我國金融控股公司併購成效之研究： 以台北銀行與富邦銀行併購案為例

Abstract

我國金融控股公司併購策略與成效之研究： 以台北銀行與富邦銀行併購案為例

摘要 本文首先蒐集並歸納銀行業從事購併活動的理論動機，其次整理學術界對於世界各國銀行併購案的實證研究結果，以了解其成效。最後以臺北銀行與富邦銀行合併案為例，觀察並分析二家績優公民營銀行的合併以前、過度期間以及合併後成效。重要結論如下：第一、依據合併前三年的六項指標平均數，臺北銀行與富邦銀行優劣互見，其合併案應屬二家優質廠商，基於互補的理由進行合併。第二、在業務整合的二年內，被併的臺北銀行逐漸喪失原有優勢，而原本即屬於收購主體的富邦銀行則成為合併的獲益者。第三、正式合併後，臺北富邦銀行與全體銀行的經營與財務比率數據絕大多數超越全體銀行的平均值，而整合期間一度嚴重衰退的主要業務成長率亦大幅上升，遠超過全體銀行的平均值。合併的成效已經逐漸浮現出來，惟效率的提升能夠持續多久，則尚有待持續觀察。

The Study of Merge and Acquisition Strategy and Its Effectiveness of The Financial Holding Companies in Taiwan: The Case of Taipei Bank and Fubon Bank Abstract The article firstly addresses the banks’ theoretical motivation of merge and acquisition activities based on the collected information. Secondly, it shows some of the academic researchers’ results of their studies on worldwide banks’ merge and acquisition activities in order to understand its effectiveness. Finally, the article uses the case of Taipei Bank and Fubon Bank’s merge and acquisition as an example to observe and analyze the effectiveness of the two banks before, during and after their integration. The important conclusions are drawn as follows: 1) Based on the average scores of the six key business indications for the last three years before the integration, the high and low scores of both banks indicate that Taipei Bank and Fubon Bank may potentially complement each other, therefore the merge and acquisition may benefit for both. 2) The acquired Taipei bank has suffered a gradual loss of some business advantages during the first two years of the integration. On contrary, the merger, Fubon bank, has gained business advantages from the merge and acquisition. 3) After the integration, Taipei Fubon Bank’s performing and financial ratios surpass the majority of the banks’. In addition, Taipei Fubon Bank’s main business growth rate that suffered a serious decrease during the period of integration has increased significantly, which is now far beyond the average growth rate of all banks. The effectiveness of merge and acquisition has started to show gradually, yet whether it will last for as long as we can expect is still questionable.