近年來，國際金融演進有了明顯的變化，美日等國的金融業藉由併購方式，成立涵蓋銀行、證券、保險等業務的綜合性金融集團，全球金融產業已逐漸趨向於大型化與集團化發展，我國金融控股公司法自九十年十一月實施後，至九十三年已成立了14家金控公司，金控公司成立後，雖然具有規模經濟效益之優勢，但競爭力是否提高則视資產規模、人才培養、服務品質、資訊創新、風險及經營策略等要素，並非所有合併案均可產生綜效。

　　本文主要是以台灣地區金融市場現有14家金融控股公司，選出一家以銀行為核心，資產規模1.5兆，存、放款市佔率5％以上，歷史悠久，在國內金融業中具有代表性的金控公司作為個案研究對象；並對其他競爭者，包括其他13家金控及外商銀行做績效比較分析，結合相關之文獻理論，如，購併和動機理論，績效評估理論等，以個案研究法做研究，主要內容在探討第一金控及其子公司之經營概況和競爭策略，從公司沿革、經營理念、組織架構，關係企業控股情況，經營績效比較，金融業五力分析、SWOT分析後，採行之策略行動，組織改造之執行情況，合併之策略性規劃和執行情況，未來合併策略，股價分析，合併綜效評估等，以了解金控公司在國內外競爭激烈之金融環境中，如何透過各種策略行動，以期達成台灣最賺錢金控公司之一的願景。

　　本文結論認為，金融過度競爭是台灣金融產業面臨的問題，金融整合朝大型化發展，是台灣金融產業無可避免的趨勢，第一金控在配合政府金融改革政策，在策略管理上，實施一系列的策略行動，包括落實乾淨資產品質政策，發行GDR強化財務結構，加強風險管理機制，奠定了93年獲利之基礎，93年下半年開始實施組織改造，建立銷售文化，強力執行績效管理和風險管理政策，採用以收入面取代成本面之獲利成長，未來更期望成為區域性的領導銀行，雖然在組織變革上(organizational change) ，面臨一些組織衝突(organizational conflict) ，但是整體上並無礙組織改造之推動，而在併購策略意義上，著重在建立核心業務，以市場效益作為購併之最有力之誘因，而在合併綜效上，93年底合併綜效尚不明顯，但未來成長受到市場較高的評價。從以上個案實證分析所得之結論 ，本文認為金融業者，如能依據政府政策，在從經營者的角度，找出自己的經營策略，包括如何佈局全球，培養國際的金融專業人才，強化自身體質，落實公司治理和風險管理，並運用各種策略行動，以提高競爭優勢，則未來成為區域性的領導銀行，將指日可待。

　　In recent years, the development of international finance has an obvious change. In the way of merging, the financial industries in U.S. and Japan have established integrated financial groups which contain businesses of banking, securities, insurance and so on. The global financial industries have already trended towards maximization and grouping gradually. With the implementation of the Financial Holding Company Act in November 2001, it has already established 14 financial holding companies until 2004. After the establishment of financial holding company, though they have advantages in economic benefits of scale, whether competitiveness has been raised depends on several essential factors such as scale of assets, personnel training, service quality, information innovating, risk & management strategy and so on . Not all mergers can produce integrated effects.

　　In this essay, it mainly chooses a company, which takes banking as its corn business, as well as its capital asset scale is 1,500 billion, market share rate in saving and loaning is over 5%, and has a long history, as an object of case study from current 14 financial holding companies of financial market in Taiwan. Furthermore, it compares and analyzes the performance of other competitors, including other 13 financial holding companies and foreign banks, as well as combines related reports and theories, such as merger and motive theory, performance evaluation theory and so on to investigate in the way of case study. The main content of this essay is to study for the business situation and competitive strategy of the First Financial Holding Co. Ltd and its subsidiary companies. Through its company history, business ideal, organization structure, holding status of its related businesses, comparison of business performance, five factors analysis, SWOT analysis, adopted strategic actions, execution of organization reengineering, strategic planning and execution of merger, future strategy of merger, analysis of stock price, integrated effect of merger and so on, analyzing, it tries to realize under such a drastic competition in domestic and foreign financial environment, how financial holding companies use various strategic action to achieve one of the most profitable financial holding company in Taiwan.

　　In conclusion, it shows that over competition in financial region is the problem the financial industry in Taiwan face. Also, integrating and developing to large-scale for finance is an unavoidable trend for financial industry in Taiwan. The First Financial Holding Co. Ltd. complies with governmental finance reformatory policy. In the aspect of strategic management, it executes a series of strategic actions, including activating the policy of clear capital quality, issuing GDR to strengthen financial structure, enhancing risk management mechanism to settle the foundation of profits earning in 2004, executing organization reengineering in the second half of 2004, establishing marketing culture, activating policies of performance management and risk management, replacing the profitable growth in cost side by income side. In future, it expects to become a regional leading bank. Although in the aspect of organizational change, it faces some organizational conflict, it doesn’t obstruct the advance of organization reengineering. Meaningfully, in the aspect of merger strategy, it focuses on setting corn business and take market beneficial result as the most powerful motive. Furthermore, in the aspect of integrated effect of merger, it hasn’t been obvious in the end of 2004, but its future growth has been valued highly by market. From the above conclusion by practical analysis for the case, it suggests that if a financial businesses can depend on governmental policy and start from the role of a administrator to find out its management strategy, including how to operate globally, developing international financial specialists, strengthening its own condition, activating company management and risk management, and use various strategic action to enhance competitive advantage, it will achieve its goal to become a regional leading bank.

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