台灣金融控股公司整併績效之研究

A Study on the Integrated Performance of Financial Holding Company in Taiwan

鍾志彬(Chih-Pin Chung)

指導教授 ： 胡為善

中原大學/商學院/企業管理研究所/碩士(2006年)

https://doi.org/10.6840/cycu200600058

摘要

論文摘要
台灣金融市場近年來在世界潮流趨勢下，逐漸朝向大型化與國際化發展，尤其在加入WTO世界貿易組織後，政府決定於大力推動金融改革。而於二O O二年起大力推動第一階段的金融改革，因而陸續通過「金融機構合併法」、「金融控股公司法」等金融產業相關的重大法案。並成立十四家金控公司，將銀行、證券、保險及其他金融周邊機構皆整併在金控旗下，且准許跨業經營，藉此打破以往只能分業經營的原則。
與其他幾個亞洲經濟強國比較，南韓的金融機構由十八家銀行整併成五家大型銀行；日本整合為五家主要的金控公司；新加坡與香港更只有一家大型金控公司；與此四地相比，顯然台灣金控公司的家數過多，連最大的金控公司之市佔率亦不到10%，國際競爭力明顯不足。故自2004年起政府宣示進行第二階段的金融改善，以期藉由第二次金控整併，能快速擴大每家金控公司之市佔率，以提升整體金融機構的競爭力及經營績效。但是，第二波金控併金控難度更高，例如：金控公司如何選擇購併對象?購併考量的因素為何?此兩項為決定最適組合對象需優先考慮之問題。
本研究採用主成份分析方法從財務報表資料中萃取出衡量績效之主要指標，俾檢視金控公司成立後的經營績效，並與同業做比較，且以兩兩金控模擬合併以計算績效得分，期能找出較佳的整併組合。研究結果如下：
一、本研究在計算過去三年的加權平均績效得分後得知，總資產規模較大之金控公司，雖因第一年打銷呆帳或提列投資損失，造成當年度績效表現不佳。但就整體而言，並不影響該公司平均績效的表現，結果顯示規模較大者可承受單一子公司績效不佳及景氣波動的影響，且以合併組合績效觀之，總資產規模大者確有成為主併公司的實力，且有較高的績效得分，因而形成「大者恆大」之趨勢。
二、本研究模擬結果發現，最佳合併組合的前五名依次為國泰金與中信金、國泰金與華南金、國泰金與台新金、中信金與華南金及中信金與台新金。但若將蔡、辜、吳三大家族之金控公司之合併可能性排除的話，較佳被合併的對象則首推華南金、兆豐金、玉山金及建華金；其次為第一金、復華金及日盛金；而以國票金及開發金兩家為績效較差的兩家金控公司。本研究建議國票金及開發金應先大幅改善其經營績效，再談與誰合併較為妥當。
關鍵詞：主成份分析，金控公司，購併

關鍵字

購併 ； 金控公司 ； 主成份分析

並列摘要

Abstract
Following the international and modern trend extending from the late twentieth century, the financial markets in Taiwan marchs toward maximization and internationalization in recent decades. Upon joining with the WTO (World Trade Organization) in 2002, the Taiwanese government implemented the first stage of financial reformation. Following the establishment and implementation of the “Financial Institution Merger Act” and “Financial Holding company Law”, fourteen financial holding companies have been established in Taiwan. Consequently, the financial institutions are permitted to operate across different fields of businesses, such as bankings, securities, life insurance, property and liability insurance, and other related businesses.
Comparing with other major Far Eastern countries, such as South Korea, Japan, Hong Kong and Singapore, Taiwan has too many financial holding companies. In South Korea, the original eighteen banks were formed into five large-scale banks. The financial institutions in Japan have also been merged into five major financial holding companies. In Singapore as well as in Hong Kong, there exists only one large financial institution. Thus, the Taiwanese government has implemented the second stage of financial reformation since 2004. Through this second stage of financial reformation, fourteen financial holding companies are planned to merge into seven or less financial holding companies in order to increase the market share of each financial holding company and improve every survival ones’ competitive ability. However, two questions of the second stage of financial institution combination remain unanswered: “How do the financial institutions choose their targets to merge?” “What would be the main factors for consideration in mergers and acquisitions? ”.
This study employs the Principal Components Analysis to extract the index from financial statements in order to measure and compare the performance of financial holding companies. This work simulates to merge two financial institutions each time in order to find the optimal combination. The results are summarized as follows:
1. This study calculates the weighted average score of each financial holding company for past three years. Since most financial holding companies wrote off their bad debts or recorded investment losses at the first year after mergers, caused the bad performance of financial holding companies at the first year after merging. However, this fact does not affect the average performance of financial holding companies for three years. According to the average score of the performance of the merged financial holding companies, this work finds that those with larger asset values had better performance than the smaller ones, which indicates that the larger financial holding companies should merge the smaller ones. This result confirms the trend of “large enterprise stays large forever”.
2. The results show that the top five merging combination are Cathay-Chinatrust, Cathay-Hua Nan, Cathy-Tai Shin, Chinatrust-Hua Nan and Chinatrust-Tai Shin. If the three family owned financial holding companies (i.e. Cathy, Chinatrust and Tai-Shin) are not willing to merge with each other, then the findings demonstrate that the first tier of merging target would be Hua Nan, Mega, E.Sun and SinoPac. The second tier would be First, Fuhwa and Jin Sun. The lowest score in the merging target belongs to Waterland and China Development. Accordingly, this study suggests that Waterland and China Development should greatly improve their financial performance before they intend to be merged with any other financial holding companies.
Key words: Financial holding company, Mergers and Acquisitions, Principal component analysis

並列關鍵字

Mergers and Acquisitions ； Principal component analysis ； Financial holding company

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