我國政府近年來透過立法與修法，積極推動金融自由化及國際化政策。其中「金融機構合併法」及 「金融控股公司法」的通過，大幅放寬金融機構同業合併及跨業經營的限制，掀起金融機構間的整合風潮，使得未來金融集團大型化、綜合化及國際化的趨勢確立。現今台灣的金融機構正邁入第二階段整併，金融機構為提升競爭力紛紛走向大型化及邁向國際化的趨勢，如何推動銀行轉型、組織調整及策略運用，在競爭激烈的金融市場脫穎而出，而與國際金融業競爭，是國內金融業目前所面臨的重要課題。目前國內金融業大多採取併購方式，併購後二家銀行間之資源整合至為重要，因為在整合過程中會因組織調整、文化之整合及母公司金控策略不同等因素造成資源配置是否具效率，及是否產生綜效等問題。因此在併購、整合後的經營策略是未來金融業至為重要的課題。
本研究採用歷史資料收集、財務評估比較分析，來探討個案公司-國泰世華銀行合併第七商銀的動機與背景，分析合併一年期間是否產生市場、營運及財務綜效，探討二家銀行合併後如何透過通路整合、業務互補、產品創新及金控子公司間之交叉行銷等利基，達到互補共同行銷的最大效果。
研究結論：兩家銀行合併後，大大提升中部地區客戶的服務及地方金融的深耕，在通路上具有高度的互補性，可有效擴大服務範圍及提高各項業務之市場佔有率，達到提昇業務範疇及經營規模的目的。合併後有產生市場綜效及財務綜效，營運綜效則因各業務、資訊系統之整合所耗費之各項費用，抵銷了銀行通路增加所帶來的交叉行銷利益，尚待企業文化消化及整合後，再持續觀察及評估。藉此提供有益個案銀行業務發展之參考：
1. 被併公司之客層對於新種產品的接受度頗高，公司可以透過主併銀行及金控公司的交叉行銷引進更多元化的商品供客戶挑選，建立更綿密完整的金融服務網路，滿足客戶一次購足的金融需求。
2. 主併銀行須提出相關人員及企業文化的培訓課程，藉此消彌雙方公司岐見與摩擦，以減少或降低溝通的交易成本及無效率的情形，持續創造交互價值增加的活動及競爭優勢。
3. 個案銀行為民營銀行龍頭，為維持競爭優勢，應伺機併購其他銀行，持續擴張通路，並整合金控資源，提供客戶全面性的金融服務。

Through new legislation and amendment of existing laws and pronouncements, the Taiwanese government has been aggressively promoting the deregulation and globalization of the banking industry. “The Financial Institution Mergers Act” and ”Financial Holding Company Act” have greatly release the constraints on mergers between financial institutions or financial company's investment in other industries, brining a wave of integration of financial institutions. As a result, financial groups are becoming bigger, more diversified and international. Currently, Taiwanese financial institutions are experiencing the second stage of integration. To become more competitive, financial institutions are moving toward larger scale and globalization. The most crucial issues for domestic players to succeed in a competitive operating environment are business transformation, organizational restructuring and strategy implementation. The most commonly adopted strategy of domestic financial institutions is expansion trough mergers and acquisitions in which integration of resources of two banks are the most important because efficiency of resources allocation and synergy effects will be influenced by organizational restructuring, cultural integration and strategic orientations of the parent company. Therefore, the business strategies after mergers and integration are first priorities for the banking industry in the next era.
This study gathered historic data and conducted financial evaluation to analyze the motivation and background of Cathay United Bank’s acquisition of Luck Bank and discuss whether market, operation and financial synergy has been achieved during the one-year post-acquisition period. The study further demonstrated how the two banks achieved the greatest effects on complementary joint marketing through niches such as channel integration, complementary business, product innovation and cross-selling.
This research concluded that mergers allow the company to expand its customer base in central Taiwan because Cathay United Bank and Luck Bank have complementary channels, which allow broader service areas and higher market shares to achieve the objectives of enhancing services and expanding scope. It is concluded that market and financial synergy has been achieved. However, the effect on operating synergy is inconclusive because the expenses resulted from integration of services and IT systems have offset the benefits of cross-selling. Continuous monitoring and further evaluation are recommended for assessing the effects on operating synergy. Lessons and recommendations for the case study are as follows:
1. Customers of the acquired bank have high acceptance to new products. The company can collaborate with the financial holdings company to provide more diversified products and build a more comprehensive service network to satisfy their customers’ demands for one-stop shopping.
2. The acquiring firm has to offer training courses on corporate culture to eliminate unnecessary clashes of cultures, ineffective communication and inefficiency to continuously create competitive advantages.
3. For a leading company in the banking services industry to maintain competitive advantage, the management should seek opportunities to acquire other banks to keep expanding channels and integrate the recourses to provide customers comprehensive financial services.

參考文獻
一、中文文獻
1. 沈志賢，(2003)，「實質選擇權用於金融機構合併之平價-以國泰金控、世華銀行為例」，國立台灣大學國際企業研究所碩士論文。
2. 范秉航，(2006)，「台灣金融業合併對於股價反應之探討」，台灣經濟研究院產經資料庫。
3. 范秉航，(2007)，「台灣金融整併績效分析」，台灣經濟研究院產經資料庫。
4. 張力元，(2008)，「從花旗收購僑銀之案例探討併購案的動機與過程」，國立交通大學管理學院企業管理碩士論文。
5. 許振明、林雅玲，(2007)，「金控公司整併及金融財團的隱憂」，國政研究報告，財團法人國家政策研究基金會。
6. 陳衍潔，(2007)，「銀行業基本資料」，台灣經濟研究院產經資料庫。
7. 富邦綜合證券股份有限公司編輯群，(2006)，企業併購案例解析與法律實務，富邦證券叢書。
8. 廖壽聰，(2007)，「金融控股公司經營綜效研究-以國泰金控為例」，朝陽科技大學企業管理系碩士論文。
9. 劉怡君，(2006)，「應用權益結合法與購買法分析企業併購前後經營績效之研究-國泰金與台新金為例」，朝陽科技大學企業管理系碩士論文。
10. 蔡文哲，(2005)，「金控綜效的決定因素」，輔仁大學金融研究所碩士論文。
11. 蔡嘉文，(2003)，金融控股公司購併行為之價值分析-以國泰金融控股公司購併世華銀行為例，國立中正大學企業管理研究所碩士論文。
12. 盧廷生，(2007)，「金融控股公司購併評價合理性探討-以國泰金融控股公司購併第七商銀為例」，實踐大學企業管理研究所碩士論文。
13. 薛明玲、廖烈龍、林宜賢，(2006)，企業併購策略與最佳實務，財團法人資誠教育基金會。
14. 謝金順，(2005)，「我國金融控股公司形成與演進之經濟分析」，世新大學經濟學研究所碩士論文。
15. 謝劍平，(2003)，財務管理新觀念與本土化，智勝文化事業有限公司。
16. 蘇玉蓮，(2008)，「金融控股公司併購及經營綜效之個案研究-以國泰金控為例」，國立台灣科技大學財務金融研究所碩士論文。

二、英文文獻
1. Brigham, E.F., L. C. Gapenski, (1991), “Financial Management-Theory and Practice.”, 6th ed., The Dryden Press.
2. Copeland, Thomas E., J. Fred Weston, (1979)，”Financial Theory and Corporate Policy.”, 2th ed., Addison-Wesley Publishing Company.
3. Demsetz, H., (1973), “The Market Concentration Doctrine.” AEI Hoover Policy Studies.
4. Fowler, K. L. and D. Schmidt, (1989), “Determinants fo Tender Offer Post-Acquisition Financial Performance.” Strategic Management Journal. (pp.339-350).
5. Ivancevich, J. M., D. M. Schweiger, and F.R. Power, (1987), “Strategies for managing human resources during mergers and acquisitions”, Human resources Planning, vol. 10, iss.1, pp.19-35.
6. Lewellen, Wilbur. G. (1971), “A Pure Financial Rationable for the Conglomerate Merger, ” The Journal of Finance, 27, pp.521-537.
7. Lubatkin, Michael, (1983), “Mergers and the Performance of the Acquiring Firm.”, Academy of Management Review, 8. (pp.218-225).
8. Radecki, L., J. Wennigner, D. K. Orlow, “Industry Structure: Electronic Delivery’sPotential Effects on Retail Banking.” Journal of Retail Banking Services, Vol. 19, 1997, pp. 57-63.
9. Shepherd, William G., (1970), “Market Power and Economic Welfare.” Random House.
10. Singh, H., and C.A. Montgomery., (1987), “Corporate Acquisition Strategies and Economic Performance.” Strategic Management Journal 8 (pp.377-386).
11. Weston, J. F., and K. S. Chung, (1983), “Do Merger Make Money? A reach Summary. “Mergers & Acquistions, 18, (pp40-48).
12. Willamson, Oliver E., (1981), “The Modern Corporation : Origins, Evolution, Attributes.”, Journal of Economic Literature, 14. (pp.1537-1568).

三、網站部分
1. 公開資訉觀測站http://newmops.tse.com.tw/
2. 銀行百寶箱綱站http://www.banking.gov.tw/dp.asp?mp=7
3. 國泰世華銀行網站https://www.cathaybk.com.tw/cathaybk/about.asp
4. 國泰金控網站http://www.cathayholdings.com.tw/new/A2.htm
5. 台灣金控網站http://www.twfhc.com.tw/Pages/Index.aspx
6. 全國博碩士論文資訊網站http://etds.ncl.edu.tw/theabs/index.html
7. 國泰世華銀行2004、2005、2006及2007年度年報。
8. 國泰世華銀行2006合併增資發行新股簡式公開說明書。
9. 第七商業銀行2005年度年報。