金融控股公司董事持股質押比率與經營績效的關聯性探討

An Empirical Study of the Relationship between the Pledged Shares Ratio of Directors and the Operating Performance of the Financial Holding Companies

陳柏華(Po-Hua Chen)

指導教授 ： 謝德宗

國立臺灣大學/社會科學院/經濟學研究所/碩士(2008年)

https://doi.org/10.6342/NTU.2008.01386

摘要

2001年金融控股公司法立法通過，並於同年11月1日開始施行。華南金融控股公司率先同業於12月完成首家金融控股公司的設立。截至2003年1月為止，陸續成立之金融控股公司共有14家，其中13家為上市公司，1家為上櫃公司。台灣的銀行從此由單一金融機構，邁向多元多角化經營的世代。本文主要是想探討金融控股公司董事持股質押比率與其經營績效是否存有關聯性?其董事持股比率及董事持股質押比率對經營績效的影響也是本文所討論的重點。
本文運用panel 模型，藉由14家金融控股公司跨年資料，在控制個體差異性下，驗證董事持股比率與董事持股質押比率對金融控股公司的每股盈餘、資產報酬率及股東權益報酬率等績效的影響。
實證結果發現：（1）董事持股比率對總資產報酬率及股東權益報酬率皆是呈現顯著正向關係，即董事持股比率愈高其經營績效愈好，與一般的看法相符合，亦即董事持股比率愈高時，代理問題愈小。（2）董事持股未質押比率對總資產報酬率及股東權益報酬率皆是呈現顯著正向關係 (本文為排除零質押比率金控公司，而產生之偏誤的可能性，茲以未質押比率取代質押比率。)，即董事持股未質押比率愈高(亦即質押比率愈低)，其經營績效愈好。
基於上述實證結果，建議未來應修正《銀行法》第25條規定，開放同一關係人持股的上限股權規定，以及建議《銀行法》或《金融控股公司法》應明訂，董事持股質押的上限比率，若超過時該董事之資格就當然解任。如此一來，雙管齊下，讓用心的經營者能逹成高持股比率與低質押比率，以獲取最佳的經營績效。

關鍵字

金融控股公司 ； 持股比例 ； 質押比例 ； 每股盈餘 ； 代理問題 ； 資產報酬率 ； 股東權益報酬率

並列摘要

In 2001, the Financial Company Holding Act was established and approved, and then was enacted as of November 1st of that year. Huanan Financial Holding Company was one of the pioneering companies among banking industry members and finished establishment of the first financial holding company in December. Up until January 2003, there have been fourteen financial holding companies being established, among which thirteen of them are TSEC- listed and one is OTC- listed. Banks in Taiwan have transformed from individual financial institutions to a generation of multiple functional business and management entities. The purpose of this article is aiming to look into to see if there is relationship between the pledged shares ratio of board directors of a financial holding company and its business management performance. The influence of the shareholding ratio of board directors and ratio of pledged shares held by board directors on business and management performance is also a key agenda of the article.

Using panel model, the article, based on data over these years from 14 financial holding companies, when having individual difference unchanged, proves the influence produced by the shareholding ratio of board directors and ratio of pledged shares held by board directors to earning per share (EPS), return on assets (ROA), and return on equity (ROE), etc.

The results of the examination show that: (1) there is a positive relationship between the shareholding ratio of board directors to the total ROA and ROE, which means, the higher the shareholding ratio of board directors, the better their business and management performance will be. This matches general opinion, that is, the higher the shareholding ratio board directors, the smaller the authorization problem will be. (2) There is a significantly positive relationship between non- pledged share ratio held by board and the total ROA and the ROE, (the article uses non- pledged share ratio instead of pledged share ratio in order to avoid the possibility of mistakes caused by the existence of financial holding companies with zero pledged ratio.) that is, the higher the non- pledged share ratio held by board directors is (i.e. the lower the pledged share ratio is), the better its business and management performance will be.

According to the results from the examinations described above, we suggest that the Article 25 of 《Banking Act》should be amended, to loosen the limitations of shareholding cap on one single relevant party. We also suggest that the 《Banking Act》 or 《Financial Holding Company Act》 should include distinctly, the highest ratio of pledged shares held by board directors, any board director should be forced to resign if he or she exceeds the limit. Therefore, working along both lines, whoever from the management that is devoted to the company can achieve high shareholding ratio and low pledged shares ratio in order to pursue the best business and management performance.

並列關鍵字

financial holding company ； shareholding ratio ； pledged ratio ； agency problem ； earning per share ； return on assets ； return on equity

參考文獻

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