臺灣的金融控股公司策略評比

Measurement of Taiwan Financial Holding Companies Strategy

楊富茗(Fu-Ming Yang)

指導教授 ： 沈中華

國立臺灣大學/管理學院/財務金融學研究所/碩士(2010年)

https://doi.org/10.6342/NTU.2010.02720

摘要

台灣於2001年成立首家金控公司，過去八年間不乏有關於台灣的金控公司績效評比的研究討論，研究對象有以金控為單一主體，如Kuo and Lu(2005) ，也有以金控旗下銀行子公司做為比較對象，如許哲強、王澤宇、王銘德(2009) ，評比方向多為績效上討論，缺乏策略面的討論。國外對金控公司的相關研究，如Yamori, Harimaya and Kondo(2003) 討論金控下銀行子公司與非金控銀行公司績效差別，也缺乏金控策略面的討論。沈中華、彭金隆、陳業寧(2010) 提出金控策略評估方法。本研究採用沈中華、彭金隆、陳業寧(2010) 策略績效指標，探討金控公司產業策略對公司綜效的影響。

本研究利用Panel Data模型，對台灣十四家金控公司旗下子公司所屬產業分為七大產業:銀行消金、銀行企金、證券承銷、證券經紀、產險、壽險與票券做評比個體，評比指標為市佔率、市佔倍數及市佔倍數與產業成長倍數相乘，衡量金控旗下子公司於各產業的表現對公司綜效的影響。各家金控公司綜效變數以Tobin’s Q做代表。

研究結果顯示證券業下的承銷與經紀在三個評比指標變數中，對於公司綜效影響關係為正向相關且顯著。而企金與消金在不受變數相關性影響之下，呈現正相關但不顯著。票券產業在與銀行組合評比中，呈現顯著正相關。產險與壽險產業受到變數相關性影響，並沒有辦法做有效評估。

關鍵字

金控公司 ； 策略 ； 綜效

並列摘要

The first financial holding company was formed in 2001 in Taiwan. There are many papers discussing about measurement of Taiwan financial holding companies’ performance or efficiency. Kuo and Lu(2005), their reaching targets were individual financial holding company(FHC). Hsu, Wang and Wang(2009), their reaching targets were banks affiliated with FHC. These two papers focus on more about FHC’s financial performance rather than their strategies. Foreign studies about FHC like Yamori, Harimaya and Kondo(2003), they discussed about difference performance between banks affiliated with FHC and independent banks. They also ignored the FHC’s strategies. Shen, Peng and Chen(2010) had a way about measurement of FHC’s strategies. In this study, we use benchmark on FHC’s strategies from Shen, Peng and Chen(2010) to discuss FHC’s strategies influence on FHC’s synergy.
We use Panel Date as a model to measure in our study. The samples are 14 FHCs in Taiwan. We divide their industry into seven core industries, they are consumer banking, corporate banking, broker of businesses, underwriting of businesses, Non-life insurance, life insurance and bills. Benchmark were market share, market share ratios(MSR) and MSR times market growth ratios. We use the benchmark to measure their performance in different industries that influence FHC’s synergy. Set dependent variable as Tobin’s Q for representing FHC’s synergy.
Our study results show that broker of businesses and underwriting of businesses had a significant and positive relation with FHC’s synergy. Without correlation between consumer banking and corporate banking, they are positively but significantly related with FHC’s synergy. Bill is also significantly positive with synergy when it was combined with banking to measure. There is inefficient result about Non-life and life insurance because of their correlation with other variables.

並列關鍵字

financial holding company ； strategy ； synergy

參考文獻

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