請用此 Handle URI 來引用此文件：
http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/23132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
1. 石淼(2004)，「台灣地區金融控股公司經營規模、業務整合度與經營績效關係之研究」，私立中原大學企業管理學系碩士論文。 2. 吳宗岳(2005)，「台灣金融控股公司財務監理評等指標之建構與分析」，私立中國文化大學國際企業管理研究所碩士論文。 3. 李郁怡、吳修辰(2009)，「買安泰，蔡明忠撿到便宜？」，商業周刊1093期。 4. 李秋瑜(1999)，「企業併購價格之財務評價探討─以台積電併購世大為例」，國立台灣大學財務金融研究所碩士論文。 5. 李伊婷(2000)，「台灣金融機構合併之績效研究」，國立台灣大學三民主義研究所碩士論文。 6. 林子文(2005)，「我國金融控股公司經營績效比較及因應策略之探討」，私立中華大學科技管理研究所碩士論文。 7. 林贊正(2006)，「台灣金控公司之組織變革、組織公平、員工工作壓力與組織承諾關聯之研究」，私立南華大學管理科學研究所碩士論文。 8. 林文義(2009)，「富邦苦吞ING前在負債2500億元？」，財訊月刊325期。 9. 梁允綺(2008)，「富邦金併ING安泰」，國立台灣大學財務金融研究所研究生研究報告。 10. 陳一姍、張翔一(2009)，「外商保險公司大撤退 新孤兒保單」，天下雜誌417期。 11. 葉淑儀(2001)，「金融機構之購併─分析金融機構合併法」，國立台北大學法學學系碩士論文。 12. 蔡嘉文(2003)，「金融控股公司併購行為之價值分析─以國泰金融控股公司併購世華銀行為例」，國立中正大學企業管理研究所碩士論文。 13. 魏吉漳、阮澤文、林佳音、丁筱晶、楊峯碩(2009)，「富邦金收購台灣ING保險：天上掉下來的禮物？」，國立台灣大學研究生研究報告。 14. 富邦金控2008Q3、2008Q4、2009Q1法說會報告。 15. 財團法人保險事業發展中心資料庫。 16. 經濟日報、工商時報 英文部分 1. Amit, R. and Livnat, J. 1998. Diversification Strategy, Business Cycles, and Performance. Strategy Management Journal. 2. Arzac. 2005. Valuation: For Mergers, Buyouts, and Restructuring. Wiley. 3. BenDaniel, Rosenbloom, and Hanks. 2002. International M&A, Joint Ventures & Beyond. John Wiley & Sons, Inc. 4. Clark, R.C. 1979. The Regulation of Financial Holding Companies, Harvard Law Review, 92: 787-863. 5. J. Fred Weston, Kwang S. Chung and Juan A Siu. 1988 , Takeovers, Restructuring, and Corporate Governance, 2nd edition. Prentice Hall. 6. Koller, Goedhart, and Wessels. 2005. Valuation: Measuring and Managing the Value of Companies, 4th edition. McKinsey & Company, Inc. 7. Lajoux. 2005. The Art of M&A Integration: A Guide to Merging Resources, Processes, and Responsibilities, 2nd edition. McGraw-Hill. 8. Liao, Hsien-hsing and Tsung-kang Chen. 2004. Multi-period Firm Valuation—A Free Cash Flow Simulation Approach. National Taiwan University International Conference on Finance (December 20-21, in Taipei, Taiwan). 9. Morosini & Steger. 2004. Managing Complex Mergers. Prentice Hall. 10. Patrick A.Gaughan. 2002. Mergers, Acquisitions, and Corporate Restructurings, 3rd edition. Wiley. 11. Robert F. Bruner. 2004. Applied Mergers and Acquisitions, John Wiley & Sons, Inc. 12. Robert F. Bruner. 2005. Deals from hell: M&A Lessons that Rise Above the Ashes. John Wiley & Sons, Inc. 13. Seth, A. 1990. Value Creation in Acquisition: A Reexamination of Performance Issues. Strategic Management Journal | |
| 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) | |
文件中的檔案：
| 檔案 | 大小 | 格式 | |
|---|---|---|---|
| ntu-98-1.pdf 目前未授權公開取用 | 335.54 kB | Adobe PDF |
系統中的文件，除了特別指名其著作權條款之外，均受到著作權保護，並且保留所有的權利。