金融機構的多角化策略與法規限制

The Diversification Strategy of Financial Institutions and Statutory Restrictions

許嘉容(Jia-Rong Hsu)

指導教授 ： 謝德宗

國立臺灣大學/社會科學院/經濟學研究所/碩士(2010年)

https://doi.org/10.6342/NTU.2010.00300

摘要

我國於2000~2002間陸續公佈《金融機構合併法》、《金融控股公司法》及《企業併購法》，法規不論是創設新的併購方式、公司型態，或相當程度簡化併購程序或交易與機會成本，都引領企業依據新法規進行併購，重整市場。本文從廠商經營的多角化策略為出發點，比對現行法律的規定，法律是否已經提供企業最有效率的經營方式？或者在經濟理論下最有效率的經營策略，其實是與法規的目的背道而馳？期望最有效率的多角化經營及併購方式，在不違背法律的公平正義下，提出法規修正的建議。
法規鬆綁以及政府當局推動，確能推動金融機構進行多角化策略整合目的，然而《金融控股公司法》及《金融機構合併法》卻因立法背景等因素無法提供符合經濟效率以及理性交易人可茲選擇的併購方式。金融控股公司之併購模式只提供合併、概括讓與、概括承受三種（《金融控股公司法》第18條），並允許金融控股公司之間互相合併。而《金融機構合併法》僅提供基層或問題金融機構方式（如合併、概括承受等），而簡化其程序及提供租稅等誘因，以及金融機構之間所需的併購方式付之闕如；而《企業併購法》則提供最多樣化的合併、收購股份、收購資產、股份轉換以及分割等方式讓企業進行資源整合。
解決之道為：
1.適用企業併購法的併購類型，並依《金融機構合併法》及行政命令補充金融機構併購的特殊性及監理。

2.修正《金融機構合併法》擴充併購模式及適用《企業併購法》的租稅措施、員工留用等基本規定。修正《金融控股公司法》規範包含金融控股公司之間的併購、成為金控公司的子孫公司、子孫公司之間併購，以因應所需。

關鍵字

併購 ； 金融機構 ； 多角化策略 ； 效率 ； 金融跨業

並列摘要

During the years from 2000 through 2002, several statutes of “The Financial Institutions Merger Act”, “Financial Holding Company Act” and “Business Mergers and Acquisitions Act” were promulgated and enacted. In these Acts, new choices for merger and acquisition, types of corporation, simplification to merger procedures and costs of transaction and opportunity are created to lead enterprises to conclude merger and acquisition and reorganize the market subject to such new Acts. This thesis uses diversification strategy of business operation as a basis and starting point to compare with current statutes to see if the laws have provided the most effective method of operation for enterprises or, on the contrary, if the method provided by laws are just diverged from the most effective operation strategy under economic theory. We expect to provide justified suggestions for effective laws to promote the most effective means of diversification operation as well as merger and acquisition.
It is confirmative that a loosing of statutory restriction and promotion by governmental authority may hit the target of pushing financial institutes to integrate and perfect their respective diversification strategies. However, as resulted from legislative background and other factors, “The Financial Holding Company Act” and “The Financial Institutions Merger Act” do not provide economical efficient means of merger that could be adopted by reasonable transactional parties. Only three (3) means of merger, general assignment and general assumption are provided to financial holding company to conclude a merger and acquisition (see Article 18 of “The Financial Holding Company Act”) though this Act permits mergers among financial holding companies. “The Financial Institutions Merger Act” merely provides solutions for fundamental and questionable financial institutes (such as merger or general assumption) and ignores providence of simple procedures, taxation inducements and special merger and acquisition means for financial institutes. Other than the Acts above, “The Business Mergers and Acquisitions Act” provides the most diversified means of merger, share purchase, asset purchase, share transfer and share split for enterprises to integrate their resources.
Current solutions of related statutes are:
1. To apply means of merger subject to “The Business Mergers and Acquisitions Act” and apply “The Financial Institutions Merger Act” as well as administrative ordinances to supplement the special characters and supervision for mergers of financial institute.
2. To amend “The Financial Institutions Merger Act” to increase other merger and acquisition modules; to apply some basic statutes of taxation measures and employment of employees of “The Business Mergers and Acquisitions Act”; to amend “The Financial Holding Company Act” to include mergers among financial holding companies, mergers that will result a company to become a son or grandson company of a financial holding company, and those mergers among such son and grandson companies for current needs.

並列關鍵字

Merge ； Financial Institutions ； Diversification Strategy ； Efficiency ； Cross-Financial Industry

參考文獻

1.杜玉振、涂登才、杜東和、蔡知敏（2007），「同業、異業購併與金融控股公司之營運綜效」，台灣金融財務季刊，第八輯第一期

3.廖大穎（2007），「論金融控股公司的股東權」，台灣金融財務季刊，第八輯第一期

行政院金融監督管理委員會

證券暨期貨市場發展基金會

1. Ansoff, H.I., (1988), “Implantury Strategic Management”, Prentice Hall.