頁籤選單縮合
題 名 | 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 |
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作 者 | 杜玉振; 涂登才; 林東和; 蔡知敏; | 書刊名 | 臺灣金融財務季刊 |
卷 期 | 8:1 2007.03[民96.03] |
頁 次 | 頁1-28 |
分類號 | 562.29 |
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; |
語 文 | 中文(Chinese) |
中文摘要 | 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。 |
英文摘要 | 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. |
本系統中英文摘要資訊取自各篇刊載內容。