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    Title: 外資購併台灣產險公司之個案分析
    Authors: 譚必英
    Tan,Portia
    Contributors: 蔡政憲
    譚必英
    Tan,Portia
    Keywords: 外資
    購併
    台灣產險公司
    收購過程
    策略
    執行程序
    初步狀況
    Date: 2006
    Issue Date: 2009-09-12 12:21:02 (UTC+8)
    Abstract: 在全球金融朝向國際化與自由化之際，為加速經濟的發展，並因應國際間金融購併發展之趨勢；各國政府無不漸趨放寬或解除管制，使資金與人才的流動更為快速。金融機構也因透過金融控股公司的型態跨業經營，加速併購風潮。過去數十年內，全球購併的活動蔚為風潮，成為全球經濟活動的常態。

    我國政府在1990年以前，對於金融事業的監理採為嚴格的限制；但在台灣加入了世界貿易組織(WTO)之後，致使台灣的金融業必須要與國際金融環境接軌，並跟其他國際大型金融機構開始競爭。解決方案之一，以及協助體質較好的本地金融機構加強國際競爭力。此為何後來政府鼓勵購併的濫觴。

    回顧台灣產險市場，在2002年簽單保費突破1000億後，成長率不增反降，從2002年的11.55%逐年下滑到2005年的3.36%。相較於亞洲各國成長率逐年增加的情況，這個警訊值得注意。因此，主管機關為促進國內保險市場良性競爭與提升專業經營水準，積極對外招商。2005與2006年為產險業界變遷期間，在此期間有新安產險與原統ㄧ安聯合併案、第一金控出售明台產險給日本三井住友海上、金管會下令清理國華產險，並核准台灣人壽收購國華產險，成立龍平安產險、AIG集團正式完成收購中央產險等，均是台灣產險業界重大事件。

    本研究主要是以最近相關外資金融機構購併台灣產險公司之收購活動為主軸，希望籍由2006年外資專業金融保險集團購併本地產險公司之實際個案為例，體地分析其收購之背景、決策過程、收購過程之策略規劃，檢視其執行程序、與未來經營策略規劃，並描繪收購後的初步狀況，以全盤了解該收購案總體面貌，綜之，本個案歸納與分析，得到六項要點：（1）外資機構進行購併活動，須經過詳細評估與分析。（2）擁有本地實際市場經驗，更能掌握適合的購併標的。（3）外資専業技術與全球資源的注入，提昇被購併公司未來競爭優勢。（4）致力降低收購之衝擊是購併成功之重要關鍵。（5）完善的人力資源策略，才能增加購併績效。（6）高度互補潛力，有利於未來高度綜效之充分實踐。

    最後，藉由上述之各項結論，提出三點建議作為主管機關與業者未來從事保險購併活動之參考：（1）主管機關需加強審核被收購公司的人力資源策略執行計劃。（2）鼓勵外資專業產險機構來台進行購併活動。（3）對未來金融機構購併非本業之購併案宜更審慎評估。

    關鍵字：外資、購併、台灣產險公司、收購過程、策略、執行程序、初步狀況
    Facing the trend of globalization & liberalization of major world wider financial institutions, the governments of key competitors have taken actions separately to loosen or de-regulate their financial regulations in order to speed up flows of talents and capitals accelerating the rampant development of merger and acquisition (M&A) practices among financial institutions. The financial institutions have being actively involved in M&A activities and have subsequently formed the financial holding companies to expand their business operations across various territories. During the past decade, the activities of global merger & acquisition have grown substantially and have become a common economic issue.

    The government of R.O.C., before 90’s, adopted a relatively strict regulation on supervising the financial industry. After R.O.C. joined WTO; however, local financial institutions immediately encountered severe competitions from foreign global conglomerates. One of solutions to enhance global competence of local financial institutions is to conduct merger & acquisition initiatives within certain parties.
    With a positive attitude, the government induced intentionally all kinds of attempts, especially M&A initiatives to improve financial strength of local financial institutions. Retrospectively, the Taiwanese general industry once set a milestone on its total written premium which surpassed NT$100 billion in 2002. However, the growth ratio dropped sharply form 11.55% of 2002 to 3.36% of 2005, in comparison with the increasing growth ratios in the other Asian countries. The whistle-blowing was noteworthy. Hence, the authority spared no efforts to induce foreign investments enhancing the vigor of capital market and reform local regulations adopting global standards of financial governance.

    The local general industry encountered dramatic events in 2005 & 2006. During that period, several mergers have proceeded such as follows.
    1.) A merger of Newa Insurance & Allianz President.
    2.) The First Financial Holding Company sold Ming Tai Insurance to Mistui Sumimoto Insurance
    3.) The regulator ordered to liquidate Kuo Hwa Insurance Co. in 2005. Taiwan Life got approval to purchase Kuo Hwa and set up a new company named Dragon Insurance afterwards.
    4.) AIG acquired Central Insurance.

    One of main subjects of this study is to elaborate the comprehensive process of acquiring a local general insurer by a foreign financial conglomerate. With an objective analysis, we might grasp a clear picture of the acquisition event, witnessing the background, decision making process, acquisition task force, as well as action plans after acquisition. Six tentative conclusions are presented as follow:
    1.) A comprehensive due diligent scheme is crucial to a successful acquisition.
    2.) With an in-depth experience on local market, a foreign initiator would sort out a better candidate to target.
    3.) The injection of advanced professional skills & network resources by the acquirer would reform and upgrade the competence of the acquired company.
    4.) One of key factors to a successful M&A initiatives is to mitigate & smoothen with all means the impact to the staff of the acquired.
    5.) A well-planned scheme for human resource would induce outstanding performance of the new-formed company.
    6.) Highly complementary competences between two parties of the merger initiative will result in a positive synergy in the future.

    Finally, three suggestive assumptions are referred to the Authority.
    1.) A well-planned scheme on human resources after acquisition is crucial to original staff and shall be a major concern to financial governance.
    2.) Incentives & inducements to foreign general insurers are urgent and necessary to a reforming market.
    3.) A prudent assessment is fundamental to a successful merger initiative by foreign financial conglomerate as well as the local market regulator.
    第壹章 緒論
    第一節　研究動機與目的
    第二節　研究範圍
    第三節　研究方法與步驟

    第貳章 購併之相關理論
    第一節　購併意義與方式
    第二節　購併之種類
    第三節　購併之動機
    第四節　購併之績效

    第叄章 國內相關案例分析
    第一節　荷蘭國際集團（ING）購併台灣安泰人壽保險
    第二節　日本東京海上產險購併新安產物保險
    第三節　日本三井住友海上購併明台產險
    第四節　小結

    第肆章 本案分析
    第一節　AIG集團與中央產險簡介
    第二節　AIG集團收購中央產險過程
    第三節　AIG集團收購中央產險過程評論分析　
    第四節　AIG集團收購中央產險之後初步現況報告以傷害保險經營為例

    第伍章 結論與建議
    第一節　結論部份
    第二節　建議部份

    參考文獻
    Reference: 中文部份
    1. 呂桂玲、方慧娟、李榮謙，國際金融參考資料.第四十七輯/中央銀行經濟研究處編，2002，台北市：臺北市/中央銀行經濟研究處發行/中華民國政府出版品展售中心經銷。
    2. 楊文榮，2006，金融併購的綜效與策略個案研究-以投信業為例，中華大學經營管理研究所碩士論文。
    3. 徐恆功，2001，策略購併後整合模式之研究－以資訊業為例，政治大學企業管理系博士論文。
    4. 洪耀昇，2003，台灣產險業購併之個案分析－以友聯產險購併中國航聯產險為例，淡江大學保險學系保險經營碩士班碩士論文。
    5. 劉紹樑/葉秋英/蘇鴻霞張宏賓/曾　沂/吳志光/王儷真，2002，理律文教基金會贊助：企業併購與金融改組台灣金融研訓院。
    6. 謝劍平，2006，財務管理-新觀念與本土化，台北市：智勝出版社。
    7. 陳隆麒，2004，現代財務管理—理論與應用，台北市：華泰書局。
    8. 伍忠賢，1998，企業購併聖經，台北市遠流出版公司。
    9. 杜劍虹，2002，在台外商產物保險公司購併、清算與競爭力之分析，政治大學經營管理碩士學程碩士論文。
    10. 新安東京海上產險保險股份有限公司年報，2005， 2004, 2003，台北市：新安東京海上產險。
    11. 明台產物保險股份有限公司年報，2004／2003，台北市：明台產物保險股份有限公司。
    12. 中央產物保險股份有限公司年報，2005／2004／2003，台北市：中央產物保險股份有限公司
    13. 中華信用評等新聞：明台產險「twAA+」評等獲確認，展望由「穩定」調為「正向」，2007，台北市：中華信評
    14. AIG購併中央產　中華信評：中產列入信用觀察正向名單，2006/02/17 19:46，聯合新聞網。
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    英文部份
    1. At A Glance, AIG International Group Inc., 2005
    2. Andrei, S. & Vishny, R. W., (1988), “Value Maximization and the Acquisition Process”, Journal of Economic Perspectives, Vol.2, No.1(Winter), pp.7-20.
    3. Annual Report of American International Group, Inc.,2005
    4. Arrow, Kenneth J. 1975. "Vertical Integration and Communication." Bell Journal of Economics, 6: 173-183.
    5. Haspeslagh, P.C. and D. B., Jemison, 1991, Managing Acquisition Creating Value through corporate Renewal, N.Y.: Free Press.
    6. Irkinshaw, U.I., I. E. Resman and A.I.Akanson, (2000), “Managing the Post-Acquisition Integration Process: How the Human Integration and Task Integration Processes Interact to Foster Value Creation”, Journal of Management Studies , 37:3 May.
    7. Jensen, M. C.,(1986), “Agency Costs of Free Cash Flow, Corporate Finance, and Takeover”, American Economic Review, Vol.76, No.2(May), pp.323-329.
    8. Kitching, John, (1967), “Why Do Mergers Miscary?” Harvard Business Review, Nov./Dec. pp. 84-101.
    9. Larsson , R. and S. Finkelstein (1999), “Integrating Strategic, Organizational, and Human Resource Perspectives on Mergers and Acquisitions: A Case Survey of Synergy Realization”, Organization Science , Jan.-Feb. pp. 1-26
    10. Levy, H. & Sarnat, M.,(1970), “Diversification, Portfolio Analysis and Uneasy Case for Conglomerate Mergers”, The Journal of Finance, (25), pp.795-802.
    11. Mueller, D. C.,(1969), “A Theory of Conglomerate Mergers”, Quarterly Journal of Economics,(83), pp.643-659
    12. Roll, R.,(1986), “The Hubris Hypothesis of Corporate Takeover” Journal of Business, Vol.59, No.2(April), pp.197-216.
    13. Smith K.W. & A.J., Triant (1994). Untapped option for creating value in acquisition, Mergers & Acquisitions, Nov.-Dec.
    14. Weston, J. F., K. S. Chung and S. E. Hoang, (1990), Mergers, Restructuring and Corporate Control, NY: Prentice-Hall.
    15. Weston, F., K. Chung, and J. Siu (1998) Takeovers, Restructuring, and Corporate Governance. (2nd ed.) NJ: Prentice Hall.
    16. Williamson, O. E.,(1975), Markets and Hierarchies: Analysis and Antitrust Implications, NY: Free Press.
    Description: 碩士
    國立政治大學
    經營管理碩士學程(EMBA)
    91932808
    95
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0091932808
    Data Type: thesis
    Appears in Collections:[Executive Master of Business Administration] Theses

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