台新金與彰化銀行合併案評估之研究

Abstract

自2000年以來，政府積極推動金融改革及金融整併政策，由我國銀行資本適足率及逾期放款比率觀察，金融業資產品質確已大幅提升，但國內銀行家數過多，殺價競爭情形未見改善，顯示我國仍須推動金融整併，尤其須先解決台新金與彰化銀行合併案爭議。

台新金合併彰化銀行案遲未解決，主要癥結為，台新金與政府對移轉經營權的認知不同，對於台新金而言，投資彰化銀行高達三百六十六億資金必須解決，否則影響其長期投資布局；但政府認為台新金在公司治理與各項財務比率上的表現，不具合併彰化銀行適格性。

我國金融業為受高度監理的產業，整併成功與否受政策影響很大。因此，對於台新金與彰化銀行合併一案，本研究依據台新金與政府意向及目前政策方向，就台新金持有超過百分之二十五控制性持股、百分之百股權合併及撤資等方案做評估，發現無論結果是合併或撤資，「公公併」較能達到政府政策目標。

Since 2000，the Government actively promote financial reform and consolidation policy。By the domestic banks’ capital adequacy ratio and NPL ratio，the asset quality of the financial sector has indeed significantly improved。However，overbanking leads to the phenomenon of excessive price competition in domestic banking。So，the Government still has to accelerate the banking consolidation policy，especially to solve the controversy of the merger of Taishin Holdings and Chang Hwa Bank。

The main crux of the merger of Taishin Holdings and Chang Hwa Bank is that，there is the different understanding of transferring Chang Hwa Bank operating right。For Taishin Holdings，the investment of up to 36.6 billion must be resolve，otherwise，it will influence the investment policies of Taishin Holdings in long term；However，the Government suppose Taishin Holdings is not qualified in corporate governance and financial ratios。

Finance is highly-supervision industry, and the success of the banking consolidation dopends on government policy。Therefore, the study estimates the three programs of the merger of Taishin Holdings and Chang Hwa bank，over 25% controlling interest、100% share exchange、and divestment，base on the intentions of Taishin Holdings and the Government and government policy direction。Regardless of the outcome is to merge or divestment, "merger of government own bank" is better to achieve the objectives of government policy。