金融控股公司成立前後不同架構下綜合證券商經營績效之研究

The Operating Performance Measures of Securities Firms Under Different Framework Before and After the Era of Financial Holding Companies

蘇寶秀(Pao-Hsiu Su)

指導教授 ： 古永嘉

國立臺北大學/商學院/企業管理學系/碩士(2009年)

摘要

因應金融自由化、多元化及全球化趨勢，政府為了提升金融機構經營效能與國際競爭力，於2001年公布實施「金融控股公司法」，金融控股公司設立在國內已形成一股風潮。面對金控公司所能提供客戶全方位的產品與服務，未加入金控的證券商應發展何種策略以為因應；而已加入金控的證券商是否能運用金控公司的優勢而提高其經營績效，是值得探討的課題。
本研究針對國內綜合證券商1998年至2007年之財務指標資料，運用迴歸分析法及ANOVA變異數分析之GLM一般線性模型及Duncan’s平均數多重比較分析檢定法，來檢定綜合證券商之經營指標對經營績效之影響以及不同主體特性下之金控證券商與非金控證券商於金控成立前、後的經營績效比較是否有顯著差異。經本研究實證結果彙整如下：
一、整體綜合證券商之經營指標對經營績效檢定，經迴歸分析得知，營收成長率、營業利益率、經紀營益率、自營營益率對經營績效具有顯著性影響。
二、金控與非金控綜合證券商之經營指標對經營績效檢定，經迴歸分析得知，金控證券商於金控成立後，營收成長率、營業利益率、營業費用率及自營營益率對經營績效具顯著性影響；非金控證券商則為營業利益率、營業費用率、自營營益率及承銷營益率對經營績效具顯著性影響。
三、金控體系之綜合證券商經營績效檢定，經ANOVA分析得知，不同金控主體特性對於主要經營績效指標並無明顯差異性，但綜合證券商加入金控後，經營績效指標之表現，顯著優於加入金控前。
四、金控與非金控證券商於金控成立前後之經營績效檢定，經ANOVA分析得知，綜合證券商於加入金控後經營績效指標，顯著優於加入金控前且優於非金控證券商。

關鍵字

金融控股公司 ； 綜合證券商 ； 經營績效 ； 迴歸分析 ； ANOVA變異數分析

並列摘要

To cope with the trend of liberalization, diversification and globalization of finance, the government had announced and implemented “Financial Holding Company Act” since 2001 in order to advance the competitiveness and effectiveness of financial institutions. The establishment of financial holding firms is a popular trend in Taiwan. Facing the full line of products and services provided by those financial holding companies, the non-financial holding securities firms should use what kind of strategy to deal with? To those securities firms who joining the financial holding companies, it becomes a worthwhile issue to discuss on how to use the financial holding’s advantage and increase the performance.
In this research, statistical tools including regression analysis, GLM (General Linear Model) of ANOVA (Analysis of Variance ), and Duncan’s multiple range are applied to test whether there are significant differences between the influence of operating indicator on operating performance in full-service securities firms and the establishment of financial holding firms and non-financial holding firms have significant influence of operating indicator on operating performance of security firms or not. The empirical results are summarized as follows.
First, as for the test of operating indicator on operating performance in full-service security firms, according to regression analysis “revenue growth rate”, “operating profit margin”, “brokerage profit margin”, ‘‘proprietary profit margin” have a significance influence on operating performance in full-service securities firms.
Second, regarding the test of operating indicator on operating performance in financial and non-financial security firms, based on regression analysis, there is a significant difference between “revenue growth rate”, “operating profit margin”, “operating expense ratio” and ‘‘proprietary profit margin” after financial holding security firms are established. In addition, for non-financial securities firms, “operating profit ratio” “operating expense ratio” and ‘‘‘proprietary profit margin” have a significance influence on operating performances.
Third, concerning the operating performance test of full-service Securities firms in financial holding groups, according to the results of ANOVA, performs significantly that there exist no significance differences in performance for different characteristic financial holding companies. However have better operating performance than before joining the financial-holding firms.
Forth, regarding the operating performance test before and after the establishment of financial holding as well as non-financial holding security firms, according to the results of ANOVA, performs significantly better than before joining the financial-holding firms and better than non-financial holding security firms.

並列關鍵字

Financial Holding Company ； Full-service Securities Company ； Operating performance ； Regression analysis ； ANOVA (Analysis of Variance )

參考文獻

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