| 摘要: | 為擴大金融產業競爭力和提升經營效率，積極推動金融改革及金融整併政策，我國政府於2000 年底通過「金融機構合併法」，並於2001 年6 月27 日公佈「金融控股公司法」，於同年11 月11 日正式施行。其後陸續通過「金融資產證券化條例」、「金融監督管理委員會組織法」等法案，以推動金融控股公司的成立，至此為提供客戶「一次購足」的服務，我國金融機構間開始進行整併透過金融控股公司轄下各子公司間之資源共享，以追求業務範圍擴展及業務多元化，進而獲取更高報酬。
觀察我國銀行之資本適足率及逾期放款比率，金融業之資產品質確已大幅提升，惟銀行家數眾多、市場集中度偏低，在高度競爭之情況下，殺價競爭情形未見改善，顯示我國仍須推動金融業整併。近年來政府喊出「金融業打亞洲盃」口號，推動我國金融業透過併購或參股海外機構方式以迅速擴大規模，希望未來促成三至五家金融機構，成為亞洲具指標性之區域性金融機構。2015年5月，政府金融整併政策又出現重要變革，將由民營金融機構間整併的「民民併」取代「公公併」。2015年8月元大金控公司宣佈併購大眾銀行，並規劃將轄下元大銀行與大眾銀行合併，乃此為國內睽違9年後再見到之商業銀行整併案。本研究將採用個案研究法，運用8十事業模式以元大銀行合併大眾銀行為研究對象，並分析此併購行為對元大銀行經營績效之效益及影響。
本研究結論如下：
一、 元大銀行為配合整個集團海外佈局，拓展海外版圖以分散獲利來源，必須加快國際化速度，此次併入大眾銀行可順利取得香港分行據點，作為進入大陸市場門戶，符合整個金控集團發展的策略，也符合政府鼓勵金融機構申設或併購海外據點打「亞洲盃」的政策。
二、 併購過程中必需尋求能創造最大合併綜效之目標。本案元大銀合併大眾銀行應可達成此目的，主要理由如下：
(一) 元大銀行與大眾銀行的規模相當，未來合併後的經營管理仍屬可掌控範圍內，對於經營階層及人力資源之安排衝擊面較小。
(二) 被併購之大眾銀行資產品質及資本適足率(BIS Ratio)，均在良好範圍內，公司體質尚佳，合併後可確保公司往正向發展。
(三) 二家銀行在業務結構上及經營據點上有互補效果。
(四) 二家銀行在經營特色上有頗大差異，合併後，彼此可重新評估採用業務績效較佳的組織架構與制度，可創造更好的獲利能力及經營效率。
三、 併購大眾銀行後，元大銀行整體資產規模可達1.2兆元以上，市占率提升約3%，將名列民營銀行第七大，可提升銀行競爭能力與品牌強度。;To enhance the competitiveness of the financial industry and improve its management efficiency, Taiwan′s government actively promoted financial reforms and consolidation policies, and passed the Financial Institutions Merger Act at the end of 2000. Additionally, the government promulgated the Financial Holding Company Act on June 27 2001, which officially took effect on November 11 of the same year. Financial Assets Securitization Act and the Organization Act of Financial Supervisory Commission were successively adopted to promote the establishment of financial holding companies. To provide clients with the “one-stop shopping” service, financial institutions in Taiwan have begun to conduct mergers and acquisitions (M&A), and through resource sharing among subsidiary companies affiliated to financial holding companies, these companies expand and diversify their business to obtain higher rewards.
The Bank of International Settlements ratio (BIS ratio) and non-performing loans ratio (NPL ratio) of Taiwan′s banks show that the assets quality of the financial industry has greatly improved. However, as the number of banks is high, and the market concentration rate is quite low, price competitions can still be seen under a highly competitive situation. This shows that Taiwan still has to promote M&A in the financial industry. In recent years, Taiwan′s government has chanted the slogan of “Asian Cup for the financial industry” to make the industry in Taiwan rapidly expand its scale through M&A or joint-stocks with overseas institutions. It is hoped that three to five financial institutions will become significant regional financial institutions in Asia. In May 2015, the government′s financial M&A policy saw another important reform: public-bank-mergers would be replaced by private-bank-mergers among private financial institutions. In August 2015, Yuanta Financial Holding Co., Ltd. announced its M&A with Ta Chong Bank and planned a merger between its affiliated Yuanta Bank and Ta Chong Bank. The M&A case of commercial banks was nine years apart from the previous one. The study adopted case study and 8-Cross Business Model to probe into the subjects, Yuanta Bank merging with Ta Chong Bank and analyzed benefits and influence on the business performance of Yuanta Bank from the M&A.
The conclusions of the study are as follows:
1. To develop its business overseas for the entire group and expand its overseas territory to disperse the origin of its profits, Yuanta Bank had to accelerate internationalization. The merger with Ta Chong Bank made it obtain the Hong Kong branch smoothly as it is the gate to China′s market. This conformed to the development strategy of the entire financial holding group and the government′s “Asian Cup” policy which encourages financial institutions to establish branches or conduct M&A overseas as well.
2. It is required to search for a goal to create the maximum merger synergy during M&A. The case of Yuanta Bank merging with Ta Chong Bank should be able to achieve the goal. Main reasons are as follows:
(1) The scale of Yuanta Bank and Ta Chong Bank was equivalent, and the management of the two banks after the M&A is still controllable, so there is less impact on the arrangement of management strata and human resources.
(2) The assets quality and BIS ratio of merged Ta Chong Bank were good, and the constitution of the bank was quite good, so Yuanta Financial Holding Co., Ltd. can have positive development after the M&A.
(3) The two banks can complement each other on their business structures and locations.
(4) The management features of the two banks were considerably different. After the M&A, they can reevaluate to adopt the organizational structure and system of the bank with better performance to create better profitability and management efficiency.
3. After merging with Ta Chong Bank, the entire assets of Yuanta Bank can reach over NT1.2 trillion dollars, its market share will increase approximately 3%, and it will rank seventh among private banks in Taiwan. Therefore, the M&A can enhance the competitiveness and brand strength of the bank. |
