元大金控併購寶來證券之個案研究

Abstract

證券業的經營與經濟體質及股市息息相關，證券市場民國79年崩盤之後，券商獲利銳減，第一波合併潮興起，是由綜合經紀商併購只經營經紀業務的專業經紀商。第二波證券的併購潮是在金融控股公司法通過後，國內金融業莫不前仆後繼地成立金控，各家金控的經營主體大致可分為銀行、保險、證券等三大部分，希望整合集團內的資源進行跨業行銷，圖用多角化的經營，來減低營運和財務的風險，同時增加公司的資本額和營運範疇。 在台灣加入WTO之後，兩岸簽署MOU、ECFA將金融服務業放進早期收穫清單，台灣金融業藉此取得比外資銀行更優渥進入條件。大陸金融機構的規模遠大於台灣，證券業唯有併購增加規模才能在兩岸的合作中增加能見度。 本研究主要在探討元大金控合併寶來證券的過程及合併之後的綜效。並以1.市場佔有率2.安定力分析：流動比率、負債比率3.活動力分析：固定資產週轉率、總資產週轉率、淨值週轉率 4.獲利率分析：股價、ROE、ROA，等4大項目分析併購後的綜效。

The operation of security industry is highly correlated with the economy and stock market. After the collapse of security market occurring in 1980, the first merge wave aroused by complex security brokerage agents acquisition with professional security brokerage merchants; the second merge wave came from the pass of establishment of financial share holding company, local financial industry aggressively created a new shareholding unit, which can be identified as bank, insurance and security; the purpose for financial share holding company is to integrate the resources in industry association to expand market scope, not only lowering operation and financial risk , but also increasing company capitalization and operation range. After Taiwan joining WTO and sign up MOU and ECFA with China, which brings financial industry into the early tax recovery list; Taiwan financial industry therefore can get relative advantage with foreign banks to enter China market. China financial institution size is obviously larger than Taiwan units, so security agents can only be merged to increase the size so get more visibility in China play cooperation. This research aims to discuss the process of Yuanta share holding company merge with Polaris security agent and the synergy after this merge occurrence. In view of 1.Market share; 2.Stability Analysis: Liquidity Ratio and Liability Ratio; 3.Engergy Analysis: Fixed Asset Turnover Rate, Total Asset Turnover Rate and Book Value Turn Over Rate; 4. Profitability Analysis: Stock Price, ROE, ROA, which total four items to analyze the synergy effect after this merge.