台灣證券投資信託產業併購之研究：以元大投信併購寶來投信個案為例

Abstract

企業透過併購策略達到外部成長、創造經濟利益，已然成為世界的趨勢。2011年至2104年全球併購交易金額均維持穩定，2015年則創下金融海嘯以來的新高，達4兆3,230億美元，顯見併購已成為全球企業追求成長與獲利的重要手段。 我國金融機構為了提升競爭力邁向國際化，併購亦成為市場普遍採取的策略。本研究將針對投信產業運用「併購」策略，是否能達到預期的綜效與價值，進行研究。 本研究採用個案研究法，選擇投信業的個案公司來進行實務分析，採用歷史資料收集、財務評估比較分析，探討個案公司之併購歷程與結果，分析併購案完成後之綜效表現。研究結果發現：併購產生的效益在市場綜效、多角化經營及引進技術方面，效果顯著，但成效逐年遞減。合併後營運綜效未見提升。而影響主併公司併購後經營績效的主要因素在於：缺乏完善的整合計畫與併購後的整合管理。

The use of mergers and acquisitions (M A) to facilitate external growth and create economic benefits of a business has become a global trend. Despite the global financial crisis, the M A transaction amount worldwide has remained stable from 2011 to 2014 and reached its new postcrisis peak in 2015 at US$4.323 trillion. This shows that M A has become a crucial means for businesses to pursue growth and profits. To elevate competitiveness and become internationalized, Taiwan’s financial institutions also regularly utilize the strategy of M A. In this study, we investigate whether M A strategies employed by securities investment trust firms generate the expected values and synergies. We adopt a case study method and select companies from the securities investment trust industry for a practical analysis. Historical data and a comparative analysis of companies’ financial assessment results were collected to examine the M A history and results of the case firms as well as their synergic performance after M A. The study results indicate that the synergic benefits of M A are remarkable in the areas of market synergy, diversified management, and technological introduction; however, the benefits decrease year after year. Operating synergy is not increased after M A, which are mainly caused by the lack of a proper integration plan and poor post-M A integration management.