| 摘要: | 1990 年代我國開始實行金融自由化，但因欠缺有效的監理管制下，導致核准設立的民營銀行過多，彼此間惡性競爭，產生過度金融(over banking)現象，且又因全球性金融危機，此種現象不只於我國出現，更是擴及到東北亞、歐洲，甚至美國各地等，與我國鄰近地區的東北亞各國亦在此時出現金融改革的呼聲，因考量東北亞地區與我國受到全球經濟影響程度應相甚不遠，故筆者首先會針對臨近東北亞各國為金融改革
歷程為探討，始回歸到檢討我國之金融改革。
我國歷經一次金改、二次金改後，原想藉由「併購」達到規模經濟，惟不但未完全達到金融改革所設立之目的，更因此埋下眾多弊端而引發一陣波瀾動盪。我國二次金改旨在減少金融控股公司的數量，但因不尊重市場機制的限時限量之併購政策，使得各家金控公司人人自危，深怕自己擠不上前段班而遭併購，因此促使金控公司以高財務槓桿操作併購，出現「極致槓桿收購」(Extreme Leverage Buyout)的現象。尤其在台新金控試圖以小吃大併購彰化銀行、利用金改政策而空手套白狼之紅火案等，最終金改以失敗告終。
自此後，政府對於「金融改革」轉為保守態度，盡可能不去觸碰此敏感議題，但當全球化併購成為趨勢，金融產業亦為其中部分之一，避免我國金融機構完全消失於全球金融市場，必須正視透夠「併購」提升金融產業之競爭力，併購的手段不應僅侷限於合意收購，應積極擴展至敵意併購。 2018 年11 月，「金融控股公司投資管理辦法」正式修正，此次修正中開放金融控股間進行敵意併購，但對於於敵意併購設有一
定條件，筆者在此即提出兩大疑問：此次開放敵意併購之範圍，直接排除泛公股金融機構，是否會使其更喪失競爭力？再者，針對敵意併購所設定之一定條件是否妥適，抑或是政策開放後又畫地自限？
於本文中即會針對兩大疑問深入探討，且金融產業本身具備其行業特殊性，故於開放敵意併購同時，應具有相對應的規範始為妥當，同時參考美國金融法規立法歷程，對於我國針對金融產業併購不足之地方提出筆者之建議。;In the 1990s, Taiwan commenced to implement the financial liberalization, however, the effective supervision was insufficient. Based on the high amount of private banks approved for establishment and the vicious competition, the over-banking problem was caused.Moreover, due to the global financial crisis, this phenomenon has not only appeared inTaiwan, but also expanded to Northeast Asia, Europe, and even the United States. The people in neighbors in Northeast Asia have also demand the financial reforms at this time.Considering that Northeast Asia and Taiwan are affected by the impact of the global economy, the author will first discuss the financial reform process in neighboring countries in Northeast Asia, then return to review the Taiwan′s financial reform.
After the first and second financial reform, Taiwan originally expected to achieve the economies of scale through “mergers and acquisitions”, nevertheless, it could not completely achieve the purpose of financial reform and had many drawbacks. Taiwan’s second financial
reform aims to reduce the number of financial holding companies, whereas the M&A policy has made banks afraid of being acquired, which do not follow the market mechanism. The high financial leverage used by the company would lead to the “Extreme Leverage Buyout”
phenomenon. One of the most famous case is the Taishin International Bank of mega Changhua Bank, which looks like being a David and Goliath contest. Another case is the hostile takeover between Mega F.H.C. and Chinatrust F.H.C.
Since then, the government turned a conservative attitude towards "financial reform"and kept avoiding this sensitive issue as much as possible. However, the global mergers and acquisitions become a trend, while the financial industry is also one of them. To avoid the complete disappearance of China′s financial institutions in the global financial market, we must face up to the "M&A" to enhance the competitiveness of the financial industry. The mergers and acquisitions should not be limited to the consensual acquisitions, on the contrary,
it should be actively extended to the hostile takeover.
In November 2018, the “Regulations Governing the Investing Activities of a Financial Holding Company” was officially amended. With this amendment, the hostile mergers and acquisitions of financial holding company are opened under certain conditions. The two major questions proposed by the author are: (1) will the opening of the hostile mergers which directly exclude the pan-public financial institutions result in the lack of competition?
Furthermore, (2) is it appropriate to set certain conditions for hostile mergers and acquisitions after the pass of the policy?
This thesis will discuss the two major issues in detail. Since the specificity of financial industry, it should be appropriate to make the corresponding regulation. Finally, this thesis will propose the recommendations on Taiwan′s inadequacies of hostile takeover in the financial industry referring to the legislative process of the US financial regulations. |
