臺灣金融保險產業上市公司整併效應之模擬研究－資料包絡分析策略矩陣之應用

A Simulation Study on the Effect of Consolidation for Finance and Insurance Companies Listed in Taiwan: The Data Envelopment Analysis Strategic Matrix Approach

陳新民(Hsin-Min Chen) ； 謝志光(Chih-Kuang Hsieh)

《評價學報》 9期 (2015/12) Pp. 21-43

摘要

臺灣地區金融保險產業持續改革的現階段重點之一仍是經由整併業者以擴大營運規模(大型化)、提升國際競爭力(國際化)，以及接軌國際金融環境(自由化)。然而，金融保險業者整併的成敗對總體經濟的影響相對敏感與複雜，為鼓勵業者整併，除政府法規完備外，更有賴實用的分析工具以啟起業者的整併動機。因此，本研究乃擴展資料包絡分析策略矩陣(Data Envelopment Analysis Strategic Matrix, DEASM)的應用範疇，提供業者以市場公開的資訊即能模擬整併效應的分析工具。本研究以DEASM整合經營效率與獲利能力兩項指標，將業者分別定位為標竿者、潛能者、爭議者，以及待汰者等四群。具有整併動機或需求的業者可於整併前先依群別預擬整併的對象，再分析模擬整併後的內、外部效應，篩選整併對象。為說明整併模擬的程序與分析，文中並以2011年臺灣金融保險產業35家上市公司中，DEASM定位未達標竿的公司為例，說明分別與12家定位不同的公司模擬整併後之DEASM定位變化，並比較分析與不同公司整併所可能造成之參與整併公司的內部效應以及非參與整併公司的外部效應。模擬的結果可做為公司選擇最適整併對象的決策參考，亦可供政府制定、推動金融保險機構整併政策或審查核定 整併案的參考依據之一。

關鍵字

資料包絡分析策略矩陣 ； 金融保險產業 ； 整併模擬

並列摘要

Encouraging businesses consolidation to expand, internationalize, and deregulate has been constantly emphasized for the financial reform in Taiwan. However, the consolidation of finance and insurance businesses will impact on the overall economy more sensitively and intricately. Motivations of businesses consolidation not only comprehensive regulation but also useful analysis tools are necessary. For providing businesses a simulate procedure with public market information to obtain effects of consolidation, the data envelopment analysis strategy matrix (DEASM) is introduced in this study. DEASM is used to integrate the relative performance indicator, operating efficiency, and the absolute performance indicators, profitability such as earnings per share or benefit-cost ratio. In a DEASM, each business can be positioned as benchmarks, underperforming potential stars, problem branches, or candidates for divestiture. Any business can filter every candidate for consolidation on the basis of the internal and external effects obtained by the simulation approach. Our procedure is illustrated with data of year 2011 for 35 financial and insurance companies listed in Taiwan. A company with disadvantage position in DEASM has been chosen as case study. The chosen company is simulated to consolidate 12 companies, respectively, whose positions are different in DEASM. Effects of internalities in consolidated companies and externalities in the other nonconsolidated companies can be obtained by each consolidated simulation case and can be compared among each other. The results of comparison can be used as a decision guideline for the company to choose the most suitable one to consolidate, also can be used as an advising for the government to develop the policies for promoting and/or approving the consolidation among financial and insurance institutions.

並列關鍵字

Data Envelopment Analysis Strategic Matrix ； Financial and Insurance Industries ； Consolidation Simulation