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完整後設資料紀錄
DC 欄位 | 值 | 語言 |
---|---|---|
dc.contributor.advisor | 沈中華 | |
dc.contributor.author | Vivian Wu | en |
dc.contributor.author | 巫專如 | zh_TW |
dc.date.accessioned | 2021-06-08T04:43:31Z | - |
dc.date.copyright | 2009-08-12 | |
dc.date.issued | 2009 | |
dc.date.submitted | 2009-08-05 | |
dc.identifier.citation | 中文部份
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dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/23132 | - |
dc.description.abstract | In Taiwan, since the Financial Institutions Merger Law was passed in the year of 2000, a lot of mergers of financial institutions have been seen and financial holding companies are becoming larger and larger. In September 2008, Lehman Brothers went bankrupt, followed by the financial tsunami. At this time, Fubon Financial Holdings Co. acquired ING Life Taiwan, which shocked Taiwan’s financial market. This transaction was originally regarded as a good deal for Fubon because it bought ING Life Taiwan cheaply during the crisis. However, many people also worry that there might be an unexploded bomb behind ING Life Taiwan and Fubon will be the victim. Thus, this study will analyze this acquisition through case study. The purpose is to explore if this transaction is reasonable and who gains benefit in this deal.
The conclusion of this study is that international accounting standards play a vital role in this acquisition. The reason why the parent company of ING Life Taiwan chooses to sell it is that the counting standard used in Europe is much stricter than that in Taiwan. The large amount of reserves required result in the fact that ING Life Taiwan’s profit can’t go back to its parent company. Therefore, to ING’s parent company, selling its Taiwan subsidiary enables it to not only release large amount of reserves but also gain NT $200 million from Fubon. This is a quite smart decision during the financial crisis. On the other hand, to Fubon, what makes it happy is that it can increase its market share quickly but what worries it is the high interest rate guaranteed insurance contacts that ING Life Taiwan previously sold and the fact that Taiwan might adopt IFRS 4 earlier than expected. Judging from current situation, this transaction is a win-win strategy, but regarding the future, it will be like a gamble. If Taiwan delays adopting IFRS 4 and the economic situation turns good, Fubon will definitely be the winner. By contrast, if the financial environment is not advantageous to Fubon, it has to absorb the poison that ING Life Taiwan gave it. | en |
dc.description.provenance | Made available in DSpace on 2021-06-08T04:43:31Z (GMT). No. of bitstreams: 1 ntu-98-R96749015-1.pdf: 343596 bytes, checksum: 0f691448297712035ca43a17918da6f6 (MD5) Previous issue date: 2009 | en |
dc.description.tableofcontents | Table of Contents
I. INTRODUCTION 1 1.1 BACKGROUND 1 1.2 MOTIVATION 2 1.3 RESEARCH PURPOSE AND QUESTION 5 1.4 STRUCTURE OF THE STUDY 6 II. LITERATURE REVIEW 8 2.1 DEFINITION OF MERGES AND ACQUISITIONS 8 2.2 THEORY OF MERGERS AND ACQUISITIONS 8 2.2.1 Efficiency Theory 8 2.2.2 Inefficient Management Theory 8 2.2.3 Operating Synergy Theory 9 2.2.4 Financial Synergy Theory 9 2.2.5 Theory of Strategic Alignments 9 2.2.6 Undervaluation Theory 9 2.2.7 Information Theory 10 2.2.8 Theory of Winner’s Curse and Hubris 10 2.3 TYPES OF MERGERS AND ACQUISITIONS 10 2.3.1 Horizontal Mergers 10 2.3.2 Vertical Mergers 11 2.3.3 Conglomerate Mergers 11 2.4 FIRM VALUATION 11 III. INDUSTRY ANALYSIS 13 3.1 GLOBAL FINANCIAL HOLDING INDUSTRY 13 3.1.1 Definition of Financial Holding Companies 13 3.1.2 Historical Overview 13 3.1.3 Global Financial Consolidation 14 3.2 GLOBAL INSURANCE INDUSTRY 15 3.3 TAIWAN FINANCIAL HOLDING INDUSTRY 17 3.4 TAIWAN LIFE INSURANCE INDUSTRY 21 3.5 INTRODUCTION TO IFRS 4 26 3.5.1 Definition of IFRS 26 3.5.2 IFRS 4 (Insurance Contracts) 26 3.5.3 The Impact on Taiwan’s Insurance Industry 27 IV. COMPANY ANALYSIS 29 4.1 FUBON FINANCIAL HOLDING 29 4.1.1 Company Overview 29 4.1.2 Fubon Life Insurance 30 4.1.3 Financial Information 30 4.2 ING LIFE TAIWAN 33 4.2.1 Company Overview 33 4.2.1 Financial Information 35 V. ANALYSIS OF FUBON’S ACQUIRING ING 38 5.1 BACKGROUND OF FUBON’S ACQUIRING ING 38 5.1.1 Motivation of Fubon 38 5.1.2 Motivation of ING Life Taiwan 39 5.2 TRANSACTION SUMMARY 41 5.3 SYNERGY OF THE ACQUISITION 43 5.4 RISK OF THE ACQUISITION 48 5.5 COMMENT ON THE ACQUISITION 50 5.6 UPDATE OF FUBON FHC PERFORMANCE 51 VI. CONCLUSION 54 VII. REFERENCE 56 | |
dc.language.iso | en | |
dc.title | 以個案分析觀點探討富邦金併購安泰人壽 | zh_TW |
dc.title | A Case Study: Fubon Financial Holdings’Acquisition of ING Life Taiwan | en |
dc.type | Thesis | |
dc.date.schoolyear | 97-2 | |
dc.description.degree | 碩士 | |
dc.contributor.oralexamcommittee | 陳仕偉,黃河泉 | |
dc.subject.keyword | 併購,金控,人壽,準備金,利率,IFRS4, | zh_TW |
dc.subject.keyword | acquisition,financial holding company,life insurance,reserves,IFRS 4,interest rate, | en |
dc.relation.page | 58 | |
dc.rights.note | 未授權 | |
dc.date.accepted | 2009-08-05 | |
dc.contributor.author-college | 管理學院 | zh_TW |
dc.contributor.author-dept | 企業管理碩士專班 | zh_TW |
顯示於系所單位: | 管理學院企業管理專班(Global MBA) |
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