, Dennis C.(1969)。A Theory of Conglomerate Mergers。Quarterly Journal of Economics，83(4)，643-659。  new window
13.許美滿、鍾惠民、葉菀婷、許和鈞(20040300)。金融控股公司購併之市場反應與套利機會分析。臺灣金融財務季刊，5(1)，121-139。new window  延伸查詢new window
14.Berger, Allen N.、Humphrey, David B.(1991)。The Dominance of Inefficiencies over Scale and Product Mix Economies in Banking。Journal of Monetary Economics，28(1)，117-148。  new window
15.Boyd, John H.、Graham, Stanley L.、Hewitt, R. Shawn(1993)。Bank holding company mergers with nonbank financial firms: Effects on the risk of failure。Journal of Banking and Finance，17(1)，43-63。  new window
16.Hausman, Jerry A.(1978)。Specification tests in econometrics。Econometrica: Journal of the Econometric Society，46(6)，1251-1271。  new window
17.Battese, George E.、Coelli, Timothy J.(1992)。Frontier Production Functions, Technical Efficiency and Panel Data: With Application to Paddy Farmers in India。Journal of Productivity Analysis，3(1/2)，153-169。  new window
18.May, Don O.(1995)。Do managerial motives influence firm risk reduction strategies?。Journal of Finance，50(4)，1291-1308。  new window
學位論文
1.林秀喬(2002)。台灣產險業之經營績效--規模經濟、範疇經濟與效率之分析(碩士論文)。國立中山大學。  延伸查詢new window
圖書
1.Varian, Hal R.(1992)。Microeconomic Analysis。W. W. Norton & Company, Inc.。  new window
其他
1.陳韻如(2002)。金融控股公司之規模經濟分析。  延伸查詢new window
2.陳安治(1999)。金融業整合及異業結盟。  延伸查詢new window
3.Akhavein, J. D.(1997)。The Effects of Megamergers on Efficiency and Prices: Evidence from a Bank profit Function。  new window
4.Bradley, M.(1988)。Synergistic Gains from Corporate Acquisitions and Their Divisions Between the Stock Holders of Target and acquiring Firm。  new window
5.Cummins, J. D.(1998)。Comparison of Frontier Efficiency Method: An Application to the U.S. Life Insurance Industry。  new window
6.Cummins, J. D.(2006)。Mergers and Acquisitions in the U.S. Property-Liability Insurance Industry: Productivity and Efficiency Effects。  new window
7.Eakin, B. K.(1990)。Constructing Confidence Intervals Using the Bootstrap: An Application to a Multi-Product Cost Function。  new window
8.Fowler, K.(1988)。Tender Offers, Acquisition and Subsequent Performance in Manufacturing Firms。  new window
9.Gaughan, P. A.(1996)。Mergers, Acquisitions and Corporate Restructurings，John Wiley & Sons, Inc.。  new window
10.Grace, M. F.(1992)。An Examination of Cost Economies in the United States Life Insurance Industry。  new window
11.Gropper, Daniel M.(1991)。An Empirical Investigation of Changes in Scale Economies for the Commercial Banking Firm: 1979 - 1986。  new window
12.Houston, J. F.(2001)。Where Do Mergers from the Perspective of Insiders and Outsiders。  new window
13.Langetieg, T. C.(1978)。An Application of A Three-Factor Performance Index to Measure Stockholder Gains from Merger。  new window
14.Mackara, W. F.(1975)。What Do Banking Produce?。  new window
15.Mamalakis, M. J.(1987)。The Treatment of Interest and Financial Intermediaries in the National Accounts: The Old “Bundle” Versus the New。  new window
16.Mandelker, G.(1988)。Risk and Return: The Case of Merging Firms。  new window
17.Peristiani, S.(1997)。Do Mergers Improve That X-Efficiency and Scale Efficiency of U.S. Banks? --- Evidence from the 1980s。  new window
18.Shaffer, S.(1993)。Can Magemergers Improve Bank Efficiency?。  new window
19.Travlos, K.(1989)。Information Effects Associated with Debtfor- Equity and Equity-for-Debt Exchange Offers。  new window
 
 
 
 
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