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  • 學位論文

台灣金融機構併購方式之研究

A Study of M&A Methods of Financial Industry in Taiwan

指導教授 : 曾宛如

摘要


本文主要以金融機構合併法、金融控股公司法及企業併購法三法為主,自肯認金融機構併購立法有其正當性後,綜合分析上述三法各自之規範與疏漏之處,並論述金融機構及金融控股公司以「合併」、「收購」或「分割」等不同方式併購他金融機構或金融控股公司時,應適用何種法律,是否可合意選用其他法律規範,此乃因上述三法所規定之租稅優惠有所不同所致。而企業併購法的租稅優惠雖較為完整,但金融機構合併法與金融控股公司法仍有部分優於企業併購法之租稅優惠,是以金融機構或金融控股公司於併購時適用何法較為有利,仍需視個案而定。而自渣打銀行併購新竹商業銀行及中信金控併購兆豐金控此二個案為例,分析外資併購我國金融機構之策略與併購方式選擇,及敵意併購於我國金融業可行性與其易造成之法律爭議如內線交易等。最後,綜整針對我國金融機構併購之績效分析研究,發現目前我國金融機構併購時僅有範疇經濟存在,其餘金融機構併購立法目的如提高經營效率、增加獲利能等實未能達成。是以本文建議併購之立法應以排除現有法律障礙為主,而不宜「鼓勵」金融機構併購,應回歸市場機制由金融業經營者依其專業判斷之,並確實建立金融機構之退場機制,以解決我國過度金融之現象。是以主管機關亦應採明確之態度,不可名為鼓勵金融機構併購,實則對不合己意之併購案加以干涉,否則難以避免身兼政策制定、監督與執行等角色混淆不分之疑慮。

並列摘要


This paper reviews the M&A methods of the Financial Industry in Taiwan and the relationship and application between three Acts, “The Financial Institutions Merger Act”, “Financial Holding Company Act”, and “Business Mergers and Acquisitions Law”. Although according to the studies of financial industry performance after M&A show only Economies of Scope could be reached but not Economies of Scale, we still recognize the legitimacy of the enactment of the M&A Acts in the financial industry. But there are some omissions exist in the three Acts mentioned above. After comparing the regulations, we suggest that the basic M&A rules which exclude the limitation in the process caused by other acts, like Securities and Exchange Act, should be integrated within the Business Mergers and Acquisitions Law or Company Act. Moreover, the government should not encourage the M&A between companies because the encouragement implies that the M&A is positive for all companies. In fact, the M&A is positive or negative should be determined by the business itself according the professional judgment. Therefore the M&A acts for general business should not include the tax preference rules. On the contrary, the M&A acts for financial industry could include rewarding policy due to the characteristic of financial industry which is always regulated by the government in Taiwan. Those encouragement or other regulative rules could put into the “Financial Business Mergers and Acquisitions Act” which have to merger the “Financial Institutions Merger Act” and “Financial Holding Company Act”. Finally, we use two cases, the Standard Chartered Group takeovers Hsinchu International Bank and Chinatrust FHC hostile takeover Mega FHC, to check the government policy and regulator attitude about M&A and make advices.

並列關鍵字

Financial Holding Company M&A Bank Business M&A Law

參考文獻


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