碩士 / 國立高雄第一科技大學 / 財務管理研究所 / 100 / This study starts from comparing the financial performance of 14 Taiwanese banks before and after their reorganization of forming financial holding companies. This study concludes that financial holdings companies having securities and financial bills as main business activities perform better in profitability due to the stable profits in professional areas. Financial holding companies which have financial bills as main business activity and exclude banking and insurance business in the initial stage of their formation of holding companies resulted in a better performance in growth capability. As to solvency and management capabilities, financial holding companies having insurance, securities and financial bills as main business activities performed better by introducing steady business models.
By implementing the event study methodology in this research, the market values of the financial holding companies are evaluated by analyzing the impacts from the formation of the financial holding companies on their stock prices, and the influences of the financial crisis in 2008. The research results show that in the first year after the IPO of the financial holding company, significant negative abnormal returns were reflected since the investors have unclear picture on the new formed financial holding companies which resulted in lack of confidence. In the second year the significant negative abnormal returns were not observed. In the third year the positive abnormal returns achieved a significant level since the investors regain the confidence on the diversification of the financial holding companies. Regarding the impact of the 2008 financial crisis, a significant level of negative abnormal returns were observed in the forth month after the day of event, which shows the investors have totally lost confidence due to the event. However, the investors regain the confidence gradually due to most of the countries started to adopt financial rescue plans and stimulus packages, thus the insignificant positive abnormal returns were reflected one year after the day of event.
| Identifer | oai:union.ndltd.org:TW/100NKIT5305053 |
| Date | January 2012 |
| Creators | Yu-kai Kung, 龔裕凱 |
| Contributors | Chun-Chou Wu, 巫春洲 |
| Source Sets | National Digital Library of Theses and Dissertations in Taiwan |
| Language | zh-TW |
| Detected Language | English |
| Type | 學位論文 ; thesis |
| Format | 51 |
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