台灣金融控股公司管理績效分析

Managerial Efficiency of Financial Holding Companies in Taiwan

劉憲明(Hsian-Ming Liu)

指導教授 ： 楊千

國立交通大學/管理學院/經營管理研究所/博士(2012年)

https://doi.org/10.6842/NCTU.2012.00167

摘要

自從一系列的金融改革及開放之後，台灣金融市場中機構數量變得更為的密集且彼此間的競爭亦更加的激烈。雖然金融的改革與開放有助於台灣金融市場整體效率的提升，然伴隨而來的卻是國內金融機構面臨一個變動相對快速且高度競爭的市場環境。而這結構性的改變，促使台灣的金融機構必須進一步檢視其經營上優勢與弱點，期獲得更多得競爭優勢，維持企業的永續發展。
為了能充分了解台灣金控公司的經營效能及其持續性之競爭優勢，本研究採用二階段資料包絡模式，評估各家金控公司之管理與生產效能，並進一步探討其內部公司治理機制，乃至於外部風險因子對其經營績效的影響與關連。在管理績效的分析指出，金控公司的獲利能力在其經營績效上扮演著關鍵的因素，而規模較小的金控公司因具有較佳的獲利力，故管理績效與競爭優勢上表現較為優異；另獲利來源的剖析亦指出，多數金控公司的主要獲利來源雖然來自於原本的主要業務，但跨業整合擴充經濟範疇的策略，確實能擴充獲利的來源及增加經營的競爭優勢。在公司治理機制的研究指出股權結構及董事會組成等傳統治理變數對於金控公司的管理績效僅具有限的解釋效果。因此，公司外部的投資者必須藉由其他的輔助性指標，如機構投資人的持股與管理者的直接持股及股權偏離程度，來監控公司的經營狀況及診斷投資價值被管理損害的可能性。因此，在公司治理議題的研究上指出金控公司的治理機制及投資者保護仍需回歸至內部營運資訊的揭露程度及管理階層的利益與公司整體價值的收斂程度來做判斷，亦即兩者相關程度越高之金控公司，其公司的管理績效表現越佳。另在金控公司經營風險的分析指出信用風險、市場風險及風險傳遞均會對公司的管理績效有顯著的影響。而透過這些指標的運用，金控公司的管理階層及投資者，不僅可以瞭解公司的風險偏好及投資組合的風險來源，並可進一步降低公司的風險程度及提高經營的績效。

關鍵字

效率 ； 競爭優勢 ； 網絡資料包絡法 ； 公司治理 ； 風險值 ； 條件風險值

並列摘要

Taiwan’s financial industry remains highly fragmented and competitive after a series of financial liberalization and restructuring. With the enforcement of these fiscal policies, domestic financial institutions face a more dynamic, increasingly intense and highly competitive environment even as the banking industry’s overall efficiency has gradually been enhanced. This structural change has further forced financial institutions to inspect the performance of their strengths and weaknesses and to identify improvement directions so as to gain further competitive advantages.
To provide sufficient details of managerial performance and competitive advantage for financial holding companies (FHCs) in Taiwan, a multiple-factors performance model based on two-stage series model is employed to assess managerial performance and subsequently identify determinant governance mechanisms and risk factors of the FHCs in Taiwan by the truncated regression model.
The results of managerial performance indicate that the a FHC’ s profitability plays a critical role in the overall competitive advantage and small-size FHCs are suitable types in Taiwan’s current fragmented and overcrowded environment due to achieving better performance in profit efficiency and firm value productivity. In addition, the profit niche of all FHCs comes from their main businesses but other sideline activities also play an important role for FHCs’ overall profit, indicating that the cross-business integration of financial institutions can enlarge their business scope and then can create more benefits and profits for their survival and development.
With respect to the effect of governance mechanisms and risk factors, the results of the former indicated that the conventional governance mechanism has been confirmed as having a limited effect on the FHCs’ performance and the protection of shareholder’s rights. Thus, investors can adopt auxiliary governance variables to supervise the operation of invested firms and to help them to diagnose the probability of managerial expropriation for their investment. The latter reveals that the FHC’s managerial performance is significantly influenced by three factors including credit risk, market risk, and risk spillover. By using these risk measures, the FHCs’ management team and investors can not only conduct evaluation for their risk preferences but they can also diagnose the risk source of their investment portfolio and reduce operation risks to enhance managerial performance. This study provides a sufficient and informative perspective for the firm’s managers and investors to explore the FHCs’ managerial performance by considering competitive capability, governance mechanisms and risk factors.

並列關鍵字

Efficiency ； Competitive advantage ； Network DEA ； Corporate governance ； Value at Risk ； Conditional VaR

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