Please use this identifier to cite or link to this item: http://hdl.handle.net/11455/24145
標題: 探討我國銀行業之通路價值 --從台新金控入主彰化銀行為例
The Channel Value of the Banking Industry --the Case Study of Taishin Holdings Company Merging Chang Hwa Bank
作者: 廖成
Liao, Cheng
關鍵字: http://etds.lib.nchu.edu.tw/etdservice/view_metadata?etdun=U0005-1608200621141500
購併
通路價值
經濟指標
營運指標
財務指標
出版社: 高階經理人碩士在職專班
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摘要: 近年來金融環境競爭激烈,加上政府限制銀行增設分行,各金控公司為求生存莫不以採取購併方式來增加分行據點,在國內金融商品日趨成熟,各種理財商品銷售琳瑯滿目,銀行據點即成為金融商品銷售的主要通路之ㄧ,各大型金控公司為搶佔通路據點及擴大市場佔有率,因此銀行購併案例不斷產生。本研究主要是探討我國銀行業購併過程中,購併者對被併銀行除以傳統評價方法外,分行通路價值評估為何?又價格決定因素為何?藉由各種評價模式,找出最適價格,以提供金融機構作為購併參考之依據。 本研究採傳統評價方法評估彰化銀行的價值,研究標的為台新金控購併彰化之購併價格,資料來源取自國內主要被購併銀行、國內上市及上櫃之老銀行與新銀行之公開資訊,運用傳統的資產價值法、市場比較法及現金流量折現法評估,並參考購併前例及考量產業特性,加入各種不同的變數,分別估算出彰化銀行的財務指標價值與營運指標價值。前述三種方法經推算結果,以市場比較法較接近彰化銀行之購併價格。而市場比較法中,全體樣本之營運指標平均價格較財務指標之平均價格高出144%,惟仍低於彰化銀行之購併價格。從推價過程中發現老銀行之營運指標所推算價格遠低於全體樣本銀行之推算價格,據了解,老銀行之獲利來源仍以傳統之存放利差為主,對於財富管理業務之金融商品銷售,遠不及新銀的積極,因而通路價值未顯現。若扣除老銀行之推算價格,則營運指標平均價格較財務指標之平均價格高出179%,較購併價格高出約6.7%,非常接近購併價格。 本研究藉由市場比較法之推算明顯發現銀行通路價值,由此可說明銀行購併價格之決定,通路價值係購併者之重要參考指標。
In recent years, facing the competitive financial environment and the restriction of setting up branches enacted by government, the financial holding companies take the strategy of merger to increase their branches. While the financial products are getting mature and consumers have varied products to choose, banks have become the major channels to promote the financial products. For enriching the distribution channels and enlarging market share, we can see many examples that the financial holding companies merge with banks to create the synergy. This thesis aims to analyze that besides the traditional value evaluation, how financial holding companies evaluate the value of channel and what decides the merger price during the merger process. From varied valuation models, we probe into the analysis for finding the most reasonable price for financial institutions taking into consideration. This thesis valuates the Chang Hwa Bank with traditional valuation. The target we research is the merger price which Chang Hwa Bank is merged with Taishin Financial Holding Company. We select the public information from the main merged banks, public offer old banks and public offer new banks in Taiwan, as well as make valuation by operating the traditional analysis of asset value, comparable market analysis, and discounted cash flow analysis. Within different variability, we also conduct the comparable transaction analysis and take the industry characteristics into consideration to evaluate the value of financial status indicator and the value of operating indicator of Chang Hwa Bank. And we find out that the estimated price of comparable market analysis is more close to the actual merger price of Chang Hwa Bank. Proceeding the comparable market analysis, we conduct the examination that the average value of operating indicator of all samples is 144% higher than the value of financial status indicator, however, it is still lower than the actual merger price of Chang Hwa Bank. From the process of valuation, we discover that the evaluated price conducted by operating indicator of aging banks is less competitive than the evaluated average price of all samples. According to the research, the profit resource of old banks still depends on traditional deposit and loan business so their economic scales of financial management products are less competitive than new banks'. As a result, old banks don't score with the channel value as the new banks do. If we exclude the estimated price of old banks, the average value of operating indicator is 179% higher than the value of financial status indicator which means 6.7% higher than merger price; it is very close to the actual merger price. According to the result of comparable market analysis in this thesis, we learn that the channel value of bank is an essential and important element to determine the merger price.
URI: http://hdl.handle.net/11455/24145
其他識別: U0005-1608200621141500
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