本論文有三個主要目標：首先，根據銀行業的特性，找出適用於銀行業的評價方法，以解決估算加權平均資本成本（WACC）和現金流等方面的複雜問題；其次，考慮宏觀經濟因素、策略優勢以及合併前各銀行的財務狀況，評估O銀行在與J銀行合併時的價值；第三，透過分析收入增長、成本節約、流程改進和稅收優惠等方面的綜效，評估兩家銀行合併的優勢，強調策略規劃、定價以及合併後文化、人力和系統資源整合的重要性，為在競爭激烈的金融行業中採取明智的決策提供值得參考的案例研究成果。

The thesis has three key objectives: first, to identify suitable methods for valuing banks, addressing challenges like regulatory constraints and complexities in estimating WACC and cash flow; second, to assess the value of Bank O in a merger with Bank J, considering macroeconomic factors and strategic advantages; and third, to evaluate the merger’s merit by examining synergies from revenue enhancements, cost savings, process improvements, and tax benefits. The analysis emphasizes the importance of strategic planning, pricing, and post-merger integration, providing valuable insights for decision-making in the competitive financial industry landscape.

書籍
1. Beltrame, F., and Previtali, D. (2016). Valuing Banks: A New Corporate Finance Approach. Palgrave Macmillan, London.
2. Berk, J., and DeMarzo P. (2020). Corporate Finance. Pearson Education, Inc.
3. Copeland, T., Koller, T., and Murrin, J. (1994). Valuation: Measuring and Managing the Value of Companies. Wiley.
4. Gaughan, P. A. (1996). Mergers, Acquisitions and Corporate Restructurings. John Wiley & Sons, Inc.
5. Massari, M., Gianfrate, G., and Zanetti, L. (2014). The Valuation of Financial Companies: Tools and techniques to measure the value of banks, insurance companies and other financial institutions. John Wiley & Sons.
6. Petitt, B. S., and Ferris, K. R. (2013). Valuation for Mergers and Acquisitions. Pearson Education, Inc.
7. Reuse, S. (2007). Corporate Evaluation in the German Banking Sector. Springer Science & Business Media.
8. Shiller, R. J. (2000). Irrational Exuberance. Yale University.
論文及專刊
1. Barker, R., Imam, S., and Clubb, C. (2008). “The use of valuation models by U.K. Investment analysts,” European Accounting Review, 17, no. 3, 503 –535.
2. Damodaran, A. (2013). “Valuing financial service firms,” Journal of Financial Perspectives, 1, 1–16.
3. Eccles, R. G., Lane, K. L., and Wilson, T. C. (1999). “Are you paying too much for that acquisition?” Harvard Business Review, July–August: 136-146.
4. Epstein, M. J. (2005). “The determinants and evaluation of merger success,” Business Horizons, 48, no.1, 37– 46.
5. Franceschi, L. F. (2008). “Valuations of banks in mergers,” Catholic University of Milan.
6. Frantslikh, S. (2005). “Mergers and acquisitions, featured case study: JP Morgan Chase,” Honors College Theses, Paper 7, Pace University.
7. Martynova, M., and Renneboog, L. (2008). “A century of corporate takeovers: What have we learned and where do we stand?” Journal of Banking & Finance.
8. Moshirian, F. (2011). “The global financial crisis and the evolution of markets. Institutions and Regulation,” Journal of Banking & Finance, 35, 502 –511.
9. Mullin, J. (2020). “The Repo Market is Changing (and What Is a Repo, Anyway?)” Econ Focus, First Quarter, 14-17.
10. Yeager, T. J. (2004). “The Financial Modernization Act: Evolution or Revolution?” Federal Reserve Bank of St. Louis.
網路資源
1. A Real McCoy? March 15, 1999 Retrieved from https://www.barrons.com/articles/SB921304771152871132
2. Bank J (2001) annual report. Retrieved from https://www.sec.gov/Archives/edgar/data/19617/000095012302002823/y57010e10-k405.htm
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