台新金控與彰化銀行合併爭議之評估研究;The Study on the Merger of the Taishin Holdings and Chang Hwa Bank

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Title:	台新金控與彰化銀行合併爭議之評估研究;The Study on the Merger of the Taishin Holdings and Chang Hwa Bank
Authors:	劉興凱;Liou, Shing-Kae
Contributors:	產業經濟研究所
Keywords:	台新金控;彰化銀行;二次金改;Taishin Holdings;Chang Hwa Bank;The Second financial Reform of Taiwan
Date:	2017-08-03
Issue Date:	2017-10-27 13:59:08 (UTC+8)
Publisher:	國立中央大學
Abstract:	摘要台灣自1991年起大幅開放新銀行設立，使原處於寡占性競爭的金融業朝向自由白熱化競爭，惟新銀行財團化及1997年以來多家民營銀行爆發異常授信財務危機，引發擠兌異影響金融及社會安定，民進黨政府在2002年開始推行金改，總統陳水扁提出2年內，銀行逾放比降至5％以下，資本適足率維持在8％以上的「二五八」金改目標。台灣的第一次金改可說相當成功，也被認為是民進黨政府的主要重大成就，接著推出第第二次金改，目標是推動金融整併大型化、國際化，建構與國際接軌的金融環境與法制、推動台灣成為區域金融服務中心，以增加台灣金融產業的競爭力。惟在限時限量降低逾放及減半金融機構的二次金改四大目標下,是否圖利財團、賤賣國產備受爭議，致最後立法院決議暫緩執行。尤其2005台新金控與彰化銀行合併案，外界以小併大圖利財團及台新以股票質押海外私募基金，又轉向國內兆豐銀行股票質借，自有資金不足，來源及槓桿操作備受爭議。台新金與彰銀案2005年至今已逾十年，堪稱國內金融合併史上最大懸案，歷經政黨輪替及8位財長均無法解決。主要癥結為彰銀發行特別股，引進366億資金，並允諾投資者可由政府移轉彰銀經營權，但未認同合併之爭議。因我國金融業為受高度監理的產業，主管機關意向仍左右台新金與彰化銀行合併案，因此延宕多年無法解決。本研究即依據二次金改爭議及台新金意向與政府目前政策，就股權合併或撤資，維護公股權益及社會觀感等方案做評估，本研究發現彰銀惟有以「公公併」達到稀釋民股取回政府公股主導權，或台新金依法公開收購達50%門檻，始能徹底解決目前彰銀與台新金合併之爭議案，完成政策目標。關鍵字: 台新金控、彰化銀行、二次金改 ;ABSTRACT Since1991, the establishment of the new bank has been set up, so that the financial industry， which is still in the oligopolistic competition, and facing the competition . However, the financial crisis of the new banks and the financial crisis of private banks since 1997 have led to the impact of financial and social stability. The DPP government in 2002, so has to accelerate the banking consolidation policy, especially to solve the controversy of the merger of Taishin Holdings and Chang Hwa Bank. Began to implement the financial reform, President Chen Shui-bian proposed within 2 years, the bank over half to less than 5%, capital adequacy ratio maintained at 8% or more of the“258 ”financial target. 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 Mega Holdings” is better to achieve the objectives of government policy. Keywords: Taishin Holdings,Chang Hwa Bank,The Second financial Reform of Taiwan
Appears in Collections:	[Graduate Institute of Industrial Economics] Electronic Thesis & Dissertation

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