| Summary: | 碩士 === 世新大學 === 財務金融學研究所(含碩專班) === 95 === This research is to study the factors that influence the exchange ratio of the merger of financial holding companies. Different from previous studies that only focus on financial variables, this study applies both financial data and non-financial data to examine the influential factors to exchange ratio. It is known from previous studies that non-financial factors are crucial to determine exchange ratio. Perfect corporate governance system does influence business performance positively. Therefore, this study intends to discuss the influence of internal and external factors on exchange ratio. Moreover, the positive effect of institutional investor’s shareholding on business performance broadly studied today includes its influence on the exchange ratio. The employment of competent manpower does influence the business performance positively and the question of its influence on exchange ratio is yet to be addressed. The empirical findings are summarized as follows.
1.The interpretation of exchange ratio analysis based on only financial variables or non-financial variables is not as effective as the analysis combining both financial variables and non-financial variables. Therefore, the exchange ratio is affected by both financial variables and non-financial variables, in consistence with the expected outcome.
2.Regarding the internal mechanism of corporate governance, the shareholding of directors and supervisors has a negative impact on exchange ratio. On the other hand, regarding the external mechanism of CPA firm, the excellent information quality of CPA firm helps the merged financial industry to build up a higher corporate rating.
3.Regarding institutional investors, it does not have significant influences on the exchange ratio because the financial holding companies are a chartered business and the shareholding of the institutional investors will not influence corporate decision-making and operational mechanism.
4.Regarding human resources, financial products are upgraded constantly and financial environment changes promptly; therefore, the relatively quality of manpower must be improved. Considering the age and numbers of employees, it has positive effects on exchange ratio of financial holding companies.
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