同業、異業購併與金融控股公司之營運綜效

The Operating Synergies of Financial Holding Companies in In-Market and Cross-Market Mergers

10.6985/TBFQ.200703.0001

杜玉振(Yu-Chen Tu)；涂登才(Teng-Tsai Tu)；林東和(Tung-Ho Lin)；蔡知敏(Chih-Ming Tsai)

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

台灣金融財務季刊

8卷1期（2007 / 03 / 01）

1 - 28

繁體中文

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.

1. 許美滿、葉菀婷、鐘惠民、許和鈞(2004)。金融控股公司購併之市場反應與套利機會分析。台灣金融財務季刊，5(1)，121-139。
   連結：
2. Akhavein, J. D.,A. N. Berger,D.B. Humphrey(1997).The Effects of Megamergers on Efficiency and Prices: Evidence from a Bank profit Function.Review of Industrial Organization,12,95-139.
3. Battese, G. E.,T. J. Coelli(1992).Frontier Production Functions, Technical Efficiency and Panel Data: With Application to Paddy Farmers in India.Journal of Productivity Analysis,3,153-169.
4. Berger, A. N.,D. B. Humphrey(1991).The Dominance of Inefficiencies over Scale and Production Mix Economies in Banking.Journal of Monetary Economics,20(3),501-520.
5. Boyd, J. H.,S. L. Graham,R.S. Hewitt(1993).Bank Holding Company Mergers with Nonbank Financial Firms: Effects on the Risk of Failure.Journal of Banking and Finance,17,43-63.
6. Bradley, M.,A. Desai,E. Kim(1988).Synergistic Gains from Corporate Acquisitions and Their Divisions Between the Stock Holders of Target and acquiring Firm.Journal of Financial Economics,21(1),3-40.
7. Christensen, L. R.,D. W. Jorgenson,L.J. Lau(1973).Transcendental Logarithmic Production Frontiers.The Review of Economics and Statistics,55,28-45.
8. Cummins, J. D.,Hongmin Zi(1998).Comparison of Frontier Efficiency Method: An Application to the U.S. Life Insurance Industry.Journal of Productivity Analysis,10,131-152.
9. Cummins, J. D.,Xiaoying Xie(2006).Mergers and Acquisitions in the U.S. Property-Liability Insurance Industry: Productivity and Efficiency Effects.Conference paper, Journal of Banking and Finance Conference,Philadelphia, USA.:
10. Dodd, P.(1980).Mergers Proposals, Management Discretion and Stockholder Wealth.Journal of Financial Economics,88(2),105-138.
11. Eakin, B. K.,D. P. McMillen,M.J. Buono(1990).Constructing Confidence Intervals Using the Bootstrap: An Application to a Multi-Product Cost Function.The Review of Economics and Statistics,72(2),339-344.
12. Fowler, K.,D. R. Schmidt(1988).Tender Offers, Acquisition and Subsequent Performance in Manufacturing Firms.Academy of Management Journal,31(4),962-974.
13. Gaughan, P. A.(1996).Mergers, Acquisitions and Corporate Restructurings.John Wiley & Sons, Inc..
14. Grace, M. F.,S. G. Timme(1992).An Examination of Cost Economies in the United States Life Insurance Industry.Journal of Risk and Insurance,59,72-103.
15. Gropper, Daniel M.(1991).An Empirical Investigation of Changes in Scale Economies for the Commercial Banking Firm: 1979-1986.Journal of Money, Credit and Banking,23(4),718-727.
16. Hausman, J. A.(1978).Specification Tests in Econometrics.Econometrica,46,1251-1272.
17. Healy, P. M.,K. G. Palepu,R. Rubback(1992).Does Corporate Performance Improve after Merger?.Journal of Financial Economics,31(2),135-175.
18. Houston, J. F.,C. M. James,M. D. Ryngaert(2001).Where Do Mergers from the Perspective of Insiders and Outsiders.Journal of Financial Economics,60,285-331.
19. Langetieg, T. C.(1978).An Application of A Three-Factor Performance Index to Measure Stockholder Gains from Merger.Journal of Financial Economics,6(4),365-383.
20. Leibenstein, H.(1966).Allocative Efficiency VS X-efficiency.American Economic Review,56(3),392-415.
21. Lubatkin M.(1983).Mergers and the Performance of the Acquiring Firm.Academy of management Review,8(2),218-225.
22. Mackara, W. F.(1975).What Do Banking Produce?.Federal Reserve Bank of Atlanta.
23. Mamalakis, M. J.(1987).The Treatment of Interest and Financial Intermediaries in the National Accounts: The Old "Bundle" Versus the New "Unbundle" Approach.The Review of Income and Wealth,33(2),169-192.
24. Mandelker, G.(1988).Risk and Return: The Case of Merging Firms.Journal of Financial Economics,20,293-315.
25. May, D. O.(1995).Do Managerial Motives Influence Firm Risk Reduction Strategies?.Journal of finance,50(4),1291-1309.
26. Mueller, D. C.(1969).A Theory of Conglomerate Mergers.Quarterly Journal of Economics,83,643-659.
27. Panzar, J. C.,R. D. Willig(1981).Economies of Scope.American economic Review,71,268-272.
28. Peristiani, S.(1997).Do Mergers Improve That X-Efficiency and Scale Efficiency of U.S. Banks?-Evidence from the 1980s.Journal of Money, Credit and Banking,29,326-337.
29. Rhoades, S. A.(1993).Efficiency Effects of Horizontal (in-Market) Bank Mergers.Journal of Banking and finance,17,411-422.
30. Shaffer, S.(1993).Can Magemergers Improve Bank Efficiency?.Journal of Banking and Finance,17,423-436.
31. Travlos, K.,M. M. Cornett(1989).Information Effects Associated with Debt-for-Equity and Equity-for-Debt Exchange Offers.The Journal of Finance,44,451-468.
32. Varian, H. R.(1992).Microeconomic Analysis.New York:Norton Company.
33. Vennet, R. V.(1996).The Effect of Mergers and Acquisitions on the Efficiency and Profitability of EC Credit Institutions.Journal of Banking and Finance,20,1531-1558.
34. Yotopoulos, P. A.,L. J. Lau(1973).A Test for Relative Economic Efficiency: Some Future Results.American Economic Review,63(1),214-223.
35. 沈中華(2001)。銀行的異業合併－互補性與文化差異？。貨幣市場，5(3)，15-28。
36. 林秀喬(2001)。碩士論文(碩士論文)。中山大學經濟系研究所未出版之碩士論文。
37. 孫梅瑞、陳隆麒(2002)。台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。
38. 高子荃、陳振遠、周建新(2004)。台灣地區產險業經營績效之研究－資料包絡法與Malmquist生產力指數之應用。輔仁管理評論，11(1)，53-76。
39. 陳安治、施志調(1999)。金融業整合及異業結盟。華信金融季刊，6，59-80。
40. 陳韻如(2002)。碩士論文(碩士論文)。交通大學經營管理研究所未出版之碩士論文。

1. 廖振盛(2009)。組織結構與經營績效關聯性之研究：銀行業的實證分析。臺灣企業績效學刊，2(2)，211-227。
2. 劉定焜、張寶文(2011)。效率、績效衡量與決定因素之探討─台灣金融產業的實證研究。台灣金融財務季刊，12(3)，23-67。
3. 劉莉玲(2009)。金融機構組織變革員工認知、工作滿意與離職傾向之關係研究。會計與財金研究，2(1)，57-81。
4. 劉清標(2014)。業務自由化對個別銀行利益與整體銀行系統穩定性之衝突。兩岸金融季刊，2(2)，69-103。
5. (2008)。臺灣票券商財務績效、廠商特性與公司治理之研究。臺灣銀行季刊，59(3)，29-42。
6. (2011)。效率、績效衡量與決定因素之探討─台灣金融產業的實證研究。台灣金融財務季刊，12(3)，23-67。