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Client Base
7,400
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3 1
2
ROA2007
6.8%3
0.7% 1.2~1.3%
M&A
WEF 2007
GCI 14
100 114
17 4
1
2002
5%
8%
2002 3 8.04%
2003 4.33%2004 3 3.31% 2003
10.07% 8%
2004 10 20
10
http://www.banking.gov.tw/public/data/
boma/stat/abs/ 9612/11-2.xls2008 3 20
IMD2008 5 15 2008
1
2
3
2008
2007
0
0
0
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5 5
39.10%6 3
100%
5 89%
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5
6
7
8
9
10
11
12
13
14
15
2008
2007
2
-1
-1
5
2
0
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2
George Nast
2008 2 7 http://www.mckinsey.
com/locations/chinatraditional/ mckonchina/industries/financial/Asian_wholesale.
aspx2008 5 18
http://www.banking.gov.tw/public/data/
boma/stat/abs/ 9703/2-2.xls2008 6 10
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Interdependency
Contagion Effect
Taxpayers Exposure 8
1999 12
462002312
530
24
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Client Base
Economic Concentration
9
9
2008 1-2
133
2,009
272
5
662
2,332
8,575
334
3,256
181
212
1,004
114
2
263
914
3,053
118
1,134
63
%
159.40
49.98
41.91
40.00
39.73
39.19
35.60
35.33
34.83
34.81
http://www.banking.gov.tw/public/data/boma/stat/abs/9703/10-2.xls.
2008 3 10
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9
2 46
2002 2 7 0910001244
( ) 2004
7
9 2
3 1
6 1 11 1
10
3 1 1-262007
1
(1998-2001)
0.0052
(2002-2005)
0.0265
0.0071
0.0324
118.3625
28.2345
186.2675
40.7356
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2002 2 25 0910001699
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40
(1998-2001)
(2002-2005)
0.5987
0.5265
0.6193
0.5320
0.5221
0.4432
0.5324
0.4565
(1998-2001)
(2002-2005)
ROA
4.22%
4.56%
ROE
6.25%
9.82%
EPS
3.5
4.8
ROE ROA
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Clayton Act 7 11
18 12
Bank Merger Act
DOJFRBOCC
1994 7
The Bank Merger Screening
Guidelines131992
1992 Horizontal
4 Tobins q
(1998-2001)
(2002-2005)
Tobins q
1.48
1.10
Tobins q
1.50
1.14
Tobins q
12
13
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14
Merger Guidelines
HHI15
Federal Trade
11 3 1072003
14
1999 4 8
http://www.ftc.gov/bc/docs/
horizmer.shtm2008 6 1
15
Horfindahl-Hirschman Index
HHI =
CR i2
i=1
1992
CR4 1000
Unconcentrated Market1000-1800
Highly
Concentrated Market
16
FDIC 1999 6
24
The new processing procedure
allows applicants to benefit from a prospective competitive- factors report recently
issued by the Department of Justice (DOJ). The prospective report applies to those
merger transactions, such as corporate reorganizations, that are inherently competitively
neutral. For such mergers, the prospective report serves as the DOJs competitive-factors
report required under the Bank Merger Act. Essentially, the new procedure allows the
normally required 15-day post-approval waiting period to run concurrently with the
statutory 30-day competitive-factors report period, shortening the merger application
process for these transactions by up to 15 days.available at http://www.fdic.gov/news/
news/financial/1999/fil9963.html, visited May 18, 2008.
www.wunan.com.tw(02)2705-5066
11
Commission 17
18
30
19
1979
20
17
U.S.C.1850
With respect to any
proceeding before the Federal Reserve Board wherein an applicant seeks authority to
acquire a subsidiary which is a bank under section 1842 of this title or to engage in an
activity otherwise prohibited under chapter 22 of this title, a party who would become a
competitor of the applicant or subsidiary thereof by virtue of the applicants or its
subsidiarys acquisition, entry into the business involved, or activity, shall have the right
to be a party in interest in the proceeding and, in the event of an adverse order of the
Board, shall have the right as an aggrieved party to obtain judicial review thereof as
provided in section 1848 of this title or as otherwise provided by law.See
12USC1850.
18
12USC1467a(e)12USC1828(c)
19
17
20
http://www.bankofengland.co.uk/
about/index. htm2008 5 18
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21
Board of Banking Supervision
Banking Supervision Division
1997
Financial Service Authority FSA
22
Universal Bank23
Id.
22
http://www.fsa.gov.uk2008 5
18
23
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the strength of a market position they are to be taken...
2002
27
24
25
26
See Decision on merger between Lloyds TSB and Abbey National, U.K. Competition
Commission 2001. This merger was blocked as the
competition authority stated, amongst other reasons, that these efficiency gains would
not be passed on to customers Reprinted in John Ashton, Efciency and Price Effects
of Horizontal Bank Mergers, Norwich Business School and the ESRC Centre for
Competition Policy, University of East Anglia; Khac Pham, ESRC Centre for
Competition Policy, University of East Anglia, CCP Working Paper 07-9, June 2007.
27
See Schedule 11, Section 185, subparagraph (2), the Competition Act of 1998. Available
at http://www.legislation.gov.uk/acts/acts2002/ukpga_20020040_en_36_content.htm,
visited May 18, 2008.
FSMA 164(1)
See Michael Blair and George Walker, Financial Services Law, Oxford
University Press, 1st ed., 22 (2006).
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2002/87/EC.
29
2 4 (1)
1 (2)
(3)
600
30
92
1152003
31
32
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25
1 2,500
1 33
2004 1 24 34
5 1
Regulation 4064/89
One-stop Shop Principle3
35
Significant Impediment to Effective Competition, SIEC36
million, unless each of the undertakings concerned achieves more than two-thirds of its
aggregate Community-wide turnover within one and the same Member State.
33
34
Council Regulation (EC) No. 139/2004. Published in the Official Journal of 5 January,
2004, C 31/5.
35
See the new article 4(5) of the Merger Regulation, provides that parties to a transaction
that does not meet either of the thresholds for a Community notification may request the
European Commission to take the case if and when the transaction must be notified to
three or more Member States.
36
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38
2002 2 25 0910001699
2
38
2006 7 6 0950005804
9 10
( )
( )
( )
( )
( )
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39
40
41
39
11
40
38 12
41
14 5
1420081-5
20085
()
2008(
)
()
10.93
4.64
8.7
13.1
5.78
2.38
12.27
1.08
4.95
3
4
60.08
81.04
53.86
60.7
36.28
13.12
46.67
5.66
19.16
12
7.24
0.99
0.91
0.89
0.79
0.43
0.4
0.39
0.26
0.18
0.11
0.1
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36 1
Synergy
42
4 3 6 2
20085
()
20.69
0.97
10.96
2008(
)
14.33
15.9
83.65
()
0.16
0.61
1.63
D1 2008 6 11
42
32122297189
10147-147-2
47-3
15185
1313621383
161718
561571230
31
346
617217
3
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43
Homogeneous Competition
Regulatory
44
Arbitrage
Economic Injustice
43
3282
293
322
11414117318119
222425246
146
44
Regulatory Arbitrage
Regulatory
arbitrage traditionally indicates a phenomenon whereby regulated entities migrate to
jurisdictions imposing lower burdens. Amir N. Licht,
Regulatory Arbitrage for Real: International Securities Regulation in a World of
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(1) 11 1 3
(2)
46 11 3
(3)
12
45
Interacting Securities Markets, Virginia Journal of International Law, 38, 563 (1998).
45
2007 5 24
6
10%
3 2007 5 24
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/ .
-- . -- , 2012.06
ISBN 978-957-11-6646-9()
1. 2.3.
553.4
101006697
1UC1
400.3
106 339 4
022705-5066
022706-6100
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wunan@wunan.com.tw
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