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    Title: 日本金融集團之研究—以三菱東京和UFJ金融合併為中心—
    Other Titles: The study on the Japanese financial groups: the merger between Mitsubishi-Tokyo financial group and UFJ fincancial holdings inc.
    Authors: 姚宗熙;Yao, Tsung-hsi
    Contributors: 淡江大學日本研究所碩士班
    洪振義;Hong, Cheng-yih
    Keywords: 金融控股公司;綜效;日本金融大改革;財務報表分析;CAMEL評等;Financial Holding Company;Synergy;the Japanese Big Bang;Financial Statement Analysis;CAMEL Ratings;金融持株会社;シナジー;金融ビッグバン;財務諸表分析;CAMEL評定
    Date: 2007
    Issue Date: 2010-01-10 23:55:14 (UTC+8)
    Abstract: 日本銀行業界自泡沫經濟破滅之後,抱有鉅額不良負債,而面臨倒閉危機。為解決一觸即發的金融危機,日本政府先後推動二次金融改革,於1997年制訂控股公司法,允許銀行以金融控股公司的方式成立大型金融集團,將證券公司、信託銀行、投資信託公司與銀行等共同納入金融控股公司旗下,以因應全球化、自由化所興起金融改革、整併的浪潮。
    然而,成立金融集團並無法保證有效獲利,主要關鍵仍是處理不良債權的能力。大型金融集團當中的りそな即因經營不善,而收歸國有。UFJ金融控股集團則因為無法有效解決呆帳問題,而企圖與體質健全的三菱東京金融集團合併,以解決其經營危機;三菱東京集團在解決呆帳問題、維持健全的資本適足率後,亟欲擴大國內外分行規模,轉向追求高收益能力、以同歐美大型金融集團競爭。其與UFJ合併,即著眼於若能有效改善UFJ的經營體質,便能擴大集團資產規模,追求合併綜效。
    本論文以美國金融監理機構所採用的CAMEL評等,以財務報表分析評估三菱東京與UFJ金融集團與旗下銀行與信託銀行子公司合併前後「資本適足性」、「資產品質」、「管理品質」、「獲利能力」以及「流動性」的變化,並以同為大型金融集團的瑞穗金融集團及三井住友集團為比較對象,分析這樁合併案是否為兩集團帶來合併綜效。其結論如下:
    1. 三菱UFJ金融集團與旗下主要銀行子公司的營運以及獲利表現,其趨勢大體呈現一致的狀態。
    2. 兩集團合併對於提升資本適足率以及降低逾放比的效果最為明顯,三菱東京集團有效解決UFJ集團經營體質問題,而在資本適足性與資產品質方面產生綜效。
    3. 兩集團合併關於費用與成本的節省效益,在合併初期階段尚未明顯產生。另外,由於總資產大幅增加,使得流動比率下降。為確保集團資金有效融通,維持一定流動比率仍有其必要。
    4. 由於營收持續增加,使得集團合併後獲利能力方面有綜效產生,而成為國內首屈一指的金融集團。然而與歐美金融集團相比,其ROA與ROE仍有一段差距,獲利能力不高為其隱憂。
    The Japanese banking industry was holding extremely large debts after the breakdown of a bubble economy and faced the crisis of bankruptcy. In order to solve the inflammable financial crisis, Japanese government introduced financial reform two times. “Act for Implementation of Financial Holding Company” was enacted in 1997, and it allowed banks formed large financial groups by forming pure financial holding companies which comprised these subsidiary companies such as securities firms, trust banks, investment trust companies and banks together to meet the worldwide trend of the financial reform and M&A owing to globalization and liberalization.
    However, forming financial group is not necessarily making profits, it depends on the ability of dealing with bad debts. Resona Financial holdings Inc. was nationalized for its mismanagement. UFJ financial holdings Inc. (UFJ) was also unable to deal with large bad debts and sought to merge with Mitsubishi-Tokyo financial group (MTFG) to solve the management crisis. MTFG longed for increasing the domestic and off-shore blanches to make more profits and catch up with American and European financial groups after solving bad debts problem and maintaining sound capital adequacy ratio. If MTFG could improve the circumstance of management of UFJ, it would enlarge the asset of the group and be expected to benefit from synergies.
    This study adopted CAMEL ratings used by American Financial regulators and the method of financial statement analysis to estimate the financial conditions of MTFG and UFJ (including group, bank and trust bank) before and after they merge to observe the change of five components-Capital Adequacy (C), Asset Quality (A), Management Quality (M), Earnings (E) and Liquidity (L). Mizuho and Sumitomo-Mitsui financial group are acted as contrast to see the merger case bring the synergy for MUFG and UFJ or not. Four conclusions and discoveries have been reached as below.
    1. The operation and profitability among Mitsubishi-UFJ financial group (MUFG) and its main bank subsidiaries evince consistent substantially.
    2. It is conspicuous for the increase of capital adequacy ratio and the decrease of NPL ratio after they merge. MTFG is effective to solve the management problem of UFJ and brings the synergy.
    3. In the early period of the merger, it is not conspicuous for the reduction of expense and cost. In addition, due to the avalanche increase of total asset, liquidity ratio is declined. In order to ensure the capital financing, it is necessary to maintain liquidity ratio.
    4. It brings the synergy in profitability owing to the constantly increase of revenue after they merge and MUFG becomes the leader financial group in Japan. However, compared with American and European financial groups , it still has the difference in ROA and ROE and the lower profitability is a concern.
    Appears in Collections:[日本研究所] 學位論文

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