本論文以銀行業間之跨國合併與收購，探討收購銀行進行合併與收購之動機，並深入研究收購銀行於收購前與收購後之短期、中期及長期之收益率及效率。此外，此論文也對影響收購銀行之收益率及效率之因素提出並加以證實。研究發現，收購銀行之收益率於任何時間點，並無因銀行業之跨國合併與收購而提升。而收購銀行之效率於收購後五年有提升之趨勢。此外，提升淨利息收入與資產之間的比率為主要影響收益率之因素，增加非利息收入與資產之間的比率及減少支出與資產之間的比率只對於收購後短期及中期有顯著影響。而減少營運管理費用與資產之間的比率、減少非利息收入與資產之間的比率及增加借出之貸款與資產之間的比率皆於三個時程中有顯著的影響。另外，被收購銀行之多寡並不影響收購銀行之收益率及效率。

In the context of increasing consolidation in the banking industry, this research examined the profitability and efficiency performance before and after international mergers and acquisitions of acquiring banks, and the major determinants to improve performance. In a sample of 295 commercial banks and bank holding companies, international mergers and acquisitions does lead to potential improvement in efficiency for acquiring banks. However, no evidence shows that profitability would be improved through international mergers and acquisitions. Further, it is found that enhancement in net interest margin is most significant variable to influence the improvement in profitability; while reduction of administrative costs and net-interest revenues and improvement in generating loans are significant to enhance the efficiency performance.

Table of Content
I、 Introduction………………………………………………………1
II、 Background and Current Trends in International
Mergers and Acquisitions ……………………………………4
III、 Literature Review ……………………………………………9
A、The motives and the consequences of maximizing
wealth………………………………………………………10
A.1 Profitability …………………………………………10
A.2 Efficiency………………………………………………17
B、The motives and the consequences of non-maximizing
wealth…………………………………………………………20
B.1 Managerial factors……………………………………20
B.2 Government factors……………………………………22
IV、 Data and Methodology…………………………………………24
A、Data and Samples……………………………………………24
B、Operating Performance Approach…………………………26
C、Hypotheses……………………………………………………27
D、Feasible Generalized Least Squares Regression
Model …………………………………………………………29
E、Regression and Variables…………………………………30
E.1 T-test……………………………………………………30
E.2 FGLS Regression Model ………………………………31
V、 Empirical Result ………………………………………………36
A、Results from Descriptive Statistics and t-test……36
B、Results from Cross-sectional Time-series FGLS
Regression Model……………………………………………38
VI、 Conclusion………………………………………………………42
Reference………………………………………………………………45

Reference
Akhavein, Jalal D., Allen N. Berger, and David B. Humphrey, 1997. “The Effects of Bank Megamergers on Efficiency and Prices: Evidence form the Profit Function.” Review of Industrial Organization 12(1): 95-139.
Allen, Linda, and A. Sinan Cebenoyan, 1991. “Bank Acquisition and Ownership Structure: Theory and Evidence.” Journal of Banking and Finance 15(2): 425-448.
Allen, Linda, and Anoop Rai, 1996. “Operational Efficiency in Banking: An International Comparison.” Journal of Banking and Finance 20(4): 655-672.
Altunbas, Yener, Phil Molyneux, and John Thornton, 1997. “Big Bank Mergers in Europe—An Analysis of the Cost Implications.” Economica 64(254): 317-329.
Amihud, Y., G. L. DeLong, and A. Saunders, 2002. “The Effects of Cross-Border Bank Mergers on Bank Risk and Value. Journal of International Money and Finance 21(6): 857-877.
Barro, Jason R., and Robert J. Barro, 1990. “Pay, Performance and Turnover of Bank CEOs.” Journal of Labor Economics 8(4): 448-481.
Bauer, Paul W., and Gary D. Ferrier, 1996. “Efficiency Measurement Issues for Payments Processing.” Journal of Money, Credit and Banking 28(4): 1004-1039.
Bauer, Paul W., and Diana Hancock, 1993. “The Efficiency of the Federal Reserve in Providing Check Processing Services.” Journal of Banking and Finance 17(3): 287-311
Bauer, Paul W., and Diana Hancock, 1995. “Scale Economies and Technical Change in the Federal Reserve Automated Clearinghouse Payment Process.” Federal Reserve Bank of Cleveland Economic Review 31(3): 14-29.
Benink, Harald A., 1993. Financial Integration in Europe. Dordrecht, the Netherlands: Kluwer Academic Publishers.
Benston, George J., William C. Hunter, and Larry D. Wall, 1995. “ Motivations for Bank Mergers and Acquisitions: Enhancing Deposit Insurance Put Option Versus Earnings Diversification.” Journal of Money, Credit, and Banking 27(3): 777-788.
Berger, Allen N., Seth D. Bonime, Daniel M. Covitz, and Diana Hancock, 2000. “Why Are Bank Profits So Persistent? The Roles of Product Market Competition, Informational Opacity, and Regional/Macroeconomic Shocks.” Journal of Banking and Finance, fourthcoming.
Berger, Allen N., Rebecca S. Demsetz, and Philip E. Strahan, 1999. “The Consolidation of the Financial Services Industry: Causes, Consequences, and Implications for the Future.” Journal of Banking and Finance 23(2-4): 135-194.
Berger, Allen N., and Robert DeYong, 2000. “The Financial Performance of Cross Regional Commercial Banks in the U.S.: Some Clues Regarding the Eventual Structure of a Consolidating Industry.” Board of Governors of the Federal Reserve System.
Berger, Allen N., Robert DeYoung, and G.F. Udell, 2001. “Efficiency Barriers to the Consolidation of European Financial Services Industry.” European Financial Management 7(1), 117-130.
Berger, Allen N., Diana Hancock, and David B. Humphrey, 1993. “Bank Efficiency Derived from the Profit Function.” Journal of Banking and Finance 17(2-3): 317-347.
Berger, Allen N., and Timothy H. Hannan, 1989. “The Price-Concentration Relationship in Banking.” Review of Economics and Statistics 71(2): 291-299.
Berger, Allen., and Timothy H. Hannan, 1997. “Using Measures of Firm Efficiency to Distingusih Among Alternative Explanations of the Structure-Performance Relationship.” Managerial Finance 23(1): 6-31.
Berger, Allen N., and David B. Humphrey, 1991. “The Dominance of Inefficiencies over Scale and Product Mix Economies in Banking.” Journal of Monetary Economics 28(1): 117-148.
Berger, Allen N., and David B. Humphrey, 1992. “Measurement and Efficiency Issues in Commercial Banking.” Out put Measurement in the Service Sectors, Naitonal Bureau of Economic Research, Studies in Income and Wealth, 56, edited by Zi Griliches, University of Chicago Press: 245-279.
Berger, Allen N., David B. Humphrey, and Lawrence B. Pulley, 1996. “Do Consumers Pay for One-Stop Banking? Evidence from an Alternative Revenue Function.” Journal of Banking and Finance 20(9): 1601-1621
Berger, Allen N., and Loretta J. Mester, 1997. “Inside the Black Box: What Explains Differences in the Efficiencies of Financial Institutions?” Journal of Banking and Finance 21(7): 895-947.
Berger, Allen N., Anthony Saunders, Joseph M. Scalise, and Gregory F. Udell, 1998. “The Effects of Bank Mergers and Acquisitions on Small Business Lending.” Journal of Financial Economics 50(2): 187-229.
Bikker, Jacob A., and Johannes M. Groeneveld, 1998. “Competition and Concentration in the EU Banking Industry.” Der Nederlandsche Bank. The Netherlands.
Bliss, Richard T., and Richard J. Rosen, 1999. “CEO Compensation and Bank Merger.” Indiana University.
Boot, Arnoud W. A., 1999. “European Lessons on Consolidation in Banking.” Jouranl of Banking and Finance 23(2-4): 609-613.
Breusch, T., and A. Pagan, 1980. “The LM Test and Its Applications to Model Specification in Econometrics.” Review of Economic Studies 47(1):239-254.
Budzeika, George, 1991. “Determinants of the Growth of Foreign Banking Assets in the United States.” Federal Reserve Bank of New York Research Paper 9112, May.
Bush, Caaudia M., and Gayle DeLong, 2004. “Cross-border Bank Mergers: What Lures the Rare Animals?” Journal of Banking and Finance 28(9): 2077-2102.
Cerasi, Vittoria, Barbara Chizzolini, and Marc Ivaldi, 1998. “Sunk Costs and Competitiveness of European Banks after Deregulation.” LSE Financial Markets Group Discussion Paper 290 (April).
Clark, Jeffrey, 1996. “Economic Cost, Scale Efficiency and Competitive Viability in Banking.” Journal of Money, Credit and Banking 28(3): 342-364.
Clark, Jeffery, and Thomas F. Siems, 1997. “Competitive Viability in Banking: Looking Beyond the Balance Sheet.” Federal Reserve Bank of Dallas, Financial Industry Studies Working Paper No. 5-97.
Crawford, Anthony J., John R. Ezzell, and James A. Miles, 1995. “Bank CEO Pay-Performance Relations and the Effects of Deregulation.” Journal of Business 68(2): 231-256.
Cyrnak, Anthony, and Timothy H. Hannan, 1998. “Bank Lending to Small Business and the Use of CRA Loan Data to Measure Market Structure.” Federal Reserve Board.
Demsetz, Rebecca S., and Marc R. Saidenberg, 1999. “Looking Beyond the CEO: Executive Compensation at Banks.” Federal Reserve Bank of New York.
Demsetz, Rebecca S., and Phillip E. Strahan, 1997. “Diversification, Size and Risk at Banking Holding Companies.” Journal of Money, Credit, and Banking 29(3): 300-13.
DeYoung, Robert, and Daniel E. Nolle, 1996. “Foreign-Owned Banks in the U.S.: Earning Market Share or Buying It?” Journal of Money, Credit and Banking 28(4): 622-636.
Dìaz Dìaz, B., M. Garcìa Olalla, and S. Sanfilippo Azofra, 2002. “The Effect of Acquisitions on the Performance of European Credit Institutions: Panel Data Analysis for the 90s.” European Financial Management Association, London. June 26-29.
Ferrier, Gary D., Shawana Grosskopf, Kathy Hayes, and Suthathip Yaisawarng, 1993. “Economies of Diversification in the Banking Industry: A Frontier Approach.” Journal of Monetary Economics 31(2): 229-249.
Ferrier, Gary D., and C.A. Knox Lovell, 1990. “Measuring Cost Efficiency in Banking: Econometric and Linear Programming Evidence.” Journal of Econometrics 46(1-2): 229-245.
Focarelli, D., and A.F. Pozzolo, 2001. “The Patterns of Cross-Border Bank Mergers and Shareholdings in OECD Countries.” Journal of Banking and Finance 25(12): 2305-2337.
Giddy, Ian, Anthony Sauders, and Ingo Walter, 1996. “Alternative Models for Clearance and Settlement: The Case of the Single European Capital Market.” Jouranl of Money, Credit and Banking 28(4): 986-1000.
Greenbaum, Stuart, George Kanatas, and Itzhak Venezia, 1989. “Equilibrium Loan Pricing Under the Bank Client Relationship.” Journal of Banking and Finance 13(2): 221-235.
Greene, William H., 1997. Econometric Analysis 3rd ed. New Jersey: Prentice-Hall, Inc.
Grosse, Robert, and Lawrence G. Goldberg, 1991. “Foreign Bank Activity in the United States: An Analysis by Country of Origin.” Journal of Banking and Finance 15(6): 1093-1112.
Gujarati, Damodar N., 1995. Basic Econometrics 3rd. New York: McGraw-Hill, Inc.
Hadlock, Charles J., Joel F. Houston, and Michael Ryngaert, 1999. “The Role of Managerial Incentives in Bank Acquisitions.” Journal of Banking and Finance 23(2-4): 221-49.
Hancock, Diana, David B. Humphrey, and James A. Wilcox, 1999. “Cost Reductions in Electronic Payments: The Roles of Consolidation, Economies of Scale, and Technical Change.” Journal of Banking and Finance 23(2-4): 391-421.
Hannan, Timothy H., 1991. “Bank Commercial Loan Markets and the Role of Market Structure: Evidence from surveys of Commercial Lending.” Journal of Banking and Finance 15(1): 133-149.
Hannan, Timothy H., 1994. “Asymmetric Price Rigidity and the Responsiveness of Customers to Price Changes: The Case of Deposit Interest Rates.” Journal of Financial Services Research 8(4): 257-267.
Hanna, Timothy H., 1997. “Market Share Inequality, the Number of Compeititors, and the HHI: An Examination of Bank Pricing.” Review of industral Organization 12(1): 23-35.
Hanna, Timothy H., 1998. “Bank Fees and Their Variation Across Banks and Locations. “ Working Paper, Federal Reserved Board.
Hanna, Timothy H., and Allen N. Berger, 1991. “The Rigidity of Prices: Evidence from the Banking Industry.” American Economic Review 81(4): 938-945.
Hanna, Timothy H., and Stephen A. Rhoades, 1987. “Acquisition Targets and Motives: The Case of the Banking Industry.” The Review of Economics and Statistics 69(1): 67-74.
Hawawini, Gabriel A., and Itzhak Swary, 1990. Mergers and Acquisitions in the U.S. Banking Industry: Evidence form Capital Market. North-Holland, Amsterdam.
Hubbard, R. Glenn, and Darius Palia, 1995. “Executive Pay and Performance: Evidence from the U.S. banking Industry.” Journal of Financial Economics 39(1): 105-130.
Hughes, Joseph P., William Lang, Lorretta J. Mester, and Choon-Geol Moon, 1996. “Efficient Banking Under Interstate Branching.” Journal of Money, Credit, and Banking 28(4): 1043-1071.
Hughes, Joseph P., William Lang, Lorretta J. Mester, and Choon-Geol Moon, 1997. “Recovering Risky Technologies Using the Almost Ideal Demand System: An Application to U.S. Banking.” Federal Reserve Bank of Philadelphia Research Working Paper No. 97-8.
Hughes, Joseph P., William Lang, Lorretta J. Mester, and Choon-Geol Moon, 1999. “The Dollars and Sense of Bank Consolidation.” Journal of Banking and Finance 23(2-4): 291-324.
Hunter, William C., Stephen G. Timme, andWon Keun Yang, 1990. “An Examination of Cost Subadditivity and Multiproduct in Large U.S. Banks.” Journal of Money, Credit and Banking 22(4): 504-525.
Jackson, W.E. III, 1997. “Market Structure and the Speed of Price Adjustments: Evidence of Non-monotonicity. Review of Industrial Organization 12: 37-57.
Jayaratne, Jith, and Philip E. Strahan, 1996. “The Finance-Growth Nexus: Evidence from Bank Branch Deregulation.” Quarterly Journal of Economics 111(3): 639-670.
Jayarane, Jith, and Philip E. Strahan, 1998. “Entry Restrictions, Industry Evolution and Dynamic Efficiency: Evidence from Commercial Banking.” Journal of Law and Economics 41(1): 239-273.
King, R., 1993. “BankAmerica Finds It Got A Lot of Woe with Security-Pacific.” Wall Street Journal, July 22.
Kwast, Myron L., Martha Starr-McCluer, and John D. Wolken, 1997. “Market Definition and the Analysis of Antitrust in Banking.” Antitrust Bulletin 42(4): 973-995.
Lang, Gunter and Peter Welzel, 1998. “Technology and Cost Efficiency in Universal Banking: A Thick Frontier Approach.” Journal of Productivity Analysis 10(1): 63-84.
Linder, Jane C., and Dwight B. Crane, 1993. “BBBank Mergers: Integration and Profitability.” Journal of Financial Services Research 7 (4): 274-82.
Mahajan, Arvind, Nanda Rangan, and Asghar Zatdkoohi, 1996. “Cost Structures in Multinational and Domestic Banking.” Journal of Banking and Finance 20(2): 238-306.
Malatesta, P. H., 1983. “The Wealth Effect of Merger Activity and the Objective Functions of Merging Firms. Journal of Financial Economics 11(1-4): 155-81.
May, Don O., 1995. “Do Managerial Motives Influence Firm Risk Reduction Strategies.” The Journal of Finance 50(4): 1291-1308.
McAllister, Patrick H., and Douglas A. McManus, 1993. “Resolving the Scale Efficiency Puzzle in Banking.” Journal of Banking and Finance 17(2-3): 389-405.
Milbourn, Todd T., Arnoud W.A. Boot, and Anjan Thakor, 1999. “Megamergers and Expanded Scope: Theories of Bank Size and Activity Diversty.” Journal of Banking and Finance 23(2-4): 195-214.
Molyneux, Philip, Yener Altunbas, and Edward Gardener, 1996. Efficiency in European Banking. Chichester, Englisnd: John Wiley & Sons, Ltd.
Molyneux, Philip, D.M. Lloyd-Williams, and John Thornton, 1994. “Competitive Conditions in European Banking.” Journal of Banking and Finance 18(3): 445-459.
Morck, Randal, Andrei Shleifer, and Robert W. Vishny, 1990. “Do Managerial Objectives Drive Bad Acquisitions?” The Journal of Finance 45(1): 31-49.
Noulas, Athanasios G., Subhash C. Ray, and Stephen M. Miller, 1990. “Returns to Scale and Input Substitution for Large U.S. Banks.” Journal of Money, Credit, and Banking 22(1): 94-108.
Peristiani, Stavros, 1993. “The effects of Mergers on Bank Performance.” Federal Reserve Bank of New York Studies on Excess Capacity in the Financial Sector, March 1993.
Pilloff, Steven J., and Anthony M. Santomero, 1998. “The Value Effects of Bank Mergers and Acquisitions.” In Bank Mergers & Acquisitions, edited by Y. Amihud and G. Miller. Kluwer Academic:59-78.
Prager, Robin A., and Timothy H. Hannan, 1999. “Do Substantial Horizontal Mergers Generate Significant Price Effects? Evidence from Banking Industry.” Journal of Industrial Economics 46(4): 433-452
Pulley, Lawrence, and David Humphrey, 1993. “The Role of Fixed Costs and Cost Complementarities in Determining Scope Economies and the Cost of Narrow Banking Proposals.” Journal of Business 66(3): 437-462.
Radecki, Lawrence J., 1998. “ The Expanding Geographic Reach of Retail Banking Markets.” Federal Reserve Bank of New York Economic Policy Review 4(2): 15-34.
Radecki, Lawrence J., John Wenninger, and D.K. Orlow, 1997. “Industry Structure: Electronic Delivery’s Potential Effects on Retail Banking.” Journal of Retail Banking Services 19(4): 57-63.
Rajan, Raghuram G., 1996. “The Entry of Commercial Banks into the Securities Business: A Selective Survey of Theories and Evidence.” In Universal Banking: Financial System Design Reconsidered, edited by Anthony Saunders and Ingo Walter. Irwin: 282-302.
Rhoades, S.A., 1993. “Efficiency Effects of Horizontal (In-Market) Bank Mergers” Journal of Banking and Finance 17 (2-3): 411-22.
Rhoades, S.A., 1994. “A Summary of Merger Performance Studies in Banking, 1980-93, and An Assessment of the Operating Performance and Event Study Methodologies.” Federal Reserve Board Staff Study No. 167.
Rhoades, S.A., 1998. “The Efficiency Effects of Bank Mergers: An Overview of Case Studies of Nine Mergers.” Journal of Banking and Finance 22(3): 273-291.
Roll, Robert, 1986. “The Hubris Hypothesis of Corporate Takeovers.” Journal of Business 59(2):197-216.
Seth, Rama, and Alicia Quijano, 1993. “Growth in Japanese Lending and Direct Investment in the United States.” Japan and the World Economy 5(4): 363-372.
Simons, Katerina and Joanna Stavins, 1998. “Has Antitrust Policy in Banking Become Obsolete?” Federal Reserve Bank of Boston New England Economic Review March-April 1998: 13-26.
Srinivasan, Aruna, and Larry D. Wall, 1992. “Cost Savings Associated with Bank Mergers.” Federal Reserve Bank of Atlanta Working Paper No.92-2.
Subrahmanyam, Vijaya, Nanda Rangan, and Stuart Rosenstein, 1997. “ The Role of Outside Directors in Bank Acquisitions.” Financial Management 26(3): 23-36.
Terrell, Henry S., 1993. “U.S. Branches and Agencies of Foreign Banks: A New Look.” Federal Reserve Bulletin 79 (10): 913-925.
Vander Vennet, R., 1997. “Determinants of EU Bank Takeovers: A Logit Analysis. Mimeo, March 1997.
Wheelock, David C., and Paul W. Wilson. 1998. “Why do Banks Disappear? The Determinants of US Bank Failures and Acquisitions.” Mimeo, May 1998.
White, William, 1998. “The Coming Transformation of Continental European Banking.” Bank for International Settlements Working Paper No. 54.
Winton, Andrew, 1999. “Don’t Put All Your Eggs in One Basket? Diversification and