國內證券投資信託產業購併之研究-以匯豐中華投信與保誠投信為例

The M&A Research Of Securities Investment Trust Industry In Taiwan-Case Study HSBC Asset Management (Taiwan) Limited And Prudential Securities Investment Trust

傅鈺佩(YU PEI FU)

指導教授 ： 束霖新

元智大學/管理學院/管理研究所/碩士(2004年)

摘要

本研究針對保誠投信與匯豐中華投信兩家公司以個案分析的方式比較兩家公司，研究目的為1、個別分析其購併價格是否合理，及其折溢價情形如何？2、個別分析其購併前後績效變化，以了解是否有購併後綜效產生。3、進一步分析兩家公司購併後營運策略，以了解購併後成敗因素。
評價部份以本益比法來分析，以建弘投信本益比作為比較標準。績效分析採用五力分析，並從中選擇十七項常用之財務比率，依個案公司之財務報表資料，整理出收益力、成長力、生產力、活動力、安定力等五個財務構面。以訪談的方式及各該公司發行的基金公開說明書與公會公佈資料進行營運情形與營運策略分析。實證結論如下：
壹、 評價分析結果：英國保誠人壽以溢價28%價格買下京華投信，這項購併案具互補效應。英商匯豐集團以合理價格購買中華投信。以分析方法所計算的合理購併價格等於此股權收購案價格。
貳、 保誠投信之購併價格雖高，但有購併後綜效產生。匯豐中華投信購併價格雖合理，但無購併綜效產生。
參、 保誠投信管理基金規模成長3.6倍。主要策略為培養核心競爭力、設定優先的發展目標、創造適當的組織條件、高層管理人員的穩定與企圖、資源配置互補。匯豐中華投信規模並沒有成長。究其原因為高階管理人員異動頻繁、集團資源未整合運用、發展目標方向不明確。

關鍵字

購併 ； 評價 ； 財務分析 ； 匯豐中華投信 ； 保誠投信

並列摘要

ABSTRACT
This research is to use case study methodology to compare the merging efficiency between Prudential Securities Investment Trust and HSBC Asset Management （Taiwan）Limited. The purposes are 1). Analyze the reasonability of the acquisition price in each case. 2). To compare the efficiency and performance before and after combination. 3). To understand the factors of failure and success goes through the analysis of different business strategy.
Evaluating it by the market approach, Performance analysis was identified by 5 force indices, and use 17 tools of financial ratio to identify 5 finance construction including Benefit, Growth, Productivity, Activity and Stability. Obtaining business situation and business strategy from field call, Funds public announcement and Business committee announcement. The conclusions are as below:
1) Results of evaluation: The complementary effect occurs after Prudential Securities Investment Trust merging 京華投信 even though it had 28% overpricing. HSBC Asset Management merged 中華投信 in a reasonable price that is the same as the price coming from financial analysis method.
2) There is the merging efficiency in Prudential Securities Investment Trust even though they paid higher price. The price is reasonable, but could not find the efficiency in the case of HSBC Asset Management.
3) The funds size of Prudential Securities Investment Trust grows 3.6 times. Their main strategies are building up core ability of competition, setting up the priority of development, creating proper organization, effective resource allocation, stability and ambition from top management. Unfortunately, there is no any growth in the merging case of HSBC Asset Management. The root causes are high turn over rate of top manager, failure to consolidate the group’s resources and unclear direction of development.

並列關鍵字

M&A ； acquisition price ； business strategy ； performance before and after combination

參考文獻

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