Case Analysis on the merger of China Development Financial Holding Corporation and KGI Securities Company
|關鍵字:||併購;公司治理;股權結構;多角化經營;mergers and acquisitions;corporate governance;ownership structure;diversification|
To face changes in the financial environment, the government raised the first financial reform, "eliminating defects", in 2002 as the main policy. Because it was efficient, the government completed the Second Financial Reform, "Herald" in 2004. As a result, mergers and acquisitions were very prevalent in financial industry. Whether consolidation among financial holding company or integration between financial holding companies, banking, insurance and securities companies, all for gaining the benefits of diversification and increasing the marketing share in the financial industry. However, not all mergers and acquisitions can bring synergy, if the operator holding is low, or poor operating philosophy and ambition, investors are forced to bear a high risk by unscrupulous business decision to seek personal gain. This study focused on case of merger the China Development Financial Holding Corporation (CDFHC) and KGI Securities, due to CDFHC and KGI both are belong to the Chinatrust Group, intention to making profit for Chinatrust Group has became the public focus. This study through analysis the motives of merger, conditions and performance result, and illustrate the ownership structure and directors' shareholding situation to inspect the operator whether to implement the spirit of corporate governance.
|Appears in Collections:||Thesis|