富邦集團投資台灣大哥大之個案研究

Abstract

在歷經二○○九年的世界性金融風暴後，富邦金控之稅後淨利在台灣十五家金控公司排名第一，而富邦集團之企業版圖除在金融產業之銀行、證券、保險、投信等各項金融服務外，亦包括不動產事業及電信媒體事業。富邦集團以其豐沛之資金，可對各項產業進行投資，對不動產事業之發展乃因早期保險業資金運用之限制而來，但電信媒體服務則為近年科技發展後之新興產業，富邦為何要由投資者的角色轉變成為實際經營者？ 本研究透過對個案之資料蒐集與整理，分析富邦集團投資及後來掌控台灣大哥大之個案，以台灣大哥大股權結構之變化、經營權易手之過程、經營權易手之管理風險及營運績效等面向，探討富邦集團對此投資案由投資轉為實際經營之策略。

After the worldwide financial crisis in 2009, the net income of Fubon financial holding company was the best among that of the fourteen others in Taiwan. The industrial domain of Fubon group does not only include the financial businesses, which are banking, securities, insurance and investment trust, etc., but also extends their realm into the business of real estate and telecommunications. With an ample capital, Fubon Groups could stretch itself into many kinds of industries. Among all the industries, they developed real estate business due to the restrictions on the capital usage of insurance companies. Fubon Groups’ decision to become an owner instead of being just a pure investor has not been discussed in the literature. This thesis discusses Fubon groups’ investment strategy on Taiwan Mobile Co. from various perspectives such as the shareholder structure, the ownership transferring process, and management risk during the period of ownership transfer.