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1、在金控法下银行购并之策略及个案研究Finance金融,2016,6(1),33-49PublishedOnlineJanuary2016inHans.BankMerger’sStrategyunderFinancialHoldingCompanies(FHC)Act—CaseStudyofCTBCHoldingCompanyinTaiwanDongyiZhang1,Min-LeeChan2,E-ChingWu2SchoolofEconomicsInformationandEngineering,SouthwesternUn
2、iversityofFinanceandEconomics,ChengduSichuan2DepartmentofFinance,ProvidenceUniversity,TaichungTaiwanthththReceived:Sep.17,2015;accepted:Jan.26,2016;published:Jan.30,2016Copyright?2016byauthorsandHansPublishersInc.ThisworkislicensedundertheCreativeCommonsAttributio
3、nInternationalLicense(CCBY).1AbstractFacingthefiercecompetitionininternationalfinancialmarketsandtheboomingofM&Aactivities,whichisworth$3.5trilliondollarsintheglobaltotalof9500casesin2000,financialholdingcompanies(FHC)inTaiwanarecontinuallyestablishedfollowing
4、thepassageof—————————————————————————————————————————————————————FinancialHoldingCompanylawatyear2001.Thefinancialinstitutionsaimtointegratebanks,securityfirmsorin-surancecompanieseithertoreducecosts,ortoobtaintheoperatingbenefitsforthemaximizationofshareholders’w
5、ealth.Therearemorematuredandsuccessfulmergercasesinforeigncountries,suchas,1998theCitigroup-travelersmergerand2003BOA-FleetBostonmerger.Mostofforeignfinancialmergercasestakestrategicpolicyintoconsiderationinwayofhorizontalorverticalmerger.Followingthedevelopmentof
6、M&A,thefinancialinstitutionsinTaiwantrytofindsuitablepartnersformergersevenifthetargetfirmmaybeatroubledbank.WhethertheM&AinTaiwanfinancialfirmscouldreachtheirgoalsdeservesfurtherstudy.ThispaperappliesthemergercaseanalysisofCTBCholdingcompanyandtriestofind
7、outthedeterminantsindecision-makingofmergeractivities.Theresultsshouldprovideusefulinformationforbothacquirersandtargetcompaniesinconsiderationofthemerger.KeywordsFinancialHoldingCompany,Merger,Strategic,Performance,CaseStudy张冬忆等—以台湾中信金控为例张冬忆1，陈明丽2，吴萼清212西南财经大学经济信
8、息工程学院，四川成都台湾静宜大学财—————————————————————————————————————————————————————金系，台湾台中收稿日期：2015年9月17日；录用日期：2016年1月26日；发布日期：2016年1月30日摘要面对国际金融市场的激烈竞争，金融购并的热潮正方兴未艾
