台新金控購併彰化銀行可以說是台灣金融業擬以融資購併方式進行合併的第一案，本研究希望透過分析此個案，了解台新金控購併的目的、資金來源與後續合併換股可能衍生之議題，為未來公股釋出，以及金融整併提供可行之方法。 本文就融資購併理論架構說明起，以當前台灣金融政策與購併環境現況分析，這包括實際已發生的金融購併案件及金融購併法規探討，它突顯出台灣在金融合併處理上是保守的。 / / The M&A of Taishin Holdings Cooperation (THC) and Chang Hwa Bank (CHB) could be regarded as the first M&A (Merge and Acquisition) by LBO ( Leverage Buy-out) in Taiwan. This study, by analyzing this case, discusses the purpose, the funding source of THC and the issues after shares-exchange, which indicates the feasible methods for the release of the state holdings and the combination of the financial institutes in the future. The beginning of this study discusses the theory and the structure of LBO to analyze the financial policy and M&A environment in Taiwan at present, including practical M&A cases and legal problems etc., which reveals not very aggressive. /