企業併購案例分析：以新光金控併購元富證券為例

2001年中華民國立法院三讀通過《金融控股公司法》，透過政策鼓勵金融機構間的相互整併，以強化台灣金融機構之產業競爭力同時促進金融市場以擁有健全發展為目標，前後共陸續設立了16家金控公司。於此同時，金控公司之雙引擎策略亦順勢而生，其中共分成攻擊型、轉機型、利基型與防禦型等四種類別。然本研究之主併公司（新光金）則被歸類為轉機型金控公司，需藉由壯大其銀行部位以強化整體金控公司之競爭力。另於2015-2017年全球經濟震盪，經歷2008年金融海嘯黑天鵝事件後，全國證券商競爭力重新洗牌，整體券商市場經營呈現強者越強，弱者越弱之趨勢，尤以具金控公司挹注資源之證券商更具競爭力。本研究主軸將採用類比公司評價法、EVA價值法進行該關係人交易之併購活動價值評估，並進一步探討其所提供之溢價是否產生過度支付之現象。同時，該主併公司於併購活動前已持有被併公司約33.45%之股份，故本研究將針對其策略層面深入探討為何提高持有之股份至100%。藉由個案分析得出以下結論：首先，此案例為一相關多角化之併購活動，其中更具備Social Ties之併購特性，進而影響其支付方式、支付價格以及併購後組織架構之整合。第二，透過主被併股權價值與綜效衡量，本研究認為該併購案屬一溢價但並未過度支付之併購案。第三，運用事件研究法（CAR）發現主併公司為負，被併公司為正。本研究認為該結果與支付價格有關。第四，透過文獻回顧發現於併購活動中，主要影響高階管理人員職位異動的因素有三：對併購結果利多因素具不確定性、組織文化難以整合以及被併方對主併方感到不信任而自行離開職位。然於此併購活動中並未發現該等隱憂，且主併公司過往已受讓其證券公司給予被併方運營，故並未針對其組織進行異動與所探討之文獻結論相符。

關鍵字

關係人交易；事件研究法；社交關係；累積異常報酬；經濟附加價值

並列摘要

In 2001, the Legislative Yuan passed “ The Financial Holding Company Act ” to encourage financial institutions' mergers through the policy. A total of 16 financial holding companies have been established successively. Meanwhile, the Dual-Engine Strategies of financial holding companies emerges, and it is divided into four types: Attack Type, Conversion Type, Niche Type, and Defensive Type. In the study, the acquiring company (Shin Kong Financial Holdings) is classified into Conversion Type. The company needs to strengthen its business unit of banking to boost the overall competitiveness of the financial holding company. During the global economic turmoil in 2015-2017, attributed to the Black Swan Events‎ of Financial Crisis in 2008, the competitiveness of securities firms has been reshuffled, and the overall market operations of securities firms have shown a trend that the stronger get stronger, and the weaker get weaker. In particular, securities firms with resources of financial holding companies are more competitive. The thesis adopted the appraisal method of Comparable Company and EVA (Economic Value Added) to evaluate the value of merge and acquisition activities of the related party transaction, and further explore whether the premium provided by Shin Kong Financial Holdings will cause excessive payment. Additionally, the acquiring company had been holding 33.45% shareholding before M&A activity so that the study also focuses on the reason why increase the shareholding to 100% on the level of strategy. The thesis draws the following conclusions. First of all, the case is a related diversified M&A activity, which has the characteristics of Social Ties. Moreover, the activity affects its payment method, payment price, and the integration of the post-merger organization structure. Secondly, through the evaluation of the equity value of the acquiring company and acquired company and business synergy, the study states the case is a premium but not an over-paid M&A case. Thirdly, adopting the method of Cumulative Abnormal Return (CAR), the study suggests that the acquiring company is negative and the acquired company is positive. The study states the result is related to the price of payment. Last but not least, through the literature review, studies have suggested that there are three main factors will affect the position changes of senior managers: the uncertainty of factors that are positive for the results of the M&A activity, the difficulty of the integration of organizational culture, and the distrust from the acquired company to the acquiring company. However, these problems were not found in this research case. Besides, the securities company ( Hsin Shou Securities) of the acquiring company has been assigned to the acquired company for operation in 2009; hence, the acquiring company trusts the business effectiveness of the merged party and does not make any changes to its organization, which is consistent with the conclusion of the literature has shown.