從元大金控併購寶來證券案例探討倂購之效益

Abstract

近年來全世界的金融機構，受到自由化與科技進步力量的影響，不論是銀行、證券與保險業，吹起了一陣併購風潮。網際網路的廣泛應用，使得全球化的金融商品推陳出新，金融機構的發展將朝向跨業經營、集團化、國際化與大型化的道路前進。 台灣證券業為了擴大經濟規模發展，衍生併購之動機與必要性，近二十年來，隨著經濟起飛，國人的財富大增，證券業的規模也隨之大型百貨化，基於國際競爭之需，併購乃必經之路，希望發揮併購未來的經營綜效，提高企業的價值。面對大中華經濟市場的崛起，金融機構的角色將扮演非常重要的中介功能，因此擴大經營規模，將是台灣金融機構的重要目標。 本研究主要在探討台灣金融業的併購，元大金控藉由併購寶來證券提高市佔率、整合企業資源以降低營運成本、健全資本結構來強化競爭力，期能在合併後陸續發揮綜效，進而拉大與其他證券商的距離，造成其他證券商合併的壓力，有助於國內證券商加速合併，以達到擴大的目的。

In recent years, affect by liberalization and technology progressiveness, financial institutions such as banking, securities and insurance industries around the world burst in mergers and acquisitions. The extensive use of the Internet makes the globalized financial markets filled with newer and newer financial products abundantly. The main purpose of this study is to investigate Taiwanese securities industry in order to expand economy scale, derived from the motivation and necessity of mergers and acquisitions. Particularly in the past two decades, with the economic take-off, the trade surplus and international transaction surplus, the wealth of Taiwanese people jumped. After opening up different financial products and cross-industry business, banking industry’s main pursuit on expansion of scale of operations; branch numbers and market share are through mergers and acquisitions. Meanwhile, the securities industry has become one of the main targets of mergers and acquisitions.