台灣金融業面臨國內高度競爭及國際競爭壓力，壓縮獲利的空間，如何經營才能更有競爭力是個重要的議題，而購併就是其中的手段。實務上購併案屢見不鮮，失敗者也不在少數，由於購併是為增加價值，因此本研究採用價值創造理論，分別從效率、互補、鎖定及創新四個因子討論，期望金融機構於購併時可以有更全面的考量。本研究以實際金融業購併案為例，蒐集各種次級資料，進行四大構面的分析，探討如何透過購併來創造價值。研究結論如下:
一、效率面的價值創造
金融業購併可以藉由整合系統、營業據點及人員等降低總成本，並藉由擴大規模及市占率，提升經營效率。
二、互補面的的價值創造
金融業購併可以建立銀行、保險、證券等多元獲利引擎，分散風險，建立更穩健的財務結構。以雙方現有的海外據點為基礎，強化國際佈局實力。整合龐大的通路體系、雙方專業人員及客戶群，產生互補優勢，創造價值。
三、鎖定面的價值創造
金融業購併可以提供更多元的金融產品與服務，精準切合客戶需求，保留品牌價值及留任優秀員工，使客戶的轉換成本提高，提升顧客忠誠度。
四、創新面的價值創造
金融業購併可以結合兩者的產品創新與設計能力和經驗，發展金融科技，開發更多元化的產品、發展高資產客戶業務，導入AI強化精準行銷及提升作業效率，藉由異業結盟打造更貼近生活的智慧金融服務，發展新的商業模式。

Taiwan’s financial sector faces fierce domestic competition and international competitive pressures, both of which compress profit margins. How financial institutions can enhance their competitiveness has become a critical issue. Mergers and acquisitions are one of the key strategic approaches to achieve the goal.
In practice, mergers and acquisitions are commonplace, but numerous cases ended in failure. Since the purpose of mergers and acquisitions is value creation, this study adopts Value Creation Model to discuss four key factors about efficiency, complementarities, lock-in and novelty. The objective is to provide financial institutions with a more comprehensive perspective when they make decisions of mergers and acquisitions.
The study uses an actual merger and acquisition case in the financial sector, collects secondary data and analyzes four dimensions to explore how value can be created through mergers and acquisitions. The findings of this research are as follows:
1. Value Creation from Efficiency
Mergers and acquisitions in the financial sector can reduce total costs through the integration of systems, branches and human sources. Financial institutions can expand the scale and market share to enhance their operational efficiency.
2. Value Creation from Complementarities
Mergers and acquisitions in the financial sector enable financial institutions to develop multiple profit engines such as banking, insurance and securities which build strong financial structure and diversify risk. Building upon overseas locations of both parties can expand the international business. By integrating extensive distribution networks, human resources and customer bases from both sides, complementary advantages can be generated to create value.
3. Value Creation from Lock-in
Mergers and acquisitions in the financial sector enable financial institutions to provide more diversified financial products and services that meet customer needs precisely. Retaining brand value and staffs increases customer switching costs and enhances customer loyalty.
4. Value Creation from Novelty
Mergers and acquisitions in the financial sector enable financial institutions to combine their capabilities and experience in product innovation and design, and develop financial technology and diversified products. They can further expand high–net-worth client services and introduce AI to enhance precision marketing and operational efficiency. Through Cross-industry alliances create smart financial services that are more closely integrated with daily life to innovate business model .

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