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題名 併購活動之價值創造─以J與O銀行之併購為例
Value Creation in Mergers and Acquisitions: A Case Study of the Merger between Bank J and Bank O作者 李稷安
Lee, Chi-An貢獻者 張元晨<br>呂桔誠
Chang, Yuan-Chen<br>Lyu, Jye-Cherng
李稷安
Lee, Chi-An關鍵詞 併購
綜效
評價
M&A
Synergy
Valuation日期 2024 上傳時間 1-Mar-2024 13:45:45 (UTC+8) 摘要 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.參考文獻 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 3. Bank J (2002) annual report. Retrieved from https://www.sec.gov/Archives/edgar/data/19617/000095012303002985/y83354e10vk.htm 4. Bank J (2003) annual report. Retrieved from https://www.jpmorganchase.com/ir/annual-report 5. Bank J (2004) annual report. Retrieved from https://www.sec.gov/Archives/edgar/data/19617/000095012305002539/y05475e10vk.htm#125 6. Bank J (2005-2007) annual report. Retrieved from https://www.jpmorganchase.com/ir/annual-report 7. Bank O (2000) annual report. Retrieved from https://www.sec.gov/Archives/edgar/data/1067092/000095013101500323/d10k405.htm 8. Bank O (2001) annual report. Retrieved from https://www.sec.gov/Archives/edgar/data/1067092/000095013102000745/dex131.pdf 9. Bank O (2002) annual report. Retrieved from https://www.sec.gov/Archives/edgar/data/1067092/000095013103001121/dex13.htm 10. Bank O (2003) quarterly report. Retrieved from https://www.sec.gov/Archives/edgar/data/1067092/000106709203000192/d10qsept03b.htm 11. Bank O (2003) annual report. Retrieved from https://www.sec.gov/Archives/edgar/data/1067092/000095012304002032/y93477exv13.htm 12. Carrier to buy German firm Viessmann’s unit in $13.17 bln deal, April 26, 2023. Retrieved from https://www.reuters.com/markets/deals/carrier-buy-german-firm-viessmanns-unit-1317-bln-deal-2023-04-25/ 13. Dividend Discount Model. Retrieved from https://corporatefinanceinstitute.com/resources/valuation/dividend-discount-model/ 14. Durkin, T., A. (2000). Credit Cards: Use and Consumer Attitudes, 1970–2000 Federal Reserve Bulletin, p.623-p.634. Retrieved from https://www.federalreserve.gov/pubs/bulletin/ 2000/0900lead.pdf 15. Embattled Bank One Names Dimon as Its Chairman, CEO. Retrieved from https://www.wsj.com/articles/SB954190097135153504 16. Fed holds rates, sees expansion, December 10, 2003. Retrieved from https://edition.cnn.com/2003/BUSINESS/12/09/us.fedrate/index.html 17. Federal Funds Rate History 1990 to 2023, October 17, 2023. Retrieved from https://www.forbes.com/advisor/investing/fed-funds-rate-history/ 18. GDP weaker than expected, January 30, 2004. Retrieved from https://money.cnn.com/2004/01/30/news/economy/gdp/index.htm 19. Glencore makes cash swoop for Teck Resources’ coal business, June 12, 2023. Retrieved from https://www.ft.com/content/02f90e23-5d54-456f-b17b-fc72fcff379d 20. Global M&A Industry Trends: 2023 Mid-Year Update. Retrieved from https://www.pwc.com/gx/en/services/deals/trends.html#summary 21. Global M&A Trends in Financial Services: 2023 Mid-Year Update. Retrieved from https://www.pwc.com/gx/en/services/deals/trends/financial-services.html 22. Gramm-Leach-Bliley Act (GLBA). Retrieved from https://content.next.westlaw.com/Glossary/PracticalLaw/I0f9fea4eef0811e28578f7ccc38dcbee?transitionType= Default&contextData=(sc.Default) 23. Gramm Leach Bliley Act (GLBA). Retrieved from https://ballotpedia.org/Gramm-Leach-Bliley_Act#Background 24. How strong are regional and community banks in the US? May 19, 2023. Retrieved from https://usafacts.org/articles/how-strong-are-regional-and-community-banks-in-the-us/ 25. Inside The Global 2000: JPMorgan Is Again The World’s Largest Company As Berkshire Hathaway Falls, June 8, 2023. Retrieved from https://www.forbes.com/sites/hanktucker/2023/06/08/inside-the-global-2000-jpmorgan-is-again-the-worlds-largest-company-as-berkshire-hathaway-falls/?sh=4b2077396ce3 26. Is the job market healthy or just less sick? June 14, 2004. Retrieved from https://edition.cnn.com/2004/US/06/14/workers/ 27. Joint Proxy Statement April 19, 2004. Retrieved from https://www.jpmorganchase.com/content/dam/jpmc/jpmorgan-chase-and-co/investor-relations/documents/2004-Proxy-JointS4.pdf 28. J.P. Morgan, Bank One announce merger, January 15, 2004 Updated Oct 6, 2011. Retrieved from https://www.eastvalleytribune.com/money/j-p-morgan-bank-one-announce-merger/article_0e82de47-2ac6-53b3-90db-407b48292e8a.html 29. J.P. Morgan to buy Chicago’s Bank One, January 15, 2004. Retrieved from https://www.chicagotribune.com/news/ct-xpm-2004-01-15-0401150407-story.html 30. J.P. Morgan Chase Merger announcement. Retrieved from https://jpmorganchaseco.gcs-web.com/static-files/faf8b2f6-fe3c-44e8-81e4-45574e4ffedd 31. Newmont gets Aussie regulatory nod for $16.8 bln Newcrest deal, August 22, 2023. Retrieved from https://www.reuters.com/markets/deals/newmont-gets-aussie-regulatory-nod-168-bln-newcrest-deal-2023-08-21/ 32. Pfizer to raise $31 billion in debt offering to fund Seagen acquisition, SEC filing shows, May 17, 2023. Retrieved from https://www.cnbc.com/2023/05/17/pfizer-to-raise-31-billion-for-seagen-deal-in-debt-offering.html 33. Remarks by Governor Mark W. Olson, March 1, 2004. Retrieved from https://www.federalreserve.gov/boarddocs/speeches/2004/20040301/default.htm 描述 碩士
國立政治大學
國際金融碩士學位學程
111ZB1023資料來源 http://thesis.lib.nccu.edu.tw/record/#G0111ZB1023 資料類型 thesis dc.contributor.advisor 張元晨<br>呂桔誠 zh_TW dc.contributor.advisor Chang, Yuan-Chen<br>Lyu, Jye-Cherng en_US dc.contributor.author (Authors) 李稷安 zh_TW dc.contributor.author (Authors) Lee, Chi-An en_US dc.creator (作者) 李稷安 zh_TW dc.creator (作者) Lee, Chi-An en_US dc.date (日期) 2024 en_US dc.date.accessioned 1-Mar-2024 13:45:45 (UTC+8) - dc.date.available 1-Mar-2024 13:45:45 (UTC+8) - dc.date.issued (上傳時間) 1-Mar-2024 13:45:45 (UTC+8) - dc.identifier (Other Identifiers) G0111ZB1023 en_US dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/150177 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 國際金融碩士學位學程 zh_TW dc.description (描述) 111ZB1023 zh_TW dc.description.abstract (摘要) 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。 zh_TW dc.description.abstract (摘要) 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. en_US dc.description.tableofcontents 1. Introduction -7- 2. Literature Review -11- 2.1 An Overview of Valuation Methods -11- 2.2 Issues Faced with Bank Valuation -12- 2.3 Bank Valuation Methods -14- 3. Valuation Models -18- 3.1 The Selection of Valuation Methods -18- 3.2 FCFE Model -18- 3.3 Dividend Discount Model -20- 3.4 Market Multiples -22- 3.5 Market Price Method -22- 4. Strategic Analysis of the Merger -24- 4.1 Case Selection Criteria -24- 4.2 Macro Environment of the Merger -25- 4.3 Introduction to Bank O before the Merger -29- 4.4 Introduction to Bank J before the Merger -32- 4.5 Pre-merger Comparison between Bank J and Bank O -35- 4.6 Rationale for the Merger -37- 5. Financial Statement Analysis of Bank O -40- 5.1 Balance Sheet Analysis -40- 5.2 Income Statement Analysis -42- 5.3 Profitability -44- 5.4 Credit Quality-46- 5.5 Financial Solidity -49- 5.6 Liquidity -50- 6. The Valuation of Bank O -51- 6.1 FCFE model -51- 6.2 Dividend Discount Model-61- 6.3 Market Multiples -63- 6.4 Market Price Method Application -66- 6.5 Summary -66- 7. Synergies of the Merger -68- 7.1 Transaction Details -68- 7.2 The Premium Paid by Bank J -68- 7.3 Sources of Synergies -69- 7.4 Realization of Synergies -73- 7.5 Performance of the Combined Company -78- 8. Conclusion -83- 9. References -85- zh_TW dc.format.extent 1447654 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0111ZB1023 en_US dc.subject (關鍵詞) 併購 zh_TW dc.subject (關鍵詞) 綜效 zh_TW dc.subject (關鍵詞) 評價 zh_TW dc.subject (關鍵詞) M&A en_US dc.subject (關鍵詞) Synergy en_US dc.subject (關鍵詞) Valuation en_US dc.title (題名) 併購活動之價值創造─以J與O銀行之併購為例 zh_TW dc.title (題名) Value Creation in Mergers and Acquisitions: A Case Study of the Merger between Bank J and Bank O en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 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 3. Bank J (2002) annual report. Retrieved from https://www.sec.gov/Archives/edgar/data/19617/000095012303002985/y83354e10vk.htm 4. Bank J (2003) annual report. Retrieved from https://www.jpmorganchase.com/ir/annual-report 5. Bank J (2004) annual report. Retrieved from https://www.sec.gov/Archives/edgar/data/19617/000095012305002539/y05475e10vk.htm#125 6. Bank J (2005-2007) annual report. Retrieved from https://www.jpmorganchase.com/ir/annual-report 7. Bank O (2000) annual report. Retrieved from https://www.sec.gov/Archives/edgar/data/1067092/000095013101500323/d10k405.htm 8. Bank O (2001) annual report. Retrieved from https://www.sec.gov/Archives/edgar/data/1067092/000095013102000745/dex131.pdf 9. Bank O (2002) annual report. Retrieved from https://www.sec.gov/Archives/edgar/data/1067092/000095013103001121/dex13.htm 10. Bank O (2003) quarterly report. Retrieved from https://www.sec.gov/Archives/edgar/data/1067092/000106709203000192/d10qsept03b.htm 11. Bank O (2003) annual report. Retrieved from https://www.sec.gov/Archives/edgar/data/1067092/000095012304002032/y93477exv13.htm 12. Carrier to buy German firm Viessmann’s unit in $13.17 bln deal, April 26, 2023. Retrieved from https://www.reuters.com/markets/deals/carrier-buy-german-firm-viessmanns-unit-1317-bln-deal-2023-04-25/ 13. Dividend Discount Model. Retrieved from https://corporatefinanceinstitute.com/resources/valuation/dividend-discount-model/ 14. Durkin, T., A. (2000). Credit Cards: Use and Consumer Attitudes, 1970–2000 Federal Reserve Bulletin, p.623-p.634. Retrieved from https://www.federalreserve.gov/pubs/bulletin/ 2000/0900lead.pdf 15. Embattled Bank One Names Dimon as Its Chairman, CEO. Retrieved from https://www.wsj.com/articles/SB954190097135153504 16. Fed holds rates, sees expansion, December 10, 2003. Retrieved from https://edition.cnn.com/2003/BUSINESS/12/09/us.fedrate/index.html 17. Federal Funds Rate History 1990 to 2023, October 17, 2023. Retrieved from https://www.forbes.com/advisor/investing/fed-funds-rate-history/ 18. GDP weaker than expected, January 30, 2004. Retrieved from https://money.cnn.com/2004/01/30/news/economy/gdp/index.htm 19. Glencore makes cash swoop for Teck Resources’ coal business, June 12, 2023. Retrieved from https://www.ft.com/content/02f90e23-5d54-456f-b17b-fc72fcff379d 20. Global M&A Industry Trends: 2023 Mid-Year Update. Retrieved from https://www.pwc.com/gx/en/services/deals/trends.html#summary 21. Global M&A Trends in Financial Services: 2023 Mid-Year Update. Retrieved from https://www.pwc.com/gx/en/services/deals/trends/financial-services.html 22. Gramm-Leach-Bliley Act (GLBA). Retrieved from https://content.next.westlaw.com/Glossary/PracticalLaw/I0f9fea4eef0811e28578f7ccc38dcbee?transitionType= Default&contextData=(sc.Default) 23. Gramm Leach Bliley Act (GLBA). Retrieved from https://ballotpedia.org/Gramm-Leach-Bliley_Act#Background 24. How strong are regional and community banks in the US? May 19, 2023. Retrieved from https://usafacts.org/articles/how-strong-are-regional-and-community-banks-in-the-us/ 25. Inside The Global 2000: JPMorgan Is Again The World’s Largest Company As Berkshire Hathaway Falls, June 8, 2023. Retrieved from https://www.forbes.com/sites/hanktucker/2023/06/08/inside-the-global-2000-jpmorgan-is-again-the-worlds-largest-company-as-berkshire-hathaway-falls/?sh=4b2077396ce3 26. Is the job market healthy or just less sick? June 14, 2004. Retrieved from https://edition.cnn.com/2004/US/06/14/workers/ 27. Joint Proxy Statement April 19, 2004. Retrieved from https://www.jpmorganchase.com/content/dam/jpmc/jpmorgan-chase-and-co/investor-relations/documents/2004-Proxy-JointS4.pdf 28. J.P. Morgan, Bank One announce merger, January 15, 2004 Updated Oct 6, 2011. Retrieved from https://www.eastvalleytribune.com/money/j-p-morgan-bank-one-announce-merger/article_0e82de47-2ac6-53b3-90db-407b48292e8a.html 29. J.P. Morgan to buy Chicago’s Bank One, January 15, 2004. Retrieved from https://www.chicagotribune.com/news/ct-xpm-2004-01-15-0401150407-story.html 30. J.P. Morgan Chase Merger announcement. Retrieved from https://jpmorganchaseco.gcs-web.com/static-files/faf8b2f6-fe3c-44e8-81e4-45574e4ffedd 31. Newmont gets Aussie regulatory nod for $16.8 bln Newcrest deal, August 22, 2023. Retrieved from https://www.reuters.com/markets/deals/newmont-gets-aussie-regulatory-nod-168-bln-newcrest-deal-2023-08-21/ 32. Pfizer to raise $31 billion in debt offering to fund Seagen acquisition, SEC filing shows, May 17, 2023. Retrieved from https://www.cnbc.com/2023/05/17/pfizer-to-raise-31-billion-for-seagen-deal-in-debt-offering.html 33. Remarks by Governor Mark W. Olson, March 1, 2004. Retrieved from https://www.federalreserve.gov/boarddocs/speeches/2004/20040301/default.htm zh_TW
