從1997年亞洲金融風暴發生至今已屆四年，台灣在當時所受的創傷雖較東南亞國家輕微，證券市場加權股價指數猶能力守7000點不破，甚且隔年還反彈至9300點以上；不過接踵而來的地雷股風暴卻使加權指數大跌至5400點左右，一年之內跌幅將近4000點。事後股市雖有大幅反彈，然台灣金融業長期走空的趨勢，更因地雷股事件而使經營體質雪上加霜、欲振乏力。

本個案以在亞洲金融風暴期間崛起之韓國KOL公司為研究對象，KOL公司為一小型金融控股公司，旗下控有銀行、證券、保險、資產管理等韓國子公司，背後大股東為一在香港上市之英國iRegent投資集團。本個案以企業評價角度，應用股利折現、成長機會價值及三階段發展等三種評價模式，從KOL旗下子公司一一切入探討，最後再依評價模式之重要性賦予不同之權重，而綜合估算出KOL公司之整體營運價值。

金融控股公司營運模式已成為當今世界先進各國發展之趨勢，我國政府為改善時下金融業之經營困境，及提升業者國際競爭力以面對未來加入WTO以後，國外金融服務集團之嚴峻挑戰，已陸續於近期通過「金融機構合併法」暨「金融控股公司法草案」，鼓勵相關業者積極進行善備因應事宜。本個案研究的實證意義在於試圖應用評價模式獲得金融控股公司的潛在營運價值；此外，因金融控股公司以後均可在證券市場上市交易買賣，因此如何客觀公正的評價金融控股公司將是未來一項重要之研究議題。

A fatal financial crisis was overwhelming among Asian countries four years ago. Economic development of some South-eastern Asia countries was almost destroyed during that period. Korean economy was also damaged seriously because of its delicate foundation of industries' construction especially of financial sector. KoreaOnline (KOL) was formed in June 1999 by iRegenI Group which was a listed company on the Hong Kong Stock Exchange in May 1997.

KOL is an integrated Korean financial services supermarket, comprising insurance, securities, investment banking, asset management, Just like a financial holding company. The business model pursued by KOL is commonly referred to as a "bricks to clicks" model in West, this involves adding an online distribution capabilityfinternet&telemarketing) to traditional distribution methods in order to enhance competitiveness on the so-called cyber-linked world.

This case study tries to evaluate the empirical operating value of KOL by applying the combination of three different kinds of business valuation models such as the Discount Dividend model, the Growth Opportunity Value model, the Discount Cash Flow (the Three-staged Development) model, according to different weighting percentage which was endowed by measurement of each model's fitness to this case.

The case study of KOL offers a practical valuation of financial holding company. As business model of financial holding company becomes an important one to overcome financial problems encountering upon most of advanced countries. How to evaluate a financial holding company objectively becomes much more critical on business valuation field, especially when a financial holding company is planned to go public in the near future on Taiwan.

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