企業併購案例分析：以富邦金併購日盛金為例

金管會2018年推出「金融發展行動方案」積極鼓勵金融業進行整併提升整體競爭力並進一步修法降低金融業併購門檻增加業者整併誘因。2020年日盛金大股東建群投資背後中資疑雲再度甚囂塵上，小道消息多次傳出金管會掌握確切證據即將做出限期處分，市場盛傳買家如泰國正大集團、潤泰集團旗下南山人壽欲接手建群投資持有之日盛股權，然而金管會以「產金分離」等理由勸退前述買家。同年12月富邦金董事會發布重訊以每股13元公開收購日盛金51%股權，最終目標為收購100%股權，並於2021年3月23日公開收購日盛金成功。本研究將富邦金併購日盛金案例以事前、事中以及事後三大架構進行分析。事前分析雙方併購交易過程、總體環境分析以及雙方併購動機；事中分析被併公司企業評價及併購出價合理性、主併公司支付工具選擇考量、其併購資金來源及融資安排；事後分析則探討此樁併購案市場之反應以及併購案的綜效分析。根據上述分析可以得到以下結論：首先，富邦金併購日盛金原因並可以拆分為外部因素及內部因素。外部因素整體資本市場環境有利於籌資、以及政府、主管機關鼓勵金融業進行業內整併。內部因素則有富邦金欲提升證券業市場地位以及將富邦金金融服務圈擴展至日盛金既有客戶。第二，透過EVA模型以及市場比較法－股價淨值比法得出日盛金股權價值之點估計及區間估計皆顯示富邦金併購日盛金公開收購價新台幣13元係屬合理。第三，採用公開收購宣告日以及成就日之累積異常報酬法（CAR）研究市場對於該樁併購案反應尚屬正面。本研究亦認為提升證券市場地位、平衡及多元化獲利來源以及引介日盛金客戶入富邦金金融生態圈為富邦金併購日盛金之有利質性因素。

關鍵字

富邦金；日盛金； PEST分析；併購綜效

並列摘要

In 2018, the Financial Supervisory Commission launched the "Financial Development Action Plan" to actively encourage the financial industry to conduct consolidation and improve its overall competitiveness, and further amend the law to lower the threshold for mergers and acquisitions in the financial industry and increase the incentives for consolidation. In 2020, the Chinese-funded suspicions behind the major shareholder Capital Target Limited,CTL of Jih Sun Financial Holding have been rampant again. Rumor has repeatedly spread that the Financial Supervisory Commission has definite evidence and is about to impose a deadline. Some news reported that buyers such as Charoen Pokphand Group from and Nanshan Life Insurance want to take over the equity of Jih Sun Financial Holding held by Capital Target Limited,CTL, but the Financial Supervisory Commission persuaded the aforementioned buyers of " Separation of Banking and Commerce policy". In December of the same year, the board of directors of Fubon Financial Holding announced a public tender offer of 51% equity of Jih Sun Financial Holding at NTD 13 dollars per share, with the ultimate goal of acquiring 100% of the equity. This thesis analyzes the case of Fubon Financial Holding's acquisition of Jih Sun Financial Holding in three frameworks: before, during and after the event. Ex-ante analysis of the M&A transaction process, overall environment and motives of M&A of both parties; during-event analysis of corporate evaluation of the acquiree company and rationality of public tender offer price, consideration of the choice of payment instruments for the acquirer company, funding sources of M&A and financing arrangements; post-event analysis to discuss this market reactions to mergers and acquisitions synergistic analysis of mergers and acquisitions. According to the above analysis, the following conclusions can be drawn: First, the reasons for Fubon Financial Holding's acquisition of Jih Sun Financial Holding can be divided into external factors and internal factors. External factors The overall capital market environment is conducive to fundraising, and the authorities encourage financial industry consolidation. Internal factors included Fubon Financial Holding's desire to enhance its market position in the securities industry and the expansion of Fubon Financial Holding's financial service ecosystem to Jih Sun Financial Holding's existing customers. Second, through the EVA model and the price-to-book value ratio approach, both the point and range estimates show that Fubon Financial Holding's acquisition of Jih Sun Financial Holding's public offer price of NT$13 is reasonable. Thirdly, the market reaction to the acquisition was positive by using the cumulative abnormal returns method (CAR) method on the announcement date and achievement date of the public tender offer. This thesis also concluded that enhancing the securities market position, balancing and diversifying profit sources, and introducing Jih Sun Financial Holding customers into the Fubon Financial Holding financial ecosystem are favorable factors for Fubon Financial Holding to acquire Jih Sun Financial Holding.