The Impact of International Economic Events and Enterprise Internal Factors on M&A Performance in Taiwan's Financial Holding Companies

Abstract

As the times change the financial holding companies had been established in Taiwan for a long time which made the structure of the domestic financial industry changed significantly and the competition among the industry become more intense Therefore many company decided to merge It prompted the government to face the problem of financial M&A Government reformed the financial industry and improved relevant laws and regulations of finance This study will take the holding companies which have conducted M&A in Taiwan from 2002 to 2012 as research targets and explored the major economic events around the world such as the Lehman Brothers bankruptcy and the effect of the debt crisis on the operating performance after M&A in these ten years The resources will be collected from annual financial statements of listed companies MOPS and the TEJ Database By reviewing previous research this study selects the following variables For independent variables this study adopts Company Size Leverage and Board of Directors For dummy variables this study sets Government Ownership Bankruptcy of Lehman Brothers and European Debt Crisis as dummy The multiple regression analysis is applied to exam the relationship between these factors and the M&A performance The empirical results find out that the four factors: Leverage Board of Directors Bankruptcy of Lehman Brothers and European Debt Crisis have significant negative effects on the M&A performance

Date of Award	2016 Jan 18
Original language	English
Supervisor	Hsin-Hong Kang (Supervisor)