證券商經營績效之研究-金融控股公司與非金融控股公司之差異

A Study of Securities Firms Performance－Comparison between Subsidiaries of Financial Holding Company and Independent Firms

王國樑(Kuo-liang Wang)

指導教授 ： 邱慈觀

國立中央大學/管理學院/財務金融學系碩士在職專班/碩士(2014年)

摘要

摘 要

本研究以產業經濟學之結構-行為-績效(SCP)理論為依據基礎，針對台灣併入金融控股公司的證券商及未併入金融控股公司的證券商，因其不同之策略行為是否造成其營運績效差異，作為本文的研究動機。研究範圍為上市櫃綜合證券商：併入金融控股公司14家、未併入金融控股公司8家，利用2008年至2012年五個會計年度的財務資料，實證檢定5大構面13項財務比率。研究發現在獲利能力構面的純益率及每股盈餘有顯著差異；財務結構構面的長期資金適合率有顯著差異；償債能力構面的流動比率及速動比率有顯著差異；經營能力構面的固定資產周轉率有顯著差異。由以上檢定結果推論併入金融控股公司的證券商在經營績效顯著優於未併入金融控股公司的證券商。

關鍵字

證券商經營績效

並列摘要

Abstract

Industrial Organization deals with the study of the behavior of firms in the market, linked to the names of Edward S. Mason (1939, 1949) and Joe S. Bain (1951, 1956), to seek how the structural characteristics of an industry determine the behavior of the firms that, in turn, yields market performance. This framework of analysis is the SCP paradigm.
This paper empirically examines the 13 financial ratios classified into 5 categories. The sample includes the data of public traded companies listed both on Taiwan Stock Exchange and GreTai Securities Market: 14 securities subsidiaries of financial holding company and 8 independent securities firms between 2008 and 2012.
In this study, significant difference exists in profitability between securities subsidiaries of financial holding company and independent securities firms in net profit margin and earnings per share. In the respect of financial structure, there is also significant difference in long-term capital over fixed assets ratio. As to liquidity, significant difference exists in current ratio and quick ratio. In the respect of operating ability, significant difference exists in fixed asset turnover rate. The result indicates that the performance of securities subsidiaries of financial holding company is superior to independent securities firms.

參考文獻

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