臺灣金融控股公司整合策略與綜效之研究

A Study on the Integration Strategy and Synergy of Financial holding company in Taiwan

黃啟強(Chi-Chiang Huang)

指導教授 ： 高孔廉

中原大學/商學院/企業管理研究所/碩士(2004年)

https://doi.org/10.6840/cycu200400270

摘要

金融控股公司法正式實施後，各大銀行、證券和保險紛紛籌組金控公司，到2004年五月止，已經成立了14家金融控股公司，且每家金控公司皆提出數據證明成立金控公司後所獲得的綜效。因而本研究之目的在探究金控公司成立後，有哪些因素是金控公司在進行整合時，需考慮到的因素，且這些因素是如何影響整合策略之擬定。此外在面臨不同類型的被併公司時，該採取何種整合策略來整合價值活動與無形資源，最後本研究會歸納金控公司實際之作法。
本研究以文化差異、薪資制度差異、資源差異、作業程序差異、雙方規模差異等五項組織間的差異以及不同的購併動機追求為變數，來探討在不同情境下，應採取何種整合策略。而整合策略分成下列三項：
1.整合程度：指合併後，主併公司裁撤掉多少被併公司的員工，裁得愈多，代表整合程度欲高。程度由高至低分成完全、有限度、低度整合等三種策略。
2.整合速度：也就是宣布合併後到完成整併的這段緩衝期有多久。而速度由快至慢分成快速、慢速、謹慎等三種速度。
3.協調策略：相互整合，也就是被併公司成員對策略制訂有一定的影響力；支配型，也就是被併公司成員對策略制訂無影響力只能聽從主併公司的決定。
研究結果發現合併後公司規模大小也會影響整合策略。研究結果如下：
1.資源差異愈大，則行銷活動的整合程度必須愈低，然而無論何種情況下皆可採取高程度整合來獲取營運綜效。
2.程序差異、薪資制度差異和合併後公司規模很大，則採相互協調策略。然而雙方規模差異極大時，主併公司可試著採取支配性整合策略且加快整合速度。
3.程序、薪資制度、和文化上的差異及合併後公司規模愈大，整合速度愈慢。
4.人力活動和無形資源在任何情況下，皆可高程度、快速且相互協調來整合。
5.對於異業但同集團的公司，可採有限度、慢速且相互協調的整合策略。
6.對於同業不同集團的公司，可採有限度、慢速且相互協調的整合策略。
7.對於異業不同集團的公司，可採低度、謹慎且相互協調的整合策略。

關鍵字

綜效 ； 金融控股公司 ； 購併 ； 整合策略

並列摘要

Many banks, security, and insurance companies set financial holding company after FHC low was passed. Up to 2004 year, there have been 14 financial holding companies, and each financial holding company adduces evidence to demonstrate their synergy produced after the formation of financial holding company. Therefore, the objects of this thesis are to examine what factors financial holding companies need to consider when they perform integration, and how these factors influence integration strategy. Furthermore, in face of different type of acquired companies, what integration strategy acquiring companies should take to integrate value activity and intangible resources? Finally, this study will generalize integration ways that financial holding companies adopt.
This study adopts the five differences in culture, salary, resource, procedure and scale and different M&A incentives as independent variables to examine what integration strategy should be taken under different situation. The integration strategy is as follow:
1.Degree of integration: how many labors of acquired companies do acquiring companies fire. The more the fired labor, the higher the degree of the integration. The degree is divided into three strategies from high to low: full, limited and low degree integration strategy.
2.Integration speed: how long is it from announcing merge to completing integration? The speed is divided in to three strategies from fast to slow: fast, slow and careful integration strategy.
3.Coordination strategy: there are two kinds of coordination strategy, first is mutual integration, that is to say, acquired companies have great impact on the results of any decision about the company’s future, second is dominant coordination, that is to say, acquired companies have no impact on the results of any decision about the company’s future.
This research results find that the company’s scale after merge also influence integration. All of research results are as follow:
1.The more the difference in resource between the two companies, the lower the degree of integration. However, high degree of integration can be taken in order to capture operating synergy to cut cost.
2.If the difference in procedure and salary, and the company’s scale after merge are very huge, the mutual coordination strategy must be taken. However, if the difference in scale between the two companies is very huge, the dominant coordination strategy may be tried, and speed up the integration.
3.The bigger the difference in the procedure, salary and culture, and the bigger the company’s scale after merge, the slower the speed of the integration.
4.Human resource activity and intangible resource can be integrated by high degree, fast and mutual coordination strategy.
5.As for the acquired company different from acquiring company in industry, but belong to the same corporation with acquiring company, the limited degree, slow and mutual coordination strategy can be adopted.
6.As for the acquired company in the same industry with acquiring company, but not belong to the same corporation, the limited, slow and mutual coordination strategy can be adopted.
7.As for the acquired company different from acquiring company in industry, and not belong to the same corporation, the low degree, careful and mutual coordination strategy can be adopted.

並列關鍵字

M&A ； Synergy ； Integration strategy ； Financial holding company

參考文獻

10.吳思華（1996），「策略九說」，初版，台北：城邦文化事業股份有限公司。

2. Barney, J. B. (1991), “Firm resources and sustained competitive advantage”, Journal of Management, vol.17, pp.99-120.

4. Brouthers, K. D., Hastenburg, P. V. & Joran, V. D. (1998), “If most mergers fail why are they so popular?”, Long Range Planning, vol.31, pp.347-353.

5. Copeland, E.T., and J.F. Weston (1979), Financial Theory and Corporate

Policy, 2ed.Addition-Wesley Publishing Company, Inc.