國泰金控併購與整合之研究

Abstract

本研究以國泰金控作為研究的個案，主要探討國泰金控併購世華銀行和第七商業銀行的動機、金控兩次併購新銀行後的綜效分析及國泰金控後續的海外發展。藉由個案公司各種次級資料的蒐集，先對個案公司做分析，接著將蒐集到的數據資料作進一步的財務比率分析。本研究先以盒型圖分析來探討9個衡量變數在金控兩次併購新銀行後的趨勢，接著以變異數分析來檢定金控兩次併購新銀行後是否有營運、市場及財務綜效的出現。

研究結果顯示，金控兩次併購新銀行只有對銀行子公司存款市占率及稅前稅後淨利差異這兩個變數有造成顯著的市場及財務綜效，對其他的衡量變數都沒有造成顯著的影響，這可能是因為金控成立至今不到10年的時間，樣本數太少，又受到整體金融大環境的的影響，所以綜效在短時間內難以呈現，達到顯著的水準。由於金控成立及併購的目的是為了要發揮綜效，所以金控需要實際去做檢討改善，才能早日達到併購的綜效。

Cathay Financial Holding Company is chosen as the case study. The study mainly discusses Cathay Financial Holding Company’s merge motive of United Bank and the seventh commercial banks, synergies after the mergers, and the expansive condiction towards the overseas .

The study collects secondary data in order to analyze financial ratios to see whether the operation synergy, the market synergy and financial synergy will appear after the mergers. The box-and-whisker plot is used to explore the nine measuring variables’ trend after Cathay Financial Holding Company’s merges. Then the study use ANOVA to test whether such synergy is significant or not.

The result shows that Cathay Financial Holding Company’s merges only result in a significant market and financial synergy for bank’s subsidiaries deposit market share and the difference between net profit before tax and net profit after tax.The other measuring variables do not result in significant impact on synergies.The reason may be the establishment of financial holding company is less than ten years, so the sample size is too small. And it is influenced by the overall financial environment. Therefore, the synergy is difficult to render in a short time to reach a significant level. Since the purpose of financial holding companies’ merger is to achieve merge synergy ,the financial holding company needs to review the results and improves it in order to achieve merger synergies as soon as possible.