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標題: 初次公開發行的財富剝削與盈餘管理─銀行業的公司改制及組織轉型
Wealth Expropriation and Earnings Management in Initial Public Offerings: Demutualization and Organizational Reform in the Banking Industries
作者: 陳家彬
關鍵字: 管理科學
Earnings management
Initial public offerings (IPOs)
Financial institution
Long-run underperformance
摘要: Implementation of this project is expected for two years. At first, the motive and privateearning-seeking under demutualization of U.S. bank are going to be examined while emphasison the conversion of Taiwan's financial holding companies shall then come to the next year. Afurther comparison between two countries would be helpful to see through a hint behind inthe dark. As a matter of fact, demutualization could be exhaustive and cumbersome for itslengthy appraisal and investigation; despite of that, still, lots of mutual banks acceleratethemselves to get demutualized. Traditionally, insiders of IPOs offer their shares to pubic,however, insiders of mutual firms, under such, are actually net buyers rather than sellers; theyearn potential earnings from devaluated assets and underpricing. Moreover, due to lockup, awell three-year performance should quite conform to insiders' interest, which until expirationthey might start to get rid of shares with a higher price. In this project we will extend ourresearch period to examine if any of such agency conflicts. Likewise, an analogous logic shallbe equipped for Taiwan's financial holding companies, because of the similar motives bothinsider share in either structures, in the second year.Compared with the past, this is, to the best of our knowledge, the first article examiningprocedure of bank demutualization. We decompose Masulis' (1987) original structure andreorganize its concept to bank demutualization. Furthermore, an integrated examination is tiedinto IPOs and later the long-run performance. Hopefully, a thorough earnings managementwill be identified and therefore rethink about the necessity of conversion. In addition, never aliterature stands on such point considering the conversion of Taiwan's financial holdingcompanies. It is our concern whether the transformation in Taiwan suffers the same problem.
本計畫預估投注兩年的時間分別執行,首年將焦點放在美國銀行會員改制的上市動機與盈餘操弄,次年度則基於並修改首年發展出的研究模式回歸探討本土金融控股公司整併後的結果,透過國外機構與本土金控間的比較來審視其轉換的動機與誘因。在美國,銀行改制為一冗長繁複的過程,除了需要事先申請之外,內部人員還須在相關的權益方面有所退讓,即便如此,在過去二十年間銀行仍舊紛紛由會員制度逐漸改制為股票制度,因此本研究主要探討些許動機是否果真影響銀行改制。另外,原本會員制的銀行經理人在轉換的過程中並非傳統上的股票釋出者,因此有誘因壓低公開募集的金額,藉上市的過程來取得更多股權。再者,礙於閉鎖期的關係,資訊不對稱的的現象會在三年後才逐漸明朗,我們將取三年來與其後的營運狀況來檢視是否有代理衝突。回到國內,臺灣的金融控股公司改制過程並非如典型的初次公開發行,遭整併的銀行在轉制前既已存在,其內部人員與美國銀行改制前的處境相似,即在轉換上市中並非扮演股票釋出者的角色,因而我們初步預期其內部人員會有理由基於類似的動機進行轉換,甚至以類似的盈餘操弄來獲取潛在報酬。與過去文獻不同的是,本研究首次將會員制銀行納入解散的分析架構中,沿用了Masulis (1987) 的概念拆解出銀行改制的動機,並完整地從最初的轉換、上市,乃至數年後的績效檢視,冀望透過通盤檢視而獲得更正確的盈餘操弄過程。另外,過去關於國內銀行轉型金控的文獻多所著重在合併績效與市場競爭,然而本文將回歸原先之初檢驗其改制動機,隨後逐步推衍盈餘操弄,以提供一全新視野重新審視當初金控紛紛改制是否衍生相關問題。
其他識別: NSC100-2410-H005-005
Appears in Collections:企業管理學系所



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