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    題名: 併購活動之價值創造─以J與O銀行之併購為例
    Value Creation in Mergers and Acquisitions: A Case Study of the Merger between Bank J and Bank O
    作者: 李稷安
    Lee, Chi-An
    貢獻者: 張元晨
    呂桔誠
    Chang, Yuan-Chen
    Lyu, Jye-Cherng
    李稷安
    Lee, Chi-An
    關鍵詞: 併購
    綜效
    評價
    M&A
    Synergy
    Valuation
    日期: 2024
    上傳時間: 2024-03-01 13:45:45 (UTC+8)
    摘要: 本論文有三個主要目標：首先，根據銀行業的特性，找出適用於銀行業的評價方法，以解決估算加權平均資本成本（WACC）和現金流等方面的複雜問題；其次，考慮宏觀經濟因素、策略優勢以及合併前各銀行的財務狀況，評估O銀行在與J銀行合併時的價值；第三，透過分析收入增長、成本節約、流程改進和稅收優惠等方面的綜效，評估兩家銀行合併的優勢，強調策略規劃、定價以及合併後文化、人力和系統資源整合的重要性，為在競爭激烈的金融行業中採取明智的決策提供值得參考的案例研究成果。
    The thesis has three key objectives: first, to identify suitable methods for valuing banks, addressing challenges like regulatory constraints and complexities in estimating WACC and cash flow; second, to assess the value of Bank O in a merger with Bank J, considering macroeconomic factors and strategic advantages; and third, to evaluate the merger’s merit by examining synergies from revenue enhancements, cost savings, process improvements, and tax benefits. The analysis emphasizes the importance of strategic planning, pricing, and post-merger integration, providing valuable insights for decision-making in the competitive financial industry landscape.
    參考文獻: 書籍
    1. Beltrame, F., and Previtali, D. (2016). Valuing Banks: A New Corporate Finance Approach. Palgrave Macmillan, London.
    2. Berk, J., and DeMarzo P. (2020). Corporate Finance. Pearson Education, Inc.
    3. Copeland, T., Koller, T., and Murrin, J. (1994). Valuation: Measuring and Managing the Value of Companies. Wiley.
    4. Gaughan, P. A. (1996). Mergers, Acquisitions and Corporate Restructurings. John Wiley & Sons, Inc.
    5. Massari, M., Gianfrate, G., and Zanetti, L. (2014). The Valuation of Financial Companies: Tools and techniques to measure the value of banks, insurance companies and other financial institutions. John Wiley & Sons.
    6. Petitt, B. S., and Ferris, K. R. (2013). Valuation for Mergers and Acquisitions. Pearson Education, Inc.
    7. Reuse, S. (2007). Corporate Evaluation in the German Banking Sector. Springer Science & Business Media.
    8. Shiller, R. J. (2000). Irrational Exuberance. Yale University.
    論文及專刊
    1. Barker, R., Imam, S., and Clubb, C. (2008). “The use of valuation models by U.K. Investment analysts,” European Accounting Review, 17, no. 3, 503 –535.
    2. Damodaran, A. (2013). “Valuing financial service firms,” Journal of Financial Perspectives, 1, 1–16.
    3. Eccles, R. G., Lane, K. L., and Wilson, T. C. (1999). “Are you paying too much for that acquisition?” Harvard Business Review, July–August: 136-146.
    4. Epstein, M. J. (2005). “The determinants and evaluation of merger success,” Business Horizons, 48, no.1, 37– 46.
    5. Franceschi, L. F. (2008). “Valuations of banks in mergers,” Catholic University of Milan.
    6. Frantslikh, S. (2005). “Mergers and acquisitions, featured case study: JP Morgan Chase,” Honors College Theses, Paper 7, Pace University.
    7. Martynova, M., and Renneboog, L. (2008). “A century of corporate takeovers: What have we learned and where do we stand?” Journal of Banking & Finance.
    8. Moshirian, F. (2011). “The global financial crisis and the evolution of markets. Institutions and Regulation,” Journal of Banking & Finance, 35, 502 –511.
    9. Mullin, J. (2020). “The Repo Market is Changing (and What Is a Repo, Anyway?)” Econ Focus, First Quarter, 14-17.
    10. Yeager, T. J. (2004). “The Financial Modernization Act: Evolution or Revolution?” Federal Reserve Bank of St. Louis.
    網路資源
    1. A Real McCoy? March 15, 1999 Retrieved from https://www.barrons.com/articles/SB921304771152871132
    2. Bank J (2001) annual report. Retrieved from https://www.sec.gov/Archives/edgar/data/19617/000095012302002823/y57010e10-k405.htm
    3. Bank J (2002) annual report. Retrieved from https://www.sec.gov/Archives/edgar/data/19617/000095012303002985/y83354e10vk.htm
    4. Bank J (2003) annual report. Retrieved from https://www.jpmorganchase.com/ir/annual-report
    5. Bank J (2004) annual report. Retrieved from https://www.sec.gov/Archives/edgar/data/19617/000095012305002539/y05475e10vk.htm#125
    6. Bank J (2005-2007) annual report. Retrieved from https://www.jpmorganchase.com/ir/annual-report
    7. Bank O (2000) annual report. Retrieved from https://www.sec.gov/Archives/edgar/data/1067092/000095013101500323/d10k405.htm
    8. Bank O (2001) annual report. Retrieved from https://www.sec.gov/Archives/edgar/data/1067092/000095013102000745/dex131.pdf
    9. Bank O (2002) annual report. Retrieved from https://www.sec.gov/Archives/edgar/data/1067092/000095013103001121/dex13.htm
    10. Bank O (2003) quarterly report. Retrieved from https://www.sec.gov/Archives/edgar/data/1067092/000106709203000192/d10qsept03b.htm
    11. Bank O (2003) annual report. Retrieved from https://www.sec.gov/Archives/edgar/data/1067092/000095012304002032/y93477exv13.htm
    12. Carrier to buy German firm Viessmann’s unit in $13.17 bln deal, April 26, 2023. Retrieved from https://www.reuters.com/markets/deals/carrier-buy-german-firm-viessmanns-unit-1317-bln-deal-2023-04-25/
    13. Dividend Discount Model. Retrieved from https://corporatefinanceinstitute.com/resources/valuation/dividend-discount-model/
    14. Durkin, T., A. (2000). Credit Cards: Use and Consumer Attitudes, 1970–2000 Federal Reserve Bulletin, p.623-p.634. Retrieved from https://www.federalreserve.gov/pubs/bulletin/
    2000/0900lead.pdf
    15. Embattled Bank One Names Dimon as Its Chairman, CEO. Retrieved from https://www.wsj.com/articles/SB954190097135153504
    16. Fed holds rates, sees expansion, December 10, 2003. Retrieved from https://edition.cnn.com/2003/BUSINESS/12/09/us.fedrate/index.html
    17. Federal Funds Rate History 1990 to 2023, October 17, 2023. Retrieved from https://www.forbes.com/advisor/investing/fed-funds-rate-history/
    18. GDP weaker than expected, January 30, 2004.
    Retrieved from https://money.cnn.com/2004/01/30/news/economy/gdp/index.htm
    19. Glencore makes cash swoop for Teck Resources’ coal business, June 12, 2023. Retrieved from https://www.ft.com/content/02f90e23-5d54-456f-b17b-fc72fcff379d
    20. Global M&A Industry Trends: 2023 Mid-Year Update.
    Retrieved from https://www.pwc.com/gx/en/services/deals/trends.html#summary
    21. Global M&A Trends in Financial Services: 2023 Mid-Year Update. Retrieved from https://www.pwc.com/gx/en/services/deals/trends/financial-services.html
    22. Gramm-Leach-Bliley Act (GLBA). Retrieved from https://content.next.westlaw.com/Glossary/PracticalLaw/I0f9fea4eef0811e28578f7ccc38dcbee?transitionType=
    Default&contextData=(sc.Default)
    23. Gramm Leach Bliley Act (GLBA). Retrieved from
    https://ballotpedia.org/Gramm-Leach-Bliley_Act#Background
    24. How strong are regional and community banks in the US? May 19, 2023. Retrieved from https://usafacts.org/articles/how-strong-are-regional-and-community-banks-in-the-us/
    25. Inside The Global 2000: JPMorgan Is Again The World’s Largest Company As Berkshire Hathaway Falls, June 8, 2023. Retrieved from https://www.forbes.com/sites/hanktucker/2023/06/08/inside-the-global-2000-jpmorgan-is-again-the-worlds-largest-company-as-berkshire-hathaway-falls/?sh=4b2077396ce3
    26. Is the job market healthy or just less sick? June 14, 2004. Retrieved from https://edition.cnn.com/2004/US/06/14/workers/
    27. Joint Proxy Statement April 19, 2004. Retrieved from https://www.jpmorganchase.com/content/dam/jpmc/jpmorgan-chase-and-co/investor-relations/documents/2004-Proxy-JointS4.pdf
    28. J.P. Morgan, Bank One announce merger, January 15, 2004 Updated Oct 6, 2011. Retrieved from https://www.eastvalleytribune.com/money/j-p-morgan-bank-one-announce-merger/article_0e82de47-2ac6-53b3-90db-407b48292e8a.html
    29. J.P. Morgan to buy Chicago’s Bank One, January 15, 2004. Retrieved from https://www.chicagotribune.com/news/ct-xpm-2004-01-15-0401150407-story.html
    30. J.P. Morgan Chase Merger announcement. Retrieved from https://jpmorganchaseco.gcs-web.com/static-files/faf8b2f6-fe3c-44e8-81e4-45574e4ffedd
    31. Newmont gets Aussie regulatory nod for $16.8 bln Newcrest deal, August 22, 2023. Retrieved from https://www.reuters.com/markets/deals/newmont-gets-aussie-regulatory-nod-168-bln-newcrest-deal-2023-08-21/
    32. Pfizer to raise $31 billion in debt offering to fund Seagen acquisition, SEC filing shows, May 17, 2023. Retrieved from https://www.cnbc.com/2023/05/17/pfizer-to-raise-31-billion-for-seagen-deal-in-debt-offering.html
    33. Remarks by Governor Mark W. Olson, March 1, 2004. Retrieved from https://www.federalreserve.gov/boarddocs/speeches/2004/20040301/default.htm
    描述: 碩士
    國立政治大學
    國際金融碩士學位學程
    111ZB1023
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0111ZB1023
    資料類型: thesis
    顯示於類別:[國際金融碩士學位學程] 學位論文

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