隨著國際間金融經濟的自由化,與彼此間頻繁的互動,各國紛紛透過金融法治改革,以加強銀行競爭力,為了因應金融環境的轉變,各大金融機構便透過購併的策略以朝大型化、全球化推進。 我國為順應世界的潮流,及因應加入WTO後將面臨外國金融機構的競爭,便於2001年7月發佈「金融控股公司法」,同年11月1日實施。使我國金融機構得依其經營目標直接投資或收購子公司,透過跨業經營來擴大金融版圖,金融控股公司所控股的子公司得經營銀行、保險、證券及相關金融事業,各金融機構為了提升競爭力,追求綜效,紛紛在短期間內掀起一陣購併的風潮。有的金控公司購併的動機是追求規模經濟,有的則為了互相截長補短,或者是考量到擴大經營領域,甚至是改變競爭形勢,而在不同的購併動機下,所做的購併類型與購併對象的評估準則也會受到動機的影響,而有不同的選擇,最後在整個併後整合的活動上,更是會因為購併動機與購併策略的不同而採行不同的作法。 由於本研究是質性的研究過程,因此採取個案研究法,藉由金融控股公司的資料收集與訪談,有系統的完整描述實務上的購併作法,並且透過研究架構與個案公司的購併過程,推論出命題結果,以探就購併動機、購併策略及併後整合活動間的關聯性,以及不同考量下所呈現的不同作法。
As the liberalization of international financial market and frequently interaction of each other, every country enhances the competition of banks by reforming monetary system, every banking institution in order to respond with the change of financial environment, they turn into large-sized, global by merger and acquisition. In order to accommodate to the trend of the world and compete with the foreign financial institutions after joining WTO, the administration published ‘the Financial Holding Company Law’ on July, 2001, and put into practice in 1st November. Financial institutions can direct investment or M&A the subsidiaries in accordance with their goal and their subsidiaries can be bank, insurance, security and finance related. Financial institutions are in order to increase competition and get synergy, they use M&A to achieve these goals. Some financial holding companies their motivations of M&A are chasing economics scale, some are pursuing progress, others are enhancing administrative field, or changing competitive surroundings. Therefore, the forms of M&A and target company’s valuation criteria are affected by different M&A motivations, and both of these are affecting integrated management. This study adapts case study to analyze practical proceeding by collecting information and discussing with target companies, than combine to research construction and conclude with the relations of the motivations, strategies of M&A and the integrated management after M&A.