我國證券商併購實務探討

Abstract

我國證券產業發展至今已逾五十年，其間經歷無數次之國內外經濟起伏以及法令變更，證券商經營環境丕變，追求大型化與規模經濟為證券商發展上重要的選擇，自民國八十年起第一波合併潮開始，延續至今尚未間斷。在金控時代來臨時，證券商在經營上備感壓力，尤其在通路以及商品多元化等方面，均較金控公司矮了一截，於是紛紛尋求加入或自組金控，並不斷透過併購擴大其營運規模，求取經營優勢。 本研究係由實務觀點，設計相關研究問卷，透過訪問較大型券商之高階經理人之併購經驗及理念來分析，並輔以對其負責人之深度訪談，發現國內證券商從事併購活動時考量的重點，應加入公司長期發展之策略性思維，影響併購案成功與否的關鍵因素也隨著證券產業的發展而產生變化。本研究導出影響證券商併購整合之關鍵因素，除了價格外尚包括經營團隊是否妥善安排、與員工充分溝通及其權益保障、企業文化與管理風格之調和、經營者的能力與誠意，及併購前評估之正確性等。

The securities market in Taiwan has been developed for over fifty years. The competing environment for Taiwanese securities firms has changed dramatically in both market conditions and legal governance. The pursuit for economies of scale is now an important decision for Taiwanese securities firms. They have been sensing pressures in managing their corporations since the first merger between securities firms happened in 1991 and now the pressure is even more intensified when the era of financial holding companies arrives. Securities firms are seeking to form or join a financial holding company in order to survive the fierce competition. Others are trying to increase their operating scale through mergers and acquisitions. This thesis is taking a practical perspective to analyze the rationale behind these securities firms’ actions in mergers and acquisitions through a series of research questionnaires conducted upon high level securities firm managers, aided by in-depth interviews with firm owners. This research has found that the key influencing factors of post-merger integration include many others besides the price: the arrangement of managing teams, communication to the employees and guarantees to their legal rights, corporate cultures and blending of managing styles, the ability and sincerity of the management, and the accuracy of pre-merger evaluations.