金融併購成敗關鍵因素探討 ─以新光金併購為例

NCU Institutional Repository > 管理學院 > 高階主管企管（EMBA）碩士班 > 博碩士論文 > Item 987654321/97920

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题名:	金融併購成敗關鍵因素探討 ─以新光金併購為例
作者:	蔡同欽;TSAI, TUNG-CHIN
贡献者:	高階主管企管碩士班
关键词:	新光金併購;金融併購;金融併購理論;內容分析法;量化分析法;Shin Kong Financial Holding M&A;financial M&A;financial M&A theories;content analysis;quantitative analysis
日期:	2025-05-05
上传时间:	2025-10-17 12:08:27 (UTC+8)
出版者:	國立中央大學
摘要:	在台灣金融市場蓬勃發展的過程中，自2001年《金融控股公司法》施行以來，各銀行、證券及保險業者陸續整併成立多家金控，金融業也逐漸朝向綜合化與多角化經營，伴隨市場競爭加劇與監理要求升高，近年不乏以併購方式壯大資本與擴增客戶版圖的案例，然而，涉及壽險資本不足或保單利差損等壓力時，更需要謹慎評估併購條件與整合策略，本研究針對「新光金併購」案例進行探討，藉由分析財務結構、股價波動與監理審查過程，闡明在台新金與中信金競購情境下，大型金控所面臨的風險與挑戰，首先，研究整理過去金融併購國內外相關案例，並釐清金融併購理論、動機、方式及影響等因素，接著透過內容分析法與量化分析法，檢視重大訊息於不同時點對股價及交易量的衝擊，並佐以對銀行經理人的深度訪談，最後將本研究歸納出四項結論命題:一、雙競爭者的出現有助於提高被併購者的市場估值。二、併購價格與市場反應是金融併購成功的關鍵影響因素。三、股利穩定性會影響投資人對併購案的支持度。四、監管機關的審查在金融併購成敗中扮演關鍵角色。;Since the enactment of Taiwan’s Financial Holding Company Act in 2001, banks, securities firms, and insurers have undergone continuous consolidation, forming multiple financial-holding groups and steering the industry toward greater diversification and universal banking. Intensifying market competition and stricter regulatory standards have recently driven many institutions to expand capital and customer reach through mergers and acquisitions (M&As); however, when a target faces pressures such as life-insurance capital shortfalls or negative interest-rate spreads on in-force policies, the acquiring firm must assess deal terms and post-merger integration strategies with special caution. This study examines the Shin Kong Financial Holding acquisition case, analyzing its financial structure, share-price volatility, and the regulatory review to highlight the risks and challenges large financial groups confront when two bidders—Taishin Financial Holding and CTBC Financial Holding—simultaneously pursue the same target. After reviewing domestic and international financial-sector M&A cases and clarifying theories, motives, methods, and impacts, the research applies content analysis and quantitative techniques to gauge how major disclosures at different points affected share prices and trading volumes, supplemented by in-depth interviews with bank managers, and distills four propositions: (1) the presence of multiple bidders raises the market valuation of the target; (2) acquisition price and market reaction are decisive factors in M&A success; (3) dividend stability shapes investor support for a merger; and (4) regulatory scrutiny plays a pivotal role in determining the outcome of financial mergers.
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