摘要
台灣銀行業長期受限於規模過小、同質性高、市場過度競爭、資源配置不當等不利因素，導致逾放比、呆帳升高，整體競爭力與經營績效不如國際大型金融機構。近十年來，不管從金融業的市值或股東權益報酬率等指標來看，台灣銀行業在亞洲四小龍表現最差，排名也不斷下滑。 自2000年起政府進行兩次金融改革措施，鼓勵本國銀行整併，改善體質外，以提升本國銀行的國際競爭力。兩次金融改革帶動本國銀行併購風潮，「成長」已成為是本國銀行生存的必要關鍵，停止成長的本國銀行將面臨淘汰出局命運。本文主要目的在於探討最近幾年的併購風潮對本國銀行帶來哪些機會機會與威脅，並檢視個案銀行如何透過併購策略創造經濟效益。 本研究首先運用波特的五力分析探討外部環境的變遷，對台灣銀行產業帶來哪些機會與威脅。其次運用SWOT分析列舉個案銀行業的優、劣勢，引導出對應的策略目標。其次運用平衡計與策略地圖檢視策略目標與策略行動之間的因果關係。最後檢視合併後的綜效是否發揮。 本研究結果如下： 一、兩岸金融政策的開放，將整合金融市場，擴大銀行的經營規模，適時提供了台灣金融機構絕佳的機會。加入WTO後國外金融機構的進入，享國民待遇，產業競爭者多，形成一大威脅。 二、個案銀行對外採取併購策略，來達成企業成長的目標，及國際化的佈局。對內則透過本身的競爭優勢─資訊管理系統，如：MMA理財平台，財富管理系統、顧客關係管理系統，提供客製化服務，增加理財及優質房貸資產，以提高手續費收入。運用與國外金融機構的策略聯盟運作模式，持續開發創新性的產品與服務，以擴大市場區隔。 三、合併後的個案銀行在資產規模大幅增加，成為國內第四大民營銀行，獲利能力、淨值、及營收都有大幅提升，各種業務市占率大幅往前推升排名，資本適足率更高達11.34%，超過國際的標準8%。合併後體質變的更好，國際債信評等的展望均屬穩定(Stable)。因此營運綜效(規模經濟)、市場綜效和行銷綜效(交叉行銷)都有發揮其功用。 四、購併策略成功的關鍵因素為快速的整合能力，藉由資源的共享和行銷活動之共用來降低交易成本，使得企業營運效率提高。
並列摘要
The growth of Taiwan’s banking industry has long been constrained by factors such as operating on an overly small scale, a high degree of homogeneity, over-competition and improper resource allocation, which have contributed to a rise in the industry’s non-performing loan ratio and bad debts. Domestic banks’ overall competitiveness and performance have therefore compared quite unfavorably with large international financial institutions. In the past 10 years, Taiwan’s banking industry has not performed as well as any of those in the Four Asian Tigers, either from the perspective of the industry’s market value or return on equity, and is continuing its decline in rank among the Four Tigers. Since 2000, the government of Taiwan has twice instituted financial reform policies to encourage domestic banks to undergo mergers in order to improve their financial standing as well as to help them become more competitive internationally. The two reforms have spearheaded the wave of mergers and acquisitions (M&A’s) of the banking industry, and “growth” has become the most critical element for domestic banks’ survival. Those banks who fail to achieve a certain level of growth are not expected to stay in the business in the long run. The main goal of this study is to investigate how the M&A’s in recent years have affected domestic banks in terms of opportunities and threats, and to examine how the particular institution in the case study has been able to create economic values through M&A strategies. This study first employs Porter''s Five Forces Model to analyze the transformation of the banking industry’s overall business environment and the opportunities and threats brought to the industry. Next, SWOT analysis is utilized to delineate the advantages and disadvantages of the bank in the case study, which then leads to the corresponding strategic objectives. Next, balanced scorecards and strategy maps are used to examine the cause and effect between the strategic objectives and strategic actions. And, finally, whether or not synergy is ultimately realized from the merger can be determined. The results of the investigations are as follows: 1.The liberalization of cross-straits financial policies is expected to lead to an integrated financial market, expansion of the industry’s operational scale, and thus providing an excellent and timely opportunity for domestic financial institutions. After Taiwan’s accession to the WTO, foreign financial institutions were able to enter the Taiwan market and began to enjoy the same treatment as domestic institutions. The increasing number of competitors in the industry has naturally resulted in a serious threat to domestic banks. 2.Externally, the domestic bank in our case study has chosen M&A as its strategy to achieve the enterprise’s growth objective and positioning in the international market place. Internally, through the use of information management systems – its own competitive advantages, such as MMA money management platform, wealth management system and customer relationship management system, customized services can be provided to increase wealth management and quality mortgage assets in order to raise revenues from service charges.With strategic alliance with foreign institutions, the banks are also able to continue innovations on products and services, as well as to improve market segmentation. 3.The institution in the case study has experienced a significant growth of assets subsequent to the merger and has since become the fourth largest domestic bank in Taiwan.Its profitability, net value and revenues have all increased substantially as well, pushing its various businesses up the industry’s top performers’ list. Its capital adequacy ratio has also risen to 11.34%, a figure far superior to the international standard of 8%. The company’s post-merger financial health has improved, enjoying a “Stable” credit rating and outlook from international rating bureaus. Therefore, operational synergy (economy of scale), market synergy and marketing synergy (cross-marketing) have all been realized. 4.The major factor of the success of the M&A strategy is the ability to achieve rapid integration via sharing of resources and marketing activities to lower the transaction costs, which results in an overall increase in the enterprise’s operating efficiency.
參考文獻
延伸閱讀
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