| Summary: | 碩士 === 國立中興大學 === 高階經理人碩士在職專班 === 94 === 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.
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