金控子銀行間整併綜效之個案研究-以台新金控為例

台灣的銀行業一直存在著經濟規模過小及過度競爭的狀況，在經營績效上常常得不到效益。在早期公股行庫、信用合作社、農漁會信用部等金融機構的金融環境尚屬封閉的市埸，單純靠著利差收益就能生存下來，然而隨著台灣存放款利率的大幅下降，各銀行間的利差收益不斷的縮小，於是不善經營的金融機構就產生的經營危機，也帶動著金融機構間的合併。起初的金融合併主因各金融機構因人為的管理不當，造成高額的呆帳問題，於是產生經營上的困難，金融機構的存在主因是存款戶對金融機構的信任，一但存款戶對金融機構產生了疑慮，就會發生了擠兌的情況，所以為了維繫整個金融環境的穏定，於是體質較佳和有問題資產的金融機構之間就產生了救濟合併，然而因金融環境的不斷改變，金融機構不再只是扮演著資金供需者的角色，也開始提供著不同的服務，也因為這樣的演變，金融機構為了擴大經濟規模及市佔率於是透過合併來達成目的，這樣的合併行為也就稱為規模經濟合併。在本論文的研究中就是透過歷史文獻及個案分析的研究方式來探討本論文的研究標的－台新金控旗下台新銀行及彰化銀行的合併事宜，從本論文的研究中可得到台新金控在整個發展的過程中並非每次的決策都是正確，但在本論文的研究及歸納可得，台新金控在擴張金融版圖上的決策上，從合併信合社、大安銀行及彰化銀行這些合併行為對整個金控都是正向且有助益的，然而因現行台新金控還存在二個子銀行間獨立運作，無法得到最佳的合併效益，以致其經濟規模、總資產、資產報酬率、股東權益報酬率等經營績效都落後已經合併完成的富邦金控及國泰金控，若二個子銀行能順利合而為一，可預期台新金控的整體營收、財務結構及總資產都會有大幅的成長及改善。

關鍵字

購併；經濟規模；金融控股公司；台新金控

並列摘要

Because of the small economic scale and over-competitive in Taiwan, the performance of banking business is always low profitable. In the early era, most financial institutions, such as State-owned banks, Credit Union, Farmers' Association and Fishermen Association, can profit by interest rate spreads under the confined market in Taiwan. However, by lowing the prime rate/ interest rate, financial institutions cannot acquire benefit by the interest rate spreads as usual. Thus, some bad management financial institutions have to merge with others for surviving in the market. Somehow, merging as a bigger institution is not the cure for low-profit, good management is. Due to bad management, some merged financial institutions were facing high bad debt and further jeopardized the confidence of clients. Under this circumstance, for stabilizing the financial market, some outstanding banks have to merge shabby banks. Besides, capital supplier is no more the only role for financial institutions; some new financial services have to be launched for modern market. Under this changing, merger is the best means to expand the economies scale and to dominate market share, which is the so-called scale economies merger. The purpose of this thesis is trying to find out the pro and con of the scale economies merger of Taishin international Bank and Chang Hwa Bank via historical references and case studies. What can be found is: merging other financial institutions, for instance Credit Cooperatives, Dah-An Commercial Bank and Chang Hwa Bank do benefit to Taishin Financial Holding Co. Ltd., The vision of merger is positive and reachable. But, it is not possible to optimize the merger under a hydra-headed financial company. Once there are two independent banks- Taishin international Bank and Chang Hwa Bank under the Taishin Financial Holding Co. Ltd., all the performances and efficiency is below average and far behind the two main competitors: Fubon Financial Holding Co., Ltd and Cathay Financial Holding Co., Ltd. If these two independent banks can be merged to one, the performance, financial structure and capital of Taishin Financial Holding Co. Ltd. will be powerfully improved in the near future.