臺灣貯蓄銀行之設立及其發展（1899-1912 年）：兼論臺灣史上首宗銀行合併案

Establishment and Development of Taiwan Savings Bank (1899-1912) : First Merger and Acquisition Deal in Banking Sector of Taiwan

本文以臺灣本地首家民營銀行──1899年設立的臺灣貯蓄銀行為研究對象，並以其併入臺灣商工銀行的1912年為迄，展開臺灣金融資本之起源及其發展的實證研究，重新檢視與闡述臺灣史上首宗銀行合併案之始末及其意義。獲得以下發現：首先，臺灣貯蓄銀行之設立日期，應為1899年11月12日，而迥異於現今將其視為本身源流的第一銀行之歷年行史所記載的1899年11月26日。其次，臺灣貯蓄銀行成立時，已可見臺灣人的加入與持股，且至少在1912年亦可見林本源家族林彭壽、大稻埕茶商李春生等兩位躋身百股股東行列，惟仍未進入董事會享有參與實際的決策權力，僅是單純的出資者而已。其三，面對1900年代中後期新設立銀行的興起，以及企業資金需求急遽增長所帶來的發展契機，原設立資本額僅15萬圓的臺灣貯蓄銀行，便於1910年設立新的臺灣商工銀行（資本額100萬圓）；1912年再將前者併至後者（資本額增為115萬圓），並由臺灣商工銀行兼營原來的貯蓄銀行業務，使其1901年開業初期即出現的「增資轉型」思維完全具體實現，成為臺灣史上首宗銀行合併案例。其四，不論從今日可及之史料或事後結果來看，位居臺灣銀行史上首波增資潮列中的首宗銀行合併案例，論其成因，實乃總行設在臺灣本地的首家民營銀行—臺灣貯蓄銀行，出於本身謀求積極擴大業務之自主性，所作增資轉型的經營應對所致。其僅與一般銀行合併案多是為處理不良債權的常見現象有所不同，同時亦應無涉於《第一銀行七十年》所記載的「貯蓄業務不得單獨存在的法令變更」。

This study traced the establishment and development of the first private bank in Taiwan, Taiwan Savings Bank (TSB), and examined the first merger and acquisition (M&A) deal in the banking sector of Taiwan. First, TSB was founded on November 12 1899, not November 26, 1899 as recorded in the history of First Commercial Bank, which saw its root in TSB. Second, upon its founding, TSB already had some Taiwanese shareholders. By 1912, two Taiwanese, Lin Peng-Shou from Panchiao and Lee Chun-Sheng, a tea merchant of Dadaocheng became larger shareholders though with no decision-making power. Third, in face of new banks emerging and the growing need for capital, Taiwan Savings Bank joined forces with Japanese capitalists and Taiwanese landlords to establish Taiwan Commercial & Industrial Bank, which merged with TBS in 1912, marking the first M&A deal in the banking sector of Taiwan. Finally, this M&A deal clearly demonstrated the autonomy of Taiwan Savings Bank. As a private bank, TSB accepted this deal out of its eagerness to expand its business and to increase its capital. Not only was this M&A deal different from those of the present day that served mainly to write off non-performing-loans, it also had nothing to do with what was recorded in Seventy years of The First Commercial Bank of Taiwan, according to which the Japanese government amended the Savings Bank Law making it impossible for savings banks to operate independently.