從競爭力及企業價值的觀點探討銀行業合併--以世華、交銀及中國商銀為例

Abstract

近年來國際金融環境急遽變遷，在自由化與全球化浪潮的衝擊下，企業的購併行動正如火如荼的展開，尤其是國際上知名銀行前仆後繼、爭先恐後地購併同業或相關行業。在國外，不論是美國花旗銀行與旅行家集團結合或是日本第一勸業，日本興業及富士銀行合併，成為全球資產規模最大的銀行，均在金融業引起巨大震撼，因此銀行業朝向大型化發展，儼然蔚為國際間的重要趨勢。 而我國金融產業在政府開放新銀行設立後，進入百家爭鳴的時代，市場競爭非常激烈，各銀行為擴充業務一再降低授信門檻，呆帳率居高不下，使得經營品質難以提昇及獲利下降。加以金融的自由化及國際化，使非傳統銀行業亦加入爭食金融大餅，在這種金融競爭環境下，銀行未來除提供更多專業及多元化服務外，尋求合適的合併對象，應為最經濟有效的方式。 本文將以個案的方式從競爭力（以五力分析為之)及企業價值的觀點（以現金流量法及經濟利潤法為之)探討合併的可行性，本論文選定的配對組合為「交通銀行、世華銀行及中國國際商業銀行」，因為這三家行局的組合是最常被報章雜誌點名的配對組合，亦是財政部大力推動的組合之一，同時被金融業界認為是本國銀行同業間合併具有指標性質的組合。本研究之最終目的，旨在將上述檢討及分析結果，作為金融業評估購併對象的參考，祈使我國能在這一金融服務業併購之風潮中不缺席。 關鍵字:銀行合併、五力分析、現金流量法、經濟利潤法

The environment of international finance has changed dramatically recently. Due to the effect of liberalization and globalization, the scenario of merging among enterprises occur more frequently. Famous international banks rush to merge other banks or related business. The well-known cases of example for Citi and Travelers Group or The Dai-Ichi Kan Yo Industrial and Fuji bank are on this line. The merging action make the links to be the biggest bank around world. It seems that the large-scale bank has become the trend among the world. Nowadays banks in Taiwan are facing severe competitions. This situation is even worse after the deregulation for new banking by government. Banks wish to extend their loans for increase the revenue. However, they might end up with failed loan that drives their profit margins down. By liberalization and globalization, more and more non-bank lenders like life insurance, brokerage, and finance companies are interventing the traditional bank markets for loan. It will eat the profit of bank further. The most efficient of management mode in banks of Taiwan must not only provide more professional and diversified service, but also seek suitable partners to merge. The viewpoint of competitiveness and industrial value by case study is applied to discuss the possibility of merging. Three banks, merely Chiao Tung Bank, United World Chinese Commercial Bank and The International Commercial Bank of China are selected for the study of merging. The main reason is that this combination is most popular among the mass media besides its promotion combinations by the Ministry of Finance, further this combination is the milestone of merging among the local banks. A references to financial institutions for evaluation of the merging target are also provided.