碩士 / 逢甲大學 / 風險管理與保險研究所 / 96 / In order to strengthen market competitiveness, business size and globalization, Mergers and Acquisitions is the first choice of the non-life insurance industry in Taiwan to amplify business territory. This research selects the merger case of Tokio Marine Newa to study the synergistic effects of merger for the non-life insurance companies in Taiwan. According to efficiency hypothesis, the merger efficiency is evaluated by financial efficiency, operational efficiency, and market efficiency. We evaluate their efficiency by applying principal component analysis and two-stage data envelopment analysis (DEA).
About financial efficiency, we execute the principal component analysis for the multiple financial ratios and extract four common factors: profitability, sale business, mobility and operation. These four factors are used to test the financial efficiency the case before and after the merger. The result shows that the profitability and sale business is lower after mergers, and the difference of mobility and operate indices is insignificant before and after the mergers. In general, it is more efficient before merge.
For the operational efficiency and market efficiency, the two-stage Data Envelopment Analysis results reveal that marketability and profitability both declined after the mergers. The difference analysis shows that re-insurance premium increases after the mergers.
| Identifer | oai:union.ndltd.org:TW/096FCU05218007 |
| Date | January 2008 |
| Creators | Shu-chen Chang, 張淑貞 |
| Contributors | Rui-Yun Wu, 吳瑞雲 |
| Source Sets | National Digital Library of Theses and Dissertations in Taiwan |
| Language | zh-TW |
| Detected Language | English |
| Type | 學位論文 ; thesis |
| Format | 58 |
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