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題 名 | 金控公司自我擴張型合併之研究:期間模型實證分析=The Study of Merge for Self-aggrandizement Financial Holding Companies: Empirical Analysis for Duration Model |
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作 者 | 陳若暉; 王信惠; | 書刊名 | 公平交易季刊 |
卷 期 | 15:2 2007.04[民96.04] |
頁 次 | 頁95-127 |
分類號 | 562.29 |
關鍵詞 | 金控公司; 期間模型; 自我擴張型合併; Financial holding company; Duration model; Self-aggrandizement merge; |
語 文 | 中文(Chinese) |
中文摘要 | 本研究以金融機構和金控公司合併案為對象,利用期間模型(duration model)計算待合併期間之轉換率,探討是否存有自我擴張型合併現象與其影響成因。研究顯示金控公司初期合併遞增,符合自我擴張合併型態。當金控公司的負債比率、董監事持股比率越低和總資產週轉率越佳時,傾向爭取新存戶與組繫優質客服,展現資源整合與經營績效,並迅速規劃併購事宜,以利跨業行銷,則待合併的期間越短。當金融機構的營業據點越少,及總資產週轉率和董監事持股比率越低和總資產週轉率越低時,則積極尋求優質合併契機,以增加行銷據點,提升其獲利能力,以避免遭「邊緣化」的可能。故會越快採取合併行動。 |
英文摘要 | From the sample of merges for financial institutions and financial holding companies (FHC), this paper used the duration model to measure the spell lengths of hazard rate. We examined the factors which may influence the spell lengths and investigated the events of self-aggrandizement merge. The rapidly growing events in the initial duration period of FHC's merges were consistent with self-aggrandizement merge. We found that the FHCs tended to attract new depositors and maintained good quality services for their clients, when they had lower debt-asset ratios, smaller ownerships for the directors and supervisors, and higher total asset turnovers. To integrate resources and to obtain good performances, the FHCs may merge as quickly as possible to enhance cross-selling maneuver, so that the spell lengths were short for the FHCs. It also shows that with lesser branches, lower total asset turnovers and smaller ownerships for the directors and superiors, financial institutions sought to merge with well-performed firms eagerly to increase marketing channels and profitability, especially for avoiding "marginalization". Thus, financial institutions may reduce the spell lengths to merge. |
本系統中英文摘要資訊取自各篇刊載內容。