| Abstract: | 2001年11月1日我國正式通過「金融控股公司法」，大幅放寬金融機構跨業經營的限制，讓證券、銀行、保險等不同金融機構，能透過控股公司進入各類金融領域；截至2002年5月底止，財政部已核准十四家金融機構設立金融控股公司，而金融界更隨之掀起一波波購併的風潮，合併重組的規模與數量均為歷年罕見。
金融控股公司能透過旗下各子公司在通路、客戶資訊、及硬體設備的交互運用達到綜效，同時藉由異業、同業的整合擴大營運規模，提升競爭力，種種優點都讓國內金融業者趨之若鶩；然而，關於金融控股公司的營運策略、整合模式、及關鍵成功因素等相關重要議題，國內相關研究仍在起步階段，尚未提出完整的研究分析；因此，本論文運用質化研究中的個案分析法，針對國內外金融控股公司的相關文獻進行蒐集與分析，同時針對美國兩個具代表性的金融控股公司花旗集團(Citigroup)與摩根大通銀行(J.P. Morgan Chase)進行個案研究，深入探討其整合過程與成功經營模式，並萃取出值得深入探討或提出的概念，最後歸納整理金融控股公司之關鍵成功因素。
從花旗集團與摩根大通銀行的個案分析可知，金控公司的成功與否，可分三階段進行探討。第一階段是在購併前的評估，其重點是雙方在業務、品牌、通路與客戶的互補性與加乘效果，能否創造雙贏局面。第二階段是購併後的整合，其重點是高階領導人能否針對組織架構、人力資源與相關業務進行適當調整，減少衝突與鬥爭，讓整合過程順利進行。第三階段是整合後的發展，其重點是企業領導人對金控公司有清楚的總體策略構想，與專業經理人規劃與執行事業策略的能力。
因此透過三階段成功因素的歸納整理，本研究將金控公司的關鍵成功因素分為無形資產、有形資產與組織能力三類因素，分述如下：1.無形資產類：公司聲譽與品牌聲譽、企業文化與組織文化；2.有形資產類：營業據點、資本與資產的品質及規模、客戶總數；3.組織能力類：企業領導人能力、專業經理人團隊能力、購併管理能力。另一方面，由於關鍵成功因素會隨著區域、競爭結構不同而有差異，國內金融產業競爭結構與美國有些許差異，因此除上述所列八項因素外，國內金融控股公司的關鍵成功因素應加入股權結構這一項。
After the promulgation of Financial Holding Company Law on Nov. 1 2001, brokerages, banks, and insurers can form financial holding companies (FHCs) to involve in all kinds of financial businesses. Before May 2002, The Ministry of Finance had licensed fourteen FHCs. The local financial companies all at once consolidate through mergers and acquisitions (M&As) and the size and amount of M&As are second to none.
For financial institutions, there are indeed a lot of advantages to form the FHCs. Through FHCs, financial institutions can share channels, client information, and facilities among separate subsidiaries. Besides, FHCs can constantly escalate the size through M&As without much restriction. Although some benefits of FHCs are listed, the domestic researches are still unclear about some critical issues such as the business strategies, the integration mode, and the key success factors (KSFs) of FHCs. Therefore, the main objective of this thesis is to explore the KSFs of FHCs. This thesis adapts the qualitative method —case study and analyzes two leading FHCs- Citigroup and J.P Morgan Chase. The integration process and successful business models are major points to be analyzed and key concepts are extracted to constitute the KSFs of FHCs.
From case studies of Citigroup and J.P Morgan Chase, the KSFs of FHCs evolve through three stages. The first stage is about evaluation of potential subsidiaries. The complementation as well as mutual reinforcement of subsidiaries` business lines, brands, channels, and client bases are key points of evaluation and vital to the success of FHCs. In a word, FHCs need to make sure that the win-win situation exists. The second stage is about the integration. To integrate different businesses smoothly, top officers need to make sure the organizational structure, human resource, and relevant businesses well tuned to each other. The third stage is about the development. Top officers` corporate strategies and managers’ ability to make and execute business strategies are critical at this stage.
Summing up all the factors mentioned above, this thesis classifies the KSFs of FHCs into three categories: intangible assets, tangible assets, and organizational capabilities. 1.Intangible assets: the reputation of company as well as brand, and organization culture. 2.Tangible assets: locations, the quality and size of capital as well as asset, and the size of customer base. 3.Organizational capabilities: the leadership, managers` teamwork spirit, and the ability to manage the M&As. Besides the factors listed above, the Equity Structure should be added into KSFs of FHCs according to domestic financial situation. |
