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    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/111587


    Title: 臺灣金融業併購綜效之研究-以元大金控併購大眾銀行為例
    A Study of Merger and Acquisition Synergies in the Financial Industry in Taiwan – A Case Study of the Merger of Yuanta Financial Holding and Ta Chong Bank
    Authors: 陳嘉盈
    Contributors: 巫立宇
    王俊如

    Wu, Lei Yu
    Wang, Chun Ju

    陳嘉盈
    Keywords: 金融業整併
    併購綜效
    亞洲盃
    Consolidation of financial institutions
    M&A synergies
    Asia Cup
    Date: 2017
    Issue Date: 2017-07-31 11:35:17 (UTC+8)
    Abstract: 歷經兩次金改,我國本國銀行的家數從2000年最高峰53間,降至2014年的39間,但國內銀行金融服務市場已趨飽和,銀行家數過多且規模過小的現象仍然存在,近年存放款利差縮小,銀行間價格競爭日趨激烈,對於整體銀行業的獲利能力影響甚鉅。為利我國銀行掌握亞洲經濟成長契機,提升獲利及國際競爭力,金融監督管理委員會自2013年起推動金融業布局亞洲,提出「金融業打亞洲盃」的政策宣言,鼓勵金融業整併或參股海外機構以擴大規模。
    元大金控係以證券投資服務為主體而發展之金融控股公司,亦是金融監督管理委員會點名最積極投入打亞洲盃的金控之一,2015年8月元大金控宣布併購大眾銀行,合併後由子公司元大銀行為存續公司。本研究採個案研究法,以元大金控併購大眾銀行為例,個別探討雙方發展現況及併購動機,並分析此併購案的策略目的及併購綜效。
    本研究結果得出,元大金控藉由合併大眾銀行將產生以下併購綜效:(一)規模經濟效益、(二)均衡業務結構、(三)提升銀行獲利貢獻、(四)維持穩健資產品質,元大金控藉此拉升銀行業務的恆常獲利貢獻,進而轉型成證券及銀行雙主軸的金控,同時取得大眾銀行的香港分行,以香港為前進大陸的發展據點,經營兩岸三地金融服務市場,有助其朝向「亞太區最佳金融服務提供者」之願景邁進。
    After going through two financial reforms, the number of the banks in Taiwan had decreased from 53 banks in 2000 to around 39 banks in 2014. Still, the problem of an excess of the banking operators had persisted. Due to the saturated Taiwanese domestic market for commercial banking services, the interest spread had thinned remarkably and this oppressive situation had drawn the local commercial banks into a price war on interest rates on deposits and loans. In 2013, following the growing concern over the price competition and in the hope of enhancing international competiveness of Taiwan’s banking industry, Financial Supervisory Commission unveiled its plan—Asia Cup policy—to promote consolidation of domestic financial institutions and encourage them to invest overseas market to further scale up the business.
    Yuanta Financial Holdings, one of the holding companies that actively seek overseas business opportunities, was the biggest securities broker in Taiwan. After completing the acquisitions and mergers of Ta Chong bank in August 2015, the company not only remains the leading position in securities market but also further strengthens its banking business. The thesis is based on the M&A case, and the purpose of the study is to determine the reasons and motivations behind the M&A between two financial institutions as well as the company’s current development in order to analyze and understand what are synergistic gains that two banks benefit from the merger.
    In short, the study suggests that the merger between Yaunta financial holdings and Ta Chong Bank has created following M&A synergies—realizing economies of scale, balancing business structure, enhancing banking profitability, and maintaining steady asset quality. After merging with Ta Chong bank, Yaunta financial holdings transitioned from a securities brokerage-focused company to a holding company focused on Twins Pillar of securities and banking operations. Also, company’s Hong Kong branch, which was acquired from the M&A, will serve as a firm foothold in Chinese market in order for this banking giant Yaunta to achieve the goal of becoming best financial service provider in the Asia Pacific region.
    第一章 緒論 1
    第一節 研究背景 1
    第二節 研究動機與目的 2
    第三節 研究架構 3
    第二章 文獻探討 4
    第一節 企業併購定義 4
    第二節 企業併購型態 5
    第三節 企業併購動機 6
    第四節 金融業併購綜效 9
    第三章 動機分析與併購過程 10
    第一節 元大金控發展歷程及現況分析 10
    第二節 大眾銀行發展歷程及現況分析 12
    第三節 元大金控合併動機 14
    第四節 大眾銀行合併動機 27
    第五節 併購過程及對價 34
    第四章 綜效分析 37
    第一節 規模經濟效益 37
    第二節 均衡業務結構 41
    第三節 提升銀行獲利貢獻 44
    第四節 維持穩健資產品質 45
    第五章 研究結論與建議 47
    第一節 研究結論 47
    第二節 研究建議 48
    參考文獻 49
    Reference: 一、中文文獻
    1.大眾銀行,2004-2015,《大眾銀行年報》。
    2.元大金控,2004-2015,《元大金控年報》。
    3.元大金控,2015,《大眾銀行併購案》。
    4.元大銀行,2007-2015,《元大銀行年報》。
    5.元大證券,2004-2015,《元大證券年報》。
    6.中央銀行,2005-2015,《中華民國金融統計月報》。
    7.杜荷鈴(2015),「台灣商業銀行併購之收益績效研究」,國立高雄應用科技大學金融資訊研究所碩士論文。
    8.吳安妮(1992),「台灣企業併購動機之實證研究」,管理評論,第11卷,頁1-27。
    9.林炳文(2001),「台灣地區商業銀行合併之效率分析」,《風險管理學報》,第3卷第1期,頁1-21。
    10.施宏憲(2016),「金融科技對銀行經營模式衝擊之探討—分行未來創新模式」,國立臺灣科技大學資訊管理系EMBA碩士在職專班論文。
    11.陳世承(2002),「臺灣地區本國銀行成本效率與併購效益之研究」,國立台北大學合作經濟學系碩士論文。
    12.銀行局,2001-2015,《金融業務統計輯要》。
    13.彭思遠等人(2016),《企業併購的第一堂課》,臺北市:洪圖。
    14.黃日燦(2014),《黃日燦看併購Ⅱ—台灣產業轉型升級的關鍵》,新北市:經濟日報。
    15.黃景沂.莊晋祥(2012),「臺灣銀行業在兩次金融改革期間的競爭與存、貸戶褔利的變化」。經濟論文叢刊,第40 輯第4 期,頁421-460。
    16.臺灣證券交易所,2006-2015,《證券統計資料年報》。
    17.魏啟林(1992),「台灣廠商跨國經營之購併策略分析」,台灣企業國際化研討會論文。
    二、相關網站
    1.公開資訊觀測站,http://mops.twse.com.tw/mops/web/index。
    2.今周刊,〈凱雷精打細算「換股操作」力求逆轉勝〉,檢自:http://www.businesstoday.com.tw/article-content-80392-3241,2012/03/22。
    3.金融監督管理委員會全球資訊網,http://www.fsc.gov.tw/ch/index.jsp。
    4.銀行局全球資訊網,https://www.banking.gov.tw/ch/index.jsp。
    5.鉅亨網,〈凱雷:大眾銀合併案破局 暫無出售計畫 現階段專注銀行本業〉,檢自:http://news.cnyes.com/news/id/2431427,2012/07/18。
    三、英文文獻
    1.Cooke,T.E. (1986). Voluntary disclosure by Swedish companies, Journal of International Financial Management and Accounting, 1(2),pp.1-25.
    Description: 碩士
    國立政治大學
    企業管理研究所(MBA學位學程)
    105363049
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0105363049
    Data Type: thesis
    Appears in Collections:[企業管理研究所(MBA學位學程)] 學位論文

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