| 摘要: | 1999年11月元大證券宣佈與京華證券合併，從此邁開台灣證券發展史上，大型券商合併的新里程。面對國外證券公司多角化經營與國際化競爭威脅下，台灣證券業不論是人才、資金、技術、經營策略都面臨變的壓力。在生存競爭威脅下，同時配合世界併購潮流與政府鼓勵、引導，證券商基於經濟規模利益努力擴展市場佔有率，並在多角化經濟考量下，透過跨業合併與控股方式，朝向大型化、國際化發展。 由於國內證券商對於併購雙方公司的併購價格，大多由雙方負責人以商談方式決定，很少以有效的依據及模式來探討，本研究針對併購是否增加企業價值或併購綜效，以個案研究方式，進行瞭解。 同時針對個案公司在歷經2000年至2002年，近三年的時間整合後，由財務分析、收入分析、成本分析、市場佔有率分析與同業比較分析等不同面向，瞭解其營運、財務、市場等合併綜效。 實證結果顯示，個案公司基於擴充營業據點以提高市場佔有率、整合企業資源以降低營運成本、健全資本結構來強化競爭能力等目的，都能在併購後陸續發揮整合效果，若以麥肯錫管理顧問公司對合併案例之統計瞭解，顯示個案公司於併購後整合工作進行相當徹底，因此本併購案具有合併綜效。 In November of 1999, Yuanta Securities announced that it was going to merge with Core Pacific Securities, which is an important milestone in the merge of Securities firms. Under the threats of international competition and diversification from foreign investment banks, securities firms in Taiwan are under the pressure of change in many aspects, such as human resource, capital, technology and strategy. Owing to the competition of survival, securities firms try to expand the market share by merge or share-holding model to reach the goal of internationalization. Based on the benefits of economy scale, expanding market share is a popular way. On the other hand, it matches up the worldwide trend of merge and the encouragement of Taiwan government. In Taiwan, most prices of merger between two involved companies are decided by the negotiation of the chairman. Few cases are decided through effective data or models. This paper tends to analyze if a merger will enhance the value of firm and synergy or not. After 3-year integration, from 2000 to 2002, this paper tries to investigate Polaris Securities synergy of finance, operation and marketing from several dimensions, such as analysis of finance, revenue, cost, market share and comparison of other securities firms. Empirical results show that the case mentioned here presents the effects of integration. It leads to some important achievements of merger. For instance, Polaris Securities has increased the number of branches to expand market share and integrated the enterprise resources to reduce operation cost after merger. Moreover, it has adjusted capital structure to enhance competitiveness. According to the statistics data of merge cases from McKinsey, it presents that this case of merger integrate successfully and completely. Therefore, it tends to be concluded that the case in this paper shows the synergy of merge. |
