本研究旨在探討台灣民營金融控股公司於金融控股制度建立後之併購策略與併購綜效。相較於過去研究多以單一併購個案、短期市場反應或單一財務指標衡量併購成效，本研究以九家台灣民營金控為研究對象，涵蓋 2001 年至 2025 年間主要併購、整併與策略轉型事件，並透過多重個案研究、併購前後績效比較、跨個案比較與描述性統計分析，檢視不同金控之併購策略類型及其對收入、成本、資產／規模與風險四大構面之影響。

本研究將金融機構併購綜效區分為「財務合併效果」、「成長動能改善」與「經濟綜效」三個層次，以避免將併購後收入或資產自然增加直接視為完整綜效。研究樣本包括 31 個主要併購與策略事件，其中 27 個具備併購前後量化判斷資料，另有 4 個 2025 年尚待驗證個案僅作為策略觀察事件，不納入改善／惡化次數統計。本研究並依併購標的產業，將個案分為銀行／信用合作社、證券、壽險、金控層級整併與複合型／其他，以分析不同併購標的之綜效差異。

研究結果顯示，台灣民營金控之併購策略具有高度異質性，可歸納為多平台擴張型、核心本位補強型、證券／投資銀行本位平台擴張型，以及結構轉型與金金併重整型。從個案層次觀察，27個具量化資料之併購個案中，收入綜效有11案成立、15案部分成立、1案未成立；成本綜效有9案成立、8案部分成立、10案未成立；資產／規模綜效有5案成立、22案部分成立；風險綜效則有3案成立、12案部分成立、11案未成立，另有1案因基期資料不足而無法明確判斷。上述結果顯示，併購最普遍形成的是收入基礎與形式資產規模擴張，但完整的成本效率、有效資產運用與風險穩健性改善並不一致。

進一步從指標層次檢視，27個量化個案之資產總額改善率達100%，利息收入、手續費收入與保費收入改善率亦均超過八成；相較之下，收入成長率、營收成長率、總資產成長率、ROA、ROE、EPS、費用率、資本適足率與負債比率等指標之改善較不穩定。因此，本研究認為，金融控股公司併購可以使組織「變大」，但不必然使組織「變好」。併購能否形成真正具有經濟意義的綜效，關鍵仍在於併購標的與既有核心能力之互補性、併後整合能力、資本配置能力與風險管理能力。對主管機關而言，金融整併政策之推動與審查，除關注市場結構調整與規模擴張效果外，亦宜同步納入有效規模、整合計畫、資本承諾與金融穩定等面向。

This study examines the merger and acquisition strategies and post-merger synergies of privately owned financial holding companies in Taiwan under the financial holding company system. Unlike previous studies mainly focusing on individual merger cases, short-term market reactions, or single financial indicators, this study investigates nine privately owned financial holding companies in Taiwan, covering major mergers, consolidations, and strategic transformations from 2001 to 2025. Through multiple case studies, pre- and post-merger performance comparisons, cross-case analysis, and descriptive statistical analysis, this study evaluates merger strategy types and their effects on four dimensions of synergy: revenue, cost, assets/scale, and risk.

To avoid directly equating post-merger increases in revenue or assets with full-fledged synergy, this study distinguishes merger synergy into three levels: financial consolidation effects, improvement in growth momentum, and economic synergy. The sample consists of 31 major merger-related cases, 27 with sufficient quantitative data for pre- and post-merger assessment. The remaining four cases, which occurred in 2025 and have yet to be verified, are treated as strategic observation events and are not included in the statistical count of improvement or deterioration. By target industry, the cases are classified into banks/credit cooperatives, securities firms, life insurance companies, financial holding company-level consolidations, and composite/other types, to analyze differences in synergy outcomes across merger target categories.

The findings show that the merger strategies of Taiwan’s privately owned financial holding companies are highly heterogeneous and fall into four types: multi-platform expansion, core-business reinforcement, securities/investment-banking-oriented platform expansion, and structural transformation through financial holding company consolidation. Among the 27 quantitatively assessed cases, revenue synergy was assessed as established in 11 cases, partially established in 15, and not established in one. Cost synergy was established in 9 cases, partially established in 8, and not established in 10. Asset/scale synergy was established in 5 cases and partially established in 22. Risk synergy was established in 3 cases, partially established in 12, and not established in 11, while one case remained indeterminate because of insufficient baseline data. These results indicate that mergers most consistently expand revenue bases and formal asset scale, whereas improvements in cost efficiency, effective asset utilization, and risk robustness are considerably less consistent.

At the indicator level, total assets increased in all 27 quantitatively assessed cases, while the improvement rates of interest income, fee income, and premium income all exceeded 80 percent. In contrast, indicators of growth momentum, profitability, cost efficiency, capital adequacy, leverage, and liquidity exhibited much less consistent improvement. Accordingly, mergers and acquisitions may enable financial holding companies to become “larger,” but they do not necessarily make them “better.” Whether economically meaningful synergy is achieved depends on the complementarity between the target and the acquirer’s existing capabilities, as well as post-merger integration, capital allocation, and risk management capabilities. For supervisory authorities, merger review should consider not only market structure and scale effects, but also effective scale, integration plans, capital commitments, and financial stability.

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