- 學位論文
金控與非金控證券公司經營績效之評估
The Performance Evaluation of Financial Holding and Non-Financial Holding Security Companies
摘要
證券市場是提供一個完整、健全、公開、透明的交易市場，更是提供國民儲蓄與企業投資的交易樞紐平台，它更是代表著國家經濟發展之首頁。一個健全的證券市場，除了可以協助政府與企業籌措所需資金外，並可提供社會大眾做為投資的一個管道，讓全民共享經濟發展成果。台灣證券市場的發展是由民國77年開放證券商設立後，79年曾達到384家的最高紀錄。之後因國內證券市場過於飽和且競爭激烈，在良幣驅逐劣幣的自由市場機制下，陸續有券商退出市場，部分券商採取整併措施，使得市場上證券商家數持續減少。根據金管會統計截至2012年12月31日止共計有證券商122家，投信38家，投顧109家，證金2家，約略剩下當初的3分之一，證券市場成交總市值則自2001年新台幣18.35兆元至2012年新台幣20.23兆元升幅達10.24%。 本研究主要分析探討，證券商在加入金融控股公司前、後期之財務績效，是否可藉由金融集團資源整合、金融商品開發及共同行銷之方式，進而提升其經營績效等。本研究研究期間以90年12月為加入金控前之財務資料為基期並與101年12月為成立金控後二個時間點資料做比對。金控券商與獨立券商的績效檢定經過實證分析後，研究發現及結論如下：獲利能力指標與成長力指標績效為佳，且每股盈餘也有所成長，可見成立金融控股公司在償債能力指標，獲利能力指標，成長力指標有獲得實質效益但在經營能力指標卻不理想，在降低金控券商的經營成本方面應多加著墨。
並列摘要
Securities market provides complete, open and transparent transaction and it is the platform for national saving and corporate investment. It represents national economic development. A complete securities market not only helps government and enterprises raise funds needed, but also is the channel for the public’s investment to share the outcome of economic development. Regarding the development of securities market in Taiwan, foundation of securities firms was liberated in 1988 and it has reached up to 384 companies in 1990. Since securities market in Taiwan was saturated and the competition was severe, upon free market mechanism, some securities companies withdrew from market. Some had acquisition and merge. Thus, securities firms in the market continued reducing. According to statistics of Financial Supervisory Commission, by December 31, 2012, there were 122 securities firms, 38 investment trust companies, 109 investment consulting companies and 2 securities finance companies. They were about 1/3 of the originals. Total market capitalization of securities market transaction increased from NTD$18.35 trillion in 2001 to 20.23 trillion in 2012. The growth rate was 10.24%. This study attempts to analyze the financial performance of securities firms before and after participation in financial holding companies and find if the operational performance can be enhanced by resource integration of financial groups, development of financial products and common marketing. This study treats December 2001 as base period of financial data before participation in financial holding and compares it with December 2012 after participation in financial holding. After empirical analysis on performance test of financial holding securities companies and independent securities companies, the findings and conclusion are as follows: performance of profitability index and growth force index is more satisfying. Earnings Per Share also grows. Thus, financial holding companies obtain effectiveness on repayment capability, profitability and growth force indices. However, the operational capability is not satisfying. It must focus on reduction of operational cost of financial holding securities companies.