Despite high failure rate, M&A remains a dominant strategy for corporations seeking expansion in a mature market, such as Taiwan’s financial market. What’s more, acquirers often pay premiums over targets’ market price for acquisitions. A combination of M&A and real options theories is introduced to better explain management’s rationale behind strategic acquisitions. To highlight the strategic moves without mathematical calculation, this paper adopts a strategic real options approach to analyze a case in point – the Fubon-Taipeibank merger. Using the real options strategy, the acquisition becomes an initial service platform expansion toward Fubon’s vision of becoming a leading regional financial institution in Asia. The exercise of Fubon’s option (buying Taipeibank) solidifies its market position with enhanced capitals and revenues, and serves as an option of follow-up M&As. Real options also inspire the M&A integration process. Three key stages, namely target identification, negotiation, and integration, are taken as options, one leads to another. The purpose is to maximize shareholders’ value by applying real option thinking to demonstrate management flexibility along the M&A process, which cannot be seen by other capital budgeting approaches. / Despite high failure rate, M&A remains a dominant strategy for corporations seeking expansion in a mature market, such as Taiwan’s financial market. What’s more, acquirers often pay premiums over targets’ market price for acquisitions. A combination of M&A and real options theories is introduced to better explain management’s rationale behind strategic acquisitions. To highlight the strategic moves without mathematical calculation, this paper adopts a strategic real options approach to analyze a case in point – the Fubon-Taipeibank merger. Using the real options strategy, the acquisition becomes an initial service platform expansion toward Fubon’s vision of becoming a leading regional financial institution in Asia. The exercise of Fubon’s option (buying Taipeibank) solidifies its market position with enhanced capitals and revenues, and serves as an option of follow-up M&As. Real options also inspire the M&A integration process. Three key stages, namely target identification, negotiation, and integration, are taken as options, one leads to another. The purpose is to maximize shareholders’ value by applying real option thinking to demonstrate management flexibility along the M&A process, which cannot be seen by other capital budgeting approaches.

在物競天擇，適者生存的定律之下，可預見金融機構將會為各種不同的目的，如擴大營業規模、提升獲利能力、吸納專業經理人才、獲取新種業務或防止經營危機等等，積極從事合併行為。綜觀國內的金融機構間合併案例過去多為處理問題基層金融機構而採行之概括承受；或為兩情相悅的善意併購，如台新銀行併大安銀行、國泰銀行併世華銀行等；或為惡意併購，如開發金控併大華證券。除了民國93年中信集團惡意購併開發金控為國內首例金控之間的合併案之外，多為大型金控公司合併其他金融機構的案例。 既然企業合併的動機是為了獲得綜效利益，就必須產生兩個基本的效果，一為擴充營業額，不是一加一等於二，而是要大於二；再來是要降低成本，包括合併後削減兩家公司的共同成本，如辦公設備、中高階幹部等。但是一般評估合併案成功與否多以市值變化為標準，如兩家公司合併，市場若不看好，雙方股價就會下跌；如果只有某一方股價漲，則表示這家公司在合併案中佔了便宜；若是兩家同漲，則表示市場肯定此合併案。但是如何評估合理的換股比例範圍，以及此合併價格是否對合併雙方的股東權益公平，是個值得深入研究的問題。 由於開發金三合一案（大華證券、中信證券和統一證券）為國內首宗證券三合一案，此合併案若通過，將取代元大證券成為國內證券業的龍頭；因此，本研究針對此三合一案，探討其換股比率。本研究另一個案，台北富邦合併案，由於富邦集團近年來與花旗集團策略聯盟，之後成立金控公司，購倂北銀，前進香港倂港基銀行，又跨足電信產業、購物頻道，可謂台灣金融業每個關鍵的發展點，富邦都掌握到了。故本研究也針對台北富邦合併案，探討其換股比率。 本研究將焦點放在合併議題中有關換股比率的決定進行實證研究。對於換股比率的探討，Kermit D. Larson and Nicholas J. Gonedes（1969）所提出的換股比率模型（以下簡稱L-G模型）算是首開先例的研究，之後亦陸續有學者針對此模型進行實證研究。因此本研究除了採用L-G模型作為實證研究的理論依據之外，還使用現金流量折現法、淨值法與市價法，提供換股比率實證研究更紮實的理論基礎。