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After the promulgation of Financial Holding Company Law at the end of year 2001, the law has liberated the limitation of operations across banking, brokerage, and insurance. In order to cope with the future market competition, these institutions formed in total of 14 financial holding companies (FHCs) through self raising, merging, or acquisition. This research is aiming at the 14 FHCs and their subsidiary banks, security brokerages, and insurance companies, through applying financial ratio analysis to measure the synergy of FHCs¡¦ merging and acquisition. The sources of synergy are divided into three dimensions : operations, markets, and finance. A total of eight years of financial data is collected, including two parts: four years of pre-founding of FHCs from 1998 to 2001 and four years after founding the FHCs from 2002 to 2005. In-depth interview is conducted to look for the differences of operation performance and effect of increasing shareholder wealth after the FHCs merging and acquisition. The conclusions of this study are presented as following¡G 1.Market Synergy Dimension: The revenue increased after founding the FHCs shows that the market synergy exists and fits to expectation. FHCs could operate across fields including banking, brokerage, and insurance to provide cross selling chance for finance products. 2.Operational Synergy Dimension: The operating costs and operating costs ratio are increased after founding the FHCs. Because the FHCs do not reach the economy of scale, the unit operation cost is high and the organization of FHCs becomes large and needs more communication, which makes the decision making process inefficient, the management efficiency still needs to be improved. 3.Financial Synergy Dimension: The profit after tax and ROE are decreased after founding the FHCs, which are mainly contributed from inefficient use of financial resources and human resources as a whole group. 4.Synergy was hard to be seen within short term, which needed three to four years to make it possible. After merging or acquisition, FHCs need some time to reduce the conflicts between its subsidiaries and to conduct more efficient resource application to form FHCs synergy. 5.Market Evaluation: The market value of whole FHCs increases which increases the shareholder¡¦s wealth. This research provides the solution for increasing operation costs, including the following three points: 1.Converging the operation process. 2.Increasing economy of scale. 3.Enforcing the management efficiency.

Thesis (M.Sc.Agric.)--StellenboschUniversity, 2000. / ENGLISH ABSTRACT: The protection that agriculture in South Africa enjoyed under the Marketing Act was terminated in 1996 when the controlled marketing of agricultural products was abolished. The grain industry and individual winter-grain producers in the Western Cape is now compelled to be competitive internationally. The ability of local producers to compete effectively can be improved by increased yields, a reduction in production costs, higher import levies, import control and the weakening in the exchange rate of the rand. This investigation focuses on strategies aimed at reducing production costs as a means of improving competitiveness. The field of this study is the winter-grain producing sub-regions of the Southern Cape which are severly affected by the deteriorating situation. In the course of this investigation typical farming units were identified that can be regarded as representative of farming activities in the specific sub-regions of the Southern Cape. Existing literature as well as the opinions of authorities (group of experts) on the subject were used as sources of information in the study of cost-saving methods of production. The emphasis was therefore on the identification and evaluation of appropriate alternative production practices. The practice of minimum tillage with accomanying reduced input costs proved to have merit. The current situation was evaluated with the assistance of a group of experts and possible alternative practices were discussed. A financial cost-benefit analysis was used to compare the current production practices with practices proposed in this study in order to ascertain its feasibility. Directives are offered to producers in order to reduce the production costs and thereby become more cost-effective. Based on the results of the case studies in the different sub-regions the conclusion was reached that the suggested alternative practices can result in a reduction in production costs and thereby make a marked contribution towards the ability of winter-grain farmers in the Southern Cape to improve their competitive position. / AFRIKAANSE OPSOMMING: Met die deregulering van die Suid-Afrikaanse landbou in 1996, is aile beskerming vanaf beheerrade aan produsente geskrap. Die graanbedryf in die Wes-Kaap is nou onder groot druk om meer mededingend te wees teenoor internasionale produsente en elke individuele produsent moet dus poog om so mededingend as moontlik te wees. Die mededingende posisie van plaaslike produsente kan verbeter word deur, onder andere, 'n verhoging in die eenheidsopbrengs, 'n verswakkende wisselkoerswaarde van die Rand, invoertariewe en -kwotas en deur die verlaging van insetkoste. Hierdie ondersoek fokus op strategiee gemik op die verlaging van insetkostes ten einde mededingendheid te verbeter. Die kleingraanproduserende sub-streke van die Suid-Kaap, wat ook deur hierdie verswakkende mededingendheid-situasie geraak word, dien as ondersoekgebied vir hierdie studie. In die ondersoek is daar gefokus op die identifisering van tipiese boerdery-eenhede wat as verteenwoordigend beskou kan word van die boerderybedrywighede in die ge'identifiseerde sub-streke van die Suid-Kaap. Bestaande literatuur en menings van bedryfskenners is gebruik as inligtingsbronne vir die ondersoek na koste-besparende produksiemetodes. Die klem val dus op die identifikasie en evaluasie van toepaslike alternatiewe produksiepraktyke. Die praktyk van verminderde bewerking met die gepaardgaande verlaagde bewerkings- en ander insetkoste het veral op die voorgrond getree. Die gedetailleerde ontleding van die produksiepraktyke en gepaardgaande winsgewendheid van die huidige situasiesketse van die verskillende gevallestudies dien as vertrekpunt vir die ontledings. Deur gebruik te maak van 'n groep bedryfskenners (ekspertgroep) word die huidige situasie beoordeel en moontlike alternatiewe praktyke wat gevolg kan word, word bespreek en beoordeel. Die huidige produksiepraktyke word vergelyk met die voorgestelde verbeterde produksiepraktyke met behulp van 'n tinansiele voordeel-koste ontleding ten einde die haalbaarheid daarvan te evalueer. Daar word in hierdie ondersoek dus riglyne aan produsente verskaf waarvolgens te werk gegaan kan word ten einde hul mededingende posisie deur middel van koste-besparende produksiemetodes te verbeter. Vanuit die evaluering van die gekose gevallestudies in die verskillende sub-streke is dit duidelik dat die alternatiewe praktyke, soos voorgestel deur die bedryfskenners, kan lei tot 'n verlaging van insetkoste en dus tot 'n verhoging in die mededingendheid van die Suid-Kaapse kleingraanprodusent.