Merger and Acquisition Synergy of Financial Holding Company:A Case Study on Yuanta Financial Holding and Polaris Securities

• Main Authors: Yi-chun Liu, 劉怡君
• Other Authors: Chih-Hsing Hung
• Format: Others
• Language: zh-TW
• Published: 2015
• Online Access: http://ndltd.ncl.edu.tw/handle/766zp9

碩士 === 國立高雄第一科技大學 === 金融研究所 === 103 === Taiwan''s securities market fully operational since 1962, with the stock market and securities firms relevant laws relaxed, securities firms total number of enterprises reached its peak in 1990, when a total of about 381, 1990, stock market trading volume even as the world''s first three. But nothing lasts forever, since the "third oil crisis" erupted in the second half of 1990, international crude oil prices rose, the global economy has been badly hit, the Taiwan stock market is also not immune, together with the then government decided to implement the "Securities Transaction Tax" levied, resulting in investor panic, stock market trading volume shrinking dramatically. In the economic environment and changes in government policies, many securities firms is difficult to maintain operations, so the rise of the first wave of a securities firm merger wave, this wave of consolidation is run only by a combination of mergers and acquisitions broker brokerage business of professional brokers. In order to avoid the stock market hit again, then push the government securities dealers mergers, acquisitions tide in the second wave of securities by the financial holding company law, securities dealers gradually promote large-scale, integrated, and cross-industry integration and other development financial holding mode. Holdings of various business entities can be divided into three parts as banking, insurance and securities, within the group wanted to consolidate resources across industry marketing, with a diversified business to reduce operating risks. Synergies of this study to explore Yuan Holdings merger process and after the merger of Polaris Securities.1. Market share 2. Settle Force: current ratio, debt ratio 3. Motility analysis 4. Profitability analysis 5 . Growth forces , of five major projects analyze synergies after the merger.