金融集團策略聯盟與跨國併購之探討－以「富邦集團」與「花旗集團」間之合作個案為例

Probing on Issues regarding Strategic Alliance and Cross-border's M&A among the Financial Conglomerates in Taiwan －Case Study on Strategic Partnership between Citigroup and Taiwan's Fubon Group

張乃文(Nai-Wen Chang)

指導教授 ： 簡俱揚 ； 謝易宏

中原大學/商學院/會計研究所/碩士(2001年)

https://doi.org/10.6840/cycu200100081

摘要

全球性企業為追求其成長及生存，進而促成跨國性的併購風潮，再加上各國對於金融管制的相繼放寬(Deregulation)，使得有關跨國性之金融整合處處可見；反觀國內情況，卻因法制上仍存有諸多限制，因而未有實際成案，僅見花旗集團與富邦集團於二○○○年五月在台宣佈進行策略聯盟壹椿案例，且此為國內首例跨國金融業合作案，其投資金額之龐大亦前所未見。藉由此一個案，誘發本研究有關金融集團跨國合併與收購之財務與法律問題探討，並擬針對期間內增訂相關新法部份，一併予以探討。

本研究之最終目的，旨在將上述檢討及分析結果，作為我國金融監理針對金融服務業跨國合併及收購相關規範調整之參考，祈使我國能在這一金融服務業跨國併購之風潮中不缺席，俾能為我國金融服務業之跨國併購提供若干改善芻議；綜上所陳，本文擬探討之架構如下所示：第一章說明本研究之前言、研究動機、研究目的、研究架構、研究方法與限制。第二章首先就個案的相關名詞作一定義及說明，以使能更針對主題有一明確方向；其次，針對個案發生的國內金融環境加以分析；最後，簡介個案中集團及其相關策略聯盟之顛末。第三章將針對採取併購方式之不同而可能引發之財務問題，包括企業評價、會計處理及稅務規劃等加以探討之；其次，針對金融服務業進行跨國併購之評價方法加以探討，與財務分析息息相關的會計處理及稅務問題亦一併於文中分析。第四章爰逐一臚列國外金融服務業跨國併購我國金融服務業之相關法制問題，期能為此隱然成形之跨國併購趨勢提供改善芻議。第五章傾對於甫通過之金融機構合併法、相關子法與金融控股公司法草案等相關法令，針對有關國外金融機構跨國併購我國金融服務業之相關規定作一分析與探討。第六章綜合前述各章分析及研究心得與結論，提出個人對於金融集團跨國併購未來法制建構之芻議。

關鍵字

策略聯盟 ； 金融集團 ； 跨國併購

並列摘要

Globalized enterprises promote somewhat to the emerging trend of international M & A, merely for seeking their own growth and survival. Moreover, financial deregulation among advanced economies also contributes to the cross-border financial integration. Contrastively, Taiwan’s financial industry is still to be bound by its M & A’s regulatory scheme and yet only few cases have been actually succeeded. Sampling the newly formed strategic alliance between Citigroup and Fubon Group, that was publicly announced in May of the year 2000, as the corner stone in Taiwan’s financial integration, and also to be deemed as the largest cooperative case within financial industry whatsoever of its kind by then. It is the case that probes financial and/or legal issues pertaining to Taiwan’s financial conglomerates, and most of all, this research would therefore stand upon.

Eventually, this research intends to share analytical results with Taiwan’s financial regulators as suggestions to cross-border financial integration that yet to come. By doing so to ensure Taiwan would not be absent from the emerging trend of financial integration as will be mushrooming worldwide. Part one illustrates motive, purpose, structure and methodologies of the research; part two first defines pertinent topics as to keep inference on the right track, afterwards, analyzes financial environment domestically and introduces processing of the strategic alliance. Part three evaluates issues regarding corporate finance and tax planning within the cooperative scheme between the two groups and provides tentative analysis. Part four itemizes related legal and/or financial issues as comparative study among different economies. Part five probes impacts from the newly revised legislations (c.f. the pending Financial Holding Company Act, and Financial Institution Merger Act that already passed) towards the existing M & A regulatory scheme and financial industry in Taiwan. Part six concludes preceding analytic results by which to submit suggestions as to the international M & A among financial conglomerates in Taiwan.

並列關鍵字

financial conglomerates ； cross-border's M&A ； strategic alliance

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