Merger and Acquisition performance of Taiwan and Thai Banking Sector: A Comparative Study between Taiwan and Thai Bank

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研究生：	Sirapada Punyavansiri Sirapada Punyavansiri
論文名稱：	Merger and Acquisition performance of Taiwan and Thai Banking Sector: A Comparative Study between Taiwan and Thai Bank Merger and Acquisition performance of Taiwan and Thai Banking Sector: A Comparative Study between Taiwan and Thai Bank
指導教授：	謝劍平 Joseph C.P. Shieh
口試委員:	劉代洋 Day-Yang Liu 陳俊男 Chun-Nan Chen
學位類別：	碩士 Master
系所名稱：	管理學院 - 財務金融研究所 Graduate Institute of Finance
論文出版年：	2020
畢業學年度：	108
語文別：	英文
論文頁數：	43
中文關鍵詞：	Mergers & Acquisitions (M&A) 、Banking performance 、Comparative study 、Paired Sample T-test 、Taiwan 、Thailand
外文關鍵詞：	Mergers & Acquisitions (M&A), Banking performance, Comparative study, Paired Sample T-test, Taiwan, Thailand
相關次數：	點閱：415 下載：3
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This paper was designated to examine the performance of mergers and acquisitions based
on Thai and Taiwan banking sectors listed in the stock exchange from 2009 to 2018. Using
a total of 7 listed banks in Thailand and Taiwan following 7 mergers deal from each
country. This research will also include a comparative analysis of the performance between
Bangkok Bank PCL and Taiwan Cooperative Financial Holding. For evaluating the
performance of pre and post mergers and acquisitions, significant ratios like Return on
equity, Return on total assets, Net Interest Margins, Liquidity ratios, Solvency ratio, and
Efficiency ratios was used. Furthermore, this finding was an aim for both Thai and
Taiwanese firms to have a piece of knowledge about mergers and acquisitions performance
of each country to improve efficiency in their investment decision. This research could be
a bridge that links both countries together in the future.

LIST OF CONTENTS
ABSTRACT…………………………………………………………………………..i
ACKNOWLEDGEMENTS…………………………………………………………..ii
LIST OF CONTENTS……………………………..…………………………………iii
LIST OF TABLES……………………………..……………………………………..iv
LIST OF FIGURES……………………………..…………………………………....vii
CHAPTER 1: INTRODUCTION
1.1 Research Background……………………………………………………………........1
1.1.1 Global Banking Industry……………………………………………………….........1
1.1.2 Taiwan Banking Industry……………………………………………………………1
1.1.3 Taiwan M&A………………………………………………………………………..5
1.1.4 Thailand Banking Industry………………………………………………………….7
1.1.5 Thailand M&A……………………………………………………………………..10
1.2 Research Objectives…………………………………………………………….........11
1.3.Structure of the research……………………………………………………………..12
CHAPTER 2: LITERATURE REVIEW
2.1 Overview of Mergers & Acquisitions………………………………………………..13
2.1.1 Definition……………………………………………………………………..........13
2.1.2 Advantages and Motives of M&A…………………………………………………14
2.1.2.1 Synergy…………………………………………………………………………..14
2.2 Approaches to analyze the effects of merger and acquisition………………………..15
iv
2.2.1 Accounting approach………………………………………………………….....15
2.2.1.1 Profitability Ratio…………………………………………………………….15-16
2.2.1.2 Liquidity Ratio…………………………………………………………………16
2.2.1.3 Risk Ratio………………………………………………………………………16
2.2.1.3 Efficiency Ratio………………………………………………………………16-17
2.3 Comparative Analysis………………………………………………………………17
CHAPTER 3: METHODOLOGY
3.1 Data Collection…………………………………………………………………........19
3.2 Methodology…………………………………………………………………………22
3.2.1 Measurement of banks financial performance……………………………………..22
3.2.1.1 Profitability Ratio…………………………………………………………….22-23
3.2.1.2 Liquidity Ratio…………………………………………………………………..23
3.2.1.3 Risk Ratio………………………………………………………………………..23
3.2.1.4 Efficiency Ratio…………………………………………………………….........23
3.3 Data Analysis……………………………………………………………...................23
3.3.1 Descriptive and Statistical Analysis…………………………………………..........23
3.3.2 Normality Test……………………………………………………………..............24
3.4 Hypothesis……………………………………………………………..................25-26
v
CHAPTER 4: RESULTS & ANALYSIS
4.1 Descriptive statistics……………………………………………………………....27
4.2 Paired Sample T-test………………………………………………………………29
4.2.1 Profitability Ratio…………………………………………………………….29-30
4.2.2 Liquidity Ratio……………………………………………………………..........31
4.2.3 Risk Ratio……………………………………………………………..................32
4.2.4 Efficiency Ratio……………………………………………………………........33
4.3 Comparative Analysis……………………………………………………..............34
4.3.1 Taiwan Cooperative Bank……………………………………….........................34
4.3.2 Bangkok Bank………………………………………...........................................35
4.4 Comparative analysis………………………………………...................................36
4.4.1 Descriptive Statistics for Comparative Analysis………………………………...36
4.4.2 Paired sample T-test for Comparative Analysis…………………………………36
CHAPTER 5: CONCLUSIONS
5.1 Hypothesis Conclusion…………………………………………………………….36
5.2 BBL and TCB comparison…………………………………………………………40
5.3 Research Limitations……………………………………………………………….41
5.4 Research Recommendations……………………………………………………......41
vi
LIST OF TABLES
Table 1: Comparison of Banking Industry — Taiwan versus Peers (2017)....................2
Table 2: Major Events and M&A in Taiwan’s Banking Sector History.......................3-4
Table 3: Major Events and M&A in Thailand’s Banking Sector History….................8-9
Table 4: M&A banks in Taiwan period 2012 - 2015…................…................…..........20
Table 5: M&A banks in Thailand period 2012 - 2015…................…................…........21
Table 6: Test of Normality in Taiwan……………………………………………….....24
Table 7: Test of Normality in Thailand………………………………………………...25
Table 8: Descriptive statistics for all ratios in Taiwan....................................................27
Table 9: Descriptive statistics for all ratios in Thailand..................................................28
Table 10: Descriptive statistics for ratios of 7 Taiwan banks…………………………..28
Table 11: Descriptive statistics for ratios of 7 Thai banks 37…………………………..29
Table 12: Paired sample T-test of profitability ratios in Taiwan......................................30
Table 13: Paired sample T-test of profitability ratios in Thai...........................................30
Table 14: Paired sample T-test of liquidity ratios in Taiwan............................................31
Table 15: Paired sample T-test of liquidity ratios in Thailand..........................................31
Table 16: Paired sample T-test of risk ratios in Taiwan....................................................32
Table 17: Paired sample T-test of risk ratios in Thailand..................................................32
Table 18: Paired sample T-test of efficiency ratios in Taiwan..........................................33
Table 19: Paired sample T-test of efficiency ratios in Thailand........................................33
Table 20: Taiwan Cooperative Bank Financial Summary.................................................34
Table 21: Bangkok Bank Financial Summary...................................................................35
Table 22: Descriptive statistics for ratios of Bangkok Bank (BBL) and Taiwan
Cooperative Bank (TCB)………………………………………………………………..36
vii
Table 23: Paired Sample T-test of risk ratios in Thailand………………………………36
Table 24: Hypotheses testing (Summary of Thailand and Taiwan)..................................37
LIST OF FIGURES
Figure 1: Structure of Taiwan’s Financial System………………………………………5
Figure 2: M&A in Taiwan.................................................................................................7
Figure 3: Structure of Thailand’s Financial System……………………………………..9
Figure 4: M&A in Thailand….…………………………………………………………..11
Figure 5: NIM enhancement..……………………………………………………………11 
                                

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