我國證券商併購實務探討
Date Issued
2005
Date
2005
Author(s)
葉公亮
DOI
zh-TW
Abstract
The securities market in Taiwan has been developed for over fifty years. The competing environment for Taiwanese securities firms has changed dramatically in both market conditions and legal governance. The pursuit for economies of scale is now an important decision for Taiwanese securities firms. They have been sensing pressures in managing their corporations since the first merger between securities firms happened in 1991 and now the pressure is even more intensified when the era of financial holding companies arrives. Securities firms are seeking to form or join a financial holding company in order to survive the fierce competition. Others are trying to increase their operating scale through mergers and acquisitions.
This thesis is taking a practical perspective to analyze the rationale behind these securities firms’ actions in mergers and acquisitions through a series of research questionnaires conducted upon high level securities firm managers, aided by in-depth interviews with firm owners. This research has found that the key influencing factors of post-merger integration include many others besides the price: the arrangement of managing teams, communication to the employees and guarantees to their legal rights, corporate cultures and blending of managing styles, the ability and sincerity of the management, and the accuracy of pre-merger evaluations.
Subjects
證券商
併購
securities firms
M & A
Type
other
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