在企業併購趨勢下台灣金控產業之整合: 以元大證券及復華金控合併為例

Integration Synergy of Financial Holding Companies in Taiwan Under the Trend of Mergers & Acquisitions – A Case Study of Yuanta Securities Merging Fuhwa Financial Holding Co.

楊妙貞(Miao-Chen Yang)

指導教授 ： 邱顯比

國立臺灣大學/管理學院/財務金融學研究所/碩士(2008年)

https://doi.org/10.6342/NTU.2008.10363

摘要

2008年台灣金融產業處於一個關鍵時刻，由於兩岸政策的開放，新興國家的興起，及法規陸續鬆綁，台灣發展金融服務產業非常有機會。本研究希望在此關鍵時刻，提供有利於併購整合的管理知識技術之傳遞，將大型證券商之知識與經驗，逐步提供，擴散至中小型證券商，降低中小型證券商併購整合管理機制之成本，提升整體證券業之管理水平。
本項研究室採取歷史資料蒐集，產業/競爭分析，國外學者主要以Robert F. Bruner所著作的《Applied M&A》，當中之整合(Integration) 理論為基礎架構，再考量元大金控之發展定位，及其合併後發展目標，規劃2008年全力發展法人經紀業務，進而邁向投資銀行業務，在2009年成為亞洲區龍頭券商，並期許以亞洲最大投資銀行為願景。本研究希望以理論為基礎再觀察個案實務，互相對照，期望對本案之後續發展，能有較精準的預測。本研究並參考外國個案（1998年花旗銀行與旅行家集團旗下所羅門美邦證券之購併案），觀察該個案綜效的表現，同時介紹國內尚未有購併溢酬的個案（2001年日盛證券購併寶島銀行），並找出有效地執行整合的關鍵因子，期待未來購併之整合能有某些參考的價值。
隨著各國及國際間資本市場的日益健全，以及大者恆大的態勢下，走向國際舞台，分食全球市場是唯一成長途徑。元大證券經過多次購併同業後已明顯大過其他同業。但是證券商資產負債比率(leverage)明顯不足，所能發揮之資本效能明顯小於銀行或大型壽險公司，在金融業競爭中明顯難發揮效益。證券商因本身資本無法有效運用，現今主要券商除透轉投資期貨及海外子公司尋求成長外，寶來證券試圖轉投資華僑銀行，中信證券之嘗試入主開發金控及提議與統一證券，中信證三合一之大整併，日盛證券購併寶島銀行成立日盛金控，以及元大證券之明確介入復華金控所有權，都顯示出大證券商尋求新天地之企圖心。
理論上，金控公司商業模式易達成範疇經濟，換言之，加入金控之銀行較非金控因發揮資源利用效率等綜效而降低成本。實務上，同質性之子公司合併較易成功，至今國內銀行間之合併成功例子如：台新銀行併大安銀行，富邦銀行合併台北銀行，中國信託併購萬通銀行，等等。本案例，元大集團也有豐富的購併經驗，但以往併購經驗僅限於同質之證券，其目標是在求經濟規模的擴大，對併購異質之銀行還是第一次；尤其，近期國內其他證券集團併購銀行者並無成功前例可循，例如：寶來證券併華僑銀行，後來以轉賣花旗銀行收場；日盛證券併寶島銀行（改名為日盛銀行），其績效並未彰顯。有鑑於過去的無成功前例可循，再加上證券行業與銀行行業基本上無論行業特性，文化，價值觀，法規規範等等仍有相當差距。為防止國內金融業需面臨過度競爭而太偏向無序競爭。本研究建議遵循以Robert F. Bruner先生所著作的《Applied M&A》此書中有關整合(Integration)理論，有策略，有方法的循序漸進方式進行。
多數國內學者曾以個案研究分析國內證券商朝投資銀行發展之具體策略除規模大型化，增加通路據點，多角化以分散風險，循序漸進拓展海外市場，培養多種專業知識的國際人才，以及建立網路資訊系統，加強客戶服務競爭力外，本研究認為，發展投資銀行之關鍵成功因素應該包括下列能力：制度性的風險管理，創造品牌能力，影響力，執行力，前瞻力與應變力，金融行銷能力，財務工程能力，優秀的人力資源品質。以上仍然以「制度性的風險管理」為首要。

關鍵字

整合 ； 管理 ； 綜效 ； 範疇經濟 ； 規模經濟 ； 關鍵成功因素 ； 制度性風險管理

並列摘要

This is a critical point for the future of the financial industry in Taiwan due to the relaxation of cross-Strait policies, the rise of new developing countries, and the loosened regulations. The writer hopes this essay can help transfer management knowledge and technology, as well as the experiences of a large securities company to medium size securities, which can reduce management costs of merger and acquisition, and raise the level of management knowledge among securities companies.
This study incorporated data collection in the form of historical data mining, analysis of the industry and its competition, as well as the opinions of Mr. Robert F. Bruner from his book “Applied M&A” regarding the theory of “Integration”. In order to make more punctual predictions regarding the consequences of the merger of Yuanta and Fuhwa Financial Holding Corp. in the future, a study was conducted to evaluate the compliance of practice with the theory. This study also referred to the case of merger of Citibank with Salomon Smith Barney in 1998, and introduces of case of Jihsun Securities merging with Baodao Commercial Bank in 2001. We are trying to identify some key successful factors for integration. We hope there will be some value for references.
It seems the only way of seeking economic growth is to share global resources and step onto the international stage, with its larger-scale market, and the healthy international capital market. By a series of M&A, Yuanta Securities has become the larger than any of its competitors in the industry. Nevertheless, it has not fully demonstrated its leverage of capital capability due to regulatory restrictions, comparing with the financial industries of banking and insurance. As such, its competitiveness appears inferior to that of other financial institutions. Due to under utilization of capital capability among the securities industry, major players in the industry have sought other methods of growth. For example, Polaris Securities Co., Ltd. tried to invest in Overseas Chinese Commercial Bank； and KGI Securities Co., Ltd. tried to invest in China Development Financial Holding Corp., and join with President Securities Co., to become a 3-in-1 consolidation; Jihsun Securities Co., Ltd. has merged with Baodao Commercial Bank; and Yuanta Securities Co., Ltd. has invested in and manages Fuhwa Securities Co.. All these facts show the ambitious of securities companies to seek opportunities for growth.
Theoretically, the business model of a financial holding company makes it much easier to reduce operating and financing cost, as well as affecting of efficiency due to economic scope by joint utilization of resources of memberships within the group. In practice, mergers and acquisition among homogeneous subsidiaries are more likely to succeed. Successful cases include acquisition of Taishin Commercial Bank and Ta An Commercial Bank; Fubon Commercial Bank’s acquisition of Taipei Bank; China Trust Commercial Bank’s acquisition of General Commercial Bank, etc.. In the case represented here, Yuanta Securities Co., Ltd. has ample experiences in merger and acquisition. However, in enlarging its economic scale, those experiences were limited to homogeneous securities companies. This is the first time it has merged with a heterogeneous bank. Furthermore, there is no precedent of a successful merger between a securities company and a bank. This was evidenced by the following cases: Polaris Securities Co. was trying to merge with Overseas Commercial Bank, but was finally re-sold it to Citibank, instead; and Jihsun Securities Co. merged Baodao Commercial Bank, but the synergy of the merger was not as good as it projected. In addition to lacking successful precedent in the past, the characteristics of securities and banking industries, such as culture, values, regulations, etc. are different from each other. To prevent any undisciplined competitions caused by keen competition among the financial industry, consequently, a recommendation by following the theory of “Integration” stated in Mr. Robert F. Bruner from his book《Applied M&A》.
Some key successful factors for integration include: systematic risk management, branding, competitiveness, executions, visionaries, marketing capability, and recruit talent staff, are required for development toward investment banking under this study. Other than those, to enlarge economic scale by increasing distribution channel, to reduce risks by diversifying products and customers, to expand sales market to overseas, to recruit talent staff, to establish the infrastructure of internet for communications, were mentioned by some other studies in Taiwan.

並列關鍵字

Integration ； Management ； Synergy ； Scope Economies ； Scale Economies ； Key Successful Factors ； Systematical Risk Management

參考文獻

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