金融控股公司併購行為之程序與問題研究

A Study of Problems Resulting from Financial Holding Company's Acquisition Behavior

康金財(KANG-CHING TSAI)

指導教授 ： 高儷華

中原大學/商學院/會計研究所/碩士(2008年)

https://doi.org/10.6840/cycu200800057

摘要

本研究首先蒐集並歸納金融控股公司從事併購活動的理論動機及敵意併購與防禦策略，其次整理我國金融控股公司併購之法令規定、會計處理及法律程序。最後以四大金融控股公司，分別是中國信託金融控股股份有限公司宣告併購兆豐金融控股股份有限公司、渣打銀行併購新竹國際商業銀行、台新金融控股股份有限公司入主彰化銀行及富邦銀行併購臺北銀行等為個案公司進行探討併購程序與問題、互相比較併購時機、動機、規模、特色及關聯。
本研究對象所選用標準係以在國內金融控股公司在經營規模上及其公司競爭力作為選案的依據，並以近期有併購完成或進行中公司為主。
本研究結論有三：其一，金融控股公司的公司治理及內部控制制度不佳，若相關金融監理單位無法發揮監督功能時，易引發道德危險，突顯金控公司內部控管失靈的警訊，造成併購失敗主因。其二，本研究案例中，民營金融機構若以內部控管嚴格及經營績效優良且歷史悠久的公營行庫為併購標的，易達成併購成功的目標。其三，過去幾年的金融整併，造成財團資產倍數成長，也造成社會大眾普遍存有圖利財團並犧牲大眾利益等疑慮。加上金融集團規模日益壯大，如無配套的嚴格規範與強力監督，一旦發生問題，影響層面相當大。

關鍵字

敵意併購 ； 防禦策略 ； 金融控股公司 ； 併購

並列摘要

This study first collected and deduced the theoretical motivation as well as hostile merger and defense strategies, adopted in acquisition activities engaged in by financial holding companies, followed by compiling financial acquisition related laws, accounting process and legal procedures. Finally, live examples related to Taiwan’s four major financial holding companies: China Trust’s declaration to acquire Mega International Bank, Standard Chartered’s acquisition of Hsinchu International Bank, Taishin Holdings’ acquisition of Chang Hwa Bank, and Fubon Bank’s taking over of Taipei Bank, were used to explore the acquisition procedures and ensuing problems, in which acquisition timing, motives, scale, features and correlations were compared.

These local financial holding companies were selected according to their business scale, competitiveness and their acquisition which are in process or have just been completed.

The following conclusions are derived: 1.Financial holding companies’corporate governance and internal control system leave a lot to be desired. Under such circumstances, it may entail ethical hazards if related financial supervision agencies are incapable of doing a good job in supervising these companies. It highlights a warning sign of the financial company’s failure regarding their internal control, and may result in acquisition failure. 2.According to the cases in this study, private financial institutions are more likely to successfully acquire state-run banks which are under rigid internal control and have good operation performance, as well as a long history. 3.The financial mergers over the past few years have enabled many conglomerates to greatly expand their assets in a few years. Thus, the public generally perceives that such a move actually sacrifices people’s wellbeing to benefit the conglomerates. It will be dangerous and the impact considerable if the scale of those financial conglomerates keeps expanding without countermeasures to strictly supervise and control them.

並列關鍵字

hostile merger ； Financial holding companies ； acquisition ； defense strategy

參考文獻

7.吳正慶，2006，我國金融控股公司併購成效之研究：以臺北銀行與富邦銀行併購案為例，國立臺灣大學管理學院財務金融組碩士論文，初版。

8.莊蕎安，2007，攻防戰之攻方攻略，會計研究月刊第254期。

Jensen, M.C.and R.S.Ruback. 1983. The market for Corporate Control: The Scientific Evidence? Journal of Finance Economics11:5-50。

Lewellen, Wilbur .G. 1971.A Pure Financial Rationable for the Conglomerate Merger.The Journal of Finance 27:521-537。

Mueller,D.C., 1969.A theory of conglomerate mergers, Quarterly Journal of Economics, 643-660。