有鑒於全球半導體產業已趨成熟，全球半導體通路商之間的競爭也越來越白熱化，越來越多家半導體通路商藉由企業併購，進行所代理產品線的互補、技術整合與併購後的企業資源整合，進而產生併購綜效(Synergy)，以達半導體通路商的經濟規模，才足以持續保有競爭力。 本研究藉由大聯大控股公司的併購策略，持續保持競爭力，以及併購後所產生綜效作為研究對象，針對未來半導體通路商產業的全球佈局之策略參考，在面對全球景氣循環不佳環境下，半導體通路商毛利率越來越低情況下，如何思考通路商的營運策略、通路商的價值與市場定位，尋求全球戰略佈局，發揮企業的核心價值與核心競爭力。在其併購前之充分準備、規劃與決定併購方式，併購後如何持續做好經營管理，組織設計與調整組織..等做完整分析，從中找出『半導體通路商之核心能力、併購戰略與整合佈局』等交互關係。 研究說明併購前應有的考慮事項如：環境評估、競爭策略方向、白地策略、價值鏈加值、併購後之系統整合、資源整合、組織的設計創新、經營管理制度創新..等因素，供相關企業於併購前後可採取之策略參考，圓滿達成併購績效目標，並達到預期併購綜效，符合股東期望。 本案例研究結果歸納出下列重點： 1.併購前首重交易前之準備階段(即評估併購目標公司和制定整併計畫)。 2.挑選併購對象時，相關併購所創造的價值比無相關併購要來得高。 3.周詳的整合計畫與管理機制，是實現併購綜效的主要關鍵。 4.留住關鍵人才是確保企業併購成功的重要基石。 5.併購後，如何消彌兩家企業間文化差異，是合併後經營成敗的關鍵因素。 6.併購後保留雙方的優良企業文化，再循序漸進轉化成新的企業願景、文化。 7.藉由不斷的溝通協調，建立共識，設定目標，資源整合等，才可以提升綜效。 8.設計新組織架構、新的營運與管理模式，讓併購綜效延續，持續保有競爭力。 9.階段性組織調整與經營策略調整，並配合上游供應商策略，是半導體通路商重要成功關鍵因素。 10.依併購對象規模條件決定，小公司由子集團併購，大公司由控股公司併購。 / In view of the mature global semiconductor industry, more and more intense competition between the global semiconductor distributor, a growing number of semiconductor distributors through mergers and acquisitions, product line agent complementary, technology integration, mergers and acquisitions, enterprise resource integration, and thus produce a net synergistic effect (synergy), to achieve the economies of scale of the semiconductor distributor, enough to sustain their competitiveness. By WPG Holdings company's acquisition strategy, the study continued to remain competitive and generate synergies after the acquisition as an object of study for future semiconductor distributors industry's and global distribution strategy reference, the poor in the face of the global business cycle environment, getting lower and lower gross profit margin in the semiconductor distributors, how to think about the operating strategy of the distributor, distributor’s value and market positioning, seeking global strategic layout, play to the company's core values and core competitiveness. Fully prepared in the pre-merger planning and decision mergers and acquisitions, post-merger continued good business management, organizational design and adjust the organization. Do a complete analysis, to find out the core competencies of the semiconductor distributors, M & A strategy and integration layout and other interactive relationship. Study shows that pre-merger due considerations such as: environmental assessment, direction of competitive strategy, Seizing the white space strategy, value chain, value-added, M & A system integration, integration of resources, organization design innovation, management system innovation. And other factors, for related enterprises can be taken before and after the M & A strategy reference, the successful completion of the merger and acquisition performance objectives, and achieve the expected synergistic gains, in line with the expectations of shareholders. This case study results are summarized to the following priorities: 1. Preparation phase before the first heavy trading in the pre-merger (ie, assessment of the M & A target company and the development of the whole and plans). 2. Selection of acquisition targets, the value of mergers and acquisitions are creating related to mergers and acquisitions to come. 3. Comprehensive integration planning and management mechanism, which is the key to achieve synergistic gains. 4. Retain key personnel to ensure that the cornerstone of success of mergers and acquisitions. 5. After the merger, and how to eliminate a key factor in business success of the cultural differences between the two companies merged. 6. After the merger, to retain both excellent corporate culture, and then step-by-step into the new corporate vision, culture. 7. By continuous communication and coordination, consensus-building, goal setting, resource integration, can enhance the synergy. 8. The design of the new organizational structure, the new operation and management mode, make a merger synergy continuation, continued to stay competitive. 9. Phased organizational restructuring and business strategy adjustment, and in line with the strategy of vendor suppliers are the semiconductor distributor important critical success factors. 10. Conditions in accordance with the scale of acquisition targets decided, a small company by the sub-group mergers and acquisitions, and large companies by the holding company mergers and acquisitions.

綜觀國內外探討金融產業經營效率之相關文獻，多數針對銀行、證券、保險中其一產業進行獨立實證研究，較無法將金融控股之綜效表現加以捕捉並體現在估計效率值中，也因此在本文中，將同時涵蓋銀行業務與證券業務，並以納入金控體制與否加以區分為不同子集合進行探討，透過數理方法聯結金控體制下銀行與證券業務部門兩者間因多角化經營所產生之綜效，以修正傳統方法上表現綜效法上之不足，使估計效率值具有更高的參考依據。 此外，研究產業效率所參考之研究方法，在相關文獻中無參數法乃以資料包絡分析法(Data envelopement analysis, DEA)為多數研究者所採用；參數法則以隨機邊界模型(stochastic frontier approach, SFA)為主要研究方法，進一步在不同群組技術效率之比較中，Battese et al. (2004) 與 O’Donnell et al. (2008)提出為多數研究者所接受之共同邊界模型(Metafrontier)，而Huang et al. (2013)所提出之修正模型使共同邊界模型在效率研究上更加完備，本文則希望以此修正模型作為主要研究模型，並同時引用Battese et al. (2004)傳統模型加以比較：(1)考慮綜效前後 (2)傳統模型與修正模型間效率值的差異，期待為後續相關研究者在方法論上提供參考依據。 關鍵字：經營效率、技術效率、共同邊界、計量方法、關聯結構法、金融控股銀行 / This study aims to discuss the evidence suggested that synergy improve the operating performance of Taiwan’s commerical banks and securites firms. Furthermore, efficiency comparisons amongst two basis metafrontier models, Haung et al.(2013) and Battese et al.(2004), and copula-adjusted metafrontier. The empirical results suggest that copula-adjusted metafrontier could significantly improve the efficiency of financial holding companies based on the data of sample period 2001-2012. On the framework of copula-adjusted metafrontier, the evidence also imply that financial holging companysubsidiary technical efficiency is better than non-financial holding company compared to the framework of Haung et al.(2013) and Battese et al.(2004), the conclusion emphasis that synergy is perhaps one crucial key factor influenced the efficiency estimation. Otherwise, this study appears to support the copula-adjusted metafrontier model is also well-adjusted compared to programming techniques because not only it enables the statistical inferences to be drawn, but also provides more efficiency estimations.

由於國內金融（包括銀行、保險、證券商等）家數過度膨脹，形成惡性競爭，導致金融服務品質低落，而且獲利式微，面對金融市場自由化與國際化之趨勢，政府為改革金融體制，引進金融控股公司制度，使金融機構跨業經營機制更具規模，滿足顧客得一次購足金融商品，促使金融機構朝大型化發展，發揮金融綜效與規模經濟，以提升國際競爭力。 本文主題「論金融控股公司保險子公司之經營策略與內部稽核」，理論與實務並行探討，先論述控股公司之相關法律問題、金融控股公司之立法例。其次以「五力分析術」探討保險子公司經營環境之優劣勢及風險，提出創新之經營策略，並實例引證美國花旗集團異業聯盟之成功經營策略。為確保投資大眾及保戶之權益，同步探討公司治理制度及內部稽核制度之重要性。 本文「結論」：評述政府金融政策之缺失，成立金融控股公司推動金融改革，保險子公司應強化競爭力。「建議」：金融控股公司及各子公司均應加強風險管理，政府並應建置金融監理制度。 關鍵字：保險子公司、金融改革、控股公司、金融控股公司、跨業經營、一次購足商品、金融綜效、規模經濟、五力分析術、異業聯盟、公司治理、內部稽核、風險管理、金融監理 / Due to the over-supply and severe competition among financial institutions (namely banks, insurance companies and security firms), the quality of finance service deteriorates and the profit margin of financial industries decreases. To cope with the global trend of liberalization and internationalization of financial services, the Government has undertaken the reform in the aspect of financial service system and enacted the “Financial Holding Company Act”. Under new current mechanism, a financial conglomerate can sell its products by means of cross selling. Not only it may benefit consumers with a “one-stop shopping”, but also may create a synergy in economies of scale to enhance financial institutions in global competition. The main theme of this thesis focuses on the managerial strategy and internal auditing in an insurance subsidiary under a financial holding company. It addresses in the first place the legal issues related to a holding company and a financial holding company. Then the author adopts five factors approach to analyze the business environment of an insurance subsidiary under a financial holding company. As a successful case for its' strategic alliance,the CitiGroup experience in the United States is also examined. In addition, to protect the interest of investors and policyholders, corporate governance and internal auditing issue is also explored. In the conclusion, it is observed that under the new era of financial conglomeration, an insurance subsidiary still needs to enhance its competition ability. It is suggested that the government should continue to reform the financial regulatory system and to require financial holding companies and their subsidiaries to implement a comprehensive risk management. Keywords: Insurance Subsidiary, Financial Reform, Holding Company, Financial Holding Company, Cross Selling, One-Stop Shopping, Financial Synergy, Economies of Scale, Analysis of Five Factors, Strategic Alliance, Corporate Governance,Internal Auditing, Risk Management, Financial Regulation.