台灣於2001年6月通過「金融控股公司法」,在同年11月開始正式施行,這使得台灣金融業吹起一股金控熱,從2001年到2005年期間即有14家金融控股公司紛紛成立。金控公司專業分工的強化、經營效率、資源共享和財務管理彈性化也是金融控股公司的優勢,因此在成立金融控股公司後會替其帶來正向績效。本研究希望了解金控公司的財務績效與股價之間的關聯性,即各個財務比率對股價是否呈現顯著的正負向關係,以提供投資人對金控產業股票價格的預期依據。此外,金控公司的架構主體不同分為銀行業、證(票)券業以及保險業三大類,可能造成各家金控公司的股價報酬率不同,所以本研究進一步探討利率變動率、指數變動率和匯率變動率對不同主體之金控公司股價報酬率的影響。
Taiwan Financial Holding Company Law was formally implemented in June 2001, which brought Taiwan's financial industry to a new era. Fourteen financial holding companies were established during 2001 to 2005. The financial holding company can strengthen specialized divisions as well as improve operational efficiency, share resources and financial management flexibility. These bring positive benefits to financial holding company. This study first examines whether stock returns of financial holding company are affected by their corresponding financial performance. Furthermore, the main structure of the financial holding company includes three categories: Banking, security, and insurance industry. Due to the difference in operations, their stock returns of financial holding companies may vary with their major operation categories. Therefore, this study intends to investigate whether the mentioned relationship is affected by their major operation categories. Finally, we also explore whether the changes in interest rates, stock index and exchange rate affect the stock returns of the financial holding company, and whether their effects depend on their structure.