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研究生:范芳明
研究生(外文):Fan Fang-Ming
論文名稱:分行出售對公司財務結構與經營效率之影響-以國內單一銀行為例
論文名稱(外文):The Effects of Divestiture on Corporate Financial Structure and OperatingPerformance : the Evidence of a Domestic Bank
指導教授:龔尚智龔尚智引用關係韓千山韓千山引用關係
指導教授(外文):Gong Shang-ChiHan Chien-Shan
學位類別:碩士
校院名稱:輔仁大學
系所名稱:金融研究所
學門:商業及管理學門
學類:財務金融學類
論文種類:學術論文
論文出版年:2006
畢業學年度:94
語文別:中文
論文頁數:55
中文關鍵詞:分行出售財務結構經營效率財務指標
外文關鍵詞:consumer bankingbranch licensesM&Abranch for sale
相關次數:
  • 被引用被引用:1
  • 點閱點閱:309
  • 評分評分:
  • 下載下載:82
  • 收藏至我的研究室書目清單書目收藏:1
摘要
依現行國內十四家金控來看,不論是以銀行為主體,如第一金控和華南金控;或是以保險為主體者,如國泰金控及新光金控等;或是其他以票券公司為主幹的金控如國票金控,除開發金控以投資銀行見長外,餘金控/銀行莫不積極找尋銀行為併購對象,以擴大市場佔有率並延伸既有或是擴增銀行的通路。
而以消費金融為主力的台灣市場而言,分行一直是金融整併的重點之一。據麥肯鍚估計:八成的個金商品銷售和四成成本都是直接由分行產生,其原因除分行仍是經辦個人零售、財富管理及中小企業金融相關業務的主要場所外,分行的便利性亦是消費者選擇銀行的關鍵因素。
但在政府宣示凍結新設分行的政策下,金控及銀行為擴增通路布局及營運據點和擴大存、放款的考量下,藉由併購手段擴張據點似乎成了在消費金融業務為主流的台灣市場下的唯一出路。分行的併購價值可說是來自於因其地點的便利優勢,而能在有利潤的小眾市場中產生足夠的吸引力,也就是說分行的營業執照是否可移轉,對於分行的價值,有相當的影響力。以玉山金控併購高雄企銀為例,玉山金控在得標後,因其中有分行可自由遷移,故玉山金控逐步將原高雄企銀位於南台灣績效及地點較差的分行關掉,而將之遷移至對業績營收有貢獻的地區。
綜上所述,受國內銀行購併市場的熱絡情形的影響下,暗示著將來在大型金控及銀行為提升本身的規模經濟,及中小型金控及銀行為維持其既有的優勢下,金控及銀行對於併購他銀行將愈來愈積極,而購併標的的價格也將愈炒愈高。
以銀行營業項目分析,除傳統之存放業務外,消費及理財服務因受到經濟及環境變遷之影響,越來越受到消費大眾之重視,各家銀行亦積極發展相關業務。而依據國人傳統消費習慣,消費者於選擇服務銀行時,除考量銀行商譽、分行家數及業務種類是否一次滿足消費者所有需求外,地點便利性亦是重要考量項目之一。因此,各家銀行如欲在國內金融版圖立於優勢地位者,莫不積極爭取整併機會以取得營業據點及市場版圖,而讓售之分行執照亦成各家銀行積極爭取之對象。
本研究主要是針對目前由存款保險公司所輔導的個案,就其年度資本改善計畫項下之〝出售分行〞專案評估其可行性。相關數據的取得僅係銀行就該計畫由各處室依業務執掌所作的內部估算,並未經會計師簽核。雖然是基於一定財務假設下的評估,但是仍對於銀行經營層決策出售分行的可行性提供了有系統的評估模式。
Abstract
To go by the existing fourteen local financial holding firms, regardless whether the bank-based entities, such as First Financial Holding and Hwa Nan Financial Holding, or insurance-based entities, such as Cathay Financial Holding and Shin Kong Financial Holding and such, or other notes-based financial holdings, such as National Notes Financial Holding, except the financial holding firms that are keen on investing in banks, the rest of the financial holding conglomerates and banks have been actively searching for potential merger subjects in order to expand their market share and expand their presence, as well as expanding the banking network.

In the Taiwan market dominated by consumer banking, branch merging has always been a focal point in financial merging, which according to McKenzie’s estimations, some eighty percent of sale in financial products and forty percent of cost have been generated by branches. Which can largely be attributed to that branches not only remain a major venue for consumer retailing, wealth management and medium and small business related services, but the convenience a branch offers continues to be a determining factor in how the consumer chooses a bank.

Yet under the government’s announcement of a branch launching freezing policy, the tendency for financial holdings and banks, in search of expanding their distribution presence, business outlets and expanding their deposit and loan operations, to turned to the means of merger and acquisition has emerged to become a sole survival tactic in the consumer banking-dominated Taiwan market. The value of branch merging can be said to stem from a locale convenience advantage to offer sufficient draw in the profitable macro market, meaning the transferability of a branch license exerts a significant influence of the value of a branch. Take for the example of Sun Financial Holding’s merging Kaohsiung Business Bank, Sun Financial Holding, upon securing the bid, benefits from some of the branches that cannot be freely relocated, hence prompting Sun Financial Holding to gradually close down the former Kaohsiung Business Bank branches with a poorer performance and location in southern Taiwan, and moving them to areas that contribute to operating revenue.

Recapping the above, as influenced by the rush in the local bank merging sector, which suggests that in the future, large-scale financial holding firms, in a move to bring up their economic scales, and in response to medium and smaller scale financial holding firms and banks looking to maintain their existing advantages, financial holding firms and banks will be more keen to merge other banks, and that the cost of merging will become higher.

To analyze by bank operating categories, besides the conventional deposit/loan services, consumer banking and money management, as hindered by changes in the economy and social environment, are garnering widespread attention by the consumers, prompting all banks to actively explore related services. To go by the local residents’ banking habits, a consumer, when choosing a service bank, tends to focus not only whether the bank’s reputation, branch number and service varieties are able to satisfy the consumer’s one-stop shopping needs, yet location convenience remains one of the crucial considerations. As a result, banks that looking to instill an advantageous footing in the local banking sector are rushing to actively explore the niche opportunities merger provides in order to expand their business outlets and market presence, propelling transferable branch licenses to be a hot property much sought after by all banks.

The study aims to assess the feasibility of branch for sale proposals under the yearly capital improvement plan by focusing on cases that are currently under counseling by the Depository Insurance Corporation. Relevant figures have derived from the selected banks’ internal estimations by various divisions and offices in charge of the project, but without CPA authentication. Regardless that the assessment has been concluded based on certain financial hypotheses, it however offers a systematic evaluation model for assessing the feasibility of the management’s decision to sell off branches.
目錄
頁次
第一章 緒 論…………………………………………………………… 4
第一節 研究背景……………………………………………………… 4
第二節 研究動機與目的……………………………………………… 6
第三節 研究限制……………………………………………………… 8
第二章 文獻探討………………………………………………………… 9
第一節 公司分割與營業讓與………………………………………… 9
第二節 合併的相關法令……………………………………………… 10
第三節 金融機構併購的國內外相關文獻…………………………… 11
第四節 研究架構圖…………………………………………………… 15
第三章 本論文評估個案之背景與分析………………………………… 15
第一節 個案背景說明………………………………………………… 15
第二節 各分行所在區域分析………………………………………… 18
第三節 各分行營運績效及財務指標分析…………………………… 21
第四章 出售分行之評估與建議………………………………………… 25
第一節 綜合分析暨出售標的之建議………………………………… 25
第二節 財務假設說明………………………………………………… 30
第五章 岀售分行對銀行經營之評估…………………………………… 34
第一節 出售分行對財務之影響……………………………………… 34
第二節 出售分行對營運之影響……………………………………… 45
第六章 結 論…………………………………………………………… 53
文獻參考…………………………………………………………………… 55

表目錄
頁次
表1-1分行出售市場案例分析表……………………………………… 7
表3-1資產品質……………….....……………………………………… 17
表3-2 XX銀行各分行區域分析.....…………………………………… 18
表3-3 XX銀行各分行營運績效排名……………………………...….. 21
表3-4主要財務指標排名前五名之分行………………………………23
表3-5主要財務指標排名末十名之分行……………………………… 23
表4-1XX銀行出售分行建議…………..……………………………… 25
表4-2XX銀行分行出售前後各地區分行數統計….………………… 27
表4-3XX銀行分行出售分行各項財務指標比重….………………… 29
表4-4出售分行員工人數統計表…………………....………………… 32
表5-1出售分行資產負債表(2005.06自結數)..…....………………… 34
表5-2出售分行放款及存款統計表(2005.06自結數)..……………… 35
表5-3出售分行損益表(2005.06自結數)..…………………………… 37
表5-4出售分行利息收入及利息支出統計表(2005.06自結數)..…... 38
表5-5出售分行利息收入及利息支出預估流失率分析表(2005.06自結數) ..38
表5-6出售分行手續費收入及手續費支出統計表(2005.06自結數).. 39
表5-7出售分行手續費收入及手續費支出預估流失率分析表(2005.06自結數) ..39
表5-8出售分行營業費用表(2005.06自結數)……………………….. 40
表5-9出售分行營業費用預估影響分析表(2005.06自結數)…………40
表5-10重要財務比率分析表(2005.06自結數)………………….……41
表5-11三年度(2005年~2007年)主要損益表科目比較表…….……43
表5-12三年度(2005年~2007年)預測損益表…………….…….……44
表5-13預估放款餘額三年度比較表(2005年~2007年)….…….……45
表5-14預估利息收入三年度比較表(2005年~2007年)….…….……46
表5-15預估存款餘額三年度比較表(2005年~2007年)….…….……47
表5-16預估利息支出三年度比較表(2005年~2007年)….…….……47
表5-17預估營業收入、當期損益及現金流入三年度比較表(2005年~2007年)…48
表5-18-1維持現狀………………………………………..….…….…… 50
表5-18-2出售分行執照………………………………….….…….…… 50
表5-18-3出售分行執照暨”部份”分行主要營業及資產負債……..… 50
表5-19預估股權淨值三年度比較表(2005年~2007年)………....… 52
表5-20預估自有資本適足率三年度比較表(2005年~2007年)….… 52
表6-1維持現況與出售分行對營運及資本結構的影響………..….… 54

圖目錄
頁次
圖2-1研究架構圖………………………………………….…………… 14
圖3-1 XX銀行目前組織架構圖..……………………………………… 16
圖3-2各分行區域分布……….....……………………………………… 20
圖4-1分行出售前後-區域統計...……………………………………… 27
圖5-1預估營業收入比較圖(2005~2007年)………………………… 49
文獻參考
Cornett, M.M. and H. Tehranian (1992), “Changes in Corporate Performance Associated eith Bank Acquisitions.” Journal of Financial Economics, 31, 211-234.
Boyd, John H., Stanley L. Graham(1991),“Investigating the Banking Consolidation 72 Trend.” Federal Reserve Bank of Minneapolis Quarterly Reviewe 15(2), 3-15.
Srinivasan, A. and L.D. Wall (1992), “Cost Savings Associated with Bank Mergers,” Working Paper, Federal Reserve Book of Atlanta, Atlanta GA.
Rhoades, S.A.(1993), “The Efficiency Effects of Horizontal Bank Mergers .” Journal of Banking & Finance 17, 411-422
Shaffer, S. (1993), "Can Management Improve Bank Efficiency." Journal of Business and Finance, Vol. 17 , 423-436.
Shaffer, S.(1993), “Can Mergers Improve Bank Efficiency ?” Journal of Banking & Finance 17, 423-436
Akhavein, J.D.,A.N. Berger, and D.B. Humphrey(1997)"The Effect of Mega-Mergers on Efficiency and Prices: Evidence from a Bank Profit Function." Review of Industrial Organization ,12,95-139
Berger, A.N.and T.H. Hannan (1998), ”The Efficiency Cost of Market Power in the Banking Industry: A Test of the "Quiet Life and Related Hypotheses.” Review of Economics and Statistics 80,456-465
許韶真(2001),「台灣本國銀行業購併之效率與市場競爭性分析」,東吳大學經研所碩士論文。
歐陽遠芬(1999),「銀行的購併與經營績效-規模經濟、範疇經濟與效率之分析」,東吳大學經研所碩士論文。
陳瑞煬(2001),「台灣本國銀行業經營績效之分析 ─ 兼論購併之影響」,東吳大學經研所碩士論文。
周朝崇(2000),「台灣商業銀行合併後經營績效之研究」,大葉大學事業經營研究所碩士論文。
姚淑娟(2001),「臺灣銀行業水平併購的效率效果」,朝陽科技大學財務金融研究所碩士論文。
林炳文(2001),「台灣地區商業銀行合併之效率分析」,風險管理學報,第3卷第1期,頁1-21。
林盟城,「析論金融產業之購併活動」,產業金融第94 期,P38-P48。
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