Financial Holding Company Merger: in the Perspective of Profitability and Risk Taking
碩士 === 國立東華大學 === 國際企業學系 === 94 === Based on Boyd & Graham (1988, 1993) , we utilize the rate of returns of stockholder's equity (ROE) as the measurement of the profitability for studied firm. The standard deviation of ROE and bankruptcy risk are used to measure risk. The hypothetical merge...
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ndltd-TW-094NDHU53200112015-12-16T04:39:01Z http://ndltd.ncl.edu.tw/handle/23296245063769968978 Financial Holding Company Merger: in the Perspective of Profitability and Risk Taking 以獲利性及風險性探討金融控股公司之整併 Chung-Shan Huang 黃重善 碩士 國立東華大學 國際企業學系 94 Based on Boyd & Graham (1988, 1993) , we utilize the rate of returns of stockholder's equity (ROE) as the measurement of the profitability for studied firm. The standard deviation of ROE and bankruptcy risk are used to measure risk. The hypothetical merger method is employed to calculate the profitability and risk after merging. Our result indicates that it is beneficial for a financial holding company merges with the insurance or the securities companies. We also find that it is favorable for financial holding company which insurance company is the holding company to merge with other type of financial holding companies which holding company is not insurance company. This confirms the study of Boyd and Graham (1993) who argue that diversified portfolio is more capable of producing synergy, but not necessarily reducing the business risk which is directly related to regulatory environment. On other hand, our study reveals that if a financial holding company with banking holding company to merge with other banks or similar financial holding company, the benefit of merger will be greatly reduced due to the overlapping business between two merger parties. But if such a financial holding company could merge with insurance or securities firm, the benefit is obvious because of this type of merger across different business. Chi-Min Cheng Torng-Her Lee 鄭治明 李同龢 2006 學位論文 ; thesis 81 zh-TW |
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NDLTD |
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zh-TW |
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Others
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NDLTD |
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碩士 === 國立東華大學 === 國際企業學系 === 94 === Based on Boyd & Graham (1988, 1993) , we utilize the rate of returns of stockholder's equity (ROE) as the measurement of the profitability for studied firm. The standard deviation of ROE and bankruptcy risk are used to measure risk. The hypothetical merger method is employed to calculate the profitability and risk after merging. Our result indicates that it is beneficial for a financial holding company merges with the insurance or the securities companies. We also find that it is favorable for financial holding company which insurance company is the holding company to merge with other type of financial holding companies which holding company is not insurance company. This confirms the study of Boyd and Graham (1993) who argue that diversified portfolio is more capable of producing synergy, but not necessarily reducing the business risk which is directly related to regulatory environment. On other hand, our study reveals that if a financial holding company with banking holding company to merge with other banks or similar financial holding company, the benefit of merger will be greatly reduced due to the overlapping business between two merger parties. But if such a financial holding company could merge with insurance or securities firm, the benefit is obvious because of this type of merger across different business.
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author2 |
Chi-Min Cheng |
author_facet |
Chi-Min Cheng Chung-Shan Huang 黃重善 |
author |
Chung-Shan Huang 黃重善 |
spellingShingle |
Chung-Shan Huang 黃重善 Financial Holding Company Merger: in the Perspective of Profitability and Risk Taking |
author_sort |
Chung-Shan Huang |
title |
Financial Holding Company Merger: in the Perspective of Profitability and Risk Taking |
title_short |
Financial Holding Company Merger: in the Perspective of Profitability and Risk Taking |
title_full |
Financial Holding Company Merger: in the Perspective of Profitability and Risk Taking |
title_fullStr |
Financial Holding Company Merger: in the Perspective of Profitability and Risk Taking |
title_full_unstemmed |
Financial Holding Company Merger: in the Perspective of Profitability and Risk Taking |
title_sort |
financial holding company merger: in the perspective of profitability and risk taking |
publishDate |
2006 |
url |
http://ndltd.ncl.edu.tw/handle/23296245063769968978 |
work_keys_str_mv |
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