影響東亞金融合併與收購的因素

Abstract

自1990年代後，東亞各國在法規上，對於國外直接投資及外國資金進入金融市場漸漸鬆綁，使得區域間金融活動更加頻繁，另一方面，東亞的高經濟成長，吸引各國資金的進入，國外直接投資的增加，促使跨國金融合併與收購活動更加熱絡。 本文關心自1991至2007年，藉由重力理論研究影響東亞各國區域間金融合併與收購的因素，發現國內生產毛額、平均每人生產毛額、 語言、股票市場資本、兩國間貿易與東亞區域內金融合併與收購成正向關係，而距離、通貨膨脹對於東亞區域內金融合併與收購成反向關係，另外，在重力理論加入虛擬變數後，發現近幾年東亞各國區域間合併與收購，相較東亞各國與其他非東亞國家跨國性金融整併活動更加頻繁。此結果意味，一個高收入、高成長、經濟市場開放性越高的市場，越容易吸引其他國家進入該市場進行金融合併與收購，同時，相同的語言，代表著較低的訊息成本，對於跨國整併亦有重要的影響。

Since the early 1990s East Asia has reduced its financial restrictions on capital account transactions and barriers to entry by foreign direct investment (FDI), resulting in a rapid increase in the region’s international capital mobility. High levels of economic growth across the region have attracted investment, boosting demand for the limited number of quality assets and increasing cross-border merger and acquisition (M&A) activities, which have driven the flow of FDI. This research studies East Asia’s financial integration analyzing by using a gravity model for the period 1991-2007. Contrary to previous studies, the results showed that the cross-border financial M&A activities between countries in East Asia are more active than those between countries inside and outside of East Asia (e.g., the US and Hong Kong). The paper uses a gravity model, along with some macroeconomic variables, to determine influences on the financial cross-border M&A activities in East Asia. The financial cross-border M&A activity is positively correlated with GDP, GDP per capita, language, stock market capitalization, and trade and negatively correlated with distance and inflation. This suggests that bidder countries that are more likely to international tend to be from larger and more open economies, with high level of income, better macroeconomic policies and a common culture, language.