開發金控併購凱基證券之案例分析

Abstract

面對金融環境的改變，政府於2002年進行了以「除弊」為主軸的一次金改，由於效果顯著，遂於2004年提出以「興利」為主的二次金改的目標，致使金融業的併購於國內的盛行。不論是金控公司間的整併或金控與銀行、保險、證券間的整合，都是為求多角化經營帶來的經濟效益並能擴張事業版圖，以爭取於金融市場占有一席之地。

然而，並非所有的併購皆能發揮綜效，倘若經營者持股偏低，或經營理念及企圖心不良，很可能藉由經營決策以求私利，讓投資者被迫承受高度風險。本研究藉由個案方式探討開發金控及凱基證券之併購案，由於雙方實際經營者皆同為中信集團，圖利財團的質疑成為大眾關注焦點，除分析併購的動機、條件及綜效外，於股權結構及董監事持股情況也加以說明，以檢視經營者有無落實公司治理之精神。

To face changes in the financial environment, the government raised the first financial reform, "eliminating defects", in 2002 as the main policy. Because it was efficient, the government completed the Second Financial Reform, "Herald" in 2004. As a result, mergers and acquisitions were very prevalent in financial industry. Whether consolidation among financial holding company or integration between financial holding companies, banking, insurance and securities companies, all for gaining the benefits of diversification and increasing the marketing share in the financial industry.

However, not all mergers and acquisitions can bring synergy, if the operator holding is low, or poor operating philosophy and ambition, investors are forced to bear a high risk by unscrupulous business decision to seek personal gain. This study focused on case of merger the China Development Financial Holding Corporation (CDFHC) and KGI Securities, due to CDFHC and KGI both are belong to the Chinatrust Group, intention to making profit for Chinatrust Group has became the public focus. This study through analysis the motives of merger, conditions and performance result, and illustrate the ownership structure and directors' shareholding situation to inspect the operator whether to implement the spirit of corporate governance.