Case Study on Merger and Acquisition of Yuanta Financial Holdings and Polaris Securities

• Main Authors: Kao, Chiao-Chen, 高巧真
• Other Authors: Wang, Sue-Fung
• Format: Others
• Language: zh-TW
• Published: 2013
• Online Access: http://ndltd.ncl.edu.tw/handle/17741672656883957881

碩士 === 國立交通大學 === 管理學院財務金融學程 === 101 === The operation of security industry is highly correlated with the economy and stock market. After the collapse of security market occurring in 1980, the first merge wave aroused by complex security brokerage agents acquisition with professional security brokerage merchants; the second merge wave came from the pass of establishment of financial share holding company, local financial industry aggressively created a new shareholding unit, which can be identified as bank, insurance and security; the purpose for financial share holding company is to integrate the resources in industry association to expand market scope, not only lowering operation and financial risk , but also increasing company capitalization and operation range. After Taiwan joining WTO and sign up MOU and ECFA with China, which brings financial industry into the early tax recovery list; Taiwan financial industry therefore can get relative advantage with foreign banks to enter China market. China financial institution size is obviously larger than Taiwan units, so security agents can only be merged to increase the size so get more visibility in China play cooperation. This research aims to discuss the process of Yuanta share holding company merge with Polaris security agent and the synergy after this merge occurrence. In view of 1.Market share; 2.Stability Analysis: Liquidity Ratio and Liability Ratio; 3.Engergy Analysis: Fixed Asset Turnover Rate, Total Asset Turnover Rate and Book Value Turn Over Rate; 4. Profitability Analysis: Stock Price, ROE, ROA, which total four items to analyze the synergy effect after this merge.