臺灣金控公司事業多角化與經營績效關係之探討

The study on relation between enterprises diversification and operation performance: A case for financial holding companies in Taiwan.

林盟堡(Meng-Pao Lin)

指導教授 ： 徐芳霞

國立臺北大學/社會科學學院/經濟學系/碩士(2010年)

摘要

臺灣的金控業成立已有一段時間，而近期金控業內部發展與併購的情形也產生了許多變化，所以本研究首先使用Entropy多角化指標，針對2005年至2008年國內14家金控公司進行事業(總)多角化程度與種類的衡量，然後以資料包絡分析法評估這四年國內14家金控公司的經營績效，並透過Malmquistg生產力指數來分析各家金控公司跨期間的生產力變化情形，最後使用Tobit迴歸分析總多角化程度和種類對於金控公司經營績效的影響。實證結果如下：
1.本文發現金控公司平均的總多角化程度將隨著時間遞減，此結果與金控業成立初期急於擴張金融事業版圖的情形大相逕庭。
2.2005年至2007年間，臺灣金控公司平均Malmquist 生產力為進步之情況，主要是因為平均技術效率改善之程度大於平均技術退步之程度。
3.本研究發現總多角化程度對於金控之經營績效為負相關，但結果並不顯著。另一方面，臺灣金控控公司若是採取相關多角化策略則對於經營績效的影響會優於金控公司採取非相關多角化策略。
4.臺灣金控公司之資產規模大小對於經營績效為顯著的正面影響；金控公司旗下有經營商業銀行對於經營績效為顯著之負面影響；股東權益報酬率和金控之經營績效為顯著的正相關。

關鍵字

多角化 ； 金控公司 ； 資料包絡分析法 ； Malmquist生產力指數 ； Tobit迴歸 ； 股東權益報酬率

並列摘要

The financial holding companies (FHCs) in Taiwan have set up for a long time; however its internal development and external mergers have changed a lot recently. The research aims at 14 financial holding companies in Taiwan from 2005 to 2008, by using Entropy Index to evaluate degree and type of diversification. Furthermore, using the method of data envelopment analysis (DEA) evaluates operation performances of those target companies in Taiwan, and it also analyzes productivity growth by Malmquist Productivity Index. Last but not the least, the Tobit Model helps us to explore the influence of degree and type of diversification on performances of FHCs in Taiwan. The main conclusions present as the following:
1.The research indicates that the most of total diversification among those target companies in Taiwan decrease gradually, but the finding is widely divergent to the case that those FHCs in Taiwan were eager to expand its scale on the early established period.
2.Due to the improvement of average level of technical efficiency exceed the deterioration of average level of technical, the FHCs’ average productivity improved from 2005 to 2007.
3.The report doesn’t show significant negative relationships between diversification and operation performances. On the other hand, FHCs in Taiwan take some related diversification strategies that influence better operation performances than those companies use unrelated diversification strategies.
4.The scale of asset statistically plays a significant and positive role toward operation performances of FHCs in Taiwan. However, the figures statistically show that FHCs own commercial banks has significant negative relationships toward operation performances, but ROE also indicates obvious positive relationships between operation performances of FHCs in Taiwan.

並列關鍵字

diversification ； financial holding companies ； data envelopment analysis ； Malmquist Productivity Index ； Tobit Model ； ROE

參考文獻

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