The M&A Transactions and Its Effects To The Change Of Credit Rating in Taiwan’s Financial Services Industries

• Main Authors: Kevin Tarunadjaja, 蔣凱文
• Other Authors: Joseph C.P. Shieh
• Format: Others
• Language: en_US
• Published: 2019
• Online Access: http://ndltd.ncl.edu.tw/handle/6rj7s5

碩士 === 國立臺灣科技大學 === 財務金融研究所 === 107 === Financial services industries performance is heavily driven by the global economies growth; they will be in first line to get hit if any magnitudes of disturbance happened. Nevertheless, these companies in this industries still get an enormous profit throughout their existence of operation. There is no difference about financial services industries in Asia, particularly in Taiwan. They keep the growth stable over the years and became one of the backbone to support the national economic growth of this country. One main reason might be the Mergers and Acquisitions (M&A) that is done and constantly rising each years. However, M&A executed by financial services industries carry different measures of risks and expectations. The synergies created between this transactions usually are not expected to be as lucrative as non-financial services industries do. Often times, the drawback in these performances of post-mergers & acquisitions lead to the downgrade of credit rating, which is known as one of the primary measures in the performance and operation of financial services industries. In this research, the author will try to find out if the M&A positively related to the change in credit ratings of financial services industries in Taiwan. In addition, the author will also try to find out the primary determinant from the effect of M&A to the change in credit rating.