股東獨立性、董事會規模和併購綜效：全球銀行跨國併購之實證分析

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Title:	股東獨立性、董事會規模和併購綜效：全球銀行跨國併購之實證分析
Other Titles:	Shareholder's Independency, Board Size, and Synergistic Gains from Cross-Border Mergers and Acquisitions in Global Banking Industry
Authors:	賴盈蓁 Lai, Ying-chen
Contributors:	財務金融學系財務管理碩士班陳昇鴻 Sheng-hung Chen
Keywords:	董事會規模;股東獨立性;併購綜效;跨國購併;治理品質;機構制度 and Synergistic Gains;Board Sizes;Shareholder' s Independency;Bank Cross-Border Mergers and Acquisitions
Date:	2010
Issue Date:	2015-03-16 10:26:03 (UTC+8)
Abstract:	使用收集自SDC資料庫中1995至2009年間全球59家進行跨國併購資料，本論文主要研究目的探討主併與目標銀行在股東獨立性與董事會規模的差異對併購綜效的影響。實證結果顯示當主併與目標銀行在股東獨立性差異愈大時，會顯著地提高併購綜效的成效；但此情況在主併與目標銀行在董事會規模差異愈大時，對併購綜效的成效卻不具顯著的影響性。然而，不論控制主併與目標銀行在股東獨立性與董事會規模，跨國併購其主併與目標銀行間機構制度與治理差距愈大時，則對併購綜效的成效也不具顯著的影響性。　　Using cross-border M&As data on 59 deals from 1995 to 2009, this thesis address the issue about the role of difference in the degree of independent shareholder and board sizes between acquirer and target banks on synergy gains in context of global investigations. I empirically investigate the impact of differences in degree of shareholder's independence between bidder and target banks on cross-border M&As premiums. Second, I examine whether differences in board sizes between acquirer and target banks matter takeover premiums of bank cross-border M&As. However, cross-border M&As with larger SII difference between bidder and target bank would obtain higher synergy gains in all cases of takeover premiums of 1 day, 1 week, and 4 weeks. In addition, financial differences between bidder and target bank have significant synergetic gains but this is not tested in previous studies. There is no evidence that both institutional and governance differences between bidder and target bank have no significant cross-border impacts on takeover premiums with respect to 1 day, 1 week, and 4 weeks, respectively.
Appears in Collections:	[Department of Finance, The M.A. Program of Financial Management] Disserations and Theses

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