金融機構合併之個案研究—以台銀、土銀及中信局三家行局合併為例

Abstract

鑑於國內金融業競爭力日漸式微，且加入WTO後將會面臨嚴酷的挑戰，財政部乃積極推動大型行庫合併，藉以提升金融競爭力，並與其他國際性銀行競爭。在各項組合中，經財政部加以評估後，已於88年12月29日正式宣佈台銀、土銀、中信局三合一的合併案。 然而此一合併是否站在企業的角度去評估？在不裁員下，如何提升競爭力？這是金融界普遍質疑的。本論文嚐試以歸納法及比較分析法，首先將合併之案例進行整理分析，就其其合併效益分析其可行性；並以公營銀行的現況、銀行合併案例先作探討外，並對三家行局之經營現況及競爭優勢作深入比較分析，最後得到合併之可行方式；另外，本研究之資料來源有人員訪談、政府公報、統計資料、銀行年報及相關資料。 本研究得到以下結論：就市場佔有率、公司化的難易程度、銀行經營業務及電腦系統整合方面來看，建議由台銀、土銀二家合併，其合併將產生較高之效益；如果以三家行局的合併模式，則以金融控股公司與綜合銀行的混合體為最適；最後，本論文做出五點建議：合併前應有周延之規劃，積極處理員工因合併所產生的不確定感，應加速通過「金融控股公司法」，銀行業務的創新與多元化及加速推動民營化解除法令束縛，或儘速通過「公營金融機構管理條例」以提昇競爭力。 台銀、土銀、中信局組織結構的「三合一」，並不代表合併後獲利也能「三效合一」。儘管這項合併案可以創造出一個市佔率達18%的重量級金融機構，雖然符合壟斷力假說的門檻，但是若不能擺脫公營事業傳統的諸多弊端，就算成立子公司來吸納所裁撤單位的人員，在專業技術及經濟規模上仍有障礙存在。三行局未來仍將是由財政部握有100%的官股，可能會侷限合併案所能達成的商業利益。

In view of the gradual degradation of financial contending in our domestic surroundings, the banking is anticipated to face more severe challenge and risk than ever after attempting to join the WTO. In order to enhance the competitive capability, the government has speeded up the pace of financial reformation among institutions by possessing the privatization of state-owned financial institutions, by encouraging the financial merging and by loosening its regulatory grip over the operation of financial institutions. With a careful examination of the situation, the Ministry of Finance had announced the merger of Bank of Taiwan along with Land Bank of Taiwan, and Central Trust of China on Dec. 29, 1999. Mainly, the frame of this thesis is composed of three sections. The first section starts with the historical introduction of some M&A cases along with the achieved aposteriori synergy that happened in USA, Japan and Taiwan previously. The major topic in the second section is to highlight the intrinsic restrictions of state-owned banks and additionally predicts the possibly upfront problems after merger. Finally, for the case of M&A among Bank of Taiwan, Land Bank of Taiwan and Central Trust of China, an dedicate analysis of cost/benefit in associate with individual SWOT of each bank at different stages during merging process has been discussed in the last section. In the meanwhile, four possible merger mechanisms such as controlled via “the universal bank”, “the subsidiary under the holding company”, “the subsidiary under the financial holding company” and “sub-institution under transition investment” have also been proposed. By considering the real situation of market share and compatibility, instead of three-bank-combination, it will be much advantageous if just Bank of Taiwan merges with Land Bank of Taiwan. To effectively raise the competitiveness, beside a required complete plan for merger, some other suggestions such as passing “ the financial holding company law” as soon as possible and speed up the pace of privatization of state-owned financial institutions etc have been emphasized too.