公司治理之經營權與所有權之探討－以中信入主開發金控為探討案例

Abstract

自從民國89年通過「金融機構合併法」，緊接著完成的「金融控股公司法」使銀行、證券、保險業得以相互跨業經營。在全球金融自由化、國際化的趨勢下，國內金融產業在過去二、三年間也產生劇烈變化。若民國90年號稱金控元年，則民國92年可謂之金控合併元年，二年內國內金融業透過整合、合併，達到14家金控公司家數，而市場下一步預期的是金控公司與金控公司的合併，讓金控進一步達到經濟規模。 在這股潮流中，中信證券以有異於傳統金控形成的合併方式，而採默默購買大量開發金控、股權，並聯合財政部的官股角色，取代原公司派經營團隊，成功取得開發金控的經營權。本研究利用這個具有特殊性的個案企圖探討，原開發金控董監及經營團隊在公司治理上有那些值得探討並作為其他企業借鏡之處。此外，也借由本個案研究了解中信證券在此經營權爭取上的成功關鍵因素。 綜合上述，本研究獲得結論如下： 一、有關公司治理的建議： □ 獨立董事之挑選規則。 □ 內部關係人交易之限則。 □ 建立公司購併規則或開放外人之購併機會。 □ 法規體系與會計準則。 □ 專業投資機構與積極股東之參與。 □ 落實投資人對誠信不良之董監的求償制度。

二、中信證券成功入主開發金控的關鍵因素： □ 良好的政商關係與過程中和官股的互動良好。 □ 集團雄厚財力與動員能力。 □ 中信集團經營團隊人力資源偵量俱足，在入主過程中受到其他股東認同。 □ 開發金控因近年弊案與派系問題，正處於體質不佳時期。

Since the “Financial Holding Company Law” and “Financial Institutions Merger Law” had been passed in 2001, the gorvement provided a legal framework for financial groups that want to integrate their financial service subsidiaries, such as banking, insurance and securities, through a financial holding company (FHC). The framework will allow local firms to develop more internationalized services. With the trend of global financial liberalization and internationalization, financial companies in Taiwan also experienced an extremely change in the past 2 years. Through merge and integration , there are 14 FHC has been established in 2 years.In order to create the advantage of economics scale, the consensus now expects to see more cases of the consolidation among FHC. Distinguishing from the traditional ways of FHC’s consolidation, KGI securities got the management authority of China Development Financial Holding Corporation’s (CDFHC) upon the supports of Ministry Of Finance and acquisition of CDFHC’s stock. The purpose of this thesis is to analyze the key success factors of KGI securities’ success in this case, and to find out is anything worth discussing regarding the management of the original Directors of CDFHC.

After our research, we have some conclusions as follows: 1) The suggestions of corporate management : a. the rules of selecting independent Directors b. the limitations of inside shareholders’ transaction c. establishing the regulations of corporate acquisition d. compliance system and accounting principle e. encourage the investments from qualificationed institute and other interested investors f. the compliance system of penalty for incredibility Directors

2) The key success factors of KGI Securities a. good relationship with government and related stakeholders b. the strong back-up from KGI group and well-organized mobilization c. the recongnition of its stock holders d. CDFHC’s weakness resulted from scandals and management’s argument